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HD Hyundai Site Solutions Partners with Small Business Agency for $22.5 Million Financial Support HD Hyundai Site Solutions, a mid-holding company in the construction machinery sector, announced on August 28 that it has signed a memorandum of understanding with the Incheon West Branch of the Small and Medium Business Administration (SMBA) at the HD Hyundai Global R&D Center in Pangyo, Gyeonggi Province, to support small and medium-sized enterprises (SMEs) in strategic industries in the Incheon area through a 'Co-Growth Network Loan.' The signing ceremony was attended by Jeong Chang-hwa, head of purchasing at HD Hyundai Site Solutions, and Ban Jeong-sik, regional innovation director at SMBA, along with officials from both organizations. Under this agreement, HD Hyundai Site Solutions will utilize a fund of up to 25 billion won (approximately $22.5 million) to support the stable production activities of partner SMEs. SMBA plans to implement various win-win programs, including support for the Co-Growth Network Loan for partner SMEs, discovering and recommending excellent partners, and providing support for export marketing and workforce training. The Co-Growth Network Loan is a program where SMBA recommends partner SMEs with excellent technology and growth potential after signing agreements with ordering companies (large, mid-sized, and quality SMEs) and provides production funds to help fulfill supply contracts. The core objective is to alleviate the financial burden on SMEs during the contract fulfillment process and ensure timely access to necessary production funds. Jeong Chang-hwa stated, "It is important to expand support in areas such as automation and robotics for the continuous growth of our partners. Through this agreement, we will do our utmost to strengthen the competitiveness and sustainable growth of our partner companies."* This article has been translated by AI. 2026-08-28 16:56:00 -
People Power Party Condemns Blue House's Rejection of Supreme Court Nominee 국민의힘은 28일 청와대가 손봉기 대법관 임명동의안을 국회에 제출하지 않고 다른 후보자 재제청을 요구한 것에 대해 "사법부와 입법부의 헌법상 권한을 훼손하는 명백한 삼권분립 부정 행위"라고 규탄했다. 정점식 원내대표는 이날 페이스북에 "이재명 대통령은 헌법에 명시된 대법원장 제청권을 부정하고 침해한 것"이라며 이같이 밝혔다. 정 원내대표는 청와대가 국회의 인사 검증과 동의 권한을 침해했다고 주장했다. 그는 "청와대의 주장은 대법관 제청에 대통령의 동의가 필요하다는 뜻인데, 이렇게 되면 대법관 임명 절차에서 대통령은 '제청'과 '임명'에 2번 개입하게 되는 것"이라며 "청와대가 손 후보자의 임명동의안을 국회에 이송하지 않은 것은 국회의 인사검증과 동의 권한을 침해한 것"이라고 지적했다. 이어 "국회 인사청문회를 거쳐 부적절하다고 판단되면 국회에서 임명동의안을 부결시킬 수도 있는데, 인사청문회의 기회를 원천 봉쇄한 것은 국회와 국민의 검증 권리를 부정한 것"이라며 "청와대 주장은 사실상 대법원장이 대법관을 제청할 때 대통령의 재가를 받아야 한다는 것으로 대법원장을 대통령의 아랫사람으로 여기는 행동"이라고 비판했다. 나아가 "임기 중 22명의 대법관을 모두 대통령 마음대로 임명하기 위한 사법부 길들이기의 신호탄"이라며 "위헌을 불사하면서까지 자기 재판의 재판관을 본인이 임명하겠다는 뜻"이라고 했다. 그는 사법부를 향해 "이 대통령의 위헌적 도발에 굴복해선 안된다. 손 후보자를 다시 제청해 국회의 동의를 구하라"며 "헌법에 어긋나는 이 대통령의 5개 재판 중단을 취소하고 즉시 재판을 재개하라"고 촉구했다. 국민의힘 법제사법위원회 위원들도 이날 기자회견을 열어 "대통령의 대법관 쇼핑은 헌정사에 유례가 없는 일"이라고 목소리 높였다. 국회 법사위 소속 박형수·주진우 의원은 "이 대통령의 헌법파괴 및 사법부의 독립 파괴 시도에 분노하지 않을 수 없다"며 "대한민국 헌법에 대통령에게 '재제청 요구권'을 준 조항은 어디에도 없다"고 꼬집었다. 이어 "없는 권한을 만들어 행사하는 것은 헌법의 해석이 아니라 권한의 창설이며 그 자체로 위헌"이라고 했다. 아울러 "마음에 들지 않는 후보자는 국회 문턱에 올리지도 않겠다는 발상"이라며 "여당이 과반 의석으로 정치적 책임을 지고 부결시키는 것과 절차 자체를 봉쇄해 책임을 회피하는 것은 전혀 다른 일"이라고 질타했다. 이들은 청와대가 국회의 인사청문권과 동의권을 침해했다며 이 대통령을 향해 "즉시 손 후보자에 대한 임명동의안을 국회에 제출하라"고 요구했다. 또한 "향후 20여 명의 대법관을 모두 대통령 입맛에 맞는 사람들로 채워서 앞으로 속개될 자신의 재판을 맡기려 한다면 이해충돌을 넘어 사법부의 독립 및 정치적 중립성, 권력분립의 원칙까지 모두 파괴하는 무모한 시도가 될 것"이라고 경고했다.* This article has been translated by AI. 2026-08-28 16:56:00
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Private Universities Oppose Government's Free Tuition Policy for National Universities The push for a 'full free tuition' policy for national universities has sparked significant backlash from private universities in South Korea. The Korea Association of Private University Presidents (KAPUP) has criticized the government's plan, arguing that concentrating full national scholarships on specific types of institutions fosters discrimination among students and is inherently unfair. They are calling for a complete redesign of the policy.From August 20 to 24, KAPUP commissioned Research & Research to survey 500 high school seniors across the country regarding the '2027 Free Tuition Support for Regional National Universities.' The results were released on August 28.The survey revealed that 64.5% of respondents believe that full national scholarships should be available regardless of whether the institution is public or private. In contrast, only 25.0% disagreed. This sentiment was consistent across different types of universities students hoped to attend, indicating a strong demand for equitable scholarship support.The impact of the free tuition