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NH Nonghyup Bank Accelerates AI Transition with Pilot of 'AI Smart Pad' NH Nonghyup Bank is advancing its digital banking services by utilizing artificial intelligence (AI) facial recognition technology.The bank announced on August 24 that it has piloted the AI-based integrated authentication device, 'AI Smart Pad,' at 100 branches across the country.The AI Smart Pad enhances the functionality of traditional PIN pads, which only required password input. It uses AI facial recognition technology to verify customer identity during in-person financial transactions that require real-name verification.Additionally, a universal scanner capable of recognizing various types of identification, including passports, has been introduced to streamline the verification process.Based on the results of this pilot program, Nonghyup Bank plans to gradually expand the application of the AI Smart Pad to more branches and services. The bank is also working on integrating mobile identification.Kim Yong-hwan, head of the Process Innovation Department at Nonghyup Bank, stated, "We have strengthened the foundation for preventing financial accidents by enhancing the AI-based identity verification system. We will accelerate our transition to AI to create a safer and more convenient financial environment for our customers."* This article has been translated by AI. 2026-08-24 10:52:00
Rental Market Expert Warns of Housing Instability Amid Regulatory Changes "The homes the government expects to see on the market are not vacant houses, but rental properties currently occupied by tenants," said Chung Chang-yeop, president of the Korea Housing Lease Association.As the government increases tax burdens on multiple homeowners to encourage them to sell their properties, Chung argues that rental business operators should not be viewed solely as subjects of regulation but recognized as a crucial part of housing supply to alleviate the financial burden on tenants in the rental market.In an interview with Aju Economy on August 21 at the association's office in Seocho-gu, Seoul, Chung stated, "Registered rental housing was structured to receive tax benefits in exchange for fulfilling obligations to ensure housing stability. If these benefits are reduced or eliminated, it will inevitably undermine policy trust. The regulations on rental business operators could ultimately impact tenants negatively."Chung's primary concern is the potential decrease in the supply of rental properties due to a reduction in registered rental housing. While the government aims to encourage the sale of properties by increasing tax burdens on multiple homeowners, this could lead to existing rental properties being converted into owner-occupied homes, resulting in a decrease in rental supply. He argues that an increase in supply in the sales market could paradoxically lead to a reduction in the rental market."It is crucial to remember that the homes the government expects to see on the market are not vacant houses but rental properties currently occupied by tenants," he emphasized.Chung noted that tenants who have been living at lower rents due to rent increase restrictions may face significant burdens when they need to relocate. He explained, "Registered rental housing has adhered to obligations such as a 5% rent increase limit. If tenants who cannot afford higher rents are forced to move unexpectedly, it could create serious issues."He further explained that some registered rental properties, which have been subject to long-term rent increase restrictions, may see a significant rise in housing costs if existing tenants are evicted during the sale process, given the widening gap between market rents and the rents they have been paying.Chung pointed out that if the government retroactively reduces the tax benefits initially offered at the time of registration, it may become challenging to attract market participants even if the government later introduces policies to expand the supply of rental housing. Changing the benefits that were provided in exchange for adhering to rent restrictions and mandatory rental periods could also lower policy predictability.He expressed greater concern about the non-apartment rental market. Following the recent rental fraud incidents, demand for jeonse (long-term lease) has decreased, and stricter requirements for guarantee insurance have accelerated the shift to monthly rentals. If landlords face increased burdens, the cost for vulnerable housing groups could rise even further.Chung stated, "The serious impact of rental fraud has made new tenants hesitant to enter into lease agreements, and after the guarantee deposit non-refund incidents, the requirements for guarantee insurance have tightened, speeding up the transition to monthly rentals. Since vulnerable housing groups tend to reside more in non-apartment settings than in apartments, their housing cost burden is increasing."While he agrees on the need for safeguards to prevent rental fraud, he cautioned that if even legitimate rental business operators are driven out of the market, it could weaken the supply base. He emphasized the need to consider both tenant protection and stable rental housing supply.Chung stressed that before encouraging rental business operators to sell their properties, the government should assess whether the market environment is conducive to actual sales. The timing of lease agreements and the sale of properties may not align, and in areas requiring land transaction permits, buyers may face restrictions due