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  • Four Candidates Narrowed for Next President of Seoul National University
    Four Candidates Narrowed for Next President of Seoul National University The race to elect the next president of Seoul National University has intensified with four candidates—Kang Jun-ho (College of Education), Kim Hyun-chul (Graduate School of International Studies), Lee Jae-young (College of Humanities), and Choi Hae-cheon (College of Engineering)—narrowed down from an initial pool of 12. A notable development in this election is the elimination of current president Yoo Hong-rim, who was seeking reappointment, marking the first time a sitting president has failed to advance in the selection process since the university's incorporation.While the election landscape remains unpredictable, early assessments suggest that Lee Jae-young, who is running again, may have a slight advantage. The implications of Yoo's departure from the race are also being closely monitored.Initial Landscape: Lee Jae-young's Advantage Amid Candidate CompetitionAccording to reports from Aju Economy, the four candidates who passed the differential scoring evaluation by the presidential recommendation committee possess distinct strengths. Lee Jae-young, who has experience from previous elections, is expected to garner strong support due to his solid organizational base in the humanities and social sciences, having held various administrative roles including dean and student affairs director. A former president noted, "Elections ultimately hinge on the grassroots support built through continuous communication," adding that Lee has a well-established support base from his previous candidacy.With Yoo's elimination, there are predictions that the College of Engineering and the broader science and engineering community may consolidate their support behind Choi Hae-cheon, a former vice president. Additionally, candidates Kang Jun-ho and Kim Hyun-chul, both with extensive administrative and policy experience, could emerge as dark horses depending on their ability to attract support from non-engineering faculties and staff.Reasons Behind Yoo Hong-rim's Elimination: Cultural Resistance to ReappointmentMany within the university community believe that Yoo's elimination was influenced more by collective psychology and governance characteristics unique to Seoul National University than by individual capability or reputation. A faculty member remarked, "The faculty generally harbors a reluctance towards long-term incumbency of a single leader, preferring a norm of serving for four years without major issues before stepping down." This sentiment contributed to an unspoken consensus against reappointment.Critics pointed to Yoo's push for reforms, such as expanding the selection of students without majors and restructuring academic programs around advanced interdisciplinary studies, as particularly contentious. Another professor noted that increasing enrollment in fields like AI necessitated reducing existing departmental quotas, which faculty perceived as a threat to their positions, leading to significant resistance.Need for Differentiation and Renewal in LeadershipYoo's failure to advance in the initial round suggests that the upcoming presidential election may serve as a platform for policy evaluation. Candidates will need to establish new frameworks and visions to succeed. An anonymous source stated, "The current administration's unilateral approach has been clearly rejected by the faculty, and any candidate who claims to uphold Yoo's legacy will likely face self-destruction."Another faculty member predicted that the dispersed support following Yoo's exit would not consolidate around a single candidate, as the prevailing atmosphere favors candidates who can guarantee the independence and autonomy of the colleges.Next President's Leadership: Emphasis on Consensus and InclusivityAmid declining student populations and the transformative impact of AI, the primary quality sought in the next president is not "disruptive innovation" but rather "stability and integrative leadership." A university representative noted, "While external observers may wish to impose swift changes, Seoul National University cannot be led unilaterally like a private institution. Significant changes, such as curriculum reforms in the medical school, required extensive discussions to achieve consensus before implementation." The next president must be someone who fosters dialogue and consensus rather than exacerbating conflicts.A former president highlighted essential competencies for the next leader, including the ability to mediate conflicts between colleges, promote bottom-up governance, and protect the university's autonomy against external pressures. He emphasized that the four candidates reflect a need for leaders who can unify the university community and alleviate anxieties among faculty and staff.The election process will include public presentations on September 17 at the Yeonkeun campus and September 22 at the Gwanak campus, followed by a policy evaluation vote by faculty, staff, and students on October 7. The final three candidates will be recommended to the board of trustees, which is expected to select the new president by the end of October, with the official inauguration scheduled for February of the following year. 2026-09-10 13:00:00
