Latest by
-
Kim Min-jae Plays Full Match as Bayern Munich Defeats Dortmund for Supercup Title Kim Min-jae, a central defender for the South Korean national team, helped Bayern Munich secure the Supercup title.Bayern Munich defeated Borussia Dortmund 2-1 in the 2026-2027 season Franz Beckenbauer Supercup held at Signal Iduna Park in Dortmund on the 23rd.Starting the match, Kim played the full 90 minutes, contributing to the team's victory.This marks Bayern's second consecutive Supercup title and their 12th overall, solidifying their position as the all-time leader in this competition.Bayern scored both of their goals in the first half. Nathaniel Brown opened the scoring with a left-footed shot in the 28th minute.Then, in the 46th minute, Michael Olise capitalized on a defensive error to add a second goal.Despite allowing a goal to Fabio Silva in the 75th minute, Bayern's defense held firm to secure the 2-1 win.With a positive start to the season, Bayern will host Stuttgart for their Bundesliga opener at 3:30 a.m. on the 29th.* This article has been translated by AI. 2026-08-23 12:40:00 -
Retailers Gear Up for Chuseok with Early Gift Set Promotions As Chuseok approaches in a month, the retail industry is accelerating efforts to capture demand for holiday gifts. In response to an earlier-than-usual Chuseok this year, department stores are expanding their pre-order selections and benefits, while convenience stores are broadening their offerings from budget-friendly items to unique high-end products.According to the retail sector on August 23, Lotte, Shinsegae, and Hyundai department stores began pre-order sales for Chuseok gift sets on August 14. Lotte Department Store is offering over 190 items, including meat, seafood, fruits, and groceries, at discounts of up to 50% until September 3. Customers purchasing food gift sets will receive up to 7% in L.POINT or Lotte gift certificates based on their purchase amount until September 23.Shinsegae Department Store is also running pre-orders for over 370 items until September 6, increasing the number of offerings by 25% compared to last year. SSG.com, the online platform for Shinsegae, will accept pre-orders until September 16. Hyundai Department Store is showcasing over 300 products, including Korean beef, dried fish, fruits, health foods, and alcoholic beverages, with some items discounted by up to 25% until September 3.Convenience stores are differentiating their offerings by expanding price ranges. They are maintaining budget-friendly gift sets priced between 10,000 and 50,000 won while also introducing unique items costing millions of won.CU has prepared over 710 types of Chuseok gifts this year, with the most expensive being a humanoid robot priced at 31 million won that walks on two legs. GS25 is also featuring a robot as a Chuseok gift, a social robot named 'Social Robot Riku' that recognizes users' expressions, voices, and gestures, priced at 5.5 million won.Seven Eleven is selling keychains, card wallets, glassware, suitcases, and tumblers featuring the Hello Kitty intellectual property. Emart24 has created small packaged Korean beef sets targeting individuals spending the holiday alone.The retail industry's early marketing efforts for Chuseok are influenced by the earlier holiday date and prolonged high inflation. This year's Chuseok falls on September 25, more than ten days earlier than last year's October 6. With a shorter preparation period, the competition for consumer pre-orders has intensified.An industry insider noted, "As inflation continues, more consumers are considering pre-order discounts and membership benefits when preparing holiday gifts. Companies are also expanding pre-order benefits and enhancing product offerings to capture demand." 2026-08-23 12:28:00 -