policy on university choice was also evident. After presenting the full scholarship conditions, the percentage of students wishing to attend 'regional national universities' increased from 27.6% to 31.9%. Conversely, interest in 'regional private universities' dropped from 6.6% to 4.4%, raising concerns that the free tuition initiative could skew student enrollment toward national universities. Additionally, 73.6% of respondents predicted that this policy would lead to a shift toward national universities.Despite the substantial financial incentives, the preference for universities in the capital region remained strong. Students identified 'reputation and recognition' (57.1%) and 'employment prospects' (54.5%) as the most important factors in their university choice, while 'tuition and scholarships' (25.8%) ranked lower. Notably, 62.5% expressed a willingness to incur costs to attend a university in the capital region, suggesting that free tuition alone may not be sufficient to prevent talent drain from regional institutions.KAPUP issued a statement on the same day, urging the government to reconsider its policy direction. They acknowledged the intention to reduce the financial burden on local youth and support regional universities but criticized the approach of providing full support to national university students regardless of income while excluding private university students. They argued that this is not a fair system.KAPUP pointed out that tuition at national and public universities outside the capital region is already about 54% of that at private universities, and the scholarship rate per student is over 20 percentage points higher. They expressed concern that if the government fully covers tuition at regional national universities, it would create a stark disparity, effectively resulting in 'zero tuition for national universities and hundreds of thousands of won for private universities,' which could severely impact student recruitment at regional private institutions.KAPUP also emphasized that new funding sources, such as the 'Future Response Fund' from the restructuring of local education financial grants, should be distributed equitably.The association's presidents proposed three key demands to the government: 1) redesign the 'regional balance scholarship' based on students and regions rather than the type of institution; 2) ensure equitable investment of the Future Response Fund in the infrastructure and quality faculty of private universities; and 3) institutionalize a stable and continuous national investment system for higher education.Hwang In-sung, KAPUP's Secretary General, stated, 'Regional development should not be limited to the advancement of certain universities but should involve the growth of all students and institutions in the region.' He urged the government to center its policies on students and regions rather than the type of institution when redesigning scholarships and higher education financial policies.* This article has been translated by AI. 2026-08-28 16:52:00
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Muan County Develops 'Safety Leaders' in Rural Areas with Improvement Association Muan County in South Jeolla Province has initiated field-based safety training to enhance farmers' response capabilities to various safety accidents and infectious diseases that may occur during agricultural work. On August 26, Muan County conducted farm safety training for members of the Improvement Association and farmers participating in safety consulting at the Muan Fire Station's second-floor conference room. The training aimed not only to improve individual safety management skills but also to empower Improvement Association members to serve as 'rural safety leaders' by sharing safety guidelines with their families and neighbors through practical exercises and real-life case studies. During the training, safety manager Lee Myung-mi explained safety rules to prevent tick-borne diseases that must be observed in rural areas. Key topics included minimizing skin exposure during farm work, proper work attire, methods for checking the body and work clothes after completing tasks, and guidelines for responding if bitten by a tick or experiencing suspicious symptoms. Considering the outdoor nature of agricultural work, the training focused on step-by-step preventive measures before and after work, as well as easily implementable methods for daily life. Practical training for emergency situations was also included. Participants practiced CPR and emergency procedures for airway obstruction under the guidance of a first aid instructor from the Muan Fire Station. Given the importance of initial