  • Fanstar Miracle Cruise Sets Sail with Support from Korea Maritime Promotion Corporation
    Fanstar Miracle Cruise Sets Sail with Support from Korea Maritime Promotion Corporation On September 6, as waves reached heights of 4.5 meters, passengers hurried from Busan Station to the Busan International Passenger Terminal to board the 'Fanstar Miracle.' This large cruise ferry, weighing 22,000 tons, has been operating between Busan and Osaka, Japan, since April of last year.After completing the departure procedures, an announcement was made: "If you take the escalator up, the elevator will be on your left. Passengers moving to the upper levels are advised to use the elevator." Hearing such an announcement on a ship highlighted the scale of the Fanstar Miracle.Upon arriving at my assigned cabin, the first thing that caught my eye was the expansive view. It is no exaggeration to say that the charm of a cruise lies in enjoying the sea from a comfortable environment. The neatly arranged room and the bench on the outdoor balcony heightened my anticipation for the journey.While admiring the view of Busan, a call came through. The press group moved to the bridge to explore the ship's interior. My confidence in not getting seasick was short-lived as the relentless waves made walking forward a challenge.Upon reaching the bridge, we were greeted by massive equipment, with the navigator standing among the machinery, gazing out the window. A representative from the Miracle stated, "The captain or navigator is always present in the bridge to prevent any chance of falling asleep during the voyage."As if to prove the 4.5-meter wave, high waves continuously crashed against the Miracle's windows. On that day, smaller vessels were unable to depart from Busan Port, according to officials. Nevertheless, the Miracle continued its smooth sailing. The representative emphasized, "The 6-meter stabilizer maintains the ship's balance, allowing safe navigation in waves below 7 meters."Additionally, the presence of a backup bridge and a return system that activates in case of malfunction demonstrated the ship's commitment to safety. It was a moment that truly reflected the description of being 'the safest space on the sea.'As the rough waves began to subside around 8 p.m. near Japan's Seto Inland Sea, we received a message that 'the bridge is visible.' Stepping onto the deck, the night view of Japan unfolded before us. The sight of a giant Ferris wheel, gleaming skyscrapers, and the crowds gathered to enjoy the view resembled a scene from a movie.After enjoying the sea breeze, I headed to the sauna on the fifth floor to unwind from the day's fatigue. To use the sauna, I had to grab a towel from my room and exchange it for a locker key and room key at the counter. Although the sauna was small, it included everything from shower areas to a sauna and bath. I visited at night, so I couldn't see anything outside, but during the day, one can enjoy a bath while admiring the sea.Moreover, the Miracle features an outdoor swimming pool, casino, and fitness facilities, ensuring that the 18-hour journey is anything but boring.Building a Sustainable Ecosystem Beyond Ship ExpansionIn the past, the domestic coastal and international passenger ship market typically relied on importing used vessels due to the initial cost burden. The construction of new ships, which requires significant capital, has been a financial barrier for small and medium-sized shipping companies.Despite these limitations, Fanstar Group made the decision to order a large cruise ferry from the domestic shipbuilder Daesun Shipbuilding. The key was to reduce the enormous financial burden, and the Korea Maritime Promotion Corporation's tailored policy financing stepped in as a solution.The KMP activated its 'Special Support Program for Small Shipping Companies' to assist Fanstar Group in introducing new ships. Of the total ship cost of $70.5 million, Fanstar Group covered 20% ($14.1 million) while the remaining 80% ($56.4 million) was structured as senior loans.In this process, the KMP provided a maximum debt guarantee of $53.58 million (approximately 75 billion won), covering 95% of the senior financing. With the KMP's strong guarantee, Fanstar Group was able to secure funding for the new ship with only 20% equity, avoiding high-interest subordinate loans.Thanks to the KMP's guarantee, participation from private financial institutions such as Industrial Bank of Korea, Hana Bank, and Busan Bank in ship financing was facilitated. This is a prime example of how policy financing can share risks and attract private capital, significantly reducing the funding burden for small shipping companies. A representative from Fanstar Group expressed gratitude, stating, "It was thanks to the KMP's guarantee that we succeeded in securing funding through private financial institutions."The KMP's policy financing has not only launched a new domestic ship but has also provided valuable technical experience for local small shipyards to