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  • Jeonbuk Banks Mortgage Delinquency Rate Surges Fivefold in Six Months
    Jeonbuk Bank's Mortgage Delinquency Rate Surges Fivefold in Six Months The delinquency balance for housing mortgage loans in the banking sector has increased at a faster rate than the growth of loans. Jeonbuk Bank has reported substantial delinquencies in some new group housing loans, causing its mortgage delinquency rate to rise fivefold in just six months. As the supply of group and balance loans is expanded to prevent delays in new apartment move-ins, there are calls for enhanced risk management at individual project sites.On September 8, Park Seong-hoon, a member of the National Assembly's Political Affairs Committee from the People Power Party, revealed data from the Financial Supervisory Service regarding the soundness of domestic bank housing mortgage loans. According to the report, the balance of housing mortgage loans at domestic banks increased by 21% from 644.3 trillion won at the end of 2022 to 779.2 trillion won by the end of June this year.During the same period, the balance of mortgage loans that were overdue for more than one month rose by 120%, from 1 trillion won to 2.2 trillion won. The calculated delinquency rate also increased by 0.12 percentage points, from approximately 0.16% to 0.28%. While the loan balance grew by 21%, the delinquency balance surged by 2.2 times.Among banks, Jeonbuk Bank's increase in delinquency rates was particularly notable. The delinquency balance for Jeonbuk Bank's mortgage loans rose from 5.26 billion won at the end of last year to 32.81 billion won by the end of June, marking a 6.2-fold increase in just six months. During the same period, the delinquency rate jumped from 0.19% to 0.95%, the highest among domestic banks.The Financial Supervisory Service explained that the rise in Jeonbuk Bank's delinquency rate was due to significant delinquencies in some new group housing loans this year, leading to a sharp increase in the delinquency balance. However, the specific number of projects, their locations, types of loans, and the exact reasons for the delinquencies were not disclosed. It remains unclear whether the issues are due to temporary delays in move-ins or refinancing, or if they indicate a genuine deterioration in the repayment capacity of buyers.Group loans are loans provided by financial institutions to multiple buyers for down payments or final payments, based on agreements with specific housing projects. While assessments of individual borrowers' qualifications and repayment abilities are conducted, the concentration of loans in the same project means that if issues arise, delinquencies can increase significantly.It is still difficult to determine whether the situation at Jeonbuk Bank is a temporary phenomenon limited to specific projects or a sign of broader issues linked to the sluggish local housing market. The lack of publicly available data on specific projects and delinquency reasons, as well as insufficient comparative data on delinquency rates in group loans from other banks, complicates the assessment.However, as the government has instructed banks to expand group and balance loan supplies to prevent delays in new apartment move-ins due to household loan volume management, there are calls to jointly assess risks at individual projects. While an increase in loan supply does not necessarily equate to a rise in delinquencies, it is essential to thoroughly examine factors such as occupancy rates, surrounding housing prices, collateral values, and the repayment abilities of buyers.Park Seong-hoon stated, "The overall housing mortgage loans have increased by about 20% since the end of 2022, but the delinquency balance has more than doubled, which is a warning sign that households' repayment capacities are not keeping pace with the growth of loans. The financial authorities must proactively assess the risks of vulnerable borrowers and group loan delinquencies." 2026-09-08 14:36:00
  • Law Firm Hwa Woo Welcomes Former Financial Services Commission Official Ma Soon as Partner
    Law Firm Hwa Woo Welcomes Former Financial Services Commission Official Ma Soon as Partner Law firm Hwa Woo (led by Managing Partner Lee Myung-soo) announced on September 8 that it has welcomed Ma Soon, a former official at the Financial Services Commission, as a partner attorney.Hwa Woo stated that Ma's 20 years of experience in key departments of the Financial Services Commission will enhance the firm's advisory capabilities in financial regulation, covering all aspects from practical responses to policy and legislative actions.Ma entered public service in 2007 after graduating from the Judicial Research and Training Institute and began working as an administrative officer at the Financial Intelligence Unit (FIU) of the Ministry of Finance and Economy. Following the establishment of the Financial Services