response in critical situations such as cardiac arrest or airway obstruction that can suddenly occur during farm work, the training emphasized enhancing response capabilities through simulated scenarios. Muan County plans to spread safety culture throughout rural areas by encouraging Improvement Association members, who have significant contact with local residents, to share the safety rules and first aid methods they learned during the training with their families and neighbors. Park Si-rin, head of the Rural Support Division, stated, “I hope the Improvement Association members will learn first aid and disease prevention guidelines to help spread a culture of safety throughout the village. We will continue to expand field-based safety training in collaboration with agricultural organizations to create a rural environment where farmers can work with peace of mind.” Meanwhile, as rural areas often involve outdoor work and have a high proportion of elderly farmers, it is crucial to equip them with the ability to respond to infectious disease prevention and emergencies. Muan County plans to continue its focus on preventive and practical training to ensure that safety rules are established in actual farming practices and community life through ongoing safety consulting and training for agricultural organizations.* This article has been translated by AI. 2026-08-28 16:48:00
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Prosecutors Seek Prison Sentences for Military Officers in False Warrant Case Former military prosecutors charged with falsifying a warrant related to the investigation of Corporal Chae's death have received prison sentence requests during their appeal. On August 28, the Special Prosecutor's Office, led by Lee Myung-hyun, requested a two-year prison sentence and a three-year disqualification for Major Kim Min-jeong during the appeal hearing at the Seoul High Court's Criminal Division 7.For Captain Yeom Bo-hyun, the prosecution sought a one-year prison sentence and a two-year disqualification.The special prosecutor emphasized the need to review the lower court's ruling, which found the defendants not guilty of falsifying official documents. They argued, "The evidence from the original trial and additional evidence submitted during the appeal clearly shows that the four instances of false information were not accidental but were consistently written with a single purpose in mind."Regarding Captain Yeom, who was fined in the first trial for failing to attend a National Assembly session, the prosecution noted, "While the court found him guilty of not attending the National Assembly, it ruled him not guilty of the charge of falsifying official documents. We ask that this be corrected in the appeal."In their final statements, both Major Kim and Captain Yeom maintained their innocence. Major Kim stated, "The special prosecutor claims that the warrant request itself was a conspiracy, but that is not true. Since the indictment, I have faced difficult times, including forced leave, and only recently received a reinstatement. My commitment to serving the country as a military legal officer remains unchanged."Captain Yeom explained, "Contrary to the special prosecutor's claims, my absence from the National Assembly was due to health issues, not an attempt to cover up the case."The court has scheduled the sentencing for September 11.The defendants, who worked in the Defense Ministry's prosecution office, are accused of including false information in a warrant application while investigating former Marine Corps investigation chief Park Jeong-hoon for insubordination after he submitted records related to Corporal Chae's death to the police.The warrant in question reportedly included claims made by Park that former President Yoon Suk-yeol was enraged and exerted pressure on the investigation, which was described as "delusional," along with allegations that Park deleted phone records and coerced investigators into writing fact verification statements.In a previous ruling, the lower court found that the contents of the warrant application were merely opinions or judgments and did not constitute the crime of falsifying official documents, acquitting Major Kim.Captain Yeom was found guilty only of failing to attend the National Assembly in October 2024 and was fined 10 million won.* This article has been translated by AI. 2026-08-28 16:44:00