build high-value vessels directly, laying the groundwork for a sustainable ecosystem where shipping companies and shipyards can thrive together.Currently, the Miracle operates between Busan and Osaka, establishing itself as a next-generation business model that combines high-value maritime tourism and logistics beyond simple passenger transport. This demonstrates that policy financing can transform potential business opportunities for small enterprises into tangible industrial outcomes.Kim Sung-jin, head of the KMP's Ship Financing Department, stated, "The Fanstar Miracle is a successful case of supporting small shipping companies in securing new ships through policy financing, linking it to the construction of high-value vessels by domestic shipyards. We will continue to expand tailored financial support to actively underpin the co-growth and global competitiveness of the domestic shipping and shipbuilding industries."* This article has been translated by AI. 2026-09-10 12:56:00
  • Korean brokerages Q2 profit tops 5 tln won on trading boom
    Korean brokerages' Q2 profit tops 5 tln won on trading boom SEOUL, September 10 (AJP) - South Korean brokerages posted a second straight record quarterly profit in the April-June period as a surging stock market drove trading fees and investment gains. Combined net profit at 61 securities firms reached 5.19 trillion won ($3.9 billion) in the second quarter, up 20.0 percent from 4.33 trillion won in the previous three months, according to preliminary data released Thursday by the Financial Supervisory Service (FSS). Earnings jumped 82.1 percent from 2.85 trillion won a year earlier. The regulator said earnings improved at both large and mid-sized firms as brokerage commissions and proprietary trading gains increased. It added that larger firms also saw stronger earnings from asset management and investment banking. Heavier stock trading drove the increase. Commission income rose 32.5 percent quarter on quarter to 8.87 trillion won, led by brokerage fees collected from clients buying and selling securities. Those transaction-based fees increased 34.0 percent to 5.77 trillion won. Trading value on the main KOSPI market, including transactions through the Korea Exchange and alternative trading systems, jumped 59.9 percent to 4,438 trillion won from 2,775 trillion won in the first quarter. The increase came as South Korean stocks rallied sharply during the quarter. The KOSPI climbed 67.8 percent from 5,052 at the end of March to 8,476 at the end of June, boosting investor activity and firms' trading results. Brokerages also earned more from their own investments. Their proprietary trading results, which include gains and losses from stocks and funds, bonds and derivatives, rose sharply in the second quarter. Overall proprietary trading profit increased 45.8 percent from the previous quarter to 5.98 trillion won. Rising share prices boosted gains from stocks and funds, including exchange-traded funds. Those gains were partly offset by a 36.19 trillion won increase in derivatives-related losses, while profit from bond investments increased by 684.3 billion won. They also earned more outside stock trading. Asset-management fees rose 56.7 percent to 1.05 trillion won as firms collected more fees for managing clients' investments. Investment-banking (IB) fees increased 27.5 percent to 1.20 trillion won as brokerages earned more from helping companies raise funds and guaranteeing some of their debt. The growth was even stronger compared with a year earlier. Total commission income more than doubled, driven by sharp increases in fees from stock trading and asset management, according to the FSS. Other asset-related profit increased 31.0 percent from the first quarter to 1.36 trillion won. Although the won continued to weaken against the U.S. dollar, the pace of depreciation slowed, reducing foreign-exchange losses compared with the previous quarter. Profitability also strengthened, with the industry's average return on equity rising to 4.9 percent from 4.3 percent in the first quarter and 3.1 percent a year earlier. Brokerages' total assets and liabilities also increased sharply during the quarter. Total assets reached 1,256.1 trillion won at the end of June, up 14.4 percent from three months earlier, mainly due to increases in cash and deposits as well as receivables. Liabilities rose 15.1 percent to 1,140.9 trillion won over the same period, driven largely by higher payables and customer deposits. Shareholders' equity also increased 7.7 percent to 115.1 trillion won. Brokerages also remained financially sound. The industry's average net capital ratio rose to 1,140.5 percent at the end of June from 1,000.4 percent at the end of March. All 61 firms remained above the regulatory minimum of 100 percent. Despite the strong results, the regulator said it would strengthen monitoring of profitability and financial soundness as prolonged geopolitical risks could increase volatility in domestic and global financial markets. It also plans to encourage brokerages to deal with troubled assets early, continue reforms to liquidity rules and the calculation of net capital ratios, and strengthen firms' risk-management capabilities. AJP Takeaways - South Korea's 61 securities firms posted combined net profit of 5.19 trillion won in the second quarter of 2026, up 20.0 percent from the first quarter and 82.1 percent from the second quarter of 2025, according to the Financial Supervisory Service. - Brokerage fees rose 34.0 percent to 5.77 trillion won as KOSPI trading value surged 59.9 percent to 4,438 trillion won in the April-June 2026 period. - Asset-management fees increased 56.7 percent to 1.05 trillion won, while investment-banking fees rose 27.5 percent to 1.20 trillion won as brokerages earned more from managing client investments and helping companies raise funds. 2026-09-10 12:55:50
