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Articles by Bae Jae-heung
‘A certain thirst’ leads people to solo-drinking bars···Local youth say “Because we want to connect and interact”
④Mojamussa - Local youth today Even when they drink alone, young people who do not want to be alone these days go to solo-drinking bars. Even Jecheon in North Chungcheong Province, a city of 120,000 that young people are leaving, has a solo-drinking bar. It is not the kind of place, like the recently trendy solo-drinking bars, with a U-shaped table that naturally fosters conversation. Still, there are young people in Jecheon who need a solo-drinking bar, and this place has become theirs.
“Usefulness? Think like that and jeongbyeong comes”… Everyone is fighting their own worthlessness
④Mojamussa - In Search of a Sense of Worth Choi Min-seok (28, a pseudonym) waits for heavy snow. When his mountainous hometown is blanketed in white, he gets on construction heavy equipment and makes a loop around the neighborhood. When he pulls up stranded cars, the people who had their foreheads on the steering wheel thank him over and over. His face brightened as he recalled those days.
Buying the dip, or equivalent exchange… Ah, marriage is hard
③ 404 : Love Not Found Marriage comes with a profit-and-loss statement. “A good job or a wealthy family”(Lee Su-hyun·34·alias), “No money, but a strong academic pedigree, so buy the dip”(Kim Kyung-ho·32·alias), and so on. In the minds of young people contemplating marriage, addition and subtraction race back and forth. At the center is the home. Last month, the average sale price of a Seoul apartment was 1,624,690,000 won (KB Real Estate). It has risen by 1 billion won in ten years.
Why is this not the normal track…A story of a certain 12th-grader
②Low-Orbit Youth Early September, with the heat not yet gone. There are already 12th-grade students who have entered the final stretch of the second semester. For seniors at specialized high schools, time flows not by the November college entrance exam but by the October start of on-site practicums. Those assigned to a practicum company sit in class counting down to their first day at work.
“It just spins meaninglessly like a top”···‘Low-Orbit Youth’ 10-Year Follow-Up
②Low-Orbit Youth The artificial intelligence that once played Go against humans now composes music and writes novels. In the meantime, the COVID-19 pandemic swept across the world. In ten years, it is not merely the landscape that has changed but the world itself. The young person who greeted twenty at the outset of this upheaval has by now turned thirty. “When I was little, I thought thirty meant being a middle-aged man, you know?
The Jeong-byeong Era, Asking About Dreams···Stories of 100 Genre-only Young People
1 Genre-only Youth - 100 Stories There is no such thing as a youth problem. The job crisis and housing crisis that have already persisted for decades are no longer youth problems. They are the true face, the bare face, of this society. They are constants of our society that the state either cannot solve or has no will to solve. There is no single youth problem. Aside from age, they share little in common.
Dopamine is ‘max’, a ‘balanced game’ is essential···the webtoon ‘Youth Survival Manual 2026’ by artist Jo Eun-young
Kyunghyang Shinmun marks its 80th anniversary by returning to talk about youth. Ten years ago, through the serialized project <Shaking Youth>, it conveyed the fear and anger of young people. In ten years, youth has changed. Because the world did not change, youth did. Rather than fighting the world, they chose to seep into it. Having grown accustomed to social evaluation, they also rank other people by tiers. To adapt to anxiety, they supply dopamine and diagnose disorders.
“Open on Sundays, too”···Banks, target ‘Korean Foreigners’
“Weekdays are busy. Sunday is fine.” Hostin (29), from Indonesia, visited the Shinhan Bank Ansan Foreigners-Centered Branch in Wongok-dong, Ansan, Gyeonggi Province, on the morning of the 2nd. Located within the Ansan Multicultural Village Special Zone, this place opens on Sundays. This branch is mainly frequented by foreign workers who find it hard to make time on weekdays.
Prevent a second ‘Samchundang Pharmaceutical incident’···Pharma and biotech disclosures should focus on ‘numbers’ over dreams
From now on, pharmaceutical and biotech companies must, when conducting an initial public offering (IPO), break down the basis for calculating the offer price into four categories and explain each. After listing, they must also disclose in detail the status of research and development and the size of technology transfer contracts. Guidelines will also be introduced to exclude rosy expressions such as ‘dream drug’ in media reports on pharma and biotech.
