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  • Lotte Department Store Transforms into Urban Art Galleries with Major Exhibitions
    Lotte Department Store Transforms into Urban Art Galleries with Major Exhibitions Lotte Department Store is transforming its major locations into large urban art galleries. From August 25 to September 23, Lotte Department Store will host 'Lotte Art Week.' This event combines exhibitions from three key locations into a single project, marking the largest art event the department store presents throughout the year. Lotte Art Week will feature solo exhibitions from leading contemporary artists in South Korea. At the Jamsil location, an exhibition by artist Shim Moon-seop will run from September 1 to October 22, while the main store will showcase a solo exhibition by Kim Sang-yeol until November 2. The Jamsil Avenue will present Kwon Oh-sang's 'Fragments of Existence,' and the Incheon location will feature Kim Woo-jin's 'To Everyone, Utopia.' The event is not limited to painting; it will also include sculpture, photography, and design, allowing visitors to encounter artworks throughout the stores. Large sculptures will be displayed at the Jamsil and Incheon locations, providing a different spatial experience compared to traditional gallery settings. Collaborations with international artists are also planned. On the 9th floor of the main store, from September 1 to 20, Japanese art director Yoshi Yoshida and photographer Kim Young-jun will present 'Face to Face' to commemorate the 60th anniversary of diplomatic relations between Korea and Japan. A special exhibition featuring six artists, including contemporary artist and art influencer LEE.K, will also take place. From August 25 at the main and Incheon stores, and starting September 1 at the Jamsil store, the 'Lotte Art Week Gift Pack' will be distributed on a first-come, first-served basis. This pack includes postcards and stickers featuring representative works from artists Shim Moon-seop, Kim Sang-yeol, Kwon Oh-sang, and Kim Woo-jin. The timing of the event coincides with the peak season for the domestic art market. This year, the Frieze Seoul art fair will be held from September 2 to 5 at COEX in Seoul, alongside Kiaf Seoul. More than 125 galleries from 30 countries will participate, with over 70% of the galleries based in the Asia-Pacific region. Kim Jun-se, head of branding at Lotte Department Store, stated, "As we welcome September, a month eagerly awaited by art enthusiasts, we have prepared a large-scale exhibition featuring renowned works from both domestic and international masters, and we anticipate significant interest from our customers."* This article has been translated by AI. 2026-08-25 11:00:00
  • Hana Bank Launches CJ ONE My Savings Event with 2.5% Preferred Rate
    Hana Bank Launches 'CJ ONE My Savings' Event with 2.5% Preferred Rate Hana Bank has partnered with CJ Olive Networks to introduce a savings product that combines financial services with shopping and membership benefits. This initiative aims to expand lifestyle-oriented financial services linked to brands frequently used by customers.On August 25, Hana Bank announced the launch of the 'CJ ONE My Savings' through the 'CJ ONE' integrated lifestyle membership operated by CJ Group. The product features a base interest rate of 2.0%, an automatic transfer preferred rate of 0.5%, and a special preferred rate of 2.5%, allowing for a maximum annual interest rate of 5.0%. Customers can subscribe for up to six months with a monthly limit of 500,000 won.Hana Bank is running the 'CJ ONE My Savings Season 2' event through 'CJ ONE' until October 31. In addition to offering a special preferred interest rate for one of its flagship savings products, customers can receive rewards based on their subscription and payment cycles, including a discount coupon worth up to 10,000 won at Olive Young, 1,000 CJ ONE points, and a MegaMGC coffee coupon.A representative from Hana Bank's New Business Promotion Department stated, "We have organized this event to provide various benefits to our customers in a convenient manner."* This article has been translated by AI. 2026-08-25 11:00:00
  • LH Streamlines New Construction Purchase Process to Accelerate Rental Supply in Seoul Area
    LH Streamlines New Construction Purchase Process to Accelerate Rental Supply in Seoul Area The Korea Land and Housing Corporation (LH) is simplifying its procedures to expedite the acquisition of new construction rental units in the Seoul metropolitan area. The aim is to expand the supply of rental housing by allowing applications with only a simplified business plan, without the need for detailed design drawings.On August 25, LH announced the introduction of the 'Simplified New Construction Purchase Application and Preliminary Site Review Project' to secure new construction rental units utilizing privately held land.This initiative is designed to reduce the time and administrative burden for individuals or corporate entities interested in participating in the new construction purchase agreement but lacking experience. Previously, potential applicants faced costs related to preparing design drawings before determining their eligibility to participate, which created a barrier to entry.The new approach allows applicants to submit a simplified business plan without the need for design drawings. Land in various regions can be applied for collectively online through the LH website. If the preliminary site review is passed, the