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Summer may be over, but the bugs are not Turn on mosquito sound When the scorching summer sun fadesand the leaves turn brilliant colors,we finally breathe a sigh of relief. But behind autumn's natural beautylurks another survivorthat has been waiting for cooler weather. Autumn mosquitoes strike when we let our guard down.We tracked down the reality behind the invasion. 8 August · Midsummer As the heat wave passes → 9 September · Early Autumn Mosquitoes awaken again Midsummer average: 31°C · The season of heat waves Autumn 2026 Summer may be over,but the bugs are not Just when we thought summer was over,mosquito season was changing instead. When summer passes and cool autumn breezes arrive, it is easy to assume that the war against mosquitoes is over. Climate change, however, is extending the active season for mosquitoes and ticks from spring into late autumn. As average temperatures have risen over the past decade, Japanese encephalitis alerts have also been issued about 16 days earlier. It is time to reconsider the conventional wisdom that mosquitoes are only summer pests. SECTION 02 · DATA In September, when mosquito season seemed over,the largest number were caught Mosquitoes collected by week in September 2025 Unit: mosquitoes 0 0 0 PEAK0 Week 1Week 2Week 3Week 4 The autumn mosquito invasionpeaked in late September All Common house mosquito Asian tiger mosquito Malaria vector mosquito In Seoul's light-trap survey, the total number of mosquitoes collected in September 2025 rose from 433 in the first week to 703 in the fourth. Common house mosquitoes, which are mainly active at night, increased from 344 to 652 and drove the overall rise. Asian tiger mosquitoes, which are active in grassy areas during the day, climbed to 29 in the third week before falling to nine in the fourth. Malaria vector mosquitoes decreased from 13 to one. Even within the same month, activity patterns varied by species. SECTION 03 · SIMULATOR Mosquito Activity by Temperature 26℃ Current setting 10℃18℃26℃35℃ 12°C or below Almost inactive Optimal at 25–27°C Five active mosquitoes 35°C or above Retreat to the shade Highly active! Maximum game difficulty During midsummer heat above 30°C, mosquitoes retreat into shaded vegetation and reduce their activity. Although conditions vary by species, the ideal temperature for most mosquitoes is the cool autumn range of 25–27°C. Once the extreme heat subsides, autumn provides mosquitoes with an ideal environment for activity. SECTION 03 · ANOTHER VIEW As the temperature changes,so does mosquito activity Adjust the temperature to see how the mosquito swarm changes. 26℃ Current setting · Starts at Seoul's temperature 10℃20℃26℃35℃ Highly active! Maximum game difficulty 12°C or belowAlmost none 20°COne or two 25–27°CPeak activity 32°C or aboveActivity suppressed 35°C or aboveNumbers plunge During midsummer heat above 30°C, mosquitoes retreat into shaded vegetation and reduce their activity. Although conditions vary by species, the ideal temperature for most mosquitoes is the cool autumn range of 25–27°C. Once the extreme heat subsides, autumn provides mosquitoes with an ideal environment for activity. Tonight,is the weather ideal for mosquitoes? Today's mosquito forecast Current temperature in Seoul 24.8℃ Mosquito index Very high -- points Temperature index87 Humidity index72 Recent rainfall index61 Wear long pants if you take a walk in the park this evening. Humidity and recent rainfall, as well as temperature, have a decisive impact on mosquito breeding and activity. In early autumn, temperatures of 24–25°C combined with suitable humidity create ideal conditions for Seoul's mosquito activity index to climb to the “very high” level. SECTION 05 · DISCOVER Where are mosquitoes and tickshiding around us? Mosquitoes and ticks are closer than you think.Select a place where they might be hiding. • Select a place where mosquitoes and ticks might be hiding. Standing water, damp drains and grassy areas.Autumn pests are active closer than you might expect. The first step in avoiding mosquitoes is to check the small environments around you before worrying about distant risks. How tempting a targetam I today? Check all that apply I take walks in parks or other outdoor areas I wear clothes that expose skin, such as short sleeves or shorts I sit directly on the grass or spread out a picnic mat I do not apply or spray mosquito repellent I stay outdoors until late at night Select four or more items to see your result. Risk score 0 points Mosquito threat0/5 Tick threat0/5 Safety tips 01Wear light-colored, long clothing outdoors 02Do not leave clothes on the grass, and shower as soon as you return home 03Use repellents approved by the Ministry of Food and Drug Safety What happens to peoplewhen insect populations rise? Malaria cases in South Korea in 2025545 cases Japanese encephalitis cases in South Korea in 20257 cases Malaria cases through Week 