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  • Financial Services Commission Allocates 9.24 Trillion Won Budget for 2027
    Financial Services Commission Allocates 9.24 Trillion Won Budget for 2027 The Financial Services Commission has set its budget for next year at 9.24 trillion won, nearly doubling this year's allocation. The budget focuses on investments in advanced industries, support for low-income finance, and youth asset formation.On September 1, the commission announced that the budget for the 2027 fiscal year has been increased by 4.59 trillion won (98.7%) compared to this year.Key allocations include 2.08 trillion won for youth asset formation, 1.08 trillion won for stabilizing low-income households, and 1.05 trillion won for enhancing future growth potential.The National Growth Fund, aimed at investing in advanced industries, will receive 1 trillion won. The government plans to leverage this funding along with private investments from pension funds and financial institutions to supply over 200 trillion won over the next five years. Starting next year, the annual operating scale will expand from 30 trillion won to 40 trillion won, and support will be extended to new strategic industries, including aerospace.The Regional Revitalization Investment Fund will be allocated 50 billion won to encourage local project investments. An additional 5 billion won will be dedicated to supporting the commercialization of youth fintech companies with AI technology and training specialized personnel.Support for low-income finance will also be expanded. The commission will contribute 5.274 trillion won to the Sunshine Loan Special Guarantee and Sunshine Loan Youth programs, providing a total of 27.8 trillion won in loans. The supply of Sunshine Loan Special Guarantees will increase from 23.3 trillion won this year to 24.8 trillion won next year.A new 'K-Living Support Loan' will be established for individuals with credit scores in the bottom 50%. Utilizing 300 billion won in government funding and private capital, a total of 600 billion won will be made available. The initial loan of 1 million won will be offered at an interest rate of 4.5% for a 10-year term, with an additional 1 million won available after six months of timely repayments. The budget also allocates 500 billion won for special debt adjustments for long-term overdue debts of self-employed individuals and small businesses affected by COVID-19.The Youth Future Savings program will receive 1.7 trillion won. The income requirements for the standard plan will be eliminated to broaden eligibility, and the government contribution rate for the preferential plan will increase from 12% to 15% of monthly contributions. A separate preferential track will be established to support young employees at small and medium-sized enterprises in local areas with 25% of their contributions. The expanded contribution benefits will be retroactively applied to this year's participants following the National Assembly's budget review.The 'Our Child Independence Fund,' which accumulates funds from parents and the government from birth until the child turns 18, will receive a new allocation of 146.5 billion won. Households with incomes below 50% of the median will receive a fixed annual support of 1.2 million won, while those with incomes between 50% and 150% of the median will receive matching support from the government of up to 1 million won based on parental contributions.* This article has been translated by AI. 2026-09-01 13:48:20
  • South Korea Increases Space Agency Budget to Focus on Launch Vehicles and Lunar Exploration
    South Korea Increases Space Agency Budget to Focus on Launch Vehicles and Lunar Exploration The South Korean government is elevating its space sector from research and development to a key national industry. The proposed budget for the Korea Aerospace Agency (KAA) for 2027 has been set at 1.6491 trillion won, a 47.2% increase from this year.On September 1, the KAA announced that the 2027 government budget proposal reflects an increase of 529 billion won compared to 2026's budget of 1.1201 trillion won. The KAA's budget has grown annually, with allocations of 759.8 billion won in 2024, 964.9 billion won in 2025, and 1.1201 trillion won in 2026.The 2027 budget focuses on leveraging accumulated technological capabilities in launch vehicles, exploration, satellites, and aviation to enhance industrial competitiveness. The aim is to support businesses and regions to become central to the growth of the aerospace industry. The KAA plans to invest in five key areas: expanding access to space through the construction of a space highway, expanding the economic territory of space through lunar exploration, fostering advanced satellite industries, enhancing future aviation competitiveness, and creating a private-sector-centered industrial ecosystem.The area with the largest budget increase is launch vehicles. Funding for the 'space highway construction' has surged from 263.2 billion won to 562.9 billion won, a 113.8% increase. The KAA will continue the development of the