existing document review process will be expedited, and the site-related items will receive full marks in subsequent purchase reviews.Eligibility for application includes individuals or corporations seeking to develop sites capable of constructing 500 or more units in the metropolitan area. In regulated areas, applications can be made for sites with the potential for 200 or more units, and multiple sites can be combined for application.Eligible sites include vacant land resulting from the consolidation of office buildings, the relocation or closure of supermarkets and factories, financial management sites utilizing trusts, REITs, and funds, as well as urban vacant land owned by individuals or associations. However, properties that have already been submitted in the past three years are excluded. LH has also added requirements for land ownership or consent for appraisal to enhance the effectiveness of the project.The simplified business plan should be no more than five A4 pages and should focus on site-related factors such as accessibility to public transportation, educational conditions, access to amenities, and residential environment.LH will establish a separate 'Preliminary Site Review Committee' to assess the suitability of the proposed sites based on the business plans. Properties approved by the committee will be exempt from the existing document review process and will receive full marks for site-related items in subsequent purchase reviews.A fast-track process will also be implemented to ensure that the quantities applied for in this project can be contracted within the year. Properties that pass the preliminary site review must supplement their design drawings within one month to maintain the effectiveness of the preliminary review.Details can be found on the LH Cheongyak Plus website, and applications will be accepted online until the 15th of next month.To promote the project and encourage applications, LH will hold project briefings and one-on-one consultations. The project briefing will take place on the 1st of next month at the LH Southern Gyeonggi Regional Headquarters auditorium in Seongnam, Gyeonggi Province. One-on-one consultations will be available by reservation until the 14th of next month.As the government emphasizes the expansion of public rental supply in prime urban locations, LH's procedural simplification can be seen as part of an effort to quickly convert privately held vacant land into rental housing units.Cho Kyung-sook, head of LH's Housing Welfare Division, stated, “We have significantly lowered the barriers to participation in the project to supply quality rental housing more quickly in prime urban locations. By actively utilizing excellent land held by the private sector, we aim to reduce the burden on developers and expedite the supply of housing for public stability.”* This article has been translated by AI. 2026-08-25 10:56:20
  • Kim Yoon-deok and Oh Se-hoon to Meet Again on August 26 for Yongsan Park Housing Talks
    Kim Yoon-deok and Oh Se-hoon to Meet Again on August 26 for Yongsan Park Housing Talks Kim Yoon-deok, the Minister of Land, Infrastructure and Transport, and Oh Se-hoon, the Mayor of Seoul, will meet again on August 26 to discuss housing supply plans utilizing Yongsan Park. This second meeting comes a week after their initial discussion on August 20, where they only confirmed their differing positions. Attention is focused on whether the government and the city can find common ground on expanding housing supply in downtown Seoul.According to the government and Seoul City, the two officials will convene at a location in Seoul on the morning of August 26 to discuss housing supply options using part of Yongsan Park and the broader issue of increasing housing supply in the city.This meeting follows their first encounter on August 20, during which they exchanged views on supplying housing for young people and newlyweds in part of Yongsan Park, but did not reach a clear agreement.After the initial meeting, Minister Kim told reporters, “We confirmed our different positions and agreed to meet again next week to continue the discussion.”The main point of contention is how to utilize Yongsan Park. The Ministry of Land believes that limited housing supply is possible by using areas that have already been damaged or previously designated for residential use. Given the lack of capacity for new supply in downtown Seoul, they suggest considering public housing for young people and newlyweds.In contrast, Mayor Oh opposes housing supply, arguing that the green space and park functions of Yongsan Park must be preserved. He believes that utilizing even a portion of the park for housing could undermine the purpose of creating the park, which serves as a large green space in the heart of Seoul.Both the government and Seoul City agree on the necessity of expanding housing supply in the city. However, there is a clear divergence in their proposed solutions. The government is open to the possibility of utilizing part of Yongsan Park and expanding public-led supply, while Seoul City emphasizes increasing supply through easing regulations on private redevelopment and reconstruction projects.Additionally, this upcoming meeting may also address revitalizing urban redevelopment projects, utilizing idle land in the city, and housing supply options for young people and newlyweds. To alleviate concerns about housing shortages in Seoul, cooperation from the city on urban planning and permitting is essential, as the city faces limitations in accelerating redevelopment projects without the government's financial and regulatory authority.* This article has been translated by AI. 2026-08-25 10:56:00
  • Shinhan Bank and Credit Guarantee Fund Expand Non-Face-to-Face Loan Services for Small Businesses
    Shinhan Bank and Credit Guarantee Fund Expand Non-Face-to-Face Loan Services for Small Businesses Shinhan Bank is partnering with the Credit Guarantee Fund to expand non-face-to-face guarantee and loan services for individual business owners and small enterprises. On August 25, Shinhan Bank announced that it has signed a memorandum of understanding for the activation of non-face-to-face and digital financial services with the Credit Guarantee Fund. Under the agreement, Shinhan Bank plans to introduce the 'Easy-One' guarantee product in the first half of next year, linking the Credit Guarantee Fund's non-face-to-face guarantee system with its mobile app, 'Partner Bank.' Once the product is launched, customers will be able to apply for guarantee-backed loans through the Shinhan Bank mobile app without visiting a branch. They can verify their eligibility through a pre-screening based on the guarantee certificate and complete the consultation, loan agreement, and execution entirely online. Both institutions aim to enhance corporate financial support through the establishment of non-face-to-face guarantee services and to explore additional digital financial services for small businesses in the future. Shinhan Bank President Shin Hak-ki stated, "We expect this agreement will improve financial accessibility for individual business owners and small enterprises who find it difficult to visit branches. We will continue to expand non-face-to-face financial services for the mutual growth of small businesses."* This article has been translated by AI. 2026-08-25 10:56:00
  • President Lee Calls for Productive Financial Strategy Amid 800 Trillion Won Budget Proposal
    President Lee Calls for Productive Financial Strategy Amid 800 Trillion Won Budget Proposal President Lee Jae-myung emphasized the need for proactive financial policies on August 25, stating, "Now is not the time to be preoccupied with managing immediate financial figures" in relation to the 2026 budget proposal.During a Cabinet meeting held at the Blue House, President Lee remarked, "We must ensure that our increased financial capacity is used as seeds to harvest more in the future, transitioning to a productive financial strategy."He stressed the importance of investing precious future resources into more efficient and productive areas, saying, "We need the wisdom to grow today’s 10,000 won into 100,000 won tomorrow, and eventually into 1 million won."President Lee specifically urged the government to boldly adjust unnecessary budgets to promote sound financial management. He added, "At the same time, I hope the budget proposal is finalized with a focus on solving key national tasks such as promoting super-gap growth, alleviating K-shaped polarization, achieving balanced development, nurturing talent, and building a ladder for the future of youth."Last month, the Ministry of Economy and Finance indicated at a national fiscal strategy meeting that the total expenditure increase rate for the next year would exceed 10% compared to this year's main budget of 729.9 trillion won, signaling an 800 trillion won 'super budget.'President Lee also requested that the National Assembly and the public consider rational alternatives after the budget proposal is submitted. He noted, "Sometimes, I see articles suggesting that when government policies are modified based on the National Assembly's opinions, they are criticized for being inconsistent. Conversely, if there is a lack of agreement with the National Assembly, it is labeled as unilateral. There are criticisms whether we move forward, backward, stand still, sit down, or lie down; we should not be overly concerned with that."He concluded, "Policies are naturally proposed by the government and reviewed by the National Assembly, which ultimately makes the final decision. While the government must create the best proposals, I hope we do not become too shaken by changes during the National Assembly's review process."* This article has been translated by AI. 2026-08-25 10:52:00
  • Kazakhstan marks 35 years since closing of nuclear site
    Kazakhstan marks 35 years since closing of nuclear site SEOUL, August 25 (AJP) - The Soviet Union detonated its first atomic bomb on the Kazakh steppe on Aug. 29, 1949. Kazakhstan shut the place down 42 years later, to the day. Saturday marks 35 years since the closure of the Semipalatinsk Test Site. The anniversary is also the International Day against Nuclear Tests, a United Nations observance that exists because Kazakhstan asked for it. The site absorbed 456 nuclear explosions over four decades, 340 of them underground and 116 in the open air. Eight countries have conducted 2,056 nuclear tests since 1945. More than a fifth of them happened here, on 18,000 square kilometers of steppe, an area about the size of Wales. Soviet planners called the land uninhabited when they selected it in 1947. It was not. Villages stood within tens of kilometers of the detonation points, and prison camp labor built the first facilities. Kazakh experts estimate about 1.5 million people were exposed to radioactive fallout over the life of the site. Health studies conducted since the closure identify roughly 200,000 residents whose health was directly affected, with