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Election watchdog seeks to move ballots as protests over election disruptions continue SEOUL, July 7 (AJP) - As monthlong protests in southern Seoul over alleged irregularities including a shortage of ballots and other disruptions during last month's local elections have continued, the National Election Commission on Tuesday sought support to help resolve the situation. In a parliamentary hearing held at the government complex in Gwacheon, Gyeonggi Province, the commission, which takes care of the country's elections, said moving the ballots stored at an indoor handball gymnasium in Olympic Park in Songpa is needed to ease public concerns and suspicions and also restore the gymnasium to normal use. The gymnasium served as a ballot-counting site on June 3 election day, but ballot boxes have been stuck there with some of them still unopened as protesters blocked the entry to the site after ballot shortages suspended or delayed voting at polling stations in several districts in southern Seoul. It suggested that it could consider verifying the ballots by checking their storage conditions and other election-related materials before transporting them, to confirm that they are the same ballots used on election day, amid suspicions of illegal voting. The commission estimated that verifying around 2.47 million ballots stored there would require about 440 people and take about nine hours, with an additional four hours needed to set up and remove equipment for the verification. The process would cost 50 million won (about US$36,000), with observers participating and media coverage allowed to ensure transparency. Meanwhile, a parliamentary committee conducting a probe into the incident plans to hold hearings next week before announcing its initial findings. 2026-07-07 16:09:52 -
Half of Apartment Lease Contracts in Seoul Renewed in First Half of 2026 This year, half of the apartment lease contracts in Seoul during the first half of 2026 were renewals. While new contracts saw a significant decline, the number of renewal contracts decreased only slightly, pushing the renewal rate above 50% for the first time. In contrast, the renewal rate for multi-family and small apartment units remained similar to last year, highlighting a pronounced trend of tenants opting to stay in their apartments.According to the Ministry of Land, Infrastructure and Transport's real transaction disclosure system, there were 57,354 apartment lease contracts in Seoul in the first half of this year. Of these, 28,770 were renewal contracts, accounting for 50.2% of the total. New contracts totaled 26,764 (46.7%), while contracts without specified categories numbered 1,820 (3.2%).This marks a 9.8 percentage point increase from the 40.4% renewal rate recorded in the first half of last year. The significant drop in new contracts, coupled with sustained demand for renewals, has resulted in existing tenants renewing their leases more frequently.The rapid increase in lease prices across Seoul has raised the financial burden for those seeking new apartments, leading many existing tenants to choose renewal over relocation.According to the Korea Real Estate Agency, as of the fourth week of June, the average lease price for apartments in Seoul rose by 0.35% compared to the previous week, marking the highest increase in nearly 12 years and 8 months. Notably, districts such as Seongdong and Seongbuk saw increases of 0.55%, while Guro and Dobong also experienced significant price hikes.Additionally, a decrease in the supply of new apartments and a shortage of lease listings have contributed to a shrinking pool of available rental properties.The decline in new lease contracts has been much more pronounced than that of renewal contracts. New lease contracts for apartments in Seoul fell from 40,810 in the first half of last year to 26,764 this year, a decrease of 34.4%. In contrast, renewal contracts dropped from 32,251 to 28,770, a decline of only 10.8%. This rapid reduction in available contracts for new tenants has slowed the overall turnover in the rental market.Conversely, the multi-family and small apartment sector has shown a different trend, with the proportion of renewal contracts remaining virtually unchanged at 36.4% to 36.3% this year. The preference for the relatively safer apartment sector has highlighted the slowdown in the turnover of the apartment rental market.Industry experts warn that this trend could exacerbate housing burdens for new tenants. As more existing tenants renew their leases, the number of available rental properties decreases, limiting options for those needing to find new homes.Shim Hyung-seok, a senior expert at the law firm Joyul and a professor at IAU in the U.S., stated, "With lease prices rising significantly and a lack of available listings, the options for tenants have drastically reduced. The financial burden is considerable, and as it becomes increasingly difficult to find apartments that meet their criteria, more tenants are opting to renew rather than move. This trend of rising renewal rates, particularly for apartments, is likely to continue." 2026-07-07 16:08:00 -