31 of 2026201 cases Estimated region of infection (as of Week 31 of 2026) Gyeonggi Province63.7% Incheon17.9% Gangwon Province10.0% The rise in autumn pests means more than itchy bites. According to Korea Disease Control and Prevention Agency data, South Korea recorded 545 domestically acquired malaria cases and seven Japanese encephalitis cases in 2025. By Week 31 of 2026, 201 domestic malaria cases had been reported. The estimated regions of infection were Gyeonggi Province at 63.7%, Incheon at 17.9% and Gangwon Province at 10.0%. Chigger mites, which are easily encountered in autumn grasslands, can also transmit scrub typhus, making extra precautions essential during outdoor activities in the fall. Autumn is not the season when bugs disappear.It is the season when the leading players change. Sources Seoul light-trap mosquito collections (September 2024–2025): Seoul Research Institute of Public Health and Environment, vector mosquito surveillance statistics Malaria and Japanese encephalitis cases: Korea Disease Control and Prevention Agency weekly vector-borne disease bulletin and pathogen/vector surveillance updates Mosquito forecast information: Seoul Open Data Plaza 2026-08-28 16:41:35 -
Online Grocery Shopping Surges, Changing Credit Card Discount Dynamics The rise of online grocery shopping is altering the criteria for selecting credit cards. While many cards offer discounts of up to 10-15% on online shopping, factors such as previous month’s spending and monthly discount limits make it challenging to fully benefit from these advertised rates.According to a survey conducted by the credit card platform Card Gorilla, 54.2% of respondents reported that they primarily shop online through platforms like Naver, Kurly, and Coupang. This figure is approximately 2.7 times higher than the 19.9% who prefer large supermarkets.Convenience stores and specialty food markets followed with 7.9% and 7.5%, respectively. Department stores accounted for 4.4%, corporate supermarkets for 3.9%, and traditional markets for just 2.1%. The number of respondents choosing online shopping surpassed those opting for all offline retail channels combined.Go Seung-hoon, CEO of Card Gorilla, noted, “The preference for online shopping, which is not limited by time and place, is increasing. We expect the utilization of shopping memberships and mobile payment benefits to rise in credit card usage as well.”The online grocery shopping market is also expanding. According to the National Data Agency, the transaction volume for online food shopping reached approximately 52.3 trillion won last year, marking a 10.4% increase from the previous year. Searches for online shopping benefits on Card Gorilla’s customized card search increased by 16% in the first half of this year compared to the second half of last year.Cards that offer online shopping benefits are categorized into those with high discount rates but strict conditions based on previous month’s spending and monthly discount limits, and those with lower rewards but no additional conditions.For instance, Woori Card’s ‘Card of the Standard 2 Shopper’ and Shinhan Card’s ‘Discount Plan+’ both provide a 10% discount on online shopping expenditures. However, both cards have a monthly discount cap of 15,000 won for the lowest spending tier. Thus, even if a user spends 300,000 won on online groceries, the actual discount may only reach a maximum of 5%, contrary to the advertised 10-15%.Woori Card offers a 10% discount at Coupang, Naver Plus Store, and Market Kurly for users who spend over 500,000 won the previous month, with an additional 5% discount on weekdays. The annual fee is 28,000 won.Shinhan Card has a lower previous month’s spending requirement of 400,000 won but limits discounts to 50,000 won per transaction, available once a day and up to five times a month at Naver Plus Store, Coupang, and SSG.com. The annual fee is 50,000 won, and a 30,000 won grocery cashback is provided once a year, applicable only to large supermarket purchases, not online transactions.In contrast, the ‘Hyundai Card Zero Up’ has no previous spending requirements or reward limits, but offers lower reward rates. Users earn 1.2% on domestic and international transactions, which increases to 2.4% for purchases over 100,000 won at online malls and large supermarkets. Spending 300,000 won can yield between 3,600 and 7,200 points, with an annual fee of 30,000 won.Therefore, it is essential to consider not only the advertised discount rates but also whether the frequently used shopping sites are eligible for discounts, if the previous month’s spending can be met, and what the monthly discount limits are. Different cards have varying eligible merchants, with Woori Card including Market Kurly and Shinhan Card including SSG.com.Additionally, benefits may not apply if transactions are processed through external sites or under the name of mobile payment or payment agency companies. Membership fees and gift card purchases are often excluded from discounts, making it necessary to verify specific conditions before making payments.* This article has been translated by AI. 2026-08-28 16:36:20