elevated rates of several cancers and of thyroid disease. The two figures do not contradict each other. One counts exposure across a vast area over 40 years. The other counts demonstrated harm in the populations nearest the blasts. Neither number existed at the time. Soviet authorities concealed the effects for decades, and the scale of the damage emerged only after the site closed. Glasnost and a protest movement broke the silence. The Kazakh poet Olzhas Suleimenov founded Nevada-Semipalatinsk in February 1989, naming it for his own country's test site and the American one. It pulled tens of thousands into the streets and became one of the first mass anti-nuclear movements in Soviet history. The last explosion at the site came on Oct. 19, 1989. Former Kazakh President Nursultan Nazarbayev signed the closure decree on Aug. 29, 1991, four months before the Soviet Union dissolved. Kazakhstan then gave up the world's fourth-largest nuclear arsenal, inherited rather than built, and joined the Treaty on the Non-Proliferation of Nuclear Weapons. What followed turned that history into a diplomatic position. Kazakhstan ratified the Comprehensive Nuclear-Test-Ban Treaty in May 2002. It hosted the signing of the treaty creating a nuclear-weapon-free zone across Central Asia at Semipalatinsk on Sept. 8, 2006, in the 15th anniversary year of the closure. The General Assembly adopted resolution 64/35 unanimously in December 2009, establishing the International Day against Nuclear Tests and fixing it to Aug. 29. The ground took longer. Fissile material sat in the tunnels and boreholes of the Degelen mountain complex, effectively unguarded after the Soviet collapse and ranked among the most serious nuclear security risks of the period. Kazakh, Russian and American scientists spent 17 years securing it, sealing tunnels and pouring specialized concrete to bind waste plutonium. The work cost about $150 million, ran largely in secret and finished in October 2012. Parts of the site have since reopened to mining, farming and tourism. The old testing infrastructure now does the opposite job. Kazakhstan hosts five facilities in the International Monitoring System, the global sensor network that verifies compliance with the test ban treaty. They include a primary seismic array at Makanchi and an auxiliary station at Kurchatov, about 120 kilometers from the city of Semey. Those sensors watch for the tests that still happen. When North Korea conducted its third nuclear test in February 2013, the Makanchi array was among the stations that recorded it and sent data to the treaty organization's international data center in Vienna. Kazakhstan also hosted the organization's large-scale on-site inspection exercise in 2008. Seoul is party to the same treaty. Pyongyang has never signed it. North Korea has tested six times. Its detonation of Sept. 3, 2017 remains the most recent nuclear test conducted anywhere in the world. 2026-08-25 10:50:40
  • Hancom Launches First Corporate Trial of Agentic OS with Namyang Dairy
    Hancom Launches First Corporate Trial of 'Agentic OS' with Namyang Dairy Hancom has taken its first step in applying its self-developed 'Agentic OS' in a corporate setting. Following its provision of AI solutions to BGF Group, Namyang Dairy is now participating in the proof of concept (PoC) for Agentic OS, accelerating the expansion of its AI transformation (AX) business in the manufacturing and distribution sectors.On August 25, Hancom announced the commencement of a PoC to apply Agentic OS in Namyang Dairy's actual business environment. This initiative aims to establish an integrated operational environment within the company that combines multiple AI agents with corporate data and work systems, going beyond the supply of existing AI solutions.On the same day, Hancom signed a memorandum of understanding (MOU) for business collaboration on Agentic OS with Namyang Dairy at Hancom Tower in Bundang, Seongnam. The signing ceremony was attended by Jin Sung-sik, Hancom's Business General Manager, and Heo Tae-gwan, Head of Management Support at Namyang Dairy, along with other representatives from both companies.Earlier in May, Hancom announced its plans to transition into a 'Sovereign Agentic OS Company.' It plans to release both beta and commercial versions of Agentic OS in the fourth quarter and aims to expand its business domestically and internationally. The PoC with Namyang Dairy is a process to verify the applicability of Agentic OS in a real corporate work environment before its official launch.This collaboration focuses on the organic integration of various AI agents, corporate data, and work systems through Agentic OS. The two companies will apply this system in Namyang Dairy's actual work environment and validate its effectiveness in driving work innovation through the PoC.The PoC will be based on practical data and workflows from Namyang Dairy's operational departments. Hancom plans to design AI agents optimized for Namyang Dairy's work environment to support repetitive and standardized tasks. This initiative aims to reduce processing times and maximize productivity in the workplace.Based on the PoC results, the two companies plan to specify applicable work areas and future collaboration directions, gradually expanding the scope of application from verified areas. Namyang Dairy is also expected to accelerate its AX initiatives through this collaboration.In April, Hancom first detailed its development plans for Agentic OS, proposing a structure that