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Rising Popularity of Regional National Universities Amid Job Market Challenges Amid severe employment challenges and high living costs, an increasing number of students are opting for regional national universities instead of pursuing admission to schools in Seoul. Recent data shows that both the competition rates and admission cut-off scores for these universities have reached record highs over the past five years. Starting with the upcoming 2027 academic year, the government's policy of free tuition for regional national universities and the initiative to create 10 new Seoul National Universities are expected to further accelerate this trend.According to an analysis by Jongno Academy on September 3, the competition rate for early admissions to regional national universities for the 2026 academic year stands at 8.65:1, the highest in the last four years. The competition rate for regular admissions also reached 5.68:1, the highest since the 2022 academic year.The average admission cut-off scores for early admissions, based on the final registrants (70% cut-off), have also surged to 3.69 for humanities and 3.58 for sciences, marking the highest levels in five years and indicating a narrowing threshold for entry into these universities.The competition rates for regular admissions at the nine regional national universities have increased from 4.67:1 in the 2022 academic year to 5.68:1 in 2026, despite a gradual decrease in the number of available spots. The number of applicants has remained stable, ranging between 55,000 and 57,000.Similarly, early admission competition rates have shown an upward trend, rising from 8.92:1 in 2022 to 8.65:1 in 2026 after a slight dip in 2024.As more students apply, the admission cut-off scores have also risen. For humanities, the average cut-off scores for early admissions were 3.75 in 2022, 3.71 in 2023, 3.91 in 2024, and 3.88 in 2025, before jumping to 3.69 in 2026.The sciences saw an even larger increase, with cut-off scores rising from 3.80 in 2022 to 3.58 in 2026, the highest in five years.For the 2026 academic year, the highest average admission score for humanities was 3.01, while the highest for sciences reached 2.87, indicating that even students with scores in the second tier are facing challenges.Experts attribute the growing preference for regional national universities to the youth employment crisis and the desire to minimize opportunity costs. With the reality that attending a university in Seoul comes with high tuition and living expenses, and no guarantee of employment after graduation, students are increasingly turning to regional national universities for a more cost-effective option.This trend is expected to intensify with the start of early application submissions for the 2027 academic year on September 7. The recent announcement of the government's free tuition policy for national universities and the allocation of significant funding for the initiative to create 10 new Seoul National Universities (including Pusan National University, Chungnam National University, and Jeonnam National University) has heightened interest among students and parents.Lim Seong-ho, head of Jongno Academy, stated, "Students who are eligible for admission to both Seoul universities and regional national universities will show significantly more interest in the latter. There is a very high likelihood that students from regional areas will prefer regional national universities over private institutions." He added, "The issue of free tuition will be a decisive factor influencing application patterns and rising admission cut-off scores starting from the 2027 academic year."* This article has been translated by AI. 2026-09-03 09:56:00 -
Bank of Korea Halts Publication of Foreign Exchange Reserves Rankings The Bank of Korea has announced it will stop publishing rankings of foreign exchange reserves, citing the difficulty in attributing significance to rankings that are unrelated to external soundness.In a press release on September 3, the Bank stated, "The international ranking of foreign exchange reserves is a simple comparative statistic that does not control for the heterogeneity of economic size and external positions among countries," adding that it has "minimal analytical value."On the same day, the Bank disclosed the size of its foreign exchange reserves but removed the country-specific ranking data that had been provided monthly. This marks the first time in 25 years and six months that South Korea's global ranking has not been presented separately since the end of February 2001.In 2001, the Bank first published the names and sizes of the top 10 countries by foreign exchange reserves. Until last month, it had included South Korea's ranking alongside the reserves of major countries in its press releases.However, the Bank did not inform the public about this change or its rationale through the main text of the data, additional explanatory materials, or briefings.The Bank clarified, "It is not true that we deleted the foreign exchange reserves ranking from our press release to hide unfavorable information from the foreign exchange authorities. If needed, one can obtain and process data from the IMF database and individual central bank websites to calculate the rankings directly."As of the end of last year, South Korea maintained its position as the ninth