AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • Complaints About Bank Loans Surge 26% in Q2 Amid Stricter Lending Policies
    Complaints About Bank Loans Surge 26% in Q2 Amid Stricter Lending Policies In the second quarter of this year, complaints at five major banks remained stable compared to the previous quarter, but complaints related to loans increased by over 25%. This rise coincides with the financial authorities tightening household loan management, leading banks to adjust their lending limits and criteria, which has caused greater inconvenience for consumers.According to an analysis of data from the Korea Federation of Banks' consumer portal released on August 24, the total number of complaints at KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup banks in the second quarter was 154, a 1.3% increase from 152 in the previous quarter.The increase in loan-related complaints was significantly higher than the overall complaint growth. The five major banks received 78 loan-related complaints in the second quarter, up 25.8% from 62 in the first quarter. The proportion of loan-related complaints rose from 40.8% in the first quarter to 50.6% in the second quarter, surpassing half of all complaints.Industry insiders believe that the government's stricter management of household debt has influenced the rise in complaints. As banks adjusted their lending limits, interest rates, and conditions to meet total amount targets, consumers planning to take out loans faced increased confusion.In May, the Financial Services Commission activated an emergency management system for household debt after a 6.9 trillion won surge in household loans from the previous month, urging financial institutions to comply with total amount targets. Subsequently, major banks reduced limits on mortgage loans and credit loans, and restricted access to mortgage credit insurance (MCI) and mortgage credit guarantees (MCG).Restrictions on MCI and MCG mean that small rental deposits are deducted from the mortgage loan limit, reducing the amount available for loans. Each bank had different restrictions and implementation timelines, and the criteria for lending changed frequently based on market conditions, making it difficult for consumers to assess their funding needs and loan eligibility in advance.There is a possibility that loan-related complaints will remain high in the second half of the year. With the growth of household loans showing little sign of slowing and financial authorities maintaining their total amount management stance, banks are unlikely to significantly lower lending thresholds. While NH Nonghyup Bank resumed offering variable-rate mortgage loans on August 20, other major banks have yet to announce additional easing measures.As of August 20, the outstanding balance of household loans at the five major banks, excluding policy loans, was 651.151 trillion won, an increase of 6.181 trillion won from 644.970 trillion won at the end of last year. This figure exceeds the initial annual growth target of approximately 4.3 trillion won by 1.881 trillion won.However, it is difficult to definitively conclude that the total amount regulation is the direct cause of the increase in complaints based solely on the second-quarter statistics. The tightening of household loan management began in earnest in the latter half of the second quarter, so the impact of related measures may be more clearly reflected in the third-quarter complaint statistics.An industry official stated, “Banks must respond quickly to market conditions to manage household loan totals,” but added, “If lending limits and criteria change repeatedly without sufficient notice, it increases uncertainty for consumers, so it is necessary to communicate changes in criteria and implementation timelines more transparently.” 2026-08-24 14:56:00
  • Short Selling Rises Amid Stock Price Surge, Investors Divided
    Short Selling Rises Amid Stock Price Surge, Investors Divided Recent data shows that short selling balances have increased for certain stocks that have seen significant price surges. Despite rising stock prices, the expansion of short positions indicates that investors are anticipating future declines, complicating their calculations regarding these rapidly increasing stocks.According to the Korea Exchange, as of August 19, the most recent tally, the net short selling balances for some stocks that experienced price increases compared to the end of last month have also risen.In the KOSPI, Doosan Fuel Cell stood out with a notable increase. The stock price rose from 24,550 won at the end of last month to 39,800 won on August 19, marking a 62.1% increase. During the same period, the net short selling balance surged by 182.1%, from over 510,000 shares