to occupancy obligations.He remarked, "Even if one intends to sell, properties tied up in land transaction permit areas with tenants are not easy to sell. There is a growing situation where the government encourages sales, but in reality, it is difficult to sell even if one wants to."Chung argued that the perception of landlords needs to change from viewing them merely as individuals owning multiple properties. It is essential to distinguish between curbing speculative demand from multiple homeowners and recognizing the role of private rental housing supply.He stated, "We should not view landlords solely as subjects of regulation but also as entities supplying housing to the rental market. For tenants to have stable living conditions, landlords must be able to operate their rental businesses securely."Chung also emphasized the importance of including the voices of market participants, such as landlords and tenants, in the policy-making process. It is crucial to examine how policies operate in practice with the stakeholders involved, beyond merely considering whether to strengthen regulations.He concluded, "The market participants are the ones directly affected by policy impacts, yet their voices are often not adequately represented. If we are discussing rental market policies, we must listen to both landlords and tenants and reflect their perspectives in the policy and legislative processes." 2026-08-24 10:52:00
Celltrion files for approval of Keytruda biosimilar, joining domestic race SEOUL, August 24 (AJP) - Celltrion announced it has applied to South Korea's drug regulator for approval of CT-P51, a biosimilar version of Merck's blockbuster cancer drug Keytruda, joining a race among Korean drugmakers to grab market share once the original loses patent protection. The filing with the Ministry of Food and Drug Safety revealed Monday comes about two weeks after rival Samsung Bioepis submitted its own Keytruda biosimilar, SB27, for domestic approval on Aug. 10. Keytruda, known by its generic name pembrolizumab and developed by U.S.-based Merck, also known as MDS, generated global sales of $31.7 billion last year, cementing its place as the world's top-selling drug. The medicine binds to the PD-1 immune checkpoint, blocking cancer cells from evading the body's defenses. Celltrion said CT-P51 is aimed at treating non-small cell lung cancer, melanoma, gastric cancer and head and neck cancer, and that a trial in 228 melanoma patients had confirmed it was pharmacokinetically equivalent to the reference drug, with comparable safety and immunogenicity. "Building on the successful establishment of targeted therapies such as Herzuma, Truxima and Vegzelma, the addition of CT-P51 will give us a lineup spanning both targeted and immuno-oncology treatments," a Celltrion official said. Celltrion plans to pursue approvals in the United States, Europe and Canada in turn, while industry watchers expect a domestic green light as early as next year, citing the regulator's move to shorten new-drug reviews to within 240 days. AJP Takeaways Celltrion applied to South Korea's Ministry of Food and Drug Safety on Aug. 24, 2026, for approval of CT-P51, its biosimilar version of MSD's Keytruda (pembrolizumab), the world's top-selling drug with global sales of $31.7 billion last year. The filing lands about two weeks after rival Samsung Bioepis submitted its own Keytruda biosimilar, SB27, to the same regulator on Aug. 10, 2026, intensifying competition between the two dominant South Korean biosimilar developers. Celltrion said a trial in 228 melanoma patients confirmed CT-P51 was pharmacokinetically equivalent to the reference drug, and it plans to seek approvals in the United States, Europe and Canada, with industry watchers expecting a domestic decision as early as 2027. 2026-08-24 10:46:54
U.S. Treasury Secretary Announces Unprecedented Economic Sanctions Against Iran U.S. Treasury Secretary Scott Besant announced plans for an unprecedented economic and financial offensive against Iran. He warned that an 'economic D-Day' would commence, aimed at crippling Iran's economy and isolating its financial system, with severe consequences for countries that provide financial, oil, and transportation support to Iran.In an op-ed published on August 23, Besant referenced the D-Day landings during World War II, stating, 'The D-Day for the Iranian economy is approaching,' as he outlined impending sanctions against Iran.Besant stated, 'President Donald Trump and our military's overwhelming force have significantly weakened Iran's military capabilities and largely neutralized its nuclear program. We are now entering the final phase. At dawn, the economic D-Day will begin. This will be the most powerful financial offensive ever mobilized against an adversary.'He added, 'The Islamic Republic of Iran has negatively impacted the world for 47 years. A corrupt regime has driven a nation that could have become one of the world's largest economies into ruin, oppressing its progressive citizens.' He also noted that 'the Iranian regime maintains a network of proxy forces that perpetrate terrorism beyond its borders,' emphasizing that the U.S. has paid a particularly heavy price for this, and that other nations also face similar threats.Besant criticized the notion that 'the last refuge of the Iranian regime is the self-deception of nations that still believe compliance with aggressive actions can guarantee sustainable peace.' He remarked, 'President Trump is doing what previous presidents have refused to do: ending threats that the U.S. has merely managed.' He