Domestic Banks Report 13.8 Trillion Won in First-Half Net Profit, Down 6.4% This year, domestic banks reported a net profit of 13.8 trillion won for the first half, a decrease of 9 trillion won compared to the previous year. Although interest income exceeded 32 trillion won, marking the highest amount ever recorded for a half-year, significant valuation losses on securities due to rising interest rates impacted overall profitability.According to the Financial Supervisory Service's preliminary report on the first-half performance of domestic banks released on August 23, net profit for the first half of 2026 was 13.8 trillion won, down 9 trillion won (6.4%) from 14.7 trillion won in the same period last year.In terms of specific categories, domestic banks' interest income rose to 32.2 trillion won, an increase of 2.5 trillion won (8.3%) from the previous year. Interest-earning assets grew by 6.4% to 3,628.1 trillion won, contributing to a 0.04 percentage point increase in net interest margin (NIM).Conversely, non-interest income saw a significant decline. For the first half, non-interest income totaled 2.9 trillion won, down 2.3 trillion won (43.4%) from the previous year. The rise in market interest rates led to substantial valuation losses on securities, resulting in a 5.7 trillion won decrease in securities-related profits compared to the same period last year. However, profits from foreign exchange and derivatives surged from 2.7 trillion won to 5 trillion won, an increase of 86.8%, and commission income also rose by 18.0% to 3.3 trillion won, partially offsetting the losses from securities.Profitability indicators also worsened. The return on assets (ROA) for domestic banks fell to 0.65%, down 0.10 percentage points from the same period last year, while the return on equity (ROE) dropped to 8.89%, a decrease of 1.15 percentage points.The decline in net profit has raised concerns about asset quality. The delinquency rate for domestic banks rose from 0.44% at the end of 2024 and 0.50% at the end of last year to 0.56% by the end of June this year. Consequently, loan loss provisions for the first half increased to 3.5 trillion won, up 300 billion won (8.6%) from the previous year.Operating expenses also rose to 14.4 trillion won, an increase of 700 billion won (5.4%) from the same period last year. Personnel costs rose by 200 billion won to 8.5 trillion won, while material costs increased by 500 billion won to 5.9 trillion won.A Financial Supervisory Service official stated, "The prolonged geopolitical risks from the Middle East, expanding U.S. tariff policies, and expectations of further interest rate hikes have increased uncertainty, and the upward trend in delinquency rates continues. We plan to strengthen monitoring, particularly in vulnerable sectors, and continuously encourage banks to enhance their loss absorption capacity through provisions." 2026-08-23 12:24:10 -
People Power Party Criticizes Government's Plan for Future Response Fund 국민의힘은 23일 정부가 반도체 호황에 따른 추가 세수를 활용해 미래대응기금을 신설하겠다고 밝히자 "정부가 지금 해야 할 일은 빚을 갚는 것이지 새 통장부터 만드는 것이 아니다"고 지적했다. 최보윤 수석대변인은 이날 오전 국회에서 기자회견을 열어 "나랏빚이 1000조 원을 넘었다. 그럼에도 이재명 정부는 반도체 호황에 따른 세수와 지방교육재정교부금 개편 재원을 묶어 미래대응기금을 만들겠다고 한다"며 이같이 말했다. 최 수석대변인은 "규모는 100조 원에서 150조 원까지 거론된다"며 "액수가 얼마이든 국회의 견제를 벗어난 정권의 쌈짓돈 통장이 돼선 안 된다"고 강조했다. 먼저 미래대응기금에 대해 국회를 비켜가는 우회로가 될 우려가 크다고 우려했다. 그는 "현행 국가재정법상 기금은 주요항목 지출금액의 최대 30%까지 국회 의결 없이 정부가 자체 변경할 수 있다"며 "계획은 국회 심사를 거치지만 지출 단계에서는 정부 재량의 여지가 커진다"고 주장했다. 이어 "더불어민주당은 투명하고 내실 있게 집행하겠다고 하지만 말로 약속할 일이 아니다"며 "100조 원이 넘는 국민의 돈이라면 정부의 선의를 믿으라고 할 것이 아니라 국회의 견제를 법으로 보장해야 한다"고 했다. 아울러 "국가재정법은 초과 조세수입을 국채 상환에 우선 사용할 수 있도록 규정하고 있다. 문제는 강행규정이 아니다"이라며 "정부 의지만 있으면 빚 갚기를 뒤로 미룰 수 있는 구조"라고 비판했다. 그는 "적자성 국가채무는 이미 1000조 원을 넘어섰고, 국민연금 미적립부채 등을 포함해 산출한 광의의 국가부채(D4)는 GDP 대비 181%에 이른다"며 "호황기에 빚을 갚지 않으면 경기가 꺾이는 순간 다시 빚을 내야 한다. 그 청구서는 결국 미래 세대에게 돌아간다"고 질타했다. 이어 "미래대응기금이 정작 미래 세대에게 ‘미래부담기금’이 되는 역설"이라며 "정부는 법에도 없는 '추가세수'라는 말로 국채 상환 원칙을 우회할 것이 아니라 국가채무 감축 원칙부터 분명히 세워야 한다"고 했다. 또한 "기금의 자체 지출 변경 범위를 엄격히 제한하고, 대규모 지출 변경에는 국회의 사전 동의를 받도록 별도의 통제 장치도 마련해야 한다"며 "기금의 크기는 미래가 정할 일이지만, 견제의 크기는 지금 정해야 한다"고 덧붙였다. * This article has been translated by AI. 2026-08-23 12:24:00 -
Gwangmyeong Mayor Park Seung-won: Healthy and Happy Children Are the Start of Peace Park Seung-won, the mayor of Gwangmyeong, emphasized on August 22 that "the health and happiness of all children is the beginning of peace."On this day, Mayor Park held the 13th Gwangmyeong City Community Child Center Children and Youth Festival at the Gwangmyeong Citizens' Gymnasium, engaging directly with children in a manner suited to their level.The event created a space for children from local community centers to play freely, communicate, and nurture their dreams.Approximately 900 participants, including children from local community centers and their guardians, enjoyed the festival together.This festival was designed not just as an event but as an opportunity for children to take center stage, interact, collaborate, and connect with the