  • BOJ September hike view hardens across major houses
    BOJ September hike view hardens across major houses SEOUL, September 10 (AJP) — Expectations that the Bank of Japan (BOJ) will raise its policy rate this month have hardened across economists, markets and major financial houses, although some forecasters still favor an October move. A Reuters poll conducted from Sept. 1 to 8 showed 66 of 68 economists, or 97 percent, expecting the BOJ to raise its policy rate to 1.25 percent on Sept. 18. The figure was up sharply from 57 percent in the previous survey. The survey figure does not represent the entire market, but broader indicators and forecasts point in the same direction as expectations of a September move have strengthened rapidly in recent weeks. MUFG Research said the overnight index swap market was already assigning about a 90 percent probability to a September hike at the end of August. Its own rate assumptions call for the BOJ rate to rise from 1.00 percent to 1.25 percent in the third quarter. MUFG expects the rate to reach 1.50 percent in the first quarter of 2027 and 1.75 percent in the second quarter. MUFG said the BOJ can accelerate the pace of normalization as underlying inflation approaches its 2 percent target. Daiwa Capital Markets has also maintained its call for rate increases in September and December, although it plans to reassess the pace of tightening once the policy rate reaches 1.50 percent. Oxford Economics late last month revised its forecast toward faster tightening, projecting hikes in September and December this year and another in April 2027 that would take the policy rate to 1.75 percent. The convergence is not complete. Nomura Securities continues to assign a 60 percent probability to an October hike as its main scenario, while putting the probability of a September move at just 10 percent. Nomura expects further increases in March and July 2027. Nomura said underlying Japanese inflation still has limited ability to accelerate independently of yen weakness and higher oil prices, leaving room for the BOJ to wait for additional evidence before tightening. The BOJ is scheduled to hold its next monetary policy meeting on Sept. 17 and 18, with Governor Kazuo Ueda due to hold a press conference after the decision. The central bank raised the uncollateralized overnight call rate to around 1.00 percent in June, before leaving the rate unchanged at its July meeting. Recent economic data have reinforced expectations that policymakers have room to tighten further. Japan's economy expanded at an annualized 1.4 percent rate in the second quarter, revised up from an initial 1.1 percent estimate. Real wages increased 2.4 percent in July from a year earlier. The yen's earlier weakness and persistent inflation pressures have also helped bring forward tightening expectations, while rare coordinated yen-buying intervention by Japan and the United States has altered the policy backdrop surrounding the BOJ. In the latest Reuters poll, 82 percent of economists said the joint intervention and remarks from U.S. Treasury Secretary Scott Bessent had significantly or somewhat reduced political barriers to BOJ rate hikes. Attention is increasingly shifting beyond September to how quickly the BOJ could move thereafter. Twenty-four of 66 economists in the Reuters survey expected another increase to 1.50 percent in either October or December. By the end of March 2027, 89 percent expected rates to reach at least 1.50 percent. By the end of the following quarter, 62 percent saw at least 1.75 percent. The divide between forecasts from MUFG and Daiwa, which expect an earlier move, and Nomura's October base case suggests the September decision is not unanimous among major houses. Market pricing and economist surveys have nevertheless moved decisively toward further tightening. AJP Takeaways - Reuters polling showed expectations for a BOJ hike in September had strengthened sharply across economist surveys, derivatives pricing and several major research houses, although the poll's 97 percent figure applies specifically to its 68 respondents. - MUFG, Daiwa and Oxford Economics expect a September move, while Nomura remains a notable outlier with a 60 percent probability on an October hike and only 10 percent on September. - BOJ rate expectations are shifting toward the pace of further tightening, with a 25-basis-point September move increasingly priced in and attention turning to whether the central bank could raise rates again by year-end. 2026-09-10 12:49:27