largest holder of foreign exchange reserves globally, but it fell to tenth in January and twelfth in February. By the end of May, it had dropped to thirteenth, before climbing back to tenth by the end of June. It remained in tenth place as of the end of July.As of the end of August, South Korea's foreign exchange reserves stood at $442.28 billion, a significant increase of $14.33 billion from $427.95 billion at the end of July. This marks the largest increase on record.The reserves have risen for three consecutive months since June. However, they are still below the all-time high of $469.21 billion recorded in October 2021.A Bank official explained, "The substantial increase is attributed to a significant rise in foreign currency deposits by financial institutions, along with gains from operations and the increased value of non-dollar foreign currency assets."* This article has been translated by AI. 2026-09-03 09:56:00
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Rethinking South Korea's Welfare System Amid Basic Pension Reform Challenges Welfare systems are founded on the community's goodwill to assist economically disadvantaged individuals. This principle must remain steadfast. However, the challenge lies in the fact that policies cannot be designed solely based on goodwill. Questions about whom to assist, to what extent, under what conditions, and who will bear the costs must be addressed from the outset. The recent controversy surrounding the basic pension stems from a failure to adhere to this fundamental principle, resulting in delayed repercussions. When the basic pension was introduced, South Korea's rapid aging and low birth rates were already anticipated. Nevertheless, a uniform payment structure for 70% of the elderly was established without adequately considering long-term finances and the relationship with other welfare programs. Once a welfare system is established, even minor adjustments can provoke resistance, making fundamental reforms nearly impossible. Now, as adjustments to eligibility and benefits for the basic pension are being considered, public dissatisfaction is growing. Despite attempts to reform based on the principle of helping those in greater need and maintaining financial balance, opposition remains strong. However, delaying reforms to avoid discontent will only pass a larger bill to the next generation. On August 27, the government abruptly canceled a public announcement regarding the basic pension reform plan just one hour before it was scheduled. If the government discovered issues with the reform plan right before the announcement and is now thoroughly exploring all possibilities, then it is acceptable to cancel the announcement multiple times. It is crucial to maintain the principles of rationalization developed through sufficient review. While welfare systems are designed with good intentions, they must not be shaped by moral judgments. The community's goodwill is evident, but it should not be assumed that beneficiaries act solely for the greater good of the nation. They are rational economic agents making the best choices for themselves and their families. In this regard, the Korean edition of the book by Nobel laureates Abhijit Banerjee and Esther Duflo, titled 'The Poor Are More Rational,' is an insightful translation. For instance, when cash support increases, individuals with work capacity may choose to work less, not out of malice toward the state, but because the structure of support decreases sharply as income rises, making work less advantageous. Systems should reflect these economic incentives honestly, rather than moral condemnation. For those with work capacity, support should gradually decrease as earned income increases, opening pathways to self-sufficiency. Instead of providing unconditional cash, the system should encourage the desire to work. Therefore, if necessary, support for job training, caregiving, and health should also be provided. This is why the argument that job policies are the best welfare policies has emerged. Conversely, those without work capacity should be distinctly categorized. This distinction is not about coldness but fairness in allocating limited resources to those in greatest need. At a recent conference of the Korean Labor Economics Association, a session titled 'Direction of Income Security Systems to Enhance Employment Participation' sparked lively discussions among researchers, highlighting the importance of differentiation based on work capacity. Seoul's 'Stepping Stone Income' program, which aims to identify families with significantly reduced work capacity for targeted support, aligns with this awareness. An ideal welfare system should provide sufficient and predictable income to ensure a dignified life for those who have lost work capacity due to age, disability, or illness. Individuals with limited work capacity may have lower understanding and access to government programs. Therefore, systems should be designed to be as simple as possible. Complex systems only lead to inefficient administrative growth, ultimately wasting national resources. Education is said to be a long-term investment. Moving forward, all welfare systems should be designed with a plan that spans at least 50 years, if not 100. This is because the period of declining work capacity in the current generation is likely to overlap with the period of maximum work capacity in the next generation, estimated to be around 50 years. Welfare should alleviate today's anxieties but must not push tomorrow's burdens into the shadows. A financial outlook that at least two generations can manage, criteria that automatically respond to demographic changes, and integrated designs that prevent conflicts between systems are necessary. Welfare that only assists the current generation ultimately borrows from the future of their children. For goodwill to endure, welfare systems must become more sophisticated. 2026-09-03 09:52:10