Gwangju Military Airport Area Under Review for Land Transaction Regulations Amid Semiconductor Development The South Korean government is considering designating the area near Gwangju Military Airport, selected as a candidate site for the Honam semiconductor industrial complex, as a land transaction permit zone. This move aims to curb speculative demand before the announcement of large-scale development projects leads to soaring land prices.According to the Ministry of Land, Infrastructure and Transport and the real estate industry on July 7, the ministry is reviewing the possibility of designating the area around Gwangju Military Airport as a land transaction permit zone. This follows the government's confirmation of the airport site as the location for the Honam semiconductor industrial complex just a day earlier.A ministry official stated, “Typically, when large-scale national projects or development initiatives are underway, speculative pressure can increase, so we are considering designating a land transaction permit zone to prevent speculation.”The government's swift regulatory response is due to concerns that development expectations could shift to surrounding private properties. While the planned industrial complex site is largely state-owned, actual transactions occur in nearby private lands. Areas such as Songjeong-dong, Dosan-dong, and Sinchon-dong have seen increased inquiries following the semiconductor complex announcement, reflecting ongoing expectations about the airport's relocation.The Gwangju Military Airport site spans approximately 2.5 million pyeong (about 8.3 million square meters). Its advantages include the ability to secure large-scale flat land and proximity to Gwangju city center and KTX Gwangju Songjeong Station. The site's characteristics allow for the utilization of existing road networks and infrastructure, contributing to its evaluation as a candidate for the industrial complex. The government plans to establish a semiconductor production base in this area.Since discussions about relocating the military airport began, there have been instances of rising land prices in Dosan-dong and Songjeong-dong due to expectations of military facility protection zone removal and development potential. The announcement of the semiconductor industrial complex has further heightened expectations for surrounding land.If designated as a land transaction permit zone, transactions involving land above a certain area will require approval from the local government. Even with approval, the land must be used for its intended purpose, limiting purchases for mere investment. This regulation is effective in preventing short-term transactions aimed at speculative profits or preemptive purchases around the planned development site.The key issue is the scope of the designation. It is likely that surrounding private lands, rather than the military airport site itself, will be included in the regulations. Areas around Songjeong Station, Dosan-dong, Sinchon-dong, and agricultural and forest lands on the outskirts of Gwangsan-gu, which are expected to serve future residential, commercial, and logistics functions, may be considered. In fact, market overheating is more likely to occur in adjacent areas rather than within the planned industrial complex site.Gwangju has previously utilized land transaction permits following development project announcements. In the past, certain areas in Songjeong, Woljeon, Jangnok, and Songchon-dong related to the KTX investment leading zone were designated as land transaction permit zones. This indicates a proactive approach to regulating land transactions when large development prospects stimulate surrounding land prices.Thus, the land market around Gwangju Military Airport is entering a phase where opportunities and regulations intersect. While the confirmation of the semiconductor industrial complex site boosts local development expectations, the designation of a land transaction permit zone could significantly dampen investment-driven transactions. Even if prices rise in the short term, actual transactions may be limited by the approval process and the pace of development.A real estate industry official noted, “The Gwangju Military Airport site is advantageous for industrial complex development due to its large state-owned land, but the first movements in the market will be in surrounding private lands. While the review of land transaction permits will help curb speculative demand, actual price trends will depend on the speed of the airport relocation and the availability of infrastructure such as power and water.”* This article has been translated by AI. 2026-07-07 16:08:00
