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  • Mother of Singer Jang Yoon-jung Sentenced to 1.5 Years for Fraud
    Mother of Singer Jang Yoon-jung Sentenced to 1.5 Years for Fraud The prosecution has requested a 1.5-year prison sentence for Yook Mo, the 70-year-old mother of singer Jang Yoon-jung, who is accused of defrauding a friend of 31 million won under the pretense of investment.During the first hearing on August 27 at the Seoul Eastern District Court, presided over by Judge Seo Beom-jun, the prosecution made its sentencing request.Yook is alleged to have solicited investments from a friend between September 2024 and August 2025, claiming that investing in an audition program related to her daughter would yield profits. Investigators found that she deceived the victim by promising financial returns.The prosecution argued, "Yook has a history of similar fraud offenses for which she received a prison sentence, yet she committed this crime again. The amount involved is significant, and the victim has not been compensated."Yook's defense acknowledged the charges and pleaded for leniency, stating that she needed the money for living expenses and had used the funds for that purpose. In her closing statement, she admitted her wrongdoing and expressed remorse to the victim and their family.Yook was previously imprisoned in 2018 for failing to repay over 400 million won borrowed from a friend. The verdict for this case is scheduled for September 10.* This article has been translated by AI. 2026-08-27 15:56:10
  • Oasis Market Expands AI Shopping Assistant Capabilities
    Oasis Market Expands AI Shopping Assistant Capabilities Oasis Market is integrating interactive artificial intelligence (AI) throughout the shopping process, from product recommendations to payment, delivery tracking, and customer inquiries. The strategy aims to enhance customer convenience in purchasing fresh produce.On August 27, Oasis Market announced the launch of 'MAY Season 2,' a complete overhaul of its interactive AI shopping assistant. A key feature of MAY Season 2 is its real-time integration with the main shopping cart. In the previous Season 1, customers had to use a separate cart for AI-recommended products, but in Season 2, items selected in the chat window are immediately added to the official cart for direct payment.Accessibility has also been improved. A floating button has been placed on the right side of the Oasis Market app screen, allowing users to call the AI assistant at any time during their shopping experience.A new 'Live Talk' feature enables real-time voice and text communication. When users ask for dinner suggestions or request vegetables that pair well with pork belly, the AI analyzes their requests and recommends relevant products, adding selected items directly to the cart.Additionally, users can check their recent orders and handle inquiries about missing deliveries, product defects, or refunds through the chat window. Frequently used features such as time-limited deals, special prices, additional orders, and early morning deliveries are available as quick buttons.An Oasis Market representative stated, "MAY Season 2 focuses on creating a customer-centric interactive shopping environment through easy execution via the floating button and integration with the main cart. We will continue to enhance AI technology to provide a smarter fresh produce shopping experience."Meanwhile, Oasis Market reported a second-quarter operating profit of 6.95 billion won, a 95.5% increase compared to the same period last year. The cumulative operating profit for the first half of the year also rose by 55.3%, with an operating profit margin of 5.5%.* This article has been translated by AI. 2026-08-27 15:56:00
  • Constitutional Court Rules Foreign-Born Children in Korea Have Right to Birth Registration
    Constitutional Court Rules Foreign-Born Children in Korea Have Right to Birth Registration The Constitutional Court has ruled that the lack of a system for registering the births of foreign children born in South Korea violates the constitution. This marks the second time the court has confirmed the unconstitutionality of the National Assembly's legislative inaction since its establishment, and it comes nearly 30 years after the first such ruling.On August 27, the court unanimously decided in a constitutional complaint filed by a Vietnamese national, referred to as A, and their child, B, stating, "The legislative inaction regarding the birth registration of foreigners born in South Korea is unconstitutional."The court determined that foreign children born in South Korea have the right to be registered at birth, regardless of their nationality or residency status. It also recognized the government's obligation to establish a system that effectively guarantees this right.A entered South Korea in 2008 under a non-professional employment visa (E-9) but became undocumented after overstaying their visa. A and their spouse gave birth to B in April 2019 but were unable to register the birth under South Korean law. B was registered in March of the following year according to Vietnamese law. They filed a constitutional complaint in February 2022, claiming their fundamental rights were violated due to the lack of a relevant system.The court defined the right to immediate birth registration as the child's entitlement to have the state manage essential birth-related information as soon as possible, emphasizing that while not explicitly stated in the constitution, it is an independent fundamental right necessary