Commission in 2008, he handled licensing and sanctions across banking, insurance, and small finance sectors, dealing with various financial infrastructure laws such as the Specific Financial Transaction Information Act, the Financial Real Name Act, the Electronic Financial Transactions Act, the Credit Information Act, and the Financial Consumer Protection Act.Notably, while at the FIU in 2007, Ma led the drafting of the mutual evaluation report and local due diligence response during South Korea's accession to the OECD's Financial Action Task Force (FATF). In 2018, he was dispatched to the Ministry of the Interior and Safety's Personal Information Protection Policy Division, where he conducted field inspections of personal information management and received a commendation from the Minister of the Interior and Safety for his verified achievements.After being promoted to secretary in 2020, Ma led the establishment of subordinate regulations under the Financial Consumer Protection Act in the Financial Consumer Policy Division. He also served as the head of the Financial Services Commission's financial regulation sandbox team, overseeing the designation of innovative financial services and the establishment of exclusive operational guidelines, actively assisting fintech companies in entering the market. Recently, he directly supervised on-site investigations, including searches related to capital market unfair trading as the head of the joint response team for eradicating stock price manipulation.Ma possesses unique expertise, having a comprehensive understanding of core tasks of financial authorities, from licensing and sanctions to policy planning, legislation, and on-site investigations. Based on this expertise, he plans to provide in-depth advisory services in various areas, including financial regulation sandboxes, digital finance, capital market unfair trading, credit information, anti-money laundering, financial licensing and sanctions, and financial consumer protection.With Ma's addition, Hwa Woo has significantly strengthened its financial regulatory advisory lineup, covering practical licensing and sanctions, policy planning, legislation, and responses to mandatory investigations. By continuously recruiting personnel well-versed in all phases from policy formulation to investigation and sanctions, Hwa Woo's advisory capabilities in financial regulation are poised for a new leap forward.Lee Myung-soo, managing partner of Hwa Woo, stated, "Ma Soon is a veteran who has experienced the entire process of financial regulation from policy planning to legislative amendments and on-site investigations at the Financial Services Commission. With this addition, Hwa Woo has completed a multi-dimensional advisory system that encompasses both practical and policy perspectives in financial regulation responses."* This article has been translated by AI. 2026-09-08 14:32:00
  • Next Years Health Insurance Premiums Frozen at 7.19%, Benefits for Rare Diseases and Severe Diabetes Halved
    Next Year's Health Insurance Premiums Frozen at 7.19%, Benefits for Rare Diseases and Severe Diabetes Halved Next year's health insurance premiums will remain unchanged, but benefits for patients will significantly increase. Starting in December, the out-of-pocket costs for patients suffering from rare diseases, severe chronic illnesses, and severe diabetes will be reduced to half of their current levels. The Ministry of Health and Welfare has finalized an innovative plan that enhances benefits for critical illnesses while keeping the insurance premium burden stable for citizens.On the morning of September 8, the Ministry held a meeting of the Health Insurance Policy Review Committee and approved the '2027 Health Insurance Premium Rate Decision' and the 'Phase 1 Health Insurance Coverage Innovation Plan.' The health insurance premium rate for next year will be frozen at 7.19%, the same as this year, and through the first phase of the innovation plan, 1.97 million people, including those with rare and severe chronic diseases, seniors, and children, will receive new health insurance benefits worth 800 billion won annually.The health insurance premium will not increase, remaining at 7.19%. The government decided to maintain the premium rate to alleviate the financial burden on citizens, as the health insurance fund has recorded a surplus over the past five years and currently holds about 30 trillion won in reserves. Deputy Minister Lee Hyung-hoon explained in a briefing that the government’s support has also increased, and the booming semiconductor industry is expected to boost premium revenue.While premiums are frozen, support for those in need will not be cut. Currently, 1.36 million patients with rare and severe chronic diseases pay 10% of their total hospital costs, but starting in December, this will decrease to 7%, and by the first half of 2028, it will drop to 5%. This means that