Korean launch vehicle while initiating a new project for 'Nuri-ho follow-up launch support' to establish a regular launch system of at least once a year, transitioning to a private-led commercial launch ecosystem capable of 2-3 launches annually in the long term. The budget for 'next-generation launch vehicle development' will also be expanded to secure global price competitiveness in launch vehicles. To meet the growing demand for private and public space launches, a new project for upgrading the Naro Space Center (Phase 3) will replace aging launch equipment and establish new large assembly and testing facilities.The lunar exploration budget has increased from 99.8 billion won to 279.4 billion won, a 180.1% rise. The plan is to create an ecosystem that progresses from 'Earth-Moon communication infrastructure development' to 'small lunar lander demonstration' and ultimately to 'independent lunar landing.' A new project for 'lunar orbit communication satellite development' will be initiated, and the development of a small lunar lander aims for a lunar landing and technology demonstration by 2030.The advanced satellite budget will rise from 236.2 billion won to 264.7 billion won, a 12.1% increase, driven by the establishment of low Earth orbit satellite communication networks and a surge in demand for space AI data. A new project for 'geostationary environmental and marine satellite development' will enhance national security and precision monitoring capabilities for climate and disasters. The KAA will also develop 'multipurpose practical satellite No. 8' with ultra-high-resolution observation technology, advance the 'Korean Positioning System (KPS) development,' and lead the 6G era with 'low Earth orbit satellite communication technology development,' while securing core technologies for space AI data centers to overcome power and cooling limitations.The future aviation budget will increase from 53.1 billion won to 56.8 billion won, a 7.0% rise, while the budget for creating a private industrial ecosystem will grow from 181.3 billion won to 184.5 billion won, a 1.8% increase. In the aviation sector, new projects for 'AAM innovative technology development' and 'drone-to-drone core technology development' will be initiated, along with efforts to localize advanced aircraft engines and establish a foundation for international joint development of commercial aircraft. In the industrial ecosystem area, investments will increase for 'New Space investment support (funds),' commercialization support for space technology, and training specialized personnel tailored to the field.This budget proposal follows the government's recent confirmation of the 'Second National Research and Development Long-term Investment Strategy (2026-2030),' which identified aerospace as one of seven SEED future growth engines alongside advanced bio and quantum technologies.Oh Tae-seok, head of the KAA, stated, "The 2027 budget proposal focuses on connecting government-led technology development to corporate growth and industrial competitiveness. We will do our utmost to strengthen the competitiveness of the space transport, exploration, advanced satellite, and future aviation sectors for a significant leap in South Korea's aerospace industry." 2026-09-01 13:48:20
  • NIS Reports Kim Ju-ae as De Facto Successor to Kim Jong-un, Open to US-North Korea Talks
    NIS Reports Kim Ju-ae as De Facto Successor to Kim Jong-un, Open to US-North Korea Talks The National Intelligence Service (NIS) reported on September 1 that Kim Ju-ae, the daughter of North Korean leader Kim Jong-un, has effectively been designated as his successor. The agency also expressed a positive outlook on the possibility of dialogue between North Korea and the United States.After a meeting of the Intelligence Committee, Yoon Geon-young, a member of the Democratic Party, told reporters, "The NIS mentioned that they believe Kim Ju-ae is being exposed to the media to establish herself as a leader among North Koreans."Earlier, NIS Director Lee Jong-seok indicated in a closed-door meeting in April that Kim Ju-ae could be viewed as a successor, stating, "This is not just a simple judgment; it is based on credible intelligence."Yoon also noted that the NIS responded affirmatively regarding the potential for a US-North Korea summit, saying, "They believe it is possible at any time," and emphasized that while there are no confirmed contacts between the two sides, there are signs of dialogue.Additionally, Yoo Young-ha, a member of the People Power Party, stated that the NIS is currently analyzing internal documents from the Workers' Party of Korea and missile design plans. He added that the agency has successfully identified and prevented attempts to leak advanced domestic technologies from North Korea, including the detection of plans for a new reactor and the engine of a Surion helicopter.Yoo further explained that the NIS provided insights into North Korea's expansion of its Reconnaissance General Bureau into a Reconnaissance Information Bureau, aimed at enhancing counterintelligence capabilities. This includes appointing Lieutenant General Ri Chang-ho, who oversees overseas special operations, to handle operational information from the Ukraine war. Ri was seen leading a unit of overseas operational forces during a military parade commemorating the 9th Party Congress in February.* This article has been translated by AI. 2026-09-01 13:48:00