  • Hamyang to Host Youth Day Talk Concert on September 19
    Hamyang to Host Youth Day Talk Concert on September 19 Hamyang County will hold the '2026 Hamyang County Youth Day Talk Concert' on September 19 at Choi Chi-won Historical Park to engage with local youth.Following its recent recognition as a youth-friendly legislative body for three consecutive years, the county is also advancing lifelong education and small school revitalization initiatives, aiming to strengthen the foundation for youth, middle-aged residents, students, and parents to settle in the area.Talk Concert on September 19: 'Everyday Life and Dreams'Hamyang County announced on the 10th that it will host the '2026 Hamyang County Youth Day Talk Concert' under the theme 'Youth, Immerse in Hamyang: Everyday Life and Dreams' at Choi Chi-won Historical Park on September 19 at 10:30 a.m.This event, held annually on the third Saturday of September to commemorate 'Youth Day,' aims to support the lives and dreams of local youth while providing a platform for sharing experiences.The talk concert will feature local entrepreneur Jo Hyun-tae, CEO of 'Dooji,' Park Se-won, head of 'Forest Sisters,' and Oh Hyun-ho, an instructor, pilot, and author. They will share their experiences about life in Hamyang, creating new possibilities in the region, and their challenges and dreams.Oh Hyun-ho recently appeared on KBS 1TV's 'Human Theater,' where he introduced his life and journey of challenges.In addition to the talk concert, various interactive programs will be available for youth participation, including busking performances, personal color assessments, tarot counseling for emotional healing, and photo sessions.Participants will receive welcome coffee, and a giveaway of 'Kkeunekki' prepared by CEO Jo Hyun-tae will continue until supplies last.Pre-registration is open until 6 p.m. on September 18 for the first 100 applicants via the QR code on the poster or the Seogyeong Broadcasting website.Registered participants will receive a commemorative gift, and even those who do not pre-register can freely join the event on the day.Hamyang Wins Youth-Friendly Legislative Award for Three Consecutive YearsOn September 9, Hamyang County received the 'Communication Award' in the excellent basic local government category at the '2026 9th Youth-Friendly Legislative Award Ceremony' held at the National Assembly Hall in Yeouido, Seoul.This marks the third consecutive year that Hamyang County has been recognized with the Youth-Friendly Legislative Award.Sponsored by the National Assembly and organized by the Youth and Future Association, the award evaluates the youth-friendliness of policies, legislation, and communication, recognizing local governments that contribute to creating a youth-friendly environment.This year's evaluation was conducted regionally, focusing on the operation of youth participation organizations, youth support projects, and hosting youth-related events, using a 100% quantitative assessment method. Hamyang County was selected for the communication award in the Ulsan and Gyeongnam region.In response to the decline in youth population and the risk of rural extinction, Hamyang County has been implementing various policies to support youth settlement in the area while continuously providing opportunities for youth to participate and voice their opinions.Year-Round Recruitment for High School Equivalency ProgramHamyang County is conducting year-round recruitment for its 'Middle and High School Equivalency Program' to assist residents who missed educational opportunities in obtaining their diplomas and achieving self-actualization.The program is open to all Hamyang residents, including adult learners, middle-aged individuals, and multicultural families, who wish to participate, with the county covering all tuition and textbook costs.This year, four learners in their 60s and 70s successfully passed the equivalency exam, including the oldest successful candidate in Gyeongnam.Additionally, a woman in her 40s who completed the equivalency process and obtained a nursing assistant qualification has successfully secured employment at a hospital, along with other learners who have advanced to higher education institutions such as Jinju Broadcasting and Communication High School and Arim High School.Classes are held on Tuesday and Thursday evenings to accommodate work and study schedules. The middle school equivalency class runs from 5 p.m. to 7 p.m., while the high school class operates from 7 p.m. to 9 p.m., providing tailored instruction from basic levels according to learners' needs.The equivalency exams are conducted twice a year, in April and August, and residents interested in enrolling can apply at the Lifelong Education Office on the first floor of the Hamyang County Comprehensive Social Welfare Center.Revitalization of Small Schools in Seosang Elementary School AreaOn September 9, Hamyang County held the fourth meeting of the 'Seosang Elementary School Small School Revitalization Committee' in the conference room on the second floor of the Seosang-myeon Office to review the progress of the project.The meeting focused on discussing future plans for improving living