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Park Chung-kwon: Han Dong-hoon's Return Requires Party Support Park Chung-kwon, the spokesperson for the People Power Party, stated on September 3 that "Han Dong-hoon's return to the party requires him to prove his political stance and identity, as well as persuade party members." During an appearance on YTN Radio's 'Jang Seong-cheol's News Myungdang,' Park emphasized that Han's reinstatement must be accepted by both party members and lawmakers, adding, "It does not seem to stem from Jang Dong-hyuk's personal feelings or opinions." Previously, Han had posted on Facebook, referencing Jang's comments about him in a media interview, expressing difficulty in understanding "blind hatred." In response, Park remarked, "Han bears significant responsibility for the failures of the Yoon Suk-yeol administration. He cannot escape accountability for the crisis facing conservatism, having prioritized attacking the president and the government over supporting their success." Park also addressed the recent discussions within the party regarding the direct election of local party committee chairs, which is currently implemented in only 37 districts. He noted, "Given the scale of this reform, there are considerable concerns among lawmakers, and opinions have been conveyed to Jang regarding the need to adjust the pace and timing." He interpreted Jang's approach as a realistic choice for gradual reform, suggesting that Jang likely assessed that pushing too hard before the regular National Assembly session and government audits could hinder party unity. On the nomination of Yong Hye-in as the Minister of Gender Equality and Family, Park criticized her, stating, "She is completely unqualified and must resign." He described Yong as someone who has engaged in divisive politics based on generation and gender, asserting that she lacks the qualifications to fulfill the essential duties of the ministry. Park also condemned Yong's declaration that she would not resign from her position as a proportional representative even if appointed as a minister, arguing, "If she relinquishes her proportional seat, the Basic Income Party would become a non-parliamentary party and lose funding, which would also affect the salaries of her staff and her husband. This is why she refuses to step down."* This article has been translated by AI. 2026-09-03 09:44:00
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Kim Il-pyeong Appointed New CEO of LINA Insurance 처브그룹 has appointed Kim Il-pyeong, former vice president of Samsung Fire & Marine Insurance, as the new CEO of LINA Insurance. The announcement was made on September 3. Kim will be responsible for the overall performance of LINA Insurance in South Korea, with his official start date set for the 15th of this month. Kim has over 30 years of experience at Samsung Fire & Marine, where he held various roles in sales channel strategy, underwriting, and risk management. The previous CEO, Mo Jae-kyung, will transition to oversee corporate insurance. Mo will focus on managing corporate insurance operations, financial performance, enhancing underwriting, and expanding the sales network. Marcos Gun, CEO of Chubb Group, stated, "Kim has a deep understanding of the Korean insurance market. He will lead strategic initiatives across LINA Insurance's personal insurance business and support the ongoing growth of corporate insurance (P&C)." * This article has been translated by AI. 2026-09-03 09:44:00
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Samsung Electronics Launches Galaxy S26 FE in South Korea with Latest AI Features 삼성전자가 4일 '갤럭시 S26 FE'를 국내 출시한다고 3일 밝혔다. '갤럭시 S26 FE'는 256기가바이트(GB) 스토리지 제품으로 △블루베리 △그라파이트 △피스타치오 3가지 색상으로 출시되며, 가격은 104만 5000원이다. '갤럭시 S26 FE'는 최신 카메라 기능과 갤럭시 AI를 통해 플래그십 제품 경험을 제공한다. 사용자는 영상 속 원하는 사람의 움직임을 따라가는 '마이 팬캠(My FanCam)' 기능을 활용해 선택한 인물을 중심으로 손쉽게 영상을 편집할 수 있고, 수평 고정 옵션을 지원하는 '슈퍼 스테디(Super Steady)'로 움직임이 많은 상황에서도 안정적인 구도로 영상을 촬영할 수 있다. 갤럭시 AI는 사용자의 맥락을 이해해 '나우 브리프(Now Brief)', '나우 넛지(Now Nudge)' 등 기능으로 다양한 작업을 더욱 빠르고 효율적으로 처리할 수 있도록 돕는다. '갤럭시 S26 FE' 자급제 모델 구매 시 '뉴(New) 갤럭시 AI 구독클럽' 가입도 가능하다. 구독클럽에 가입한 고객은 △기기 반납시 최대 50% 잔존가 보장 △삼성케어플러스 △액세서리 패키지 할인 등 혜택을 받을 수 있다. 한편, 삼성전자는 '갤럭시 S26 FE' 구매 고객에게 월 2만9000원 상당의 구글 AI 프로(Google AI Pro) 6개월 구독권을 비롯해, 윌라 2개월 구독권과 삼성닷컴 앱에서 사용 가능한 케이스·액세서리 30% 할인 쿠폰 3장을 증정한다. * This article has been translated by AI. 2026-09-03 09:40:00