  • Culture ministry to host youth culture week
    Culture ministry to host youth culture week SEOUL, September 01 (AJP) - South Korea's culture ministry will hold a two-day youth culture event in Seoul's Hongdae area, bringing together talks, performances, workshops and community booths. The 2026 Youth Culture Week, titled "Today's Youth, Today's Culture," will run Friday and Saturday at a venue on Eoulmadang-ro in Mapo District, the Ministry of Culture, Sports and Tourism said Tuesday. The event will be held under the theme "Deepening thought and sharing tastes." The ministry said the program is designed to explore youth life and culture through humanities, personal taste and creative communities. The venue will be divided into four areas: a basement stage for talks and performances, a first-floor space for taste-related activities, a second-floor lounge for community booths and a fifth-floor workshop space. On Friday, Kim A-young, a director at publishing house MUZE, will speak on how personal taste can become work and culture. Content creator Hans will give a talk on how running became content, followed by a performance by modern rock band Dear Cloud. Saturday's program includes a lecture by Yoon Tae-yong, who runs the sketch comedy channel Ddip, on how empathy begins with experience. Writer and content creator Cho Seung-youn will lead a humanities forum on setting personal standards in the age of artificial intelligence. Singer-songwriter Kim Pureum and singer-songwriter Oh Ji-eun will also perform Saturday. Oh will also give a talk on how to keep doing what one loves over the long term. Activity booths will include a "culture recipe" program for visitors to explore their cultural tastes and a "culture prescription center" offering suggestions based on participants' interests. Community booths on the second floor will cover culture, sports, music, mental wellness and humanities topics. The ministry will also operate booths introducing youth policy programs and collecting young people's opinions on cultural experiences for possible policy proposals. Jung Hyang-mi, director general of the ministry's Culture and Arts Policy Bureau, said the ministry hopes the event will help young people discover their own thoughts and tastes through culture. The event is free, with advance registration available through Naver Booking until Thursday. AJP Takeaways Korea will hold the 2026 Youth Culture Week in Seoul's Hongdae district on Sept. 4 and 5. The event includes talks, performances, workshops and youth community booths. Speakers and performers include Kim A-young, Hans, Dear Cloud, Yoon Tae-yong, Cho Seung-youn, Kim Pureum and Oh Ji-eun. 2026-09-01 13:40:41
  • Ansan Mayor Im Min-keun Launches Citizen Participation Committee
    Ansan Mayor Im Min-keun Launches Citizen Participation Committee Im Min-keun, the mayor of Ansan, emphasized on August 31 that the Citizen Participation Committee is a platform for reflecting the diverse thoughts and experiences of citizens in governance. On that day, the mayor announced the official launch of the '3rd Citizen Participation Committee' during a regular meeting held at the city hall's conference room, marking the beginning of its activities. The establishment of the 3rd committee aims to actively incorporate citizen voices into governance, drawing significant attention to the mayor's commitment to collaborative policymaking. The 3rd Citizen Participation Committee consists of 70 members, including 65 appointed members and 5 ex-officio members. The committee will operate for two years until August 2028, focusing on three areas: future vision, citizen happiness, and sustainability. Members will gather diverse opinions from citizens and propose policy agendas related to pressing municipal issues. This launch is expected to further strengthen the mayor's initiative for 'administration in partnership with citizens' by incorporating various citizen perspectives and voices from daily life into governance. During the regular meeting, the 2026 action plan and the roles and directions of the 3rd committee were shared, and a chairperson, vice-chairperson, and committee heads were elected. Kim Gwi-ja was elected as the chairperson, with Park Jun-hee serving as the vice-chairperson. The launch ceremony featured a pre-performance by the Ansan City Choir, followed by speeches, the presentation of appointment letters, a pledge for integrity, and the announcement of the committee's vision. Notably, the members pledged to engage in their activities with integrity and fairness, chanting, 'Citizen empathy, policy completion! Together! Together! Together!' to express their commitment to translating citizen voices into actionable policy proposals. The mayor urged the newly appointed