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Hyundai Motor Group to Pay Suppliers Within 10 Days, Expands Cooperative Efforts Hyundai Motor Group is enhancing cooperative efforts across its supply chain to support future mobility competitiveness. On July 7, Hyundai Motor Group announced that it held a signing ceremony for a cooperation agreement at the DoubleTree Hotel in Pangyo, Seongnam, Gyeonggi Province. The agreement, which includes the Fair Trade Commission and first- and second-tier suppliers, aims to establish a foundation for collaboration in the future mobility ecosystem and expand cooperative partnerships. To strengthen the overall stability of its supply chain, Hyundai Motor Group will improve payment terms. The company plans to pay suppliers within an average of 10 days, shorter than the legal payment deadline of 60 days, to alleviate financial burdens. It will also provide training, monitoring, and incentives to help first-tier suppliers shorten payment deadlines for second-tier suppliers. Additionally, the group will increase the utilization of its cooperative payment system to support stable cash flow within the supply chain. This system operates based on the credit of the top-tier purchasing company, allowing first-, second-, and third-tier suppliers to cash in their payment receivables early. Second- and third-tier suppliers will also be able to secure funding at interest rates comparable to those of large corporations, reducing financial costs and enabling quicker cash conversion of their receivables. The Fair Trade Commission will provide incentives to companies that implement the agreement and actively support the successful execution of the agreement by addressing the concerns of suppliers regarding improved payment terms. Moreover, Hyundai Motor Group plans to support suppliers in becoming partners in the future mobility ecosystem through various cooperative efforts, including education, technology, and finance. A Hyundai Motor Group official stated, "We aim to enhance the competitiveness of our suppliers, elevate the overall technological level of the supply chain, and grow the future industrial ecosystem together with our partners. We will continue to provide practical support to spread a fair and sustainable cooperative culture throughout the supply chain." Meanwhile, Hyundai Motor Group is set to invest 125.2 trillion won in South Korea from 2026 to 2030, focusing on strengthening competitiveness in electrification, software-defined vehicles (SDVs), robotics, and hydrogen sectors. The expansion of cooperative foundations with suppliers is seen as a strategy to stabilize the supply chain amid this transition to future mobility. * This article has been translated by AI. 2026-07-07 16:08:00
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Korean Party Faces Internal Strife as Disciplinary Actions Begin 국민의힘 중앙윤리위원회가 현역 의원에 대한 징계안 심사에 착수하면서 징계 정국이 본격화하자 당내에서는 우려와 반발이 동시에 터져 나왔다. 당내 소장파 모임인 '대안과 미래'는 7일 조찬 회동에서 윤리위 징계안 심사에 대해 반대 입장을 보였다. 조은희 의원은 "징계의 기준이 공감을 살 수 있는지, 누구를 위한 원칙과 기준인지가 중요하다"고 했고, 송석준 의원은 "징계는 내부 총질을 넘어 내 발등 찍기"라고 말했다. 간사인 이성권 의원은 이날 회동을 마친 뒤 기자들과 만나 "(장동혁 대표가) 다시 징계 정치를 재개한 것은 정적 제거이자 정치 생명을 연장하기 위한 것에 불과하다"며 "노선 차이를 인정하지 않고 공포 정치, 징계 정치를 하는 것에 반대한다"고 밝혔다. 앞서 윤리위는 전날 비공개 회의를 열고 6·3 지방선거 기간 당원 등으로부터 접수된 의원 수십 명에 대한 징계 요청서를 검토했다. 부산 북갑 보궐선거에서 박민식 국민의힘 후보가 아닌 한동훈 무소속 의원을 도운 친한(친한동훈)계 의원들과 장 대표의 사퇴를 요구한 대안과 미래 소속 의원 등이 포함된 것으로 알려졌다. 당 '투톱'인 정점식 원내대표와 중진들도 징계 정국에 우려의 목소리를 냈다. 정 원내대표는 기자들과 만나 "징계 대상과 범위, 수위 등이 많은 당원과 의원, 국민이 수긍할 수 있는 정도가 돼야 한다"며 "윤리위에서도 그런 징계가 이뤄질 것으로 기대한다"고 했다. 아울러 장 대표의 '영구 복당 금지' 발언에 대해 "지방의회 의장단 선출 관련 부분에 대해 말한 것으로 기억한다"며 확대 해석을 경계했다. 앞서 장 대표는 전날 비공식 최고위원회의에서 '심한 해당 행위에 대해서는 당헌·당규를 개정해서라도 복당을 영구 금지해야 한다'고 언급한 것으로 알려졌다. 나경원 의원은 KBS 라디오에서 "징계는 필요 최소한으로 해야 한다. 징계의 칼을 너무 거칠게 들이대면 이것이 또 다른 당의 분란의 요소가 될 수 있다"고 했고, 성일종 의원도 MBC 라디오에서 "당의 공식 후보가 있는데 공적으로 한동훈 후보를 도왔다면 (윤리위) 토론 대상이 될 수 있지만 개인적 친분 때문에 사적으로 도운 것까지 토론 대상이 되겠느냐"며 "공적으로 지원 유세를 한 것인지 사적으로 한 것인지 구분이 돼야 될 것"이라고 지적했다. 반면 당권파인 조광한 최고위원은 '대안과 미래'가 지도부를 흔들고 있다며 장 대표를 엄호했다. 그는 "중대하고 명백한 해당 행위에 대해 책임을 묻는 것이 공포 정치냐"며 "대안도 미래도 없는 세력이 고장 난 레코드처럼 지도부 흔들기에 나섰다. 당원들이 지긋지긋해하는 분열의 정치"라고 꼬집었다. 한편 조경태 의원은 자신에 대한 징계 요청서가 윤리위에 접수되자 장 대표를 윤리위에 제소하겠다고 밝혔다. 윤리위에는 조 의원이 국회부의장 선출 당시 더불어민주당 의원들에게 연락해 국회부의장 선거에서 경쟁했던 박덕흠 의원의 낙선을 종용했다는 내용의 징계 요청서가 접수된 상태다. 조 의원은 박 의원에 대해 "내란수괴의 탄핵을 반대했던 분"이라며 "탄핵에 반대했던 사람을 국회직으로 앉히는 정당이 정상적인 정당이라고 생각하지 않는다"고 주장했다. 그러면서 "심각한 해당 행위자는 국민과 당원에게 거짓말을 한 장동혁 대표"라며 "본인이 6·3 지방선거에서 패배하면 물러나겠다고 한 약속을 지켜야 한다"고 직격했다. * This article has been translated by AI. 2026-07-07 16:04:00