for the child's personality development and healthy growth.The court stated, "All children, regardless of nationality, are precious lives and independent persons. Officially recording their existence by the state where they are born is a minimum protective measure for children." It also noted that children excluded from birth registration are at a higher risk of becoming targets of abuse, neglect, or other crimes due to their lack of official recognition.Currently, only South Korean citizens can register their identities in the family relationship register. Foreign registration requires prior birth registration and nationality confirmation from the home country, making immediate registration after birth difficult. Children whose parents are undocumented or face challenges in registering under their home country's laws may be unable to register as foreigners at all.The court clarified that a universal birth registration system does not grant South Korean nationality or residency status to foreign children. It also ordered that safeguards be put in place to prevent birth registration from being obstructed due to lack of residency status or leading to enforcement actions under immigration laws.However, the court dismissed A's claims, stating that they did not specifically assert a violation of their fundamental rights. The court also dismissed claims related to the Basic Education Act and the Enforcement Decree of the Elementary and Secondary Education Act, citing a lack of direct or potential violation of fundamental rights.This decision marks the second instance in which the Constitutional Court has confirmed the unconstitutionality of legislative inaction, following a 1994 ruling regarding compensation for property expropriation by a private railway company. The court reiterated that the right to immediate birth registration, recognized in 2023, is equally applicable to foreign children born in South Korea.* This article has been translated by AI. 2026-08-27 15:52:20
  • Bank of Korea Raises Economic Growth Forecast to 3.3% Amid Strong Semiconductor Exports
    Bank of Korea Raises Economic Growth Forecast to 3.3% Amid Strong Semiconductor Exports The Bank of Korea has significantly raised its economic growth forecast for this year to 3.3%, citing stronger-than-expected export performance, particularly in the semiconductor sector. However, persistent core inflation pressures have led markets to speculate about the possibility of further interest rate hikes.According to the revised economic outlook released on August 27, the central bank's forecast for real GDP growth has been increased by 0.7 percentage points from the May estimate of 2.6%. This marks the highest level since May 2021, when the forecast was 4.7%.The new forecast surpasses the government's estimate of 3.0% and the average forecast of 3.2% from eight major investment banks as of late last month.The demand for semiconductors, driven by increased global investment in artificial intelligence (AI), has contributed to both export growth and overall economic expansion. The Bank of Korea anticipates that real GDP will grow by 0.3% in the third quarter and 0.5% in the fourth quarter compared to the previous quarters.Lee Dong-ryul, head of the Bank of Korea's Economic Research Division, stated, "As our industrial structure shifts significantly towards the IT sector, we expect the contribution of IT to growth to remain high next year."There is also potential for further increases in the growth rate depending on the semiconductor market. The Bank of Korea estimates that if semiconductor demand strengthens and domestic production capacity expands more rapidly than expected, the growth rate could exceed the baseline forecast by 0.2 percentage points this year and 0.6 percentage points next year. Additionally, the current account surplus forecast has been revised upward from $250 billion in May to $450 billion.On the inflation front, the Bank of Korea expects stronger-than-anticipated upward pressure on prices. While the forecasts for consumer price inflation for this year and next remain unchanged, the core inflation forecast has been raised to 2.5% for both years, an increase of 0.1 and 0.2 percentage points, respectively.Lee noted, "The core inflation, which reflects underlying price trends, has been adjusted upward due to the ongoing pass-through of accumulated cost shocks and increased demand pressures. Future price trajectories are expected to be significantly influenced by developments in the Middle East and corresponding movements in international oil prices."With the growth forecast significantly raised and core inflation pressures confirmed, market speculation suggests that the Bank of Korea's tightening cycle is not yet over. Additional interest rate hikes could occur as early as the fourth quarter of this year or at the latest in the first quarter of next year. The dot plot released by the monetary policy committee also indicated that out of 21 members, 10 projected a rate of 3.25% and 6 projected 3.50% six months from now.However, analysts caution that a growth rate in the 3% range may not immediately lead to steep rate hikes. Much of the growth is concentrated in the semiconductor and IT sectors, and it remains to be seen whether this demand pressure will spread to the broader domestic economy.Min Ji-hee, a researcher at Mirae Asset Securities, commented, "The current strong growth is concentrated in the semiconductor and IT sectors, which may explain the more dovish projections in the dot plot. Given the limited income improvements in non-IT sectors, sustained interest rate hikes may not be feasible without ongoing demand-side inflation pressures." 2026-08-27 15:52:10