members to serve as a bridge connecting citizens with the administration. The Citizen Participation Committee plans to enhance its role as a citizen-driven policy platform that goes beyond mere opinion collection to identify pressing issues closely related to citizens' lives and propose policy alternatives. Chairperson Kim Gwi-ja stated, 'Citizen participation is a process of finding answers together at the same level as citizens,' and pledged to diligently listen to a wide range of citizen opinions and convey them to the administration. Local citizens have responded positively to the launch of the committee. An Ansan resident, identified as Kim, remarked, 'It is meaningful to have a channel through which the inconveniences and local issues felt by citizens can be properly communicated to the administration,' adding, 'I hope to see the opinions from the committee translate into actual projects and policies.' Another resident, Lee, emphasized the importance of a structure that allows citizens to not only participate in administration but also verify the outcomes, expressing hope that voices from various demographics, including youth, seniors, and small business owners, will be fairly represented. Meanwhile, Mayor Im Min-keun added, 'I will actively support the 3rd committee to ensure that citizen voices lead to policies and tangible changes that citizens can feel.'* This article has been translated by AI. 2026-09-01 13:40:20
  • Stray Kids Felix to roll out solo track
    Stray Kids' Felix to roll out solo track SEOUL, September 01 (AJP) - Felix of Stray Kids will release a solo digital single, "Slow It Down" on Tuesday as the second installment of the group's self-produced project SKZ-PLAYER, JYP Entertainment said. SKZ-PLAYER is a Stray Kids project in which the group's eight members release music and visual content they helped create, with a focus on their work as musicians and artists. Member Han opened the project in June with "back to life," making Felix the second member to take part. "Slow It Down" is an acoustic hip-hop track built around a guitar loop and hip-hop beat. JYP said the song is about pausing in a fast-moving world and looking back on time spent with loved ones and on one's dreams. Felix took part in writing and composing the song. The music video features actor Roh Yoon-seo, known for the drama series "Our Blues" and "Crash Course in Romance." Roh plays Yunseo, a young woman trying to pursue her dream while navigating daily life. Felix appears in the video as a figure who encourages her as she moves between reality and aspiration, according to JYP. Stray Kids' mini album "THIS & THAT," released Aug. 7, debuted at No. 1 on the Billboard 200 chart dated Aug. 22. JYP said it was the group's ninth consecutive album to enter the chart at No. 1, the first such streak in Billboard 200 history. The agency said the record also makes Stray Kids the group with the most Billboard 200 No. 1 albums in the 21st century. The title track, "This & That," also entered the Hot 100 at No. 38, the group's highest ranking on the chart. Stray Kids performed at Tokyo National Stadium on Aug. 29 and 30 as part of its world tour "RUN IT." JYP said the group became the first foreign male artist to hold a solo concert at the venue. The group is also set to headline Rock in Rio in Brazil and STRAYCITY, a new Stray Kids-led festival series across three locations in Latin America. AJP Takeaways Felix of Stray Kids will release "Slow It Down" at 6 p.m. Monday. The single is part of SKZ-PLAYER, Stray Kids' self-produced project. Felix is the second member to release music through the project after Han. 2026-09-01 13:40:12
  • Shinhan Financial Marks 25th Anniversary, CEO Jin Ok-dong Emphasizes Customer Trust
    Shinhan Financial Marks 25th Anniversary, CEO Jin Ok-dong Emphasizes Customer Trust Jin Ok-dong, Chairman of Shinhan Financial Group, highlighted 'customer trust' as the core value of the group during its 25th anniversary celebration.Speaking at the event held on the morning of September 1 at the group's headquarters in Jung-gu, Seoul, Jin stated, "For a financial company managing customer assets, trust is not just one of many values; it is the starting point and final checkpoint for all decision-making and sustainable growth."He urged employees to continuously reflect on whether they and the company are trusted by customers, saying, "If there are areas where customers do not trust Shinhan, we must accurately identify the reasons and consistently improve them."Jin also predicted that in the age of artificial intelligence (AI), the concept of trust will extend to AI agents that compare products and conduct investments and transactions on behalf of customers. He noted, "The key competitiveness in the future will not only depend on how well we utilize AI but also on how well we design AI that customers can trust."Additionally, he reiterated the importance of internal controls within the group. He explained, "Zero scandals and proactive sales are not conflicting concepts; it means we must excel in sales while strictly adhering to internal controls." He added, "Creating trusted individuals, trusted systems, and a trusted financial group is the most important force in shaping Shinhan's next chapter."* This article has been translated by AI. 2026-09-01 13:40:00