conditions and creating safe commuting routes for students.Notably, the construction of rental housing by the Korea Land and Housing Corporation (LH), which had been delayed since being selected for the project in 2024, is set to commence this month.A total of 10 households are expected to move into the rental housing, and Hamyang County anticipates that this will invigorate Seosang Elementary School and the local community, which has been struggling with declining student numbers.The county plans to hold a community briefing in line with the housing construction schedule to share project updates and gather resident feedback on creating safe commuting routes and improving living conditions.The Gyeongnam Small School Revitalization Project aims to address the crisis facing small schools in rural areas due to declining student populations and the decrease in rural residents.By supporting the construction of rental housing and improving living conditions, the project seeks to encourage the relocation and settlement of students and parents from outside the area, thereby revitalizing small schools and local communities.The Seosang Elementary School Small School Revitalization Committee consists of 17 members, including representatives from Hamyang County, the Hamyang Education Support Office, Seosang Elementary School, the alumni association, the parents' association, and local residents, who are discussing the main directions and detailed plans for the project.Hamyang County aims to respond to population decline and rural extinction by linking youth settlement, lifelong learning for residents, and support for students and parents in rural areas.* This article has been translated by AI. 2026-09-10 12:44:00
  • Bank of Korea: Surge in Leveraged ETF Investments Increases Stock Market Volatility
    Bank of Korea: Surge in Leveraged ETF Investments Increases Stock Market Volatility The Bank of Korea has reported that a surge in investments in leveraged exchange-traded funds (ETFs) has contributed to increased stock market volatility in South Korea. The analysis indicates that the rise in individual 'debt investment' and the accumulation of leveraged positions, both domestically and internationally, have amplified the fluctuations in stock prices.In its 'Monetary and Credit Policy Report' released on September 10, the Bank noted that this year's stock price volatility is at a higher level compared to past crisis periods and major countries.The Bank assessed that the significant increase in leveraged ETF investments, driven by expectations of a sustained upward trend in stock prices, has played a role in heightening volatility in the domestic stock market from a supply and demand perspective. It was found that individual investors' borrowing for stock investments reached an all-time high before being liquidated, which further intensified the upward and downward movements of stock prices.Additionally, the increase in foreign leveraged investments in the domestic stock market has also contributed to volatility. As leveraged investments targeting South Korean stocks have risen in international financial markets, domestic spot and futures trading for hedging purposes has increased, leading to unexpected spillover effects on the domestic market.However, it was noted that following a significant correction in domestic stock prices, a considerable portion of leveraged positions has been liquidated, resulting in a slight easing of volatility. The Bank suggested that there is a need to strengthen monitoring of leveraged ETFs and borrowing for stock investments.The high volatility in the domestic stock market has also been attributed to the concentration in the semiconductor sector. With growing expectations for a global artificial intelligence and semiconductor boom, stock price increases have been concentrated among a few semiconductor companies, leading to heightened sensitivity to changes in the outlook for memory semiconductor markets.Since June, the domestic stock index has experienced significant corrections following sharp declines in the stock prices of related companies. During the rise of the KOSPI from 8,000 to 9,000, Samsung Electronics and SK Hynix accounted for an estimated 99.0% of the index's increase, with contributions of 44.7% and 54.3%, respectively.Conversely, when the KOSPI fell from 9,100 to 5,500, Samsung Electronics (29.8%) and SK Hynix (39.6%) had a relatively high contribution to the decline at 69.3%.The Bank of Korea noted that due to the high market concentration in the semiconductor sector and certain companies, changes in the outlook for specific sectors could quickly transfer to the overall stock market.In the medium to long term, the Bank emphasized the need to reduce market concentration on specific sectors and companies, expand the investor base, and improve the capital market structure to enhance market resilience against domestic and external shocks.During a briefing, Bank of Korea Deputy Governor Park Jong-woo stated, "While the scale of leveraged ETFs has decreased, it is not a situation to be complacent about, and we must continue to monitor it closely."* This article has been translated by AI. 2026-09-10 12:16:00