KRW-USD exchange rate falls below 1,450 won for the first time in five months... lowest since the Middle East war
On the 29th, the KRW-USD exchange rate fell below 1,450 won for the first time in five months since the U.S.-Iran war. In the Seoul foreign exchange market that day, the KRW-USD rate closed the day session (as of 3:30 p.m.) at 1,446.70 won, down 15.8 won from the previous trading day. This is the lowest closing level for the day session since February 27 this year (1,439.70 won), just before the Middle East war broke out.
SK hynix Q2 operating profit at 60.5 trillion won···up 557%↑
SK hynix surpassed 60 trillion won in operating profit in the second quarter of this year, setting another all-time record. On the 29th, SK hynix disclosed that, on a consolidated basis, its provisional operating profit for the second quarter was 60.5426 trillion won, up 557.2% from the same period last year. The operating margin was 76%. Revenue was 79.3187 trillion won, up 256.8% over the same period. Net income was 93.9226 trillion won, an increase of 1,242.5%.
Variable rates rise during a rate-hike cycle··· Variable-rate mortgages account for 62.3%, the highest in 12 years and 4 months
Last month, variable-rate loans accounted for a share in the 60% range among new home mortgages, the highest in about 12 years. As the Bank of Korea has maintained a benchmark rate-hike stance and fixed-rate yields have risen, demand appears to have increased to shoulder the cheaper interest for now.
FSS special judicial police raid the Korea Exchange over ‘L&F revised disclosure’
On the 27th, the Capital Markets Special Judicial Police of the Financial Supervisory Service conducted a search and seizure at the Korea Exchange to obtain materials related to suspicions about a revised disclosure by L&F regarding its supply contract with Tesla. According to the securities industry, that morning the special judicial police secured at the Korea Exchange in Yeouido, Seoul, disclosure materials submitted by L&F and documents related to disclosure review.
Won-dollar exchange rate falls to the 1,450-won range, with the key variable being ‘Middle East war’
The won-dollar exchange rate, which had far exceeded 1,500 won, has recently fallen to the 1,450-won range. There are projections that the real value of the won, which had hit its lowest level since the global financial crisis, will also rebound. However, the U.S.-Iran war flaring up again is a variable. According to the Bank of Korea Economic Statistics System on the 26th, the won-dollar exchange rate closed at 1,458.5 won (as of 6 a.m.) on the 24th.
KB Kookmin Bank to launch export-import payments using JPMorgan Kinexis blockchain
KB Kookmin Bank announced on the 26th that it will launch next month an export-import corporate payment service using the blockchain-based payment network of JPMorgan Kinexis. JPMorgan Kinexis is the blockchain business division operated by the investment bank JPMorgan and is one of the world’s largest institution-only blockchain payment infrastructures. This is the first time a domestic financial company has used this infrastructure for an export-import corporate payment service.
Won-yen exchange rate falls into the 800-won range for the first time in 1 year and 8 months
The won-yen cross rate fell into the 800-won range per 100 yen for the first time in 1 year and 8 months. While the won, which until recently had moved in tandem with the yen and failed to gain traction, has turned stronger, the yen is continuing an unprecedented slump. In the Seoul foreign exchange market at 3:30 p.m. on the 23rd, the won-yen cross rate was 899.46 won per 100 yen, down 7.96 won from the previous session (907.42 won).
‘Brisk semiconductor exports’ Q2 economic growth rate 0.6%··· above forecast
The South Korean economy continued its expansion, aided by strong semiconductor exports. The Bank of Korea said on the 23rd that real gross domestic product (GDP) in the second quarter grew 0.6% from the previous quarter on a preliminary basis. This is 0.4 percentage points higher than the second quarter growth forecast of 0.2% that the Bank of Korea had previously presented.
Will commercial banks also soon offer deposits in the ‘4% range’?