to 1,440,923 shares. The proportion of short selling balances relative to market capitalization also expanded from 0.78% to 2.20%, an increase of 1.42 percentage points.Similarly, Isu Petasys saw its stock price rise from 74,500 won to 104,400 won, a 40.1% increase, with its net short selling balance increasing by 96.1%. Doosan Enerbility also experienced a 13.6% rise in stock price, while its short selling balance grew by 72.4%.LG Electronics also reported increases in both stock price and short selling balances. The stock price rose from 162,100 won at the end of last month to 201,500 won on August 19, a 24.3% increase. During this period, the net short selling balance increased by 66.6%, and the proportion of short selling balances relative to market capitalization rose from 0.79% to 1.31%.In the KOSDAQ, stocks that have recently surged also showed an increase in short selling balances.Taesung's stock price jumped from 31,250 won at the end of last month to 51,900 won on August 19, a 66.1% increase. The net short selling balance rose by 49.5%, from 1,066,175 shares to 1,593,575 shares. The proportion of short selling balances also increased from 3.49% to 5.22%, a rise of 1.73 percentage points.Robotics firm Roboteers saw its stock price increase from 183,800 won to 267,000 won, a 45.3% rise. Its net short selling balance grew by 39.7%, from 424,673 shares to 593,358 shares, with the balance proportion expanding from 2.90% to 4.05%.Similarly, Clobot's stock price rose from 23,200 won to 30,850 won, a 33.0% increase. The net short selling balance increased by 74.1%, from 729,352 shares to 1,270,027 shares, with the balance proportion rising from 2.87% to 4.99%.The increase in short selling balances may reflect the rising valuation due to stock price increases. However, these stocks have seen an actual increase in net short selling balances, and the proportion relative to market capitalization has also risen. This indicates that short positions have expanded even as stock prices have risen.A securities industry official noted, "Typically, when stock prices rise sharply in a short period, investors may perceive limited potential for further increases, leading to an influx of short selling demand. However, an increase in short selling balances does not necessarily lead to a decline in stock prices, so it is essential to consider individual stock performance, valuations, and supply and demand factors as well."According to Kang Song-cheol, a researcher at YuJin Investment & Securities, "Historically, after a surge in short selling, indices often rebound after a delay. If the short selling ratio does not spike again, it is possible that the peak of selling pressure has passed."* This article has been translated by AI. 2026-08-24 14:56:00
  • Kangjin Beer Festival to Offer Individual Ticket Sales on Thursday and Friday
    Kangjin Beer Festival to Offer Individual Ticket Sales on Thursday and Friday The Kangjin County government will sell individual tickets for some reserved seats at the '4th Kangjin Beer Festival,' taking place from August 27 to 29 at the Kangjin Sports Complex. According to the county on August 24, this on-site sale is designed for visitors who find the six-person table reservations burdensome or missed the advance booking period. Remaining reserved seats for Thursday and Friday will be available for small groups or individual visitors. The price for the 'Beer Special Seat' is $25 per person. Tickets will be sold on a first-come, first-served basis at the festival site, and sales will end once seats are sold out. On-site purchasers will receive reserved seats close to the stage and unlimited beer. They will also receive a temperature-changing cup that changes color based on the temperature. Additionally, those who reserved in advance can use a dedicated beer booth and will enjoy benefits applicable to various events and participation programs at the festival. However, on-site purchasers will not receive the $20 Kangjin Love gift certificate provided to advance reservation holders. The county explained this distinction is to differentiate benefits between advance and on-site purchasers. The on-site sales for Thursday and Friday will be limited in quantity and may sell out early depending on the day's situation. All reserved seats for Saturday are sold out, and there will be no separate on-site sales. Visitors without reservations can use general seating at the festival. Kang Jin-won, the mayor of Kangjin County, stated, “We have made it possible for visitors who hesitated to make reservations due to the six-person requirement to use reserved seats individually on Thursday and Friday. We will do our best to ensure that visitors can conveniently enjoy the performances and various programs of the Beer Festival while maintaining event operations and safety.” The 4th Kangjin Beer Festival will be held over three days from August 27 to 29 at the Kangjin Sports Complex.* This article has been translated by AI. 2026-08-24 14:52:00