  • First Youth Festival in Gwangju, Jeonnam, Kicks Off on September 12
    First Youth Festival in Gwangju, Jeonnam, Kicks Off on September 12 The first Youth Festival in Gwangju, Jeonnam, will take place on September 12. The event will be held at the Sky Plaza of the National Asia Culture Center (ACC) in Dong-gu. The festival aims to serve as a platform for young people from the two regions of Gwangju to meet, share ideas and cultures, and forge new connections. According to the Gwangju city government, this year's festival theme is 'Pipape,' an abbreviation for 'A New Resonance of Two Waves, Youth Festa.' The theme signifies the coming together of two distinct waves to create a unified resonance. The festival seeks to express a new beginning for Gwangju through the perspectives and voices of its youth, envisioning the future of the region together. Notably, young people have directly participated in planning and executing the festival, allowing their ideas and viewpoints to be reflected throughout the event. The festival will kick off with the 'Gwangju Youth Conference' from 1 PM to 5 PM on September 12 at Jeonil Building 245. Under the theme 'A Youth-Driven Government,' discussions will focus on the roles and development strategies of youth participation organizations, sharing experiences and opinions from young attendees. The Daegu Youth Committee will also participate, expanding the youth network between regions and creating opportunities for exchange and collaboration. Starting at 5 PM, the Sky Plaza at ACC will host a special performance by busker Park Jun-hyun, an awards ceremony for the Young Voices Youth Lecture Contest, a cheerleading performance, and the 'Pipape Opening Ceremony.' This event will celebrate the new beginning of the integrated special city with awards for outstanding contributors and commemorative performances. Attendees can also enjoy the 'UniversStreet Festa,' a special performance by Rhythm Power, and a DJ party (Neo). Various attractions will be available, including youth policy promotion booths, introductions to youth enterprise products, and activity and event booths. Kim Gi-sook, Director of the Gwangju Education Youth Bureau, stated, 'I hope this festival, created and enjoyed by young people, will connect the diverse voices of the two regions into a single resonance, sparking new encounters and possibilities.'* This article has been translated by AI. 2026-09-10 12:16:00
  • Audit Office Allows Public Institutions to Occupy Unsold Knowledge Industry Centers
    Audit Office Allows Public Institutions to Occupy Unsold Knowledge Industry Centers The Audit Office has indicated that public institutions engaged in business support can occupy public knowledge industry centers that are experiencing significant unsold units. On September 10, the Audit Office publicly announced its proactive administrative consulting case titled 'Allowing Public Institutions to Occupy Unsold Public Knowledge Industry Centers.' In Gwangju, Gyeonggi Province, a knowledge industry center is being developed near Gwangju Station, but it has struggled to attract tenants, with 393 out of 453 units (86.8%) remaining unsold. In response, four institutions, including the Korea Local Tax Research Institute, Gyeonggi Economic Science Promotion Agency, Gyeonggi Credit Guarantee Foundation, and Youth Startup Support Center, sought to occupy the center. However, the legal framework regarding occupancy was unclear, prompting them to request prior consulting from the Audit Office. The Audit Office determined that the function of knowledge industry centers has expanded from a manufacturing focus to a complex space encompassing business support and management ecosystems. It concluded that the activities of these institutions align with the center's original purpose, as they provide support in taxation, technology, market access, finance, and entrepreneurship. Consequently, the Audit Office has informed Gwangju City that it recognizes the projects of these institutions as legitimate and will allow their occupancy, provided that measures for post-occupancy management and oversight are established to ensure alignment with the original objectives. Meanwhile, a government survey revealed that the average unsold rate for knowledge industry centers completed in the past three years is 27%, with vacancy rates reaching 44%. In some areas with poor location conditions, vacancy rates exceed 70%, raising concerns about the aftereffects of a surge in supply during a low-interest period.* This article has been translated by AI. 2026-09-10 12:12:00
  • NH Bank to Invest 877 Billion Won in Chuseok Discounts