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YouMoment Launches 'The Chapel at Saigon' in Vietnam, Marking K-Wedding's First International Expansion Three months have passed since YouMoment, South Korea's largest wedding company, opened its premium wedding hall, 'The Chapel at Saigon,' in Ho Chi Minh City, marking the first overseas expansion of K-weddings. Initial consultations have surged, reflecting strong local interest, and the industry is closely watching the company's ability to establish itself in the Vietnamese market.According to the wedding industry on August 28, YouMoment officially launched 'The Chapel at Saigon' in the upscale mixed-use development 'Sunwah Pearl' in Binh Thanh District, Ho Chi Minh City, and has begun full operations.The venue can accommodate between 180 and 250 guests for ceremonies, while a separate dining area is designed to host up to 400 guests simultaneously.Notably, the venue separates the ceremony from the reception, a departure from the traditional Vietnamese 'all-in-one banquet' style, where dining, drinking, and ceremonies occur in a large hall. Instead, the Korean-style flow allows guests to focus on the ceremony before moving to the dining hall.Additionally, a luxurious 'bride's waiting room' enhances the couple's special moments, and the 'lighting ceremony,' where the mothers of the bride and groom light candles to signal the start of the ceremony, has been reinterpreted to fit local customs.However, it remains uncertain whether the Korean wedding model can establish a sustainable revenue structure in a market with vastly different cultural and economic conditions. Given that 'The Chapel at Saigon' operates on a premium model with high rental fees and quality catering, the alignment of its pricing with local consumer levels will be crucial. YouMoment reported over 3,000 pre-consultations before the opening, confirming initial interest.Bridging the cultural gap with local wedding customs is also seen as a key factor for market penetration. The strict separation of the ceremony and reception, along with elements like the bride's waiting room and lighting ceremony, contrasts with the Vietnamese tradition of extended drinking and celebrations.A wedding industry insider stated, 'As K-content, including K-beauty and food, gains popularity in global markets, it will be interesting to see if the Korean wedding system can take root in Vietnam.' 2026-08-28 16:36:00
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Government Prepares for Heavy Rain to Prevent Secondary Damage As strong rain accompanied by thunder and lightning is forecasted for the Chungcheong and southern regions over the weekend, the government is taking steps to prevent secondary damage in areas like Geoje and Tongyeong.The Ministry of the Interior and Safety announced on the 28th that it held a response meeting led by Kim Yong-kyun, head of the Natural Disaster Management Division, in anticipation of heavy rain starting on the morning of the 29th.According to the Korea Meteorological Administration, rain is expected in most parts of the country on the 29th, with a stationary front likely bringing heavy rain of 20 to 30 mm per hour (and over 50 mm in some areas) to the Chungcheong and southern regions on the 30th and 31st.Forecasted rainfall for the 29th includes: Jeollabuk-do 30-80 mm, Seoul metropolitan area, Jeollanam-do, and Gyeongsangbuk-do 20-60 mm, and other regions 5-40 mm. For the 30th, expected rainfall is: Chungcheong and Jeolla regions 30-80 mm, Gyeongsang region 20-60 mm, and other areas 5-30 mm.During the meeting, representatives from central ministries, including the Ministry of Climate and Environment, the Ministry of Land, Infrastructure and Transport, and the Korea Forest Service, along with local governments from Gyeongnam, Jeonnam, Busan, and Jeju, reported on their preparedness for the heavy rain based on the weather forecast.Kim Yong-kyun emphasized the need to ensure that no casualties occur due to the upcoming heavy rain and urged agencies to focus on the following measures:First, in areas that experienced damage from heavy rain between August 15 and 18, all available resources should be mobilized for rapid emergency recovery