patients' out-of-pocket expenses will be halved.For example, a hemophilia patient who spends 13.5 million won annually on blood clotting factor treatment currently pays 1.35 million won, but this will decrease to 945,000 won in December and to 675,000 won by 2028. This measure is expected to save each patient between 220,000 and 360,000 won in annual hospital costs.Additionally, the process for renewing eligibility for special treatment will be simplified. Patients with rare diseases like Charcot-Marie-Tooth disease, which are nearly impossible to cure, will be able to re-register based on clinical diagnosis and treatment history without expensive tests. Furthermore, the period for health insurance registration of expensive new drugs for rare diseases will be significantly shortened from 240 days to a maximum of 100 days, allowing patients to access new medications more quickly.Severe diabetes patients will also benefit, as the support for insulin pumps and continuous glucose monitors will now cover 90% of the costs for patients with severe type 2 diabetes whose pancreatic function is severely impaired. Previously, only type 1 diabetes patients received this support. This change will reduce the out-of-pocket cost to 10% for these patients.In particular, for young adults aged 19 to 34 who are economically unstable while preparing for employment, the support limit for insulin pumps will be raised from 1.7 million won to 4.5 million won, aligning it with the pediatric level. This means that a young patient who previously had to pay 3.31 million won for a 4.5 million won device will now only need to pay 450,000 won. As a result, severe type 2 diabetes patients will save an average of 4.18 million won in medical expenses annually.Deputy Minister Lee emphasized, "We have significantly increased the support limit for insulin pumps for young adults, who often face financial difficulties while preparing for employment, solving the issue of suddenly bearing hundreds of thousands of won in costs as they transition to adulthood."Dental benefits for seniors and students will also expand starting in January. Previously, seniors aged 65 and older needed to have at least one remaining tooth to receive health insurance coverage for dental implants (up to two per lifetime). However, starting next year, seniors with no teeth (approximately 70,000 individuals) will also be able to receive two implants covered by health insurance.Additionally, the age limit for health insurance coverage of the most common cavity treatment, composite resin, will be raised from 12 to 13 years old. This change considers the timing when permanent teeth fully emerge, allowing approximately 140,000 students entering the first year of middle school next year to receive affordable cavity treatment.Deputy Minister Lee stated, "We will suppress unnecessary medical expenses and manage non-covered items that pose a risk of overuse, ensuring that the valuable premiums paid by citizens are efficiently used for essential medical care that is critical to life."* This article has been translated by AI. 2026-09-08 14:32:00
  • Simmons Joins Samsung Wedding Promotion, Offering Coupons Worth Up to 1.1 Million Won
    Simmons Joins Samsung Wedding Promotion, Offering Coupons Worth Up to 1.1 Million Won Simmons is participating as a leading mattress brand in Samsung Electronics' 'Samsung Wedding & Promotion,' offering purchasing benefits to engaged couples.According to Simmons, the promotion will run until October 31. Customers can receive benefits by signing up and logging into Samsung.com to obtain Samsung Wedding & Coupons. Proof of wedding status can be provided through an invitation, while customers who apply for the Samsung Store's wedding club can verify without additional documentation.During this period, customers purchasing mattresses at Simmons' offline stores will receive reward coupons worth 100,000, 300,000, 700,000, or 1.1 million won, depending on the model. Coupons will be issued on the 15th of the following month based on the mattress delivery date, and can be used for various products available on Simmons' official website, including frames and bedding, enhancing convenience and usability.The promotional benefits are available at Simmons' flagship store, 'Simmons Gallery,' as well as authorized retailers like 'Simmons Mansion' and department stores across the country, applicable only to deliveries scheduled for this year.The Samsung Wedding & Promotion can be combined with Simmons' ongoing 'Black Simmons Day' promotion, which offers additional discounts for purchasing new mattress and frame sets, along with gifts for early customers based on purchase amounts.Simmons provides free delivery for purchasing customers and operates an 'Evening Delivery Service' for single-person households and dual-income workers, allowing them to receive products on Wednesday evenings.A Simmons representative stated, 'This collaboration between a leading wedding bed and appliance brand is expected to offer engaged couples even more substantial benefits as they prepare for their weddings.'* This article has been translated by AI. 2026-09-08 14:32:00