    NH Bank to Invest 877 Billion Won in Chuseok Discounts NH Bank is investing 877 billion won in discounts on agricultural and livestock products ahead of the Chuseok holiday. Starting September 17, key items for traditional offerings, such as apples, pears, and jujubes, will be sold at half price to ease the burden on consumers.On September 10, NH Bank announced that it will hold a Chuseok discount event from today until the 24th at Hanaro Mart locations nationwide and its online shopping platform, NH Sing Sing Mall.Along with the government, NH Bank is allocating a total of 877 billion won for this year's Chuseok discounts, nearly double the 450 billion won spent during the Lunar New Year.NH Bank and the government have invested a total of 2.072 trillion won in measures to stabilize living costs, including 450 billion won for the Lunar New Year, 330 billion won for Family Month and the anniversary of the bank's founding, and 415 billion won for fuel support and ATM fee waivers.Hanaro Mart will conduct discount promotions on essential items to meet the increased demand during Chuseok. Notably, from September 17 for one week, there will be significant discounts on high-demand items for traditional offerings. However, the products and prices may vary by location.More than 1,400 types of gift sets will be available, ranging from budget-friendly to premium options. Customers purchasing gift sets with event cards or through easy payment methods can receive discounts of up to 50%, and vouchers worth up to 4 million won will be given based on the purchase amount.At NH Sing Sing Mall, high-quality domestic agricultural and livestock products and gift sets will be offered at discounts of up to 70%. Daily events such as a '100% Winning Roulette Point Giveaway' will also be held, along with additional discounts of up to 5% for bulk orders and payments made with NH cards, as well as coupon packs.NH Central Cooperative Chairman Kang Ho-dong visited the Hanaro Mart in Yangjae and the Garak Agricultural Products Market to assess the supply and price trends of key agricultural products ahead of the Chuseok holiday. He listened to the concerns of on-site staff and emphasized the importance of thorough supply management.Kang stated, "NH Bank is investing about twice the budget compared to the Lunar New Year to reduce the burden on consumers' shopping carts. We will continue to actively participate in the government's price stabilization measures to ensure that the public can enjoy a bountiful Chuseok holiday."* This article has been translated by AI. 2026-09-10 12:08:10
  • Bank of Korea Warns of Rising Financial Imbalance Amid Housing Price Surge
    Bank of Korea Warns of Rising Financial Imbalance Amid Housing Price Surge As housing prices in the metropolitan area continue to rise, household debt is also increasing, leading to heightened risks of financial imbalance. Despite stricter lending regulations, the uptick in housing transactions has sustained the growth of household debt, and there are concerns that improved income conditions may further stimulate housing demand.The Bank of Korea assessed in its 'Monetary Credit Policy Report' released on September 10 that the recent surge in housing prices in the metropolitan area and the steady increase in household debt are contributing to growing financial imbalance risks.Apartment prices in the metropolitan area are rising, driven by concerns over supply shortages and the transition of actual demand from the rental market to home purchases, particularly in the mid- to low-priced housing segment. Although the price increases in the Gangnam area and Yongsan have significantly slowed since July, high growth rates persist in the outskirts of Seoul and in regulated areas of Gyeonggi Province.Household debt is also on the rise, continuing its upward trend despite stringent lending regulations and overall management by financial institutions, as housing transaction volumes increase.The outlook for improvements in housing market supply and demand conditions remains uncertain. The Bank of Korea expressed hope that the 'Rapid Housing Supply Plan' announced in August would be implemented smoothly, alleviating concerns over supply shortages and contributing to housing market stability. While the impact of proposed real estate tax reforms may dampen transactions of high-priced homes, adjustments during legislative discussions could alter the outcome, necessitating close monitoring of future developments.Improved income conditions are also seen as a potential factor stimulating housing demand. The expansion of domestic economic growth could enhance household purchasing power through improved corporate profits and nominal wage increases, potentially increasing housing demand. In fact, in the first half of this year, the performance bonuses from some semiconductor companies and expectations for expanded internal loans have contributed to rising housing prices in areas like Hwaseong and Dongtan, known as the 'semiconductor belt.'The Bank of Korea anticipates that the trend of stricter management of household debt by financial institutions will continue for the time being. However, it cautioned that the remaining capacity for household debt in the financial sector could act as a factor for increased lending, depending on future housing market trends.It is expected that rising interest rates due to benchmark rate hikes will dampen household debt demand and expectations for rising housing prices. However, the impact of interest rate increases on loan demand may vary depending on how much household income conditions improve, underscoring the need for careful monitoring of related trends.* This article has been translated by AI. 2026-09-10 12:08:10