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IBK Industrial Bank Unveils New Ad 'AIBK' Aiming for AI Leadership IBK Industrial Bank has launched a corporate advertisement that encapsulates its new brand vision for the era of artificial intelligence (AI) in finance, marking the beginning of an extensive marketing campaign. The bank announced that the advertisement titled 'AIBK,' featuring artist Loco, will be released on July 8. This advertisement is centered around IBK's key messages for 2026: 'AI Finance' and 'Warm AX (AI Transformation).' It reflects the bank's ambition to evolve into an 'AI Leading Bank' that offers new financial experiences based on AI technology, moving beyond traditional banking. Loco, selected as the advertisement model, not only appears in the ad but also contributed to the music production, enhancing the overall quality of the campaign. The new advertisement will be available across various platforms, including major TV channels, IBK's official YouTube channel, and Instagram. An IBK representative stated, "The AIBK advertisement expresses the new customer experiences that AI finance will create through music and visuals. We will continue to provide differentiated customer value based on AI technology and strive to become a leading brand in AI finance." * This article has been translated by AI. 2026-07-07 16:04:00
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Banks and Borrowers Clash Over Credit Limits Amid Household Loan Regulations As regulations on household loans extend to credit lines (negative balance accounts), a "limit war" is intensifying between banks and borrowers. Banks are reducing limits and reclaiming unused credit, while borrowers are seeking to switch to banks with higher limits or find ways to maintain their existing limits.According to the financial sector on July 7, major commercial banks are cutting credit limits in line with household loan management. KB Kookmin Bank and Woori Bank have lowered their maximum limits to 50 million won, while Hana Bank maintains a limit of up to 100 million won. Shinhan Bank allows borrowers to access up to 100% of their annual income. Although each bank operates differently, the trend of more conservative limit management is common. Internet banks have also reduced their limits from 200 million to 300 million won down to 100 million won.Existing limit management is also being tightened. Shinhan and Hana banks, which previously had looser limits, are reducing credit lines that have not been used for an extended period, while K-Bank has completely halted new credit line openings this month. This measure considers that the established limits, regardless of actual loan execution, fall under household loan management.As household debt management coincides with rising financial costs, the burden of interest rates has also increased. Even high-credit borrowers are facing higher costs, with negative balance account rates rising to the low 5% range. In May, the loan rates for borrowers with credit scores between 901 and 950 at the five major commercial banks ranged from 4.51% to 5.16%. Woori Bank (5.16%) and Shinhan Bank (5.06%) have already surpassed the 5% mark.However, demand from borrowers remains strong. Following a surge in the KOSPI, there is ongoing demand for funds for stock investments, living expenses, and business operations. Consequently, there are increasing instances of borrowers moving to banks with relatively generous limits. Borrowers are also comparing local banks like Industrial Bank of Korea, Busan Bank, Gyeongnam Bank, and iM Bank, which still maintain existing personal loan regulations, to secure additional limits.Online communities are sharing methods to maintain or maximize credit limits. Common strategies include submitting documentation related to lease funds or rental contracts to clarify funding plans, or applying for limit reassessment based on increased income.Experts advise that if immediate funding is not required, it may be more beneficial to focus less on credit limits and consider personal loans instead. Most banks have eliminated early repayment fees for personal loans, and the interest rates for general personal loans are about 0.5 percentage points lower than those for negative balance accounts, making borrowing and repaying a more cost-effective option. 2026-07-07 16:00:00