  • Loan Availability Increases, But Interest Rates Rise: Borrowers Face Mixed Fortunes
    Loan Availability Increases, But Interest Rates Rise: Borrowers Face Mixed Fortunes The Bank of Korea's consecutive interest rate hikes are deepening concerns for borrowers. Following the August 13 real estate measures, the financial sector's capacity to handle household loans has increased by approximately 30 trillion won, yet loan interest rates continue to rise. While group loans have seen some relief, individual borrowers are grappling with both lending restrictions and high interest rates, leading to mixed outcomes. As of August 27, the fixed-rate mortgage interest rates at the five major banks—KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup—are reported to range from 4.72% to 7.17%. Reflecting recent market interest rate increases, bank loan rates are also on the rise. With the Bank of Korea's latest interest rate hike, upward pressure on loan rates is expected to intensify. Financial analysts predict that if the Bank of Korea raises interest rates again this year and the upward trend in bank bond rates continues, the upper limit of mortgage rates could approach 8%. According to the Bank of Korea, a 0.25 percentage point increase in mortgage rates would raise the annual interest burden for all borrowers by 1.8 trillion won, averaging 296,000 won per borrower. If the recent 0.50 percentage point increase in the benchmark rate is fully reflected in loan rates, the burden per person would increase by 592,000 won annually. Variable-rate mortgage rates are also expected to face upward pressure. The COFIX (Cost of Funds Index), which serves as the basis for variable-rate mortgages, reflects the costs banks incur to raise funds through deposits and bank bonds. As market interest rates rise, the cost of funding increases, leading to a delayed rise in variable-rate mortgage rates. Currently, the variable-rate mortgage rates at the five major banks range from 4.20% to 6.46%, with the upper limit reaching the mid-6% range. The effects of the August 13 measures are manifesting differently among borrowers. Group loans, such as interim and final payments, have been excluded from the household loan increase targets set by banks, alleviating funding concerns for prospective buyers. In contrast, individual borrowers still face the same lending restrictions, compounded by rising interest burdens. For instance, the final payment loan for the 'D.H. Bangbae' project in Seocho District, Seoul, has seen major banks offer rates in the 4.6% range. With preferential conditions for families with multiple children, rates can drop to as low as 4.566%. This competitive environment among banks for quality group loans contrasts sharply with the fixed-rate mortgages, which can reach as high as 7.17%. While competition has emerged in group loans, individual borrowers find it challenging to avoid high interest rates. For a loan of 450 million won at an interest rate of 7.17%, borrowers would need to repay approximately 3.04 million won monthly over 30 years. If the rate rises to 8%, the monthly payment would increase to about 3.3 million won, an increase of 260,000 won. Major banks remain cautious about expanding their general mortgage operations. NH Nonghyup Bank resumed offering variable-rate mortgages on August 20, but other major banks have maintained existing restrictions. A financial sector official stated, “With the ongoing trend of rising market interest rates and household loan regulations, it will be difficult for loan rates to decrease significantly. General borrowers will continue to face high rates while their borrowing capacity remains largely unchanged for the foreseeable future.” 2026-08-27 15:52:10
  • Credit Unions Asset Management Company to Acquire Bad Loans
    Credit Unions' Asset Management Company to Acquire Bad Loans The Credit Union's Asset Management Company will be able to acquire bad loans from financial institutions. This is expected to establish a systematic foundation for the swift resolution of non-performing loans held by credit unions.On August 27, the Financial Services Commission announced that it would propose amendments to the 'Lending Business Supervision Regulations' by October 6.The key aspect of this amendment is the inclusion of the Credit Union Asset Management Company as an institution eligible to acquire bad loans. This measure aims to facilitate the effective management and acquisition of non-performing loans, following the establishment of the Credit Union Asset Management Company under the revised Credit Union Act in April.Currently, the Lending Business Act restricts the transfer of loan receivables to only those institutions specified by law to prevent illegal collection practices and other related issues. Registered lenders, credit finance institutions, public institutions, and agricultural cooperative management companies are currently permitted to acquire bad loans.Once the amendment is implemented, credit unions will also be able to sell their non-performing loans to dedicated institutions, enhancing their financial health. The Credit Union Asset Management Company is expected to take on the role of acquiring and managing the non-performing loans held by individual credit unions.The Financial Services Commission plans to collect public feedback by October 6 and implement the revised regulations in line with the enforcement date of the amended Credit Union Act on October 22.* This article has been translated by AI. 2026-08-27 15:52:00