stressed that for decades, politicians have accepted a vicious cycle of provocations rather than enhancing U.S. national interests. He asserted, 'Another generation must not be sacrificed to the threats of fanatics who are focused on realizing the Iranian regime's nuclear ambitions while chanting 'Death to America.'Furthermore, he stated, 'By achieving comprehensive financial isolation of Iran, we can reduce the need for military action while expanding the realm of freedom enjoyed by our allies.' He urged, 'The world must understand that our goal is to cut off all economic lifelines supporting the oppressive regime until Iran can stand on its own.'Earlier, on August 20, President Trump announced plans for 'the most severe economic operation' against Iran as negotiations reached an impasse. Besant also warned in a CNBC interview on the same day that he would announce 'the harshest sanctions in history' on August 24.On that day, Besant reiterated in a CNBC appearance that he would hold a press conference to unveil 'the largest economic isolation cooperation operation in world history' against Iran.Meanwhile, Mohsen Rezaei, the new Secretary of Iran's Supreme National Security Council, indicated that if the U.S. implements economic sanctions, not a drop of oil would be exported from the Gulf region. 2026-08-24 10:44:20
KB Kookmin Bank Enhances Senior Services with 'KB Golden Life' Care Program KB Kookmin Bank is launching a care and support service aimed at senior customers. This initiative comes as the proportion of the elderly population in South Korea surpasses 20%, prompting the bank to strengthen its strategy to attract this demographic.On August 24, KB Kookmin Bank announced the release of the 'KB Golden Life Care and Support Service' through its KB Star Banking platform.This service has been developed in response to the growing demand for care and support services due to an aging population. According to the National Statistical Office's '2025 Population and Housing Census,' the number of individuals aged 65 and older reached 10.72 million at the end of last year, an increase of 601,000 from the previous year. The elderly now account for 20.7% of the total population, marking the first time this figure has exceeded 20% since records began.KB Kookmin Bank has collaborated with KB Life Insurance to provide a comprehensive service that includes facility searches, cost calculations, and professional consultations. Key features of the service include: searching for care facilities, calculating long-term care costs, providing care status solutions, verifying long-term care grades, and offering care consultations.A representative from KB Kookmin Bank stated, "We hope this service will help senior customers and their families easily and conveniently access care and support information. We will leverage our group’s capabilities to expand tailored services for seniors that encompass both financial and non-financial aspects."* This article has been translated by AI. 2026-08-24 10:44:00
GS Engineering & Construction's Xi Brand Wins Top Design Awards for Second Consecutive Year GS Engineering & Construction's residential brand Xi has won all three of the world's top design awards for the second consecutive year, showcasing its design capabilities from product design to brand identity and reaffirming the global competitiveness of the Xi brand.On August 24, GS Engineering & Construction announced that its lighting designs, 'Ignis' and 'Todd,' received bronze awards in the furniture and lighting category at the 'IDEA 2026' design awards held in the United States.Additionally, four works, including the Xi Brand Identity System (BIS) and the Hidden Lighting System, were selected as finalists. This brings GS Engineering & Construction's total awards at IDEA 2026 to six.Earlier this year, in February, the company won four main awards at the iF Design Award 2026, and in April, it was recognized as a winner in the product design category at the Red Dot Design Award 2026. With the latest IDEA awards, GS Engineering & Construction has achieved success at all three major global design awards for two consecutive years.The bronze-winning Ignis design reinterprets the analog experience of lighting a candle into a modern lighting solution, allowing users to experience and adjust light directly, fostering an emotional connection.Todd is an integrated ceiling light that combines lighting and speakers. It utilizes NGR technology to reduce glare and was developed considering the structural constraints of domestic apartment ceilings. The design minimizes plastic use to enhance sustainability and allows for precise directional lighting.The Xi BIS selected in the branding category is not just a simple image guideline but an integrated brand identity system applicable to actual spaces and various customer touchpoints. It extends the brand philosophy beyond symbolic elements like logos and colors, providing a framework for internal organizations and external partners to implement the brand consistently.The competition among residential brands is expanding beyond mere appearances and layouts to include detailed lifestyle designs such as lighting, sound, and brand experiences.A GS Engineering & Construction representative stated, “Achieving success at the world's top three design awards for two consecutive years demonstrates that Xi possesses global-level design competitiveness, not only in individual product design but also in residential spaces and integrated brand identity systems. We plan to continuously enhance our technology and design capabilities to provide differentiated customer experiences.”* This article has been translated by AI. 2026-08-24 10:40:00