  • Gyeonggis Gwacheon Mayor Highlights Role of Religious Institutions in Community Care
    Gyeonggi's Gwacheon Mayor Highlights Role of Religious Institutions in Community Care Shin Gye-yong, the mayor of Gwacheon in Gyeonggi Province, emphasized on September 8 that "religious institutions are vital community resources that practice the values of life respect and neighborly care in residents' daily lives." Mayor Shin is actively working to enhance community care for citizen life protection and mental health promotion. The Gwacheon Mental Health Welfare Center will hold a 'Four Major Religious Groups Unite for Life Respect Campaign' on September 12 at Central Park in Gwacheon to commemorate World Suicide Prevention Day. This campaign will involve participation from the four major religious groups in the area: Christianity, Buddhism, Catholicism, and Won Buddhism. The event aims to share the importance of life and the value of caring for neighbors, transcending differences in religion and beliefs. Mayor Shin plans to focus on spreading a culture of life respect linked to community resources and strengthening the mental health safety net for citizens through this campaign. At the event, the suicide prevention center will offer citizen participation programs, including making keycap keyrings, creating eco-bags for life love, distributing helium balloons with life love messages, screening awareness improvement videos, and taking four-frame photos. The four major religious groups will also provide experiential programs such as soap making, growing Scandiamos, creating colorful bracelets, and making Wonmani to convey the meanings of neighborly love, compassion, life care, harmony, and coexistence. In particular, mental health screenings and suicide prevention awareness surveys will be conducted for citizens, and on-site counseling and connections to professional counseling services will be available for those in need. Mayor Shin stated that the results of the surveys will be used as foundational data for future life respect and suicide prevention initiatives, aiming to continuously strengthen the community safety net for citizens' mental health. He added, "I hope this campaign by the four major religious groups will serve as an opportunity to reflect on the value of life and pay attention to each other's difficulties." The campaign will take place on September 12 at Central Park in Gwacheon, and all citizens are welcome to participate.* This article has been translated by AI. 2026-09-08 14:28:20
  • Ministry of SMEs to Establish Small Business Marketing Promotion Corporation
    Ministry of SMEs to Establish Small Business Marketing Promotion Corporation The Ministry of SMEs and Startups announced the establishment of the Small Business Marketing Promotion Corporation, which will merge the Korea Small Business Distribution Center (Han Yu-won) and Public Home Shopping. On September 8, the ministry stated that this initiative is part of the government’s plan for public institution reform announced on September 3. The ministry aims to consolidate similar functions previously operated by both institutions, such as discovering promising small business products and supporting their commercialization. Additionally, the ministry plans to create a tailored distribution and marketing support system for small businesses, linking online and offline sales channels to facilitate product discovery, market access, and sales. The ministry will also integrate the Korea Startup Incubation Association into the Startup Promotion Agency, connecting the on-site incubation functions of 248 startup incubation centers across the country with the agency's startup support programs. Collaboration with regional startup support hubs, including 17 Creative Economy Innovation Centers, will be strengthened. This initiative aims to foster an ecosystem for the 'Everyone's Startup Project,' enabling anyone to pursue entrepreneurship anywhere in the country. The Small and Medium Business Research Institute will be transferred to the Economic and Social Research Council under the Office for Government Policy Coordination. After the transfer, the institute will continue to conduct policy research projects for the ministry while collaborating with research institutions under the council in areas such as business ecosystems, finance, employment, and regional development. Furthermore, the ministry will transfer the Comprehensive Support Center for Disabled Enterprises to the Korea Employment Agency for the Disabled under the Ministry of Employment and Labor. Three facility management subsidiaries, including Kibo Mate, Jungjin Partners, and Han Yu-won Partners, will be consolidated into a company tentatively named 'Small and Medium Venture Management Corporation.' The Small and Medium Business Certification Institute, the Korea Industry-Academic Cooperation Association, and the Comprehensive Support Center for Women Entrepreneurs will resolve public institution designation requirements to enhance operational flexibility and encourage collaboration with the private sector. The ministry plans to gather opinions from relevant departments, public institutions, and labor unions to refine the reform plans for each institution and pursue necessary amendments to related laws.* This article has been translated by AI. 2026-09-08 14:28:00