connects and coordinates various AI models with corporate work systems. The strategy aims to expand its business scope from AI solutions focused on document search and creation to actual task execution and integrated management by AI agents.Hancom emphasizes the significance of conducting real-world trials of its self-developed Agentic OS before its official launch. Based on this MOU, Hancom plans to closely analyze the process and effects of applying AI agents in real work settings to enhance Agentic OS and industry-specific agent models. The goal is to implement substantial work innovations led by AI agents, moving beyond merely organizing corporate data and establishing knowledge search foundations.Additionally, Hancom is expanding its AX business into the manufacturing and distribution sectors. Through individual AI solutions like 'Hancom Assistant' and 'Hancompedia,' it has established itself as an AX partner for public institutions and enterprises, including the National Assembly, Korea Western Power, and Korea Hydro & Nuclear Power, as well as the private BGF Group.The company anticipates that the case study of Agentic OS with Namyang Dairy, combined with the data and knowledge asset experience accumulated at BGF Group, will provide key references for developing industry-specific AI agents and innovating corporate work systems in the future.Hancom CEO Kim Yeon-soo stated that through this collaboration, the company aims to enhance industry-specific AI agent models for manufacturing and distribution, thereby expanding new business opportunities for large and medium-sized enterprises both domestically and internationally.Kim emphasized, "Hancom's Agentic OS is an AI platform that fundamentally redesigns the work environment of companies. It is crucial to verify its applicability based on the actual work environments and data of companies before the official launch and to specify industry-specific utilization models."* This article has been translated by AI. 2026-08-25 10:44:00
  • Han Yu-won Receives Yangcheon Model Citizen Award for Community Contribution
    Han Yu-won Receives 'Yangcheon Model Citizen Award' for Community Contribution The Korea Small and Medium Business Distribution Institute, under the Ministry of SMEs and Startups, announced on August 25 that it received the 'Model Citizen Award' from Yangcheon District on August 24 in Seoul.The Yangcheon Model Citizen Award is given to individuals or organizations that have contributed to the welfare of residents and the development of the district through dedicated service.Han Yu-won, located in Yangcheon District, was recognized for its active social contribution activities as a public institution supporting small and medium-sized enterprises. The organization was particularly praised for its annual employee volunteer activities aimed at assisting vulnerable groups in Yangcheon, significantly contributing to the promotion of community coexistence and a culture of sharing.Lee Tae-sik, CEO of Han Yu-won, expressed, "This award reflects our commitment to fulfilling the social responsibilities of public institutions and leading in environmental, social, and governance (ESG) practices." He added, "I would like to thank our employees for their active participation in social contributions and assure that we will continue to plan and operate various social contribution programs to support vulnerable groups in our area."* This article has been translated by AI. 2026-08-25 10:40:00
  • Changes to Japans Duty-Free Shopping for Travelers Starting November
    Changes to Japan's Duty-Free Shopping for Travelers Starting November Japan's duty-free shopping system for travelers is set to undergo significant changes.According to the Japan National Tourism Organization, starting November 1, the consumption tax exemption system for foreign travelers will shift from an immediate duty-free method to a refund system.The most notable change will occur at the checkout. Duty-free eligible travelers will now need to pay the price that includes consumption tax upfront. After making a purchase, they must confirm with customs that they are taking the items out of Japan within 90 days of the purchase date to receive a refund of the consumption tax.The refund will not be issued directly by customs. Instead, after customs verification, the refund will be processed by the duty-free shop or a designated refund service provider. The specific refund methods may vary by store.Departure procedures will also change. Starting in November, travelers will need to undergo customs verification in the general area before security checks. If duty-free items are placed in checked luggage, travelers must complete the necessary procedures before checking their bags.However, some regulations will be relaxed. The distinction between general goods and consumables will be eliminated, and the special packaging requirement for consumables will be abolished. The duty-free purchase limit remains at 5,000 yen or more per store per day. However, items such as food or cosmetics consumed within Japan will not be eligible for refunds upon departure.The Japanese government has decided to implement the refund system to prevent abuse of the duty-free system, such as reselling items within Japan. The Ministry of Finance explained that the system will be restructured to ensure that taxes are refunded only after confirming that the items have actually been taken out of the country.* This article has been translated by AI. 2026-08-25 10:36:00