community.The celebration began with performances prepared by the children from the community centers, followed by a musical show and a comedy act, filling the venue with laughter and cheers.In particular, the cheerful sports day allowed children to participate in various physical activities, emphasizing cooperation, consideration, and support for friends over competition.As the event progressed, random play and traditional games brought children and participants together, enhancing the festival's significance. The event concluded successfully with awards for outstanding teams.Mayor Park has consistently highlighted the importance of creating a city where children can grow up safely and happily, emphasizing inclusivity so that no one is left behind.During this festival, he aimed to connect with children and listen to their voices and dreams from the community center.Community child centers serve as a vital safety net in the community, providing after-school care, education, and cultural and experiential activities for children in need.Building on this local care foundation, Mayor Park continues to foster solidarity and support from the community to ensure that children can grow up healthily, regardless of their home environment or economic conditions.One participant remarked, "It was wonderful to see the children not just watching the programs set up by adults but actively performing and enjoying themselves. The mayor's engagement with the children was also impressive."Another citizen stated, "Creating an environment where children can grow up happily is ultimately about building the future of Gwangmyeong. I hope the atmosphere of the community centers, schools, and local community caring for children continues."Meanwhile, Mayor Park stated, "I will strengthen collaboration with the community to ensure that children can grow up safely and happily." He added, "I will continue to communicate to create a Gwangmyeong where each child can freely pursue their dreams and have their voices reflected in the administration."* This article has been translated by AI. 2026-08-23 12:20:00 -
Strengthening Labor Inspector Investigation Capabilities Ahead of Abolishing Prosecutorial Authority With the implementation of the revised criminal procedure law in October, which abolishes prosecutors' investigative authority, labor inspectors will be empowered to independently assess and take responsibility for the entire investigation process in labor cases. The government plans to conduct an eight-week practical training program for new inspectors and make criminal law and investigation guidance training mandatory for current inspectors and managers. The Ministry of Employment and Labor announced on the 23rd that it will hold an 'Investigation Guidance Workshop' for heads of local offices nationwide on the 24th, where it will unveil the 'Labor Inspector Investigation Capability Enhancement Training Plan.' The training plan will focus on three main areas: strengthening practical training for new inspectors before their assignment, enhancing the investigative expertise of current inspectors, and establishing a multi-layered investigation management system. To start, the Ministry has created an eight-week 'Investigation School' as part of a 12-week training program for new inspectors. This program was first applied to 206 new inspectors who began their training in May, and they were deployed to the field after completing their training on July 27. At the Investigation School, dedicated faculty will utilize 34 simulated cases developed from analyzing 3.16 million actual reported incidents. Trainees will handle the entire process from case reception to preliminary investigation, investigation, and conclusion, receiving individual evaluations and feedback weekly. The satisfaction rate for the first training course was 4.6 out of 5. Newly assigned inspectors will receive one-on-one mentoring for 12 weeks to support their practical adaptation. Training for current inspectors will be revamped to gradually teach criminal law knowledge, simulated investigation practices, and specialized investigative techniques. This shift aims to enhance practical skills tailored to labor cases, moving away from the previously general training that relied on external agencies like prosecutors and police. Last month, the Ministry launched an online course on criminal law tailored