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The great shortfalls in the grand Honam chip project SEOUL, July 07 (AJP) - The devil is in the details, and South Korea's mammoth plan to create a second chipmaking epicenter in the industrially neglected southwest is drawing skepticism not only because of its astronomical 800 trillion won ($523 billion) price tag, but also because of the critical shortfalls money alone cannot solve. Samsung Electronics and SK hynix have announced plans to build two next-generation fabs each in the Honam region, investing 400 trillion won apiece in what President Lee Jae Myung's government has framed as both an answer to surging AI memory demand and a correction to decades of lopsided regional development. Lee vowed to personally oversee the project through a dedicated office within the presidential administration. The initiative reflects Korea's strategic pivot south as the capital region runs out of land to support the country's AI-driven industrial expansion. Nvidia Chief Executive Jensen Huang, during his visit to Seoul in June, described the Saemangeum reclamation zone on Korea's southwest coast as the country's future "AI Valley" and said he would welcome building an Nvidia data center there, joining Hyundai Motor Group's 9 trillion won plan for an AI data center and robotics cluster. Yet the region's headline advantages — cheap land, surplus electricity and abundant water — all come with caveats that echo the very bottlenecks that delayed the Yongin semiconductor cluster. Water on paper, scarcity in the models The climate and energy ministry said on June 30 it would secure 650,000 tons of industrial water a day for the new fabs by reallocating supplies from five existing dams, including raising Dongbok Dam, converting hydropower water from Boseonggang and swapping Naju Dam's agricultural allocation for river water. Another 300,000 tons of recycled wastewater from Gwangju would serve as emergency backup. Climate Minister Kim Sung-hwan said the government would "supply the 6.3 gigawatts of power and 650,000 tons of water the southwestern fabs need without disruption, and prepare additional water and electricity in advance." The ministry's own planning documents, however, urge caution. Its basin management plan for the Yeongsan and Seomjin rivers projects annual shortages of roughly 71 million tons and 50 million tons, respectively, of household and industrial water by 2030 under a once-in-50-years drought scenario, with deficits widening further as climate change intensifies. Some experts estimate total demand could approach one million tons a day once all four fabs are operating around 2030 — a figure Kim insists can ultimately be met by the region's seven dams. History suggests the harder constraint is not engineering capacity but local consent. SK hynix's Yongin cluster saw its water supply delayed by roughly 18 months after Yeoju, which controls the intake point, withheld permits until compensation terms were agreed. The project ultimately took six years to move from announcement to groundbreaking. Honam's plan likewise requires changes to agricultural water allocations and hydropower operations, both of which will require agreement from farmers and local communities. Plenty of electrons, not enough wires Electricity generation is the region's strongest advantage. South Jeolla's power self-sufficiency reached 215 percent in 2025, according to Korea Electric Power Corporation, with the province estimating an annual surplus of about 38 terawatt-hours. The Hanbit nuclear complex and planned offshore wind farms underpin that surplus. The grid, however, remains the bottleneck. All 164 substations across Honam have been designated saturated "grid-managed" facilities, effectively restricting new power connections until the end of 2031. Since mid-2025, authorities have permitted limited new connections totaling about 2.3 gigawatts, but only for operators willing to accept first-priority curtailment. Building new transmission lines faces the same political resistance that once slowed Samsung's Pyeongtaek expansion. The Sinjangseong substation in Jangseong County, a key link connecting offshore wind farms to the planned fabs, is scheduled for completion in September 2027 after years of local opposition. Meanwhile, the county council has formally opposed a proposed 345-kilovolt transmission line running through the county toward Jeongeup. The government's solution is an "energy highway" — accelerating transmission corridors linking Honam to the capital region, advancing key projects to December 2030, while adding west coast undersea high-voltage direct-current cables and introducing a new renewable-energy bidding system in Honam this year. Industry officials nevertheless say reliable 24-hour electricity will still require LNG backup generation and large-scale battery storage, much as planned for Yongin — an approach that has already drawn environmental opposition elsewhere. "The 215 percent self-sufficiency