  • HD Korea Shipbuilding Secures $515 Million Contract for Four LPG Carriers
    HD Korea Shipbuilding Secures $515 Million Contract for Four LPG Carriers HD Korea Shipbuilding, a mid-holding company of HD Hyundai, announced on August 24 that it has signed a contract with a shipping company based in Oceania for the construction of four liquefied petroleum gas (LPG) carriers. The contract is valued at 515.4 billion won, which represents 2.93% of its recent revenue.The LPG carriers will be built by HD Hyundai Heavy Industries and are scheduled for delivery by the first half of 2030.Including this latest order, HD Korea Shipbuilding has secured a total of $18.08 billion (162 vessels) to date, achieving 77.6% of its annual order target of $23.31 billion.By vessel type, the orders include 17 liquefied natural gas (LNG) carriers, 30 container ships, 50 LPG, ammonia, and liquefied carbon dioxide carriers, 11 crude oil carriers, 50 petrochemical product carriers (PC ships), 2 pure car and truck carriers (PCTC), and 2 others.Additionally, HD Korea Shipbuilding reported a consolidated revenue of 8.927 trillion won and an operating profit of 1.6451 trillion won for the second quarter of 2026. This marks a 20.2% increase in revenue and a 72.5% increase in operating profit compared to the same period last year.* This article has been translated by AI. 2026-08-24 14:48:00
  • Gimhae Buncheong Ceramics Festival Moves to Jangyu After 30 Years
    Gimhae Buncheong Ceramics Festival Moves to Jangyu After 30 Years The 31st Gimhae Buncheong Ceramics Festival, a representative pottery culture festival of Gimhae, will be held from November 6 to 10 at Jangyu Lotte Garden Park. This marks the first time in 30 years that the festival, traditionally held in Jinrye-myeon, will take place outside its original location.The city of Gimhae aims to expand the festival space to Jangyu, which is more accessible for residents. However, the decision to relocate after 30 years was significantly influenced by safety concerns related to construction vehicle traffic from nearby apartment developments in Jinrye.Initially, the 31st festival was scheduled for March of this year. The remodeling of the previous venue, the Clayarch Gimhae Museum, was planned for the second half of the year, prompting an attempt to move the festival to an earlier date. However, issues with construction vehicle traffic at the apartment site in Jinrye led to a postponement of the schedule to the latter half of the year.Subsequently, the city and the Gimhae Ceramics Association sought cooperation from the construction site to maintain the festival in Jinrye, holding several internal discussions. However, it was determined that the construction vehicles would need to make approximately 600 round trips on major roads in Jinrye during the festival, making it difficult to ensure visitor safety.A city tourism official stated, "We explored various options, including halting construction and alternative routes, but we could not reach an agreement. Safety is a critical issue, and without it, we had no choice but to relocate."The completion date for the remodeling of the Clayarch Gimhae Museum is currently expected to be after the festival opens on November 6. However, the official noted that even if the museum's construction were completed before the festival, the issue of construction vehicles would still pose a significant obstacle.Alternative locations, such as the outdoor plaza in front of the newly opened Gimhae City Museum of Art and the Gimhae Culture and Arts Center, were considered, but parking issues remained a concern. As a result, the Gimhae Ceramics Association decided on July 27 to hold the festival at Jangyu Lotte Garden Park.Jangyu was deemed the most practical option as it is easily accessible for both the association's existing clientele and new visitors, and it could help alleviate parking and traffic congestion issues that had been raised. The official added that this option was the least contentious in persuading those within the association who opposed leaving Jinrye.The city has reached an agreement with Lotte for the free use of the venue. The official stated, "Initially, there were discussions about usage fees, but after negotiations, it was agreed that no fees would be charged." However, there are restrictions for holding the festival at Lotte Garden Park, and detailed conditions regarding the prevention of damage to the ground and facilities are still under discussion.So far, 40 to 50 vendors have