Housing Association Chief Warns of Rental Market Challenges Ahead Seong Chang-yeop, president of the Korea Housing Rental Association, warned that if the current government's regulations on rental businesses continue, the rental market could face unprecedented difficulties in the next two to three years. He argued that pressuring landlords to sell properties in the sales market could lead to a decrease in existing rental housing, resulting in instability in the rental market.In an interview with Aju Economy on August 21, Seong stated, "If the policy direction, such as the recent tax reform plan, continues, the rental market will face unprecedented challenges in two to three years," adding, "We may encounter a situation where existing rental housing stock diminishes."He expressed concern that as the government encourages multi-homeowners to sell their properties, registered rental housing may be sold or removed from the market, and some may be converted into owner-occupied homes, reducing the available rental housing.Seong emphasized, "The instability in the rental market is bound to accelerate in the future," and noted, "Someone must have rental homes available." He argued that rental businesses should not be viewed merely as subjects of regulation but as essential contributors to the supply of private rental housing.He identified the need to reconsider the reduction or elimination of tax benefits for registered rental housing in designated adjustment areas as a priority. He also pointed out the need to address the increased burden of comprehensive real estate tax on multi-homeowners and the reduction of deductions.The Korea Housing Rental Association was established in 2020, a year when significant changes were made to the rental business system. At that time, the government abolished short-term private rentals and long-term general purchase rental types through the 7-10 measures, and existing registered housing was restructured to be automatically removed from registration once the mandatory rental period ended. The introduction of the right to request contract renewal and the rental price ceiling also strengthened tenant rights during this period.Seong, who was a registered rental business operator at the time, felt the need for an organization to convey landlords' perspectives amid these policy changes. He explained, "There was no organization for landlords to gather and discuss these issues," and he founded the association at the end of 2020 with the belief that a platform was needed to consolidate and communicate their voices.Seong stressed that even in a situation where tenant rights and housing stability are emphasized, the fact that landlords are stakeholders in the rental market must also be considered. He warned that if the system changes retroactively for operators who have complied with government policies, including registration and mandatory rental periods, it could undermine trust in the policies.He remarked, "Looking at the current regulations, it seems like we are repeating 2020," and pointed out that the issues of regulating multi-homeowners and maintaining rental housing suppliers must be addressed together. 2026-08-24 10:40:00
LS Electric to Supply $165.7 Million Power Equipment for U.S. Tech Data Center LS Electric is set to provide large-scale power equipment for the construction of artificial intelligence (AI) data center infrastructure for a North American big tech company. The expansion of the existing contract volume is expected to accelerate LS Electric's entry into the North American AI data center market.On August 24, LS Electric announced that it has secured a project to supply power equipment for an AI data center worth approximately 230.9 billion won (about $165.7 million) from a North American big tech firm.This contract is an expansion of a previous supply agreement made in June, which was increased at the request of the client. At that time, LS Electric signed a contract for a 38kV high-voltage distribution system worth 106.4 billion won (approximately $70.4 million). The contract amount has now more than doubled due to the increased supply volume.The contract period runs from the initial agreement date of June 8, 2026, to January 30, 2027. The contract value exceeds 2.5% (approximately 12.41 billion won) of LS Electric's consolidated revenue at the end of last year, based on single sales and supply contract disclosure standards.LS Electric explained that this additional order was based on the trust built with the client from previous data center infrastructure projects. The company has been recognized for its power equipment technology and supply capabilities, meeting the stringent quality standards and short delivery requirements demanded by global big tech firms.In particular, LS Electric is strengthening its North American supply chain through local production bases, such as 'LS Electric Utah' and the 'Bastrop Campus' in Texas. The strategy is to respond quickly to the demand for power infrastructure resulting from increased investment in AI data centers through a local production system.Looking ahead, LS Electric plans to expand its business into next-generation data center power infrastructure markets, including direct current (DC) distribution, beyond its existing alternating current (AC) power equipment. As the power consumption of AI data centers surges, the importance of stable and efficient power supply and distribution technology is growing, and the company aims to secure a leading position in this market.A representative from LS Electric stated, "We are successfully executing projects for global big tech clients, leading to additional orders. Based on our proven technology and stable supply chain, we will solidify our position as a key partner for global big tech and expand our dominance in the AI data center power market."* This article has been translated by AI. 2026-08-24 10:36:00