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Pharmaceutical Manufacturing Embraces AI and Digital Transformation Artificial intelligence (AI) and digital transformation (DX) are changing the way pharmaceuticals are produced. Manufacturing processes that once relied on human experience are increasingly being managed based on data, enhancing quality control.During a visit to Handok's production facility in Eumseong, North Chungcheong Province, on August 31, it was evident that data is the foundation of the production line. Handok transitioned to a paperless system in 2011, managing the entire production process through digital data. This accumulated data serves as the basis for AI-driven manufacturing innovation.Inside the facility, automated guided vehicles (AGVs) transport raw materials. When paths crossed and a vehicle halted, a representative explained, "Just walk past it. The vehicle recognizes people first and either stops or avoids them." Currently, the AGVs only follow pre-set routes, but there are plans to upgrade them to autonomous mobile robots (AMRs) that can find optimal paths independently. The company is establishing a system where repetitive tasks are handled by the system, allowing workers to focus on production management and quality assurance.Handok is also developing an 'AI orchestration platform' that extends this approach. This platform features AI agents for various roles, such as production and logistics optimization, quality control, predictive maintenance, and safety management. A supervisory AI adjusts priorities; for instance, in situations where production efficiency conflicts with safety, the system is designed to prioritize safety.Handok is the only domestic pharmaceutical and biotech company selected for the 2026 AI application product rapid commercialization support project, launching an intelligent factory based on the AI orchestration platform with a budget of 4.2 billion won.AI orchestration is being introduced for the first time in the pharmaceutical industry. Seo Ui-yeon, head of Handok's production support division, stated, "AI began to be applied in production sites starting in 2024. Prior to that, we were focused on automation and data accumulation. We expect that as AI adoption expands, we will see significant improvements in productivity and operational efficiency starting in 2028."The next stop was the Plaster factory, which produces the arthritis treatment 'Ketotop.' Despite its total area of 7,632 square meters, monitoring and controlling the entire facility can be done with just one screen.The screen displays a virtual representation of the actual production facility, showing which equipment is operational, which areas are being cleaned, and the indoor temperature, all in real-time with the push of a button. This is known as a 'digital twin,' a system that replicates the actual production facility in a virtual space for real-time monitoring.Handok established the digital twin and AI autonomous control system at the Ketotop Plaster factory through a 2025 project supporting the construction of autonomous factories. The AI autonomous control system analyzes process data to optimize production conditions and predict quality anomalies, making Handok the first in the industry to be selected for this initiative.Leveraging this manufacturing competitiveness, Handok currently provides contract manufacturing organization (CMO) and quality control (QC) services to global pharmaceutical companies such as Sanofi and Janssen. The company aims to enhance its global CMO competitiveness by gradually applying AI and digital technologies.The government is also prioritizing the integration of AI and digital innovation to strengthen manufacturing competitiveness as a key issue for the future of the pharmaceutical and biotech industries, expanding related support. Handok was selected for the 2025 Ministry of SMEs and Startups' autonomous factory construction support project, becoming the first in the pharmaceutical industry, and has also been chosen for the smart eco-factory construction project. This year, it was selected for the '2026 rapid commercialization support project for AI application products in manufacturing' and the robot-utilized manufacturing innovation support project, further expanding its manufacturing innovation efforts.* This article has been translated by AI. 2026-09-03 09:36:00
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Seongnam Mayor Shin Sang-jin: Changing Yuldong Park Camping Site's Use Is Not Legalization of Illegality Shin Sang-jin, the mayor of Seongnam, refuted claims made by some media outlets on September 3 that the proposed change of land use for the Yuldong Park auto camping site amounts to a "legalization of illegality." The mayor emphasized that the administration is prioritizing citizen safety and will proceed with administrative procedures in accordance with laws and principles, while clarifying the management and operation system of public facilities. According to Mayor Shin, the Yuldong Park auto camping site was established to utilize land that had been damaged by long-term illegal cultivation as a public space for citizens. The site was developed following relevant administrative procedures, including decisions and changes to urban management plans and approvals for implementation plans, and was established as a park facility under the Park Greenery Act. Regarding the controversial "10,000 square meters standard for camping sites," the mayor explained that a comprehensive interpretation of relevant laws is needed to determine whether the area standards under the Tourism Promotion Act can be applied to camping sites within parks. In this context, Mayor Shin officially inquired through Gyeonggi Province to the Ministry of Culture, Sports and Tourism on July 21 about the obligation to register camping