applied to participate, similar to last year’s numbers. The festival will feature exhibitions and sales of local ceramic artists' works, pottery experiences, and various cultural performances. However, no separate indoor space will be available. The official mentioned, "It seems difficult to arrange a separate indoor space, but we will focus on setting up outdoor booths as securely as possible to prepare for rain and strong winds."There has been some backlash from Jinrye merchants regarding the loss of the festival's economic benefits over the five days. No separate meetings have been held, but the city and the association have been individually explaining the necessity of the venue change to local self-governing organizations and community leaders.A city official acknowledged, "Those who have been operating businesses here may naturally oppose the change. Initially, there was strong resistance to the move, but after multiple explanations from the association and the city, residents have come to understand that it was impossible to hold the festival here."Regarding the connection with Jinrye kilns, the official stated, "It seems difficult to directly link Jinrye and Jangyu due to the distance, but since all participating vendors are members of the ceramics association and have kilns in Gimhae, that could be seen as a connection."The decision to hold the festival in Jangyu is based on the premise of being a 'one-time exception due to unavoidable circumstances.' However, a return to Jinrye next year is not guaranteed, as the apartment construction is expected to continue into next year, and the association's views may change based on this year's festival outcomes.The official concluded, "I cannot say with 100% certainty that we will return to Jinrye next year. While we will strive to follow the ceramics association's opinions, there may be changes if the situation does not allow it."* This article has been translated by AI. 2026-08-24 14:48:00
  • Aekyung Industry Ends Lunch Hour PC Use to Promote Carbon Reduction
    Aekyung Industry Ends Lunch Hour PC Use to Promote Carbon Reduction Aekyung Industry launched an employee-driven energy conservation campaign on August 22, coinciding with 'Energy Day.' The initiative encourages employees to completely shut down their computers during lunch breaks instead of simply locking the screens, aiming to reduce carbon emissions through small daily actions. The company announced on August 24 that it conducted a five-day energy-saving practice week from August 10 to 14, featuring the 'Briefly OFF, Earth ON' activity. This initiative is part of Aekyung Industry's internal carbon reduction campaign, known as 'A·Tan·Da,' a shortened name for 'Aekyung Industry Carbon Diet.' It focuses on activities that employees can easily implement in their work and daily lives to reduce energy consumption and carbon emissions. This time, the campaign altered the way employees use their computers during lunch. Instead of the usual screen lock when leaving their desks, employees were encouraged to completely power down their PCs. The goal is to foster voluntary energy-saving participation among employees by changing everyday work habits rather than making large investments in equipment. In April of this year, Aekyung Industry also conducted a plogging event in the area around Seoul's Gyeongui Line Forest Park as part of the A·Tan·Da campaign. This activity combined walking with trash collection, emphasizing employees' eco-friendly practices and raising awareness of climate change. An Aekyung Industry representative stated, “We will continue to promote a carbon-neutral culture in daily life through the A·Tan·Da campaign and will consistently pursue various activities to implement ESG management.”* This article has been translated by AI. 2026-08-24 14:44:00
  • Hanmi Pharm signs massive licensing deal with US biotech firm for obesity drug
    Hanmi Pharm signs massive licensing deal with US biotech firm for obesity drug SEOUL, August 24 (AJP) - Hanmi Pharm said Monday it has signed an exclusive licensing agreement with U.S. biotechnology company Genentech, a subsidiary of Swiss healthcare company Roche, to develop and commercialize its obesity drug candidate HM17321 worldwide. Under the agreement, worth up to US$2.3 billion, Genentech will obtain exclusive rights to develop, manufacture and commercialize HM17321 worldwide, except in South Korea. Hanmi will receive an upfront payment of US$190 million. Hanmi will also be eligible for royalties on future sales. HM17321 is an experimental, non-incretin, long-acting urocortin-2 (UCN2) analog being developed as a potential first-in-class treatment for obesity and related metabolic conditions including type 2 diabetes and cardiovascular