  • Gyeonggi Province Mayor Shin Gye-yong Highlights Role of Religious Institutions in Community Care
    Gyeonggi Province Mayor Shin Gye-yong Highlights Role of Religious Institutions in Community Care Shin Gye-yong, the mayor of Gwacheon in Gyeonggi Province, emphasized on September 8 that "religious institutions are important resources in the community that practice the values of life respect and neighborly care in residents' daily lives." Mayor Shin is working to enhance community care for citizen life protection and mental health promotion. The Gwacheon Mental Health Welfare Center will hold a "Four Major Religious Groups Unite for Life Respect Campaign" on September 12 at Central Park in Gwacheon to commemorate World Suicide Prevention Day. This campaign will involve participation from the four major religious groups in the area: Christianity, Buddhism, Catholicism, and Won Buddhism. The event aims to share the value of life and neighborly care with citizens, transcending differences in religion and beliefs. Mayor Shin plans to focus on spreading a culture of life respect linked to community resources and strengthening the mental health safety net for citizens through this campaign. At the event, the suicide prevention center will offer citizen participation programs, including making keycap keyrings, creating eco-bags for life love, distributing helium balloons with life love messages, screening awareness improvement videos for suicide prevention, and taking four-frame photos. The four major religious groups will also provide experiential programs such as soap making, growing Scandiamos, creating colorful bracelets, and making Wonmani to convey the meanings of neighborly love, compassion, life care, harmony, and coexistence. In particular, mental health screenings and suicide prevention awareness surveys will be conducted for citizens, and on-site counseling and connections to professional counseling services will be provided for those in need. Mayor Shin stated, "I hope this campaign by the four major religious groups will serve as an opportunity to reflect on the value of life and pay attention to each other's difficulties." The campaign will take place on September 12 at Central Park in Gwacheon, and all citizens are welcome to participate.* This article has been translated by AI. 2026-09-08 14:28:00
  • Ji Dong-won, Key Player in 2012 London Olympics Bronze Medal, Retires from Soccer
    Ji Dong-won, Key Player in 2012 London Olympics Bronze Medal, Retires from Soccer Ji Dong-won, a former national team forward who played a pivotal role in South Korea's bronze medal win at the 2012 London Olympics, is retiring from professional soccer after 16 years on the field.On September 7, Ji announced his retirement via social media, stating, "I am concluding my happy journey as a soccer player that began in 2010."He added, "I will cherish the countless unforgettable moments from my time in various countries and teams, as well as my glorious experiences with the national team. I will carry the excitement and passion I felt when I first started playing soccer into my future life."Ji expressed his gratitude to everyone who supported and loved him throughout his career, saying, "I sincerely thank all those who have been with me for a long time. I ask for your continued support as I embark on a new life, no longer as soccer player Ji Dong-won."Standing at 188 cm, Ji showcased his versatility as both a forward and attacking midfielder. He gained recognition early in his career, being selected for the Korea Football Association's overseas training program in 2007, where he honed his skills at Reading in the English Premier League (EPL) for a year. While attending Gwangyang Jecheol High School, he won the scoring title in the high school challenge league in 2009, netting 17 goals in 14 matches.Ji made his professional debut in 2010 with Jeonnam Dragons, where he had a successful first year, scoring 7 goals and providing 3 assists in 22 matches. In June 2011, he transferred to Sunderland in the EPL, setting a record as the youngest South Korean player to enter the league at that time. Notably, he scored a dramatic last-minute goal against Manchester City in January 2012, a moment still fondly remembered by fans.After moving to Germany, Ji continued his