sites under the Tourism Promotion Act, the applicability of area standards for camping sites in preservation green areas, and the relationship between urban planning facility exceptions and standards under the Tourism Promotion Act. The mayor is currently awaiting an interpretation from the relevant authorities and plans to proceed with necessary follow-up actions based on the results. Additionally, Mayor Shin clarified that reports suggesting the change of land use was initiated in response to an investigation by special prosecutors are also inaccurate. The ongoing change from preservation green area to natural green area is not a finalized decision but a preliminary administrative procedure for listening to city council opinions and reviewing by the urban planning committee. The mayor reiterated that the purpose of pursuing the change in land use is to enhance citizen safety and strengthen the management of public facilities. By registering the camping site, the city aims to expand the coverage of liability insurance for public property, preparing for potential accidents and establishing a more systematic management framework. Shin Sang-jin stated, "The issue of the Yuldong Park auto camping site should not be viewed as a post-legalization but rather as a necessary institutional adjustment for the responsible operation of public facilities and citizen safety." He added, "We will proceed with the necessary procedures based on the interpretation from the relevant authorities, in accordance with laws and principles." Meanwhile, the mayor plans to continue managing park facilities to ensure safe use by citizens while also enhancing park utilization and contributing to the revitalization of the local economy. 2026-09-03 09:36:00
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Nepal Government Appeals for Increased Himalayan Tourism The Nepalese government has urged international travelers to visit the Himalayas to aid in recovery efforts.On September 2, Nepal's Minister of Tourism, Kadhak Raj Paudel, shared a video on Facebook featuring the hashtag #NepalCalling. He stated, "Our mountain trails and trekking routes are still waiting for you." He added, "Visiting Nepal this time does not just mean a vacation; it will be a significant help to a country fighting the tragedy of sudden floods." The tourism industry centered around the Himalayan region is considered one of Nepal's key national industries.While the tourism sector directly contributes about 6% to the country's GDP, its overall impact, including related industries such as aviation, accommodation, food and beverage, and retail, is estimated to account for approximately 10% of Nepal's economy.Meanwhile, according to reports from AFP and Reuters, the Nepal Disaster Management Authority has confirmed that the death toll from the recent floods in Nepal has risen to at least 1,114. This brings the total number of fatalities, including 16 in China, to 1,130.There are currently 4,462 people reported missing, including 3,916 in Nepal (583 foreigners) and 546 in China (261 foreigners).* This article has been translated by AI. 2026-09-03 09:32:10
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U.S. Treasury Yields Stabilize, Won-Dollar Exchange Rate Drops to 1360s The rise in U.S. Treasury yields has stabilized, and the value of the yen has rebounded, causing the won-dollar exchange rate to drop into the 1360s.As of 9:13 a.m. on September 3, the exchange rate in the Seoul foreign exchange market is 1361.5 won per U.S. dollar. Earlier, at 6 a.m., the rate was trading at 1359.2 won, down 9.5 won from the previous day's closing price. Overnight, the exchange rate fell to the 1350s, setting a new low for the year.This decline is attributed to the stabilization of rising U.S. Treasury yields, which has led to a weaker dollar. The yield on the U.S. 10-year Treasury note, which had surged recently, peaked at 4.821% during the day before retreating to 4.793%.The dollar index, which measures the dollar's value against six major currencies, fell by 0.12% to 99.565.International oil prices have continued to rise for three consecutive trading days amid ongoing military tensions between the U.S. and Iran. November futures for Brent crude oil rose by 1.04% to $95.63 per barrel, while October futures for West Texas Intermediate (WTI) crude oil increased by 0.88% to $91.01.U.S. stock markets closed higher across the board. The Dow Jones Industrial Average finished up 295.07 points (0.56%) at 50,061.95.The S&P 500 index rose by 35.13 points (0.46%) to close at 7,666.60, while the Nasdaq Composite gained 118.05 points (0.45%) to finish at 20,217.83.Market analysts expect the exchange rate to attract bargain buying due to the weaker dollar. Min Kyung-won, an economist at Woori Bank, stated, "Despite concerns over dollar weakness and potential Japanese intervention, bargain buying is likely to support the lower end of the exchange rate, which may attempt to re-enter the 1360s. Given the rapid pace of the exchange rate decline, we anticipate an influx of short plays from offshore investors following this trend."He added, "However, actual demand from importers for low-price purchases is expected to support the lower end of the exchange rate. If market participants perceive 1350 won as a primary support level, accumulation buying in this range could slightly lift the exchange rate." 2026-09-03 09:32:00