Hite Jinro's Terra Sparkling Sells 1.5 Million Cans in 20 Days Hite Jinro's summer limited edition fruit sparkling beverage, Terra Sparkling, has sold out its initial production of 1.5 million cans within just 20 days of its launch.On August 24, Hite Jinro announced that all 1.5 million cans (based on factory shipments) of Terra Sparkling, released on August 4, have been sold out.Terra Sparkling expands the carbonation of the beer brand Terra into a fruit sparkling beverage. It is made with a base of Spanish white wine and fruit juices, available in three flavors: tomato, lemon, and watermelon. The alcohol content is 4.6% for tomato and watermelon, and 7% for lemon.From the outset, Terra Sparkling generated buzz on social media, leading to a shortage of the product. To date, over 430 related posts have been made, with cumulative views exceeding 15 million. Consumers flocked to convenience store apps to check stock, making it the top search item.In the first two weeks of August, some major supermarkets reported sales more than three times higher than existing domestic ready-to-drink (RTD) products. Among the three flavors, tomato had the highest sales rate. Currently, some distribution channels are experiencing early sellouts of limited quantities, prompting inquiries about restocking.Originally planned as a limited release, Hite Jinro has decided to increase production due to the faster-than-expected sales. The additional stock will be supplied to distribution channels as it becomes available.A marketing official from Hite Jinro stated, "Although this product was prepared for the summer season, the strong carbonation and distinctive flavors have received a positive response, leading to quicker sales than anticipated. We will promptly supply additional stock and continue to introduce new products and experiences utilizing Terra's carbonation."Meanwhile, according to market research firm Euromonitor, the domestic RTD alcohol market is projected to grow from 35.8 billion won in 2022 to 119.4 billion won by 2024, more than tripling in two years, with last year's market expanding to approximately 163 billion won. The industry anticipates that this year's market size will exceed 200 billion won.* This article has been translated by AI. 2026-08-24 10:36:00
Celltrion Applies for Domestic Approval of Keytruda Biosimilar 'CT-P51' Celltrion has applied for domestic approval of its biosimilar to the global blockbuster immuno-oncology drug Keytruda (ingredient: pembrolizumab), named CT-P51, as part of its strategy to strengthen its oncology portfolio. The company plans to expand into major markets such as the United States and Europe, starting with domestic approval.On August 24, Celltrion announced that it submitted the application for the Keytruda biosimilar CT-P51 to the Ministry of Food and Drug Safety.This application targets key indications of the original drug Keytruda, including non-small cell lung cancer, melanoma, gastric cancer, and head and neck cancer. The application is based on clinical results from a study involving 228 patients with melanoma who underwent complete resection.Keytruda is an immuno-oncology drug used for various types of cancer, recording approximately $31.7 billion in global sales last year, making it the highest-grossing drug worldwide.Celltrion has demonstrated pharmacokinetic (PK) equivalence between CT-P51 and the original Keytruda through clinical data analysis. The comparison of drug exposure levels in the body met the pre-established equivalence criteria, and similar results were confirmed in terms of safety and immunogenicity.Following this domestic approval application, Celltrion plans to sequentially pursue approval procedures in major global markets, including the United States, Europe, and Canada. This strategy aims to accelerate its entry into the global Keytruda market and maximize market share and profitability through First Group entry.The company intends to enhance its oncology portfolio by adding CT-P51 to its existing targeted therapies, including Herjuda (ingredient: trastuzumab), Truxima (ingredient: rituximab), and Vegzelma (ingredient: bevacizumab). Notably, since Keytruda and bevacizumab are used in combination for the treatment of ovarian and cervical cancers, synergy between CT-P51 and Vegzelma is anticipated.Additionally, CT-P51 is expected to synergize with next-generation cancer drugs currently under development, such as antibody-drug conjugates (ADCs).A Celltrion official stated, "We will sequentially proceed with the approval process for CT-P51 to target the approximately $44 trillion global Keytruda market. We aim to expand synergies between existing products and next-generation pipelines based on stable production capacity and a global direct sales network."Meanwhile, since 2019, when Seo Jung-jin, Chairman of Celltrion Group, proposed plans to establish a direct sales network overseas, the company has steadily built its direct sales system. Europe transitioned to a direct sales system in 2020, and the United States began direct sales in 2023.* This article has been translated by AI. 2026-08-24 10:32:00