to labor cases. All inspectors are required to complete the basic course, while managers and team leaders must complete the advanced course by next month. A case study course based on actual investigation records will also be developed in collaboration with the Police University’s industry-academia cooperation group, focusing on investigation and evidence collection, legal review, and case assessment. A standard course will be piloted by the end of the year, with plans to expand it into specialized courses for major case types such as unfair labor practices and illegal dispatch. Training on specialized investigative techniques, including compulsory investigations, interviews, and digital forensics, will also be strengthened. A multi-layered investigation management system will be established to review cases at various stages. Team leaders and managers will be responsible for reviewing case records, issuing supplementary instructions, reviewing referral opinions, and providing post-guidance. The heads of agencies will oversee the investigation guidance system in their jurisdictions and adjust discrepancies in departmental judgments. For cases requiring legal advice, consultations with prosecutors will begin at the early stages of the investigation, and the coordination procedures for cases involving multiple investigative agencies will be standardized. Each local office will form a consultative body with prosecutors and police, prioritizing the placement of experienced investigators in dedicated departments such as the Serious Accident Investigation Division. The Ministry plans to conduct a total of 12 small discussion-style workshops for all 890 managers before the revised law takes effect, starting with 49 agency heads on the 24th. These workshops will assess managers' guidance capabilities from setting investigation directions to reviewing evidence and maintaining prosecutions based on actual cases. "For all labor inspectors to secure independent investigative integrity, the entire organization must be prepared," said Kwon Chang-jun, Deputy Minister of the Ministry of Employment and Labor. "We will support the enhancement of managerial investigative leadership and practical expertise through education and systems." * This article has been translated by AI. 2026-08-23 12:04:20 -
North Korea's Per Capita Income Just 1/29 of South Korea's Amid Deepening Inequality North Korea has seen rapid marketization, but the institutional framework to support it remains inadequate. Analysis indicates that when external economic shocks occur, the impact is disproportionately felt by the lower and middle classes, who lack political connections and capital, exacerbating income inequality.According to a report released by the Bank of Korea on August 23, North Korea's per capita nominal Gross National Income (GNI) is projected to be 1.72 million won in 2024, just 1/29th of South Korea's income. This level is comparable to the lowest 'low-income' group as classified by the World Bank.The North Korean economy operates under a dual structure, consisting of an official sector based on a planned economy and an informal sector centered around markets.The Bank of Korea estimates that the informal market sector has grown significantly, now comparable to the official sector. Previous studies indicate that approximately 70% of the average resident's income is earned in the market.However, the pace of marketization has outstripped the establishment of supporting institutions. While market activities have spread widely, legal and institutional protections such as fair competition, tax and redistribution systems, and property rights have not been adequately established. This has led to a 'quasi-marketization' structure where economic opportunities are distributed unevenly based on political connections and access to capital, according to the Bank of Korea.This structure has shown that external economic shocks further exacerbate income inequality. Analysis reveals that from 2015 to 2019, income inequality in North Korea's informal sector significantly worsened compared to the period from 2011 to 2014.The widening inequality is attributed more to a substantial increase in the lower-income population than to growth in the upper-income group. Even after economic shocks are mitigated and market activities recover, once income inequality has expanded, it tends to persist for a considerable time.The Bank of Korea assesses that these findings indicate that merely expanding the appearance of a market economy does not guarantee equitable improvement in the economic conditions of residents.Jo Yong-sin, head of the Economic Security Research Office at the Bank of Korea, stated, "External economic shocks in a quasi-marketization context can provide opportunities for the upper class to increase their economic benefits through rent-seeking and risk-free arbitrage, while the relatively economically vulnerable middle and lower classes may absorb the shocks, leading to asymmetric outcomes."