figure should be interpreted cautiously," said Park Hae-kyun, professor of energy engineering at Kyungpook National University. "Renewable output fluctuates with weather conditions, so maintaining stable baseload power around the clock will require a broader generation portfolio and secure dispatchable sources." In one sense, the fabs also solve the grid's problem. Kim noted that electricity generated in Honam could finally be consumed in Honam instead of being transmitted north. The people problem The scarcest resource may ultimately be engineers. The Korea Semiconductor Industry Association projects a shortage of roughly 54,000 semiconductor workers by 2031, while most experienced talent remains concentrated in the capital-area clusters of Hwaseong, Pyeongtaek and Icheon. Honam currently has only one semiconductor contract department, at the Gwangju Institute of Science and Technology. Reports say Samsung and SK hynix are discussing establishing contract semiconductor programs with Seoul National University and regional national universities. Labor Minister Kim Young-hoon has described skilled workers as one of the project's most important resources, pledging expanded training centers and polytechnic programs across the region. Supporters argue the investment could help absorb unemployed local youth, with Gwangju and North Jeolla recording youth unemployment rates above the national average last year. Yet many of the engineers capable of operating advanced fabs will still need to relocate from the Seoul metropolitan area. Korea's recent experience with government-led relocation offers a cautionary precedent. HMM's headquarters relocation to Busan triggered months of union resistance and strike threats over concerns of large-scale resignations, passing a shareholder vote only after management agreed to a phased relocation without forced transfers. The Honam semiconductor project is likewise government-driven. Whether thousands of engineers and hundreds of suppliers are willing to follow the fabs south — rather than view the assignment as exile — remains an unanswered question. Meanwhile, the region's demographic base continues to shrink. Gwangju and South Jeolla, which this month launched an integrated special city with a combined population of about 3.17 million, recorded a youth employment rate of 39.3 percent, compared with the national average of 44.4 percent. Reports indicate the city lost roughly 8,700 residents aged 19 to 39 last year alone, while Gwangju's youth population has fallen about 2.4 percentage points over the past five years. The newly established Jeonnam-Gwangju Integrated Special City aims to begin construction in the first half of next year and complete its first fab within four years. Yongin, by comparison, required six years simply to begin excavation. Whether Honam can compress that timeline — while securing water rights, expanding the grid and persuading engineers to relocate — will determine whether the southwest's chip dream solidifies into silicon or remains another ambitious blueprint. 2026-07-07 15:57:27 -
Government Considers Fall Supplementary Budget Amid Record Tax Surplus The government is maintaining its stance against a second supplementary budget for this year, despite a larger-than-expected tax surplus that has reignited discussions about a potential fall supplementary budget. While the tax revenue conditions are favorable for such a budget, the key challenge lies in establishing a legal and policy justification.According to the Ministry of Planning and Budget, the government has officially stated that there are no plans for a second supplementary budget. This decision is based on the fact that a supplementary budget has already been established this year and the need to manage fiscal soundness. However, the scale of the tax revenue increase has exceeded initial expectations, prompting speculation about a 'fall supplementary budget' among political circles and within the government.The Ministry of Finance reported that cumulative national tax revenue from January to May this year reached 199.9 trillion won, an increase of 27.5 trillion won compared to the same period last year. This increase is attributed to higher corporate and value-added taxes. If this trend continues through the end of the year, there is potential for a surplus of tens of trillions of won.Should the surplus materialize, discussions about additional fiscal measures are expected to intensify. Recently, President Lee Jae-myung highlighted the need for securing graphics processing units (GPUs) to enhance artificial intelligence (AI) competitiveness, suggesting the possibility of additional fiscal input.However, there are significant challenges to actually formulating a supplementary budget. The National Finance Act stipulates that supplementary budgets can only be established in response to unpredictable situations such as war, large-scale natural disasters, economic recessions, or mass unemployment. Simply having a surplus is not sufficient legal grounds for a supplementary budget.The 'war supplementary budget' executed in the first half of this year was justified by the need to address high prices and inflation resulting from the U.S.