diseases. Existing GLP-1-based obesity treatments have shown significant weight loss, but reductions in lean body mass remain a potential limitation. Unlike GLP-1-based incretin therapies, HM17321 works through a non-incretin mechanism and is designed to promote weight loss while preserving lean body mass. Hanmi said preclinical studies showed that HM17321 improved both the amount and quality of weight loss when used alone or in combination with GLP-1-based therapies. Hanmi has been conducting a Phase 1 clinical trial of HM17321 since obtaining approval from the U.S. Food and Drug Administration in November 2025. Once the trial is completed, Genentech will take over development beginning with Phase 2 trials. Hanmi said the licensing deal is part of its broader effort to expand its obesity drug pipeline, alongside plans to commercialize its GLP-1-based obesity drug candidate Epe, which it aims to launch later this year. AJP Takeaways • Hanmi Pharm signed an exclusive licensing agreement with Genentech to develop, manufacture and commercialize its obesity drug candidate HM17321 worldwide, excluding South Korea, in a deal worth up to US$2.3 billion. • Hanmi will receive US$190 million upfront and is also eligible for development, regulatory and commercial milestone payments, as well as royalties on future sales of HM17321. • HM17321 is an experimental, non-incretin, long-acting urocortin-2 analog being developed as a potential first-in-class treatment for obesity and related conditions, including type 2 diabetes and cardiovascular diseases. • HM17321 is designed to promote weight loss while preserving lean body mass, with preclinical studies showing improvements in the amount and quality of weight loss both alone and in combination with GLP-1-based therapies. • Hanmi is currently conducting a Phase 1 trial of HM17321 after obtaining U.S. Food and Drug Administration approval in November 2025. Genentech will take over development from Phase 2, while Hanmi also plans to commercialize its GLP-1-based obesity drug candidate Epe later this year. 2026-08-24 14:43:00
  • Fubon Hyundai Life Reports 158.6 Billion Won in First Half Profit
    Fubon Hyundai Life Reports 158.6 Billion Won in First Half Profit Fubon Hyundai Life achieved a net profit of 158.6 billion won in the first half of this year, driven by strong asset management performance and improvements in its insurance portfolio. Enhanced investment income supported short-term results, while a significant increase in new contract service margin (CSM) bolstered long-term profitability.According to the Financial Supervisory Service's electronic disclosure system, Fubon Hyundai Life's net profit for the first half of 2026 was recorded at 158.6 billion won. Investment income for the period reached 208.2 billion won, underpinning overall performance.Asset management indicators also showed improvement. On a separate financial statement basis, the asset management rate for the first half was 96.30%, up 0.48 percentage points from 95.82% last year. The return on managed assets increased from 2.58% to 5.48%, a rise of 2.90 percentage points.The new contract CSM, which indicates the future profitability of the insurance business, also grew. The CSM secured through new contracts in the first half amounted to 70.3 billion won, a 37% increase from 51.2 billion won during the same period last year. As of the end of June, the CSM based on gross insurance was 178.8 billion won.The increase in new contract CSM is attributed to the results of Fubon Hyundai Life's product portfolio restructuring and diversification of sales channels over the past three years. The company is expanding its sales of protection insurance, moving away from a business structure focused on savings insurance and retirement pensions, thereby broadening its future profit base from insurance. 2026-08-24 14:36:00
  • Korean Beauty Company Kolmar Participates in Seoul Beauty Week for Fifth Consecutive Year
    Korean Beauty Company Kolmar Participates in Seoul Beauty Week for Fifth Consecutive Year Korean beauty company Kolmar is participating as an official partner in the Seoul Beauty Week for the fifth consecutive year. Kolmar announced on August 24 that it will take part in the '2026 Seoul Beauty Week,' which runs until the 25th at the Dongdaemun Design Plaza (DDP) in central Seoul. Now in its fifth year, Seoul Beauty Week serves as a business platform supporting beauty companies' entry into domestic and international markets while showcasing the latest trends in K-beauty. The number of participating companies has increased from 52 in its inaugural year in 2022 to 147 this year, nearly tripling. The number of buyer countries has also expanded from 18 to 48. Last year, export consultations amounted