* This article has been translated by AI. 2026-08-23 12:04:20 -
Launch of Third River Basin Management Committee with 91 Appointed Members The third River Basin Management Committee has been established to oversee water management policies and resolve water disputes in the four major river basins: the Han River, Nakdong River, Geum River, and Yeongsan-Sumjin Rivers.The National Water Management Committee, which operates under the direct authority of the President, announced on the 23rd that it appointed a new private chairperson and 91 private members to the four river basin committees on the 21st. Their term will last until August 20, 2029.The River Basin Management Committee was established in 2019 as a public-private joint committee under the Basic Water Management Act. It is responsible for reviewing and deciding on major water management policies within the basins, evaluating local government water-related plans, and mediating water disputes between regions.The Han River Basin Management Committee is chaired by Professor Kwon Soo-yeol from Korea National Open University and consists of 25 private members. The Nakdong River Basin Management Committee is led by Professor Joo Gi-jae, an honorary professor at Pusan National University, while the Geum River Basin Management Committee is chaired by Choi Jin-ha, a non-executive director at the National Institute of Ecology. The Yeongsan-Sumjin River Basin Management Committee is chaired by Professor Lee Hak-young from Chonnam National University, with 22 private members each in the Nakdong, Geum, and Yeongsan-Sumjin committees.The private members are experts with knowledge and field experience in water management, including water quality, aquatic ecosystems, and water resources.Ex officio members include the co-chair, Minister of Climate Kim Seong-hwan, as well as mayors and governors, department heads from relevant ministries, local heads of the Ministry of Climate, the Korea Water Resources Corporation, the Korea Rural Community Corporation, the Korea Environmental Corporation, and Korea Hydro & Nuclear Power, totaling 74 members.Each committee will operate three to four subcommittees, including planning, policy, and water dispute mediation. They will review the compliance of water-related plans established by local governments and identify integrated water management improvement tasks and future challenges for each basin. The committees will also enhance cooperation and communication among local stakeholders.Kim Jwa-gwan, the private chairperson of the National Water Management Committee, expressed hope that the committee would find solutions to water issues, such as extreme droughts and floods caused by climate change, by reflecting local characteristics and residents' opinions.* This article has been translated by AI. 2026-08-23 12:04:20 -
Prime Inc. Leads in AI-Driven K-Disaster and Safety Technologies "We are building a system that predicts and prevents risks rather than responding after problems occur by utilizing artificial intelligence (AI)," said Kim Hwa-taek, CEO of Prime Inc., during an interview with reporters at the company's headquarters in Gayang-dong, Seoul, on August 20.Prime Inc., recognized as an outstanding company in management innovation by the Korea Management Innovation Small and Medium Enterprises Association (Mainbiz Association), was established in 2005 as a specialist in disaster prevention and safety management. The company has expanded its business from managing fire safety in buildings to specialized safety areas requiring high-level technology, such as highway tunnels and nuclear power plants. It handles 50% of fire and ventilation-related services for 270 tunnels managed by the Korea Expressway Corporation and 80% of services