to prevent a recurrence of similar damage, and safety measures must be thoroughly implemented.He also instructed that debris be removed from drainage systems and that the operation of flood control facilities, such as drainage pump stations, be verified.Additionally, emergency measures, such as the installation of waterproof tarps, should be re-evaluated in areas prone to landslides and steep slopes, and monitoring should be intensified. If risks are identified, access should be promptly restricted, and cooperation with evacuation support teams should be established to assist residents.Furthermore, in areas prone to flooding, such as semi-basement homes, underground passages, and riverside walking paths, real-time monitoring of conditions should be conducted, and preemptive controls should be implemented without delay if any signs of danger are observed.Finally, Kim Kwang-yong, head of the Disaster Safety Management Headquarters, stated, “The government will do its utmost to ensure that no casualties occur due to this heavy rain through thorough preparation and rapid on-site response.” He urged the public to regularly check weather alerts and to avoid going out during heavy rain, as well as to refrain from approaching dangerous areas such as landslide-prone regions and riverbanks.* This article has been translated by AI. 2026-08-28 16:32:10
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Increased Household Loans Prompt Banks to Consider Easing Restrictions With additional household loan limits allocated, banks are expected to ease some lending restrictions. However, due to rising benchmark rates, interest rates for mortgage and credit loans are projected to approach 7-8%, which may not significantly reduce the burden on borrowers. According to the financial sector on August 28, financial authorities notified banks this week about the allocation of additional household loan limits. It is reported that no specific limit was set for balance loans, allowing banks to monitor and manage them autonomously. In recent months, banks have implemented various restrictions to meet household loan limits. KB Kookmin Bank reduced the limit for mortgage loans aimed at home purchases from 600 million won to 300 million won starting July 10. Shinhan Bank has restricted participation in mortgage credit insurance (MCI) and mortgage credit guarantees (MCG). Hana Bank has halted new mortgage and jeonse loan applications through loan brokers for loans executed in November. Woori Bank has also limited MCI and MCG participation and capped housing-related loan processing at 1 billion won per branch per month. As additional limits are allocated, attention is focused on whether banks will relax these restrictions. NH Nonghyup Bank resumed offering variable-rate mortgage loans on August 20, but other major banks have maintained their existing restrictions. The banking sector plans to gradually increase lending, focusing on young people and low-income individuals, rather than lifting all restrictions at once. A financial sector official stated, “As the government has called for an expansion of loans for young people and those with low credit scores, we will start by increasing related loans.” There is also interest in whether internet-only banks will ease their lending restrictions. KakaoBank and Toss Bank have reduced the limits on overdraft accounts, while K Bank has decided to suspend new overdraft account sales until next month. Internet banks have a daily loan limit, making it virtually impossible to open an overdraft account without an 'open run.' However, with the allocation of additional household loan capacity, internet banks may also have the opportunity to expand their limits again. A financial sector official noted, “Since it has not been long since we received the additional limits, we will monitor market conditions as we ease lending.” While banks' lending capacity has increased, the ongoing rise in interest rates means that borrowers may not feel a significant reduction in their financial burden. As of today, the fixed-rate mortgage rates at the five major banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) range from 4.72% to 7.17%. The upper limit, which had dropped to 7.16% on August 20, has rebounded. The Bank of Korea raised the benchmark rate from 2.75% to 3.00% on August 27, following a previous increase on July 16, leading to predictions that fixed-rate mortgage rates could exceed 8%. The credit loan rates (6-month variable) at the five major banks are reported to range from 4.74% to 5.94%, with expectations that credit loan rates could approach 7%. * This article has been translated by AI. 2026-08-28 16:32:10