career in Europe for nearly a decade, playing for several Bundesliga clubs, including Augsburg, Borussia Dortmund, Darmstadt, Mainz, and Braunschweig. He returned to the K League in July 2021 by joining FC Seoul, and after a stint with Suwon FC in 2024, he joined Macarthur FC in the Australian A-League last August. With his contract ending in Australia, he decided to retire instead of seeking a new team.Ji's international career was also notable. He made his debut for the senior national team in December 2010 in a friendly against Syria and went on to play 55 matches, scoring 11 goals until March 2019. His most significant achievement came during the London Olympics, where he scored the opening goal against Great Britain in the quarterfinals, contributing to South Korea's historic first Olympic bronze medal in soccer.* This article has been translated by AI. 2026-09-08 14:28:00
  • GC Green Cross Develops AI-Based Vaccine Quality Control System for Pandemic Response
    GC Green Cross Develops AI-Based Vaccine Quality Control System for Pandemic Response GC Green Cross announced on September 8 that it has been selected as the lead research institution for a project titled 'Development of AI-Based Vaccine Manufacturing Variability Control and Intelligent Quality Management System,' organized by the Ministry of Trade, Industry and Energy and the Korea Institute of Industrial Technology (KEIT). The project will involve collaboration with Mokpo National University, Daegu Catholic University, and the Jeonnam Bio Promotion Agency, with GC Green Cross at the forefront. The initiative will run from this year until 2030, spanning a total of four years and six months. The participating institutions plan to establish an AI-based smart manufacturing and quality management (AI-GMP) ecosystem, utilizing the mRNA-LNP GMP production infrastructure at the Hwasun Bio-specialized Complex and the GC Green Cross Hwasun plant. mRNA-LNP technology encapsulates messenger RNA (mRNA) containing genetic information in lipid nanoparticles (LNP) for stable delivery to cells. This technology was commercialized through the COVID-19 vaccine and is being utilized as a next-generation vaccine platform. The primary goal of the development is to link AI with GMP to control variability in real-time throughout the manufacturing process of mRNA-LNP vaccines, from drug substance (DS) to finished product (DP), and to optimize quality. The company aims to minimize quality variability between batches by integrating continuous process analytical technology with AI models, establishing a real-time quality prediction and anomaly detection system to ensure consistent high-quality vaccine production. Lee In-kyu, head of the GC Green Cross Hwasun plant, stated, "We will successfully develop the AI-GMP intelligent platform to maximize the quality consistency of mRNA vaccines and complete a key asset that can respond quickly and reliably to new pandemics in the future." In related news, GC Green Cross recently received approval from the Ministry of Food and Drug Safety for the clinical trial application (IND) of its high-immunogenic influenza vaccine candidate, GC3114B. The Phase 2/3 clinical trial will evaluate the immunogenicity and safety of GC3114B in individuals aged 65 and older, comparing it directly with an active control group. GC Green Cross plans to begin dosing the first patient in Phase 2 in the second half of this year, with Phase 3 trials to be conducted as multinational studies. GC3114B is designed to induce a stronger immune response in older adults by including more antigens than standard-dose influenza vaccines.* This article has been translated by AI. 2026-09-08 14:24:00
  • Nancy Lang Denies DUI Charges, Admits to Poor Judgment
    Nancy Lang Denies DUI Charges, Admits to Poor Judgment Nancy Lang, a pop artist and television personality, has been reported for allegedly driving under the influence, but she denies being formally charged by the police.On September 8, Lang stated through multiple media outlets, "I did not go to the police station today after being charged, and I returned home safely with the help of a friend," adding, "I drove home in a friend's car." She acknowledged, "It was a careless decision to grab the wheel after having one or two glasses of champagne at a friend's birthday gathering," but insisted that terms like 'intoxicated,' 'arrest,' and 'police station' do not accurately reflect the situation.Earlier, the Gangnam Police Station in Seoul announced that they had begun an investigation into Lang for violating traffic laws related to drunk driving.According to police, Lang was driving under the influence around 3:45 a.m. in the Gangnam area, with a blood alcohol concentration exceeding the legal limit of 0.08 percent.A police official stated that they plan to summon Lang soon to clarify the details of the incident.* This article has been translated by AI. 2026-09-08 14:24:00