related to nuclear power plants.The company's competitive edge is supported by digital technologies, including AI. Prime Inc. took the lead in adopting digital technologies, starting with the development of a smart fire safety management system in 2010. Kim noted, "The fire industry was underdeveloped, and there was no one to create the programs we wanted, so we spent about seven years developing the system ourselves."Through a mobile application linked to this system, Prime Inc. communicates with customers in real time. In the past, if a fire alarm malfunctioned, staff had to respond on-site, but now they can check site photos and equipment information through the app to identify the cause and provide guidance on corrective actions. As a result, unnecessary emergency responses have decreased from 1,500 to about 750 annually.Prime Inc. also developed the country's first mobile app for evaluating the performance of jet fans, which are installed in large tunnels. This allows for monitoring and managing the condition of jet fans, including maintenance history and malfunction status, without needing to visit the site.The company's leading technology became a springboard for growth during the COVID-19 pandemic. The early establishment of a non-face-to-face smart safety management system gained attention as demand for contactless services surged, leading to a nearly threefold increase in clients. Revenue also saw significant growth, rising from 5 billion won in 2017 to 20.1 billion won in 2025, a 302% increase, while the number of employees grew from 68 to 195 during the same period. Prime Inc. has ranked first in national evaluations of fire facility management for three consecutive years starting in 2024, following top rankings in 2020 and 2021.Looking ahead, Prime Inc. plans to further expand its safety management capabilities using AI. The company aims to integrate predictive failure systems used in power plants into building safety management to identify equipment anomalies in advance. This approach will notify building owners of potential failures and help them prepare necessary actions, such as parts replacements.Additionally, Prime Inc. is developing an integrated safety management system that encompasses fire, electrical, elevator, and mechanical systems on a single platform. Kim stated, "We are building an AI-based system that allows users to check and respond to issues with electricity, fire safety, or elevators through one app."With proven technology in South Korea, the company is also pursuing entry into international markets. Kim emphasized, "South Korea is at the forefront of fire safety inspections globally," and mentioned that they are considering applying their smart safety management system overseas.* This article has been translated by AI. 2026-08-23 12:04:10 -
Seven Industries, Including Automotive and Secondary Batteries, to Receive Integrated Environmental Permits 자동차와 이차전지 등 7개 업종이 통합환경허가 대상에 새로 포함된다. 새 제도는 업종별 준비 상황에 따라 2028년과 2029년부터 단계적으로 적용되며 기존 사업장에는 4년의 허가 유예기간이 주어진다.기후에너지환경부는 이 같은 내용을 담은 '환경오염시설의 통합관리에 관한 법률' 시행령·시행규칙 개정안을 오는 26일부터 10월 6일까지 입법예고한다고 23일 밝혔다.통합환경허가는 오염물질 배출량이 많은 대기·수질 1·2종 사업장을 대상으로 대기와 수질, 폐기물 등 최대 10종의 환경 인허가를 하나로 통합하는 제도다. 사업장이 주변 환경에 미치는 영향을 분석해 맞춤형 배출기준을 설정하고 업종과 공정 특성에 맞는 오염물질 저감기술을 적용하도록 한다.이번 개정안에 따라 비알코올 음료 제조업과 유지·낙농제품 제조업, 기타 식품 제조업은 2028년 1월부터 통합환경허가 대상이 된다. 자동차 제조업과 이차전지 제조업, 판유리 제조업, 고무제품 제조업에는 2029년 1월부터 적용된다.새로 편입되는 사업장은 총 183곳이다. 2028년 적용되는 3개 업종이 96곳, 2029년 적용되는 4개 업종이 87곳이다. 기존 사업장에는 시행일로부터 4년의 유예기간을 부여해 각각 2032년과 2033년까지 통합허가를 받도록 할 예정이다.통합허가 대상 업종은 기존 27개에서 34개로 늘어난다. 2017년 제도 시행 이후 2024년까지 발전과 철강, 석유화학, 반도체, 시멘트 등 19개 업종의 사업장 1370곳이 통합허가를 받았다.사업장이 매년 제출하는 연간 보고서의 작성 대행 기준도 마련됐다. 보고서 작성을 대행하려는 업체는 통합허가대행업 등록에 필요한 기존 기술인력 5명 외에 별도의 전문인력 2명 이상을 확보해야 한다.보고서를 거짓으로 작성하면 1차 영업정지 6개월, 2차 등록취소 처분을 받는다. 부실하게 작성한 경우에는 경고를 시작으로 위반 횟수에 따라 영업정지와 등록취소 처분이 내려진다.대행업자가 사업장의 허가배출기준과 허가조건 이행 여부를 자체 점검해 연간 보고서에 포함하고 환경청 평가에서 우수성을 인정받으면 정기검사 주기는 현행 최대 3년에서 5년까지 연장된다.기업의 현장 부담을 줄이기 위한 규제 개선 방안도 개정안에 담겼다. 발전소가 전력당국의 급전지시로 급정지하거나 재가동되는 과정에서 불가피하게 배출기준을 일시적으로 초과하면 초과배출부과금을 감면받을 수 있다.상시근로자 50명 미만 중소기업은 환경 분야에서 8년 이상 근무하고 관련 교육을 이수한 사람을 별도의 자격요건 없이 통합환경관리인으로 선임할 수 있다. 중소기업이 중견기업으로 전환된 경우에도 1년간 동일한 기준을 적용한다.김진식 기후부 대기환경국장은 "산업구조와 오염물질 배출 특성의 변화를 반영해 통합허가 대상을 합리적으로 확대했다"며 "환경관리 수준을 높이면서도 기업 현장의 여건을 반영하도록 제도를 지속해서 개선하겠다"고 밝혔다.* This article has been translated by AI. 2026-08-23 12:04:10


