Household Debt Surpasses 2000 Trillion Won as Loan Regulations Face Challenges
Household debt in South Korea has surpassed 2000 trillion won for the first time, putting the financial authorities' household loan regulations to the test. Earlier this year, the authorities set a strict loan growth target of 1.5%, but bank lending has already exceeded this initial goal. As a result, the financial authorities have doubled the target to 3% just four months later, raising questions about the effectiveness of pre-setting annual loan limits.As of August 18, the outstanding househol
APR Sees Rapid Growth in Europe with 363% Increase in First Half Revenue
Beauty company APR has expanded its online and offline sales channels in Europe, surpassing 220 billion won in revenue for the first half of the year. The company plans to accelerate its goal of achieving 500 billion won in annual revenue by broadening its product range and distribution network in the region.APR reported on August 19 that its European revenue for the first half of the year reached 228.9 billion won, marking an approximate 363% increase compared to the same period last year. This
Kiaf and Frieze to Open in Seoul on September 2, Attracting Global Galleries
The global art community is turning its attention to Seoul this September. Hundreds of galleries, from emerging to mega, will gather in the city to showcase a wide array of artworks. However, with the ongoing downturn in the art market, it remains uncertain whether these exhibitions will translate into actual sales.On September 2, the art fairs Frieze Seoul and Kiaf Seoul will kick off at COEX, following a joint press conference held on August 19 at the Westin Chosun Hotel in Seoul's Sogong-dong
Will Trump and Kim Meet Again? Strategic Gains for North Korea
Reports indicate that U.S. President Donald Trump is considering a meeting with North Korean leader Kim Jong Un during the Asia-Pacific Economic Cooperation (APEC) summit in November, raising the possibility of renewed U.S.-North Korea dialogue.However, the negotiation environment for North Korea has significantly changed since the first U.S.-North Korea summit in 2018, which focused on denuclearization. North Korea has advanced its nuclear and missile capabilities and strengthened ties with Rus
In Seoul, 40% of Auctioned Properties Have Been on the Market for Over Two Years
Last month, 40% of the 10 collective buildings sold through voluntary auctions in Seoul had been on the market for over two years. This trend is attributed to a surge in long-term auction properties hitting the market due to high interest rates, coinciding with rising housing prices in Seoul and a robust auction market.According to the Court Registration Information Center on August 19, 680 collective buildings across the country took more than two years from the initiation of voluntary auction
SK Hynix to Burn 40 Trillion Won in Treasury Shares, Expands Shareholder Returns
SK Hynix has decided to buy back and completely cancel 40 trillion won worth of its treasury shares to boost its stock price and enhance shareholder value. This marks the largest treasury stock cancellation in the history of South Korean listed companies.On August 19, SK Hynix announced through a public disclosure that its board of directors approved the acquisition and cancellation of treasury shares.The planned acquisition amount totals 40 trillion won, which is equivalent to approximately 24.
Takaichi's Word Change Sparks Historical Controversy in Japan
Japan's Prime Minister Takaichi Sanae is facing historical perception controversy over a single word added to her war remembrance speech. She changed the phrase "I will not let the horrors of war be repeated" to "I will not let it be repeated," incorporating the auxiliary verb 'se' (せ). This alteration has been interpreted as shifting the responsibility for war from Japan to other countries, suggesting that Japan is preventing others from starting wars.Every year on August 15, which marks both
South Korea's Foreign Minister Says Trump Administration's Training Reduction Surprised Both Governments
South Korea's Foreign Minister Cho Hyun stated that neither the South Korean government nor U.S. officials were aware of President Donald Trump's directive to reduce joint military exercises. During a session of the National Assembly's Foreign Affairs and Unification Committee on August 19, Cho mentioned that he learned about the decision through social media (Truth Social), adding, "Therefore, we were not notified in advance." Following Trump's remarks, Cho instructed the South Korean Embassy i
Ministry of SMEs to Launch Second Round of 'Everyone's Startup' Program
The Ministry of SMEs and Startups announced on August 19 that it will begin accepting applications for the second round of the 'Everyone's Startup Project' from August 20 to September 17.The Everyone's Startup initiative is a platform designed to foster entrepreneurial talent by allowing anyone with an idea to pursue a startup, supported by government investment. The first round attracted over 63,000 applicants, from which 5,000 were selected.The second round will double the number of participan
Anyang Fire Department Enhances Emergency Response Capabilities Through Eulji Training
The Anyang Fire Department is enhancing its emergency response capabilities through the Eulji training exercise. The department announced on August 19 that it will conduct the 2026 Eulji training from August 18 to 21 to establish national emergency preparedness and strengthen response capabilities in wartime and emergency situations. This year's Eulji training is a government-wide emergency preparedness drill aimed at checking response procedures and transition systems in various crisis situatio