  • People Power Party Calls for Unity Against Lee Jae-myungs Administration
    People Power Party Calls for Unity Against Lee Jae-myung's Administration The People Power Party held a retreat ahead of the September regular National Assembly session, emphasizing the need to create a legislature that can stop the "misrule and tyranny" of the Lee Jae-myung administration. Party leaders stressed the importance of unity, urging members to "fight together as one." Jang Dong-hyuk, the party leader, stated at the retreat in Goyang, Gyeonggi Province, "We must respond to the people's livelihoods more effectively than anyone else and confront tyranny more resolutely than anyone else." He noted, "The Lee Jae-myung administration has been in power for just over a year, yet the pace of South Korea's decline is accelerating. We must clearly represent the concerns and anger of the public during this regular session and the government audits." Jang added, "We need to prepare thoroughly for government questioning and audits to expose the failures and tyranny of the Lee administration while also presenting our party's correct alternatives. We must root out attempts to cancel President Lee's trial and any constitutional amendments for re-election during this session." He warned that the Democratic Party would push for a special investigation to cancel the trial and would use various tricks to build momentum for re-election amendments. "We cannot remain idle just because we lack seats. We must resist and prevent these actions alongside the public," he said. Regarding the allegations of mismanagement by the Election Commission, he stated, "The realities of the disenfranchisement will gradually come to light. We must not leave everything to the special investigation; we need to thoroughly address issues in the National Assembly. We must prepare for electoral reform and Election Commission reform from now on to take the lead and push forward with urgency." He concluded, "Our party must provide the right answers to uplift the lives of the people. All members of our party must fight with a single heart, focusing solely on the people and South Korea." Jung Jeong-sik, the floor leader, remarked, "The Lee Jae-myung government is beginning to show its limitations as it enters its second year in power. The repercussions of misguided policies in all areas, including real estate, stocks, prices, education, the Yellow Envelope Law, and the Korea-U.S. alliance, are becoming evident, and the crises we warned about are materializing." He urged, "We must verify and expose the destruction and dismantling being carried out by the Lee administration during the regular session. As the opposition party, our duty is to point out what has gone wrong in each committee and propose alternatives." Jung also emphasized the need to pay special attention to issues directly affecting the public's assets, such as real estate and stocks. "The rushed introduction of single-stock leveraged ETFs and the controversy over using the National Pension Fund to prop up stock prices must be thoroughly investigated during this government audit," he asserted. He called for unity among the 109 members, stating, "Let’s fight together as one with the public. We can win if we fight both separately and together." 2026-08-27 15:48:10
  • NH Nonghyup Life Expands Community Support for Dementia Patients
    NH Nonghyup Life Expands Community Support for Dementia Patients NH Nonghyup Life is expanding its community activities to support dementia patients and their families.On August 27, NH Nonghyup Life announced that its Chungnam-Sejong headquarters has recently been certified as a 'Dementia Leading Company,' bringing the total number of certified locations nationwide to 12.Since becoming the first subsidiary of Nonghyup Financial to receive the Dementia Leading Company certification in 2017, NH Nonghyup Life has been increasing its certified locations across the country.The Dementia Leading Company initiative is part of a national dementia management program promoted by the Central Dementia Center of the Ministry of Health and Welfare. Companies that contribute to creating dementia-friendly environments, such as having employees complete dementia partner training, receive this certification.NH Nonghyup Life is collaborating with local dementia centers and municipalities, utilizing its nationwide network to improve awareness of dementia and foster a culture that supports dementia patients and their families.These activities will be expanded in conjunction with NH Nonghyup Financial's 'Safe Care Project.' This project aims to reduce the inconveniences and risks faced by dementia patients and their families during financial transactions, in response to the aging population and increasing number of dementia cases.Bang Soo-ho, head of the marketing strategy division, stated, "Dementia is an issue that the community must address together, beyond just individuals and families. We aim to be a company that supports dementia patients and their families, ensuring they do not feel isolated and can live with peace of mind in their daily lives."* This article has been translated by AI. 2026-08-27 15:48:00
  • Google-backed study finds Korean workers use AI more adeptly