-Iran conflict. However, as the situation has stabilized, using this as a basis for a new supplementary budget has become more difficult. Observers suggest that the government will likely seek alternative policy and economic justifications.Some analysts believe that recent economic trends could serve as a justification for a supplementary budget. The recovery in the job market is slowing, and the prolonged downturn in the construction and manufacturing sectors is raising concerns. The slow pace of domestic recovery and the widening disparities among sectors and classes, referred to as 'K-shaped polarization,' are also cited as factors supporting the need for a supplementary budget. The decline in construction investment and the contraction in some manufacturing sectors are impacting local economies and job markets. Additionally, the business conditions for small businesses and self-employed individuals have not fully recovered.Conversely, there are calls for a cautious approach to any supplementary budget. Even with a tax surplus, prioritizing national debt management and fiscal soundness is essential. Given the recent large-scale fiscal expenditures, the potential impact of an additional supplementary budget on inflation and national debt must also be carefully considered. Furthermore, it is necessary to assess whether the increase in tax revenue is a temporary phenomenon or indicative of structural changes.Woo Seok-jin, a professor of economics at Myongji University, stated, "With the high oil price phase coming to an end and this year's nominal growth rate expected to reach double digits, it is difficult to view the situation as an economic crisis. If a supplementary budget is pursued, funding should be allocated to gradual projects to stimulate the economy, but efficient resource allocation is not feasible in the current context. It would be better to establish funds for future use."* This article has been translated by AI. 2026-07-07 15:56:00
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Woori Financial Expands Venture Capital Support from Startup to IPO Startups backed by Woori Financial Group gathered to share their growth stories, highlighting the role of productive finance in nurturing innovative companies. The event took place on July 7 at Woori Bank's headquarters in Jung-gu, Seoul, under the auspices of the Woori Financial Management Research Institute.The conference featured discussions on Woori Financial's venture capital supply system and vision, growth cases from five startups originating from Dino Lab, and a panel discussion with investment experts from the group.Park Jeong-hoon, head of the Woori Financial Management Research Institute, stated, "This conference is an attempt to conduct research that is not just theoretical but also practically beneficial for group management by understanding the field. We aim to be a financial entity that not only provides funds but also discovers potential and grows together with innovative startups, youth enterprises, and promising local businesses."Representatives from five startups that emerged from Dino Lab shared how Woori Financial's initial investments and support became pivotal in their growth. Kang Jeong-seok, CEO of Aigen Global, remarked, "In the early, daunting stages of our business, Woori Financial provided venture capital, allowing us to start operating our company in earnest. They played a vital role, supplying funds at critical moments in the growth process, much like blood to a startup." Aigen Global is an AI mobility company nurtured by Dino Lab.On the same day, Woori Financial unveiled a roadmap for a 'continuous venture capital supply system' that spans from startup discovery to follow-up investments, scaling up, and initial public offerings (IPOs).Woori Financial is pursuing a total of 90 trillion won in productive and inclusive finance over the next five years, as part of its Future Co-Growth Project announced last year, with plans to allocate 7 trillion won for productive investments.Chairman Im Jong-ryong emphasized, "Finance must evolve beyond mere capital supply to become 'investment-oriented productive finance' that invests in future possibilities, with venture capital at its core."* This article has been translated by AI. 2026-07-07 15:56:00