to approximately $30 million. Kolmar has themed its booth 'Your Day, Kolmar is with You,' highlighting the research and manufacturing technologies applied to everyday cosmetics used by consumers. The booth is organized according to the time of day, featuring a '24-hour beauty routine' where visitors can experience skincare in the morning, sun care during the day, and cleansing at night. Researchers will be present in each area to explain the characteristics and technologies of different formulations. In the skincare zone, visitors can experience the next-generation skin delivery technology, 'Dermafit Micro Needle,' which uses hyaluronic acid to reduce skin irritation while enhancing the delivery of active ingredients. Various skincare formulations will also be displayed for comparison of application and feel. In the sun care zone, a UV camera will allow participants to see the difference before and after applying sunscreen. Kolmar will also showcase a scalp-specific sun care formulation it developed. In April, Kolmar developed a scalp sun essence with SPF 50+ to improve the limitations of existing scalp sun care products that cause hair clumping, combining hair and sun care research technologies and expanding its product line to include mists and sprays. In the cleansing zone, participants can wash off the previously used sun care products and compare their skin condition before and after cleansing using a skin analysis camera. They can also directly experience the cleansing power, application, and feel of different cleansing products. A program for participants to create their own 'cooling mist,' along with a photo zone and roulette event, will also be available. On the final day of the event, August 25, Kolmar will participate in the beauty startup presentation competition to support the discovery of promising companies. A Kolmar representative stated, "As an official partner that has been with Seoul Beauty Week since its inception, we will continue to create K-beauty in the daily lives of people around the world with innovative technologies and contribute to the sustainable growth of the ecosystem."* This article has been translated by AI. 2026-08-24 14:32:10
  • Hong Ik-pyo: Legal Review Needed for Cho Hee-daes Supreme Court Nomination
    Hong Ik-pyo: Legal Review Needed for Cho Hee-dae's Supreme Court Nomination Hong Ik-pyo, the Chief of Staff to the President, stated on August 24 that he shares the view that the President's appointment authority has been somewhat infringed upon during the nomination process for Supreme Court Justice Cho Hee-dae.During a comprehensive policy inquiry at the National Assembly's Budget and Settlement Special Committee, when asked by lawmaker Cho Bae-sook of the People Power Party whether there were legal issues with the nomination process, Hong replied, "We need to examine the legal aspects further, but it is quite detached from existing practices."This comment comes after Cho Hee-dae nominated judges Son Bong-ki and Kim Sung-soo in writing without final coordination with the Blue House, indicating a procedure that deviated from established norms and potentially restricted the President's constitutional appointment authority.However, Hong clarified that he finds it difficult to agree with interpretations suggesting a direct conflict between the Blue House and the Supreme Court.He also rejected claims that the Blue House and ruling party's concerns about the nomination process stem from dissatisfaction over candidates not being nominated, particularly those favored by President Lee Jae-myung, stating, "I cannot agree with that at all."Earlier, on August 18, Cho Hee-dae nominated Son Bong-ki, a chief judge at the Daegu District Court, to succeed former Justice Noh Tae-ak, and Kim Sung-soo, a chief judge at the Seoul High Court, to succeed Justice Lee Heung-gu, who is set to retire next month.Unlike the usual practice where the Chief Justice coordinates with the President before making nominations, Cho submitted these two candidates in writing, leading to ongoing controversy as it appears that no final agreement was reached between the Blue House and the Supreme Court regarding Son's nomination.Article 104, Section 2 of the Constitution stipulates that Supreme Court Justices are appointed by the President with the consent of the National Assembly upon the recommendation of the Chief Justice. It remains to be seen whether President Lee will accept Cho's nominations and submit them to the National Assembly for approval.Reports indicate that the Blue House is considering rejecting the nomination of Judge Son while contemplating returning the nomination agreement for Judge Kim to the National Assembly.* This article has been translated by AI. 2026-08-24 14:32:10