    Google-backed study finds Korean workers use AI more adeptly SEOUL, August 27 (AJP) - South Korean workers apply artificial intelligence with a sophistication about 1.7 times the global average, a report commissioned by Google Korea found, as employers increasingly treat fluency with the technology as a hiring priority. Google Korea released the findings on Thursday, drawing on a study by global consultancy Public First titled "Growth and Innovation in Korea Driven by AI." The report also concluded that training-driven productivity gains reach as much as 4.7 million won ($3,404) per worker each year. Forty percent of surveyed workers said companies now favor applicants who can demonstrate AI skills, and 35 percent named command of AI-based tools as the single most sought-after capability, ahead of adaptability and communication skills. Workers who advanced from basic prompts to refined ones after training cut their task time threefold, the report found, while 82 percent of respondents expected AI competence to become important or essential to their jobs within five years. Appetite for learning ran high on both sides of the classroom. Nearly three in four Koreans said they wanted to build AI skills, and more than eight in 10 parents rated safe, effective AI use as at least as important as core subjects such as math and English for their children. Google also pointed to its own economic footprint, citing Public First estimates that its products generated about 21 trillion won in domestic economic value and supported 130,000 jobs in 2025, of which 13 trillion won came from small and medium-sized enterprises. AJP Takeaways • A Google Korea-commissioned study by Public First, released Aug. 27, 2026, found South Korean workers use AI about 1.7 times more skillfully than the global average, with employers increasingly prioritizing AI fluency in hiring. • Forty percent of surveyed workers said companies favor AI-capable applicants, 35 percent ranked AI-tool proficiency as the top hiring criterion, and training raised annual productivity per worker by up to 4.7 million won. • Google Korea said it would expand AI training, including its "AI Olim" program and a new certificate course run with South Korea's Ministry of Employment and Labor, citing 21 trillion won in domestic economic value from its products in 2025. 2026-08-27 15:44:24
  • Stock Buybacks Dont Always Boost Share Prices: Hyundai Falls While SK Hynix Rises
    Stock Buybacks Don't Always Boost Share Prices: Hyundai Falls While SK Hynix Rises Despite both companies announcing stock buybacks, SK Hynix saw its shares rise while Hyundai Motor experienced a decline. Although stock buybacks are typically viewed as a key method for returning value to shareholders, recent trends suggest that the scale of buybacks alone cannot explain subsequent stock price movements.On August 27, the Korea Exchange reported that Hyundai Motor's shares closed at 398,000 won, down 10,000 won (2.45%) from the previous day. This marks a two-day decline following the company's announcement to retire a total of 2,505,606 shares, valued at approximately 789.1 billion won, which it had previously held.Market analysts interpret Hyundai's stock weakness as a result of the company opting to retire existing shares without any new buybacks, coupled with a lack of anticipated enhancements to shareholder returns. Hyundai maintained its existing policy of a shareholder return rate of over 35% and a minimum dividend of 10,000 won per share.In contrast, SK Hynix has shown a markedly different trend. After announcing on August 19 that it would acquire and retire approximately 40 trillion won worth of its own shares, the company's stock surged by 12.73% on the following trading day. This increase was bolstered by the introduction of a new policy to return over 50% of its free cash flow (FCF) over the next three years, highlighting a clear distinction from Hyundai's approach.Other large companies that decided to retire shares this year have not consistently seen immediate stock price increases. For instance, Samsung Electronics announced a buyback of approximately 14.5 trillion won worth of its shares in March, but its stock fell by 5.16% on the announcement day. Similarly, SK Square's stock dropped by 1.84% on the day of its buyback announcement in July, followed by an additional 0.73% decline the next trading day. These examples illustrate that stock price movements cannot be solely attributed to the event of a stock buyback.Conversely, when stock buybacks are accompanied by positive expectations regarding performance and shareholder returns, stock prices tend to rise. KB Financial saw a 7.03% increase the day after its buyback announcement in February. Shinhan Financial, while only rising 0.66% on the announcement day, increased by 2.97% the following trading day and closed up 16.61% five trading days later.Additionally, the frequency of stock buybacks has increased, making them less of a rare event. According to Mirae Asset Securities, the scale of stock buybacks among KOSPI companies is expected to rise from 16 trillion won in 2024 to 19 trillion won in 2025. As of August this year, cumulative buybacks, including SK Hynix's, have reached 77 trillion won.Jin-A Lee, a researcher at Meritz Securities, stated, "The effectiveness of shareholder returns is not determined solely by the absolute scale or return rate. The market reacts to the difference between the expected and actual levels of returns announced. It is essential to consider not only the absolute amount of returns but also the actual reduction in shares through buybacks, the sustainability of FCF, and the potential for future stock price reevaluation." 2026-08-27 15:44:20