  • Ansan City Council Advances Health and Veterans Support Ordinances
    Ansan City Council Advances Health and Veterans Support Ordinances The Ansan City Council has initiated measures to enhance citizen health and strengthen support for national veterans on September 1. According to the council, the 'Basic Ordinance for Healthy City Ansan,' proposed by Councilor Seol Ho-young, and the amendment to the 'Ordinance on the Treatment and Support of National Veterans,' proposed by Councilor Hyun Ok-soon, were both approved in their original form during the 305th temporary session of the Culture and Welfare Committee. Both ordinances are set for final approval at the fourth plenary session on the 10th. The 'Basic Ordinance for Healthy City Ansan' aims to establish a legal foundation for improving health determinants, such as living environments that affect citizens' health, and to systematically implement health-related policies. The ordinance includes fundamental principles for creating a healthy city, the responsibilities of the mayor, the establishment and implementation of a basic plan, ensuring voluntary citizen participation, the creation of a Healthy City Operating Committee, and budget support for relevant organizations, groups, and individuals. Notably, it emphasizes the importance of citizen participation in the process of creating a healthy city by including provisions that guarantee voluntary participation and the incorporation of citizen opinions. It also establishes a framework for cooperation to share health-related information and technology with the national government, international organizations, and other local governments. Councilor Seol stated, "With the enactment of this ordinance, we will continue our efforts at the council level to discover health policies that citizens can feel in their daily lives and ensure stable budgets and support are in place." Hyun Ok-soon's Proposed Amendment to Veterans Support Ordinance Approved Additionally, the amendment to the 'Ordinance on the Treatment and Support of National Veterans,' proposed by Councilor Hyun, was prepared to reorganize Ansan's support system in line with changes to higher laws, allowing spouses of deceased veterans to be registered as national veterans. The key aspect of the amendment is to consolidate the previously separate 'Welfare Allowance for Spouses of Veterans' into the 'Honorary Allowance for Veterans' to enhance economic support for bereaved families. It also provides a legal basis for the city to actively promote projects honoring and recognizing national veterans and simplifies administrative procedures, such as required documents for applying for the honorary allowance, to reduce inconveniences faced by elderly veterans' families. Councilor Hyun remarked, "It is the responsibility of local governments to provide appropriate recognition for veterans and their spouses who have dedicated themselves to the nation, and through this amendment, we will strengthen support that veterans' families can genuinely feel." Both ordinances have passed the Culture and Welfare Committee and will be subject to final approval at the fourth plenary session of the 305th temporary session.* This article has been translated by AI. 2026-09-01 13:20:00
  • KOSPI Recovers Slightly Amid Semiconductor Gains Despite Foreign and Institutional Selling
    KOSPI Recovers Slightly Amid Semiconductor Gains Despite Foreign and Institutional Selling The KOSPI index rebounded from early losses, showing slight gains as major semiconductor stocks like Samsung Electronics and SK Hynix turned positive. Despite a drop to the 6730 range due to renewed military conflict between the U.S. and Iran, the index managed to recover. In contrast, the KOSDAQ continued to decline by over 1% amid simultaneous selling by foreign and institutional investors.As of 1:10 PM, the KOSPI was up 4.46 points (0.07%) at 6824.48. After starting lower and hitting a low of 6732.47, the index recovered all its losses.In the securities market, individual investors purchased a net 294.7 billion won, absorbing the selling pressure from foreign and institutional investors, who sold a net 531.2 billion won and 923.9 billion won, respectively.Among the top market capitalization stocks, semiconductor shares saw a rebound. Samsung Electronics traded at 260,500 won, up 0.19%, while SK Hynix rose 1.43% to 1,698,000 won. Samsung Electronics preferred shares (up 1.66%) and SK Square (up 1.06%) also showed gains.Conversely, Samsung Electro-Mechanics (-1.99%), LG Energy Solution (-0.93%), Hyundai Motor (-0.99%), Samsung Biologics (-0.92%), KB Financial (-1.33%), and Hanwha Aerospace (-3.27%) experienced declines.The KOSDAQ index widened its losses compared to the morning session. At the same time, the KOSDAQ index was down 13.86 points (1.66%) at 820.43, having briefly fallen to 815.52.In the KOSDAQ market, individual investors bought a net 415.1 billion won, but foreign and institutional investors sold a net 187.0 billion won and 219.3 billion won, respectively, putting pressure on the index.Most of the top market capitalization stocks were in the red. Alteogen (-2.28%), EcoPro (-3.72%), EcoPro BM (-3.48%), Rainbow Robotics (-2.61%), IOTech (-2.48%), HLB (-2.95%), and Pharma Research (-2.70%) all declined. Peptron saw a sharp drop of 7.81%. In contrast, HPSP rose by 2.39%.On this day, the domestic stock market faced a decline in investor sentiment due to geopolitical uncertainties stemming from the renewed military conflict between the U.S. and Iran. However, the KOSPI found support from the gains of Samsung Electronics and SK Hynix, while the KOSDAQ exhibited a differentiated trend with continued selling pressure on large growth stocks.* This article has been translated by AI. 2026-09-01 13:20:00
  • Meritz Securities Launches MOUM, a New Financial Platform Combining AI and Global Community
    Meritz Securities Launches 'MOUM,' a New Financial Platform Combining AI and Global Community Meritz Securities has introduced a new financial platform called 'MOUM,' which combines investment information, a global community, and artificial intelligence (AI) services. This move comes as the importance of investor communities grows in the retail sector, aiming to enhance competitiveness through high accessibility and communication.During the launch event held at the Fairmont Ambassador Seoul in Yeouido on September 1, Meritz Securities CEO Jang Won-jae stated, "Meritz Securities aims to reject inertia and conventional wisdom in the retail sector, creating a new wave of innovation and shaping the future of investment."MOUM features a combination of stock trading capabilities from the existing mobile trading system (MTS) with investment information, a global community, and AI services. Users can access key services without a separate login, and community activities are available through social login.By linking to the online-only comprehensive investment account 'Super365,' users can transition to full membership, allowing them to view stock trading, information on holdings and interests, and AI analysis all on one screen.Another notable feature is the search function that connects everyday interests to investment ideas. For instance, searching for 'spicy ramen' will yield related food stocks, associated themes, news, and community reactions all at once. This allows users to discover investment targets through everyday keywords, even if they do not know the exact stock names.The platform also enhances AI-based investment information services. Users can receive additional analysis on specific issues through AI chat, and market information can be accessed in various formats, including 'one-minute short-form videos' and audio-based 'MOUM AI briefings.'The global investment community is another distinguishing feature. Meritz Securities has integrated its own stock community with the U.S. social investment platform Stocktwits and the global fintech company Webull. This enables domestic investors to check real-time opinions and market reactions from overseas investors, helping them understand global investment trends and ideas.CEO Jang emphasized, "MOUM is designed with an intuitive and user-friendly interface from the planning stage, providing insights from the global community market without language barriers, with AI services at its core."Investment convenience for exchange-traded funds (ETFs) has also been improved. Unlike the previous method, where users had to check key indicators and constituent stocks separately, the platform allows for easy comparison of similarities and differences among similar ETFs. Key metrics such as market capitalization, dividend yield, and management fees are aligned on the same criteria, visually distinguishing numerical differences for easier product comparison.Additionally, 'direct trading' simplifies the process from information exploration to order placement. Given the rapidly changing market conditions, users can place orders directly from the investment decision screen without needing to navigate to a different screen or re-search stocks. Users seeking quick and easy orders can select 'easy mode,' while those desiring more detailed and precise trading can opt for 'pro mode.'Meritz Securities has built MOUM as a cloud-based open platform, enhancing its scalability and flexibility through collaboration with Amazon Web Services (AWS). In the future, the company plans to integrate Webull's AI technology to develop an 'agent AI financial platform' that understands users' investment goals and context, autonomously performing necessary analyses.Lee Jang-wook, who oversees the development of MOUM, stated, "As various financial products and trading data continue to connect, investors will find it easier to understand the information they need and make better decisions. We aim to create a new investment ecosystem where people, AI, and various services and data connect and evolve together." 2026-09-01 13:16:00