This is the [What Is the Economy] column written by reporters on the Kyunghyang Shinmun Economics Desk. We present the week’s economic news in an easy and engaging way. On the 16th, Woori Bank announced it would raise interest rates on deposit products such as time deposits by 0.25~0.30 percentage points. This immediately reflected in savings and installment savings rates the Bank of Korea’s same-day hike of the base rate by 0.25 percentage points, from 2.50% to 2.75%.
“Why did I not choose a fixed rate?”···The ‘all-in·borrow-to-invest’ crowd on high alert, if rates rise by 0.5 percentage point, annual interest up by 600,000 won↑
Office worker A (39) bought an apartment in Yeongtong-gu, Suwon, for 400 million won in March and fulfilled the dream of preparing ‘my own home’. Of the home purchase funds, 290 million won was borrowed from a bank. As the aftermath of the United StatesIran war was not yet large at the time, he took out a variable-rate (6 months) mortgage expecting future rate cuts. The current rate is 4.45% per year.
Shin Hyun-song “If there is a price to watch, it is the semiconductor price itself rather than semiconductor share prices”
Governor Shin Hyun-song of the Bank of Korea said on the 16th, “Stock market volatility has been quite high lately,” while adding, “There are not many systemic risk factors that could affect the real economy.” He said this at a press conference held after the Monetary Policy Board of the Bank of Korea raised the base rate from 2.50% to 2.75% per annum, responding to a question about whether continued volatility in the domestic stock market could become a burden on the rate hike through weaker...
Extending a statute of limitations without the debtor knowing is not allowed... Full abolition of the special exception for service by public notice
The Ministry of Justice and the Financial Services Commission announced on the 15th that they will push to abolish the special exception that allows service by public notice in payment order proceedings, so that financial institutions cannot mechanically extend the statute of limitations on claims without the debtor knowing. The payment order (demand) procedure is a simplified dispute resolution process initiated when a creditor applies for a payment order.
“Even a $1 overseas direct investment must be reported”···To avoid fines, be mindful of foreign exchange transaction reporting obligations
Resident A sold real estate in the United States, left the proceeds in a time deposit at a local bank instead of bringing them into Korea, and did not file the required pre-report for foreign-currency deposit transactions with a foreign exchange bank. Resident B sold a 10% stake in a local Chinese corporation to another resident for 50,000,000 KRW but did not file a change report with a foreign exchange bank within three months.
“Law to Protect Vulnerable Debtors Exists, So Why Is It Nowhere to Be Found?”···‘Parental Debt’ College Student Writes to the National Assembly
Refusals by financial firms to grant collection deferrals leave borrowers ‘at a loss’ Financial Services Commission should publish eligibility criteria “Hard to regulate uniformly,” showing reluctance “I am a college student and a member of a family.
Flight delays are frustrating, and you are told you cannot receive the insurance payout?···Before the vacation season, here is what to know before signing up for ‘travel insurance’
Recently, after finishing an overseas trip, Mr. A had his return flight delayed and waited about five more hours at the airport than planned. Although Mr. A had enrolled in ‘travel insurance’ that included a flight delay rider, he filed a claim after returning home but was rejected. The insurer said that Mr. A had purchased the ‘indemnity-type’ policy, which compensates actual losses, rather than the ‘index-type’ policy that pays a fixed amount for the length of the delay.
Financial Supervisory Service special judicial police raid Maeil Business TV···suspected front-running
On the 8th, the Financial Supervisory Service special judicial police for the capital market (SJP) launched a search and seizure after detecting suspected front-running by employees affiliated with Maeil Business TV. Maeil Business TV is an economic channel specializing in personal finance under Maekyung Media. According to the financial sector, the FSS capital-market SJP is searching Maeil Business TV headquarters at the Maekyung Media Center in Jung-gu, Seoul, securing related materials.
To prevent secondary crashes on highways, remember ‘Beat Box’.···An annual average of 44.3 billion KRW in summer vehicle flood damage
The Financial Supervisory Service (FSS) and the insurance industry on the 8th issued guidance on summer precautions, when the risk of automobile accidents increases due to long-distance travel and heavy downpours. According to the FSS, the number of secondary crashes on highways rose 30% over four years, from 50 cases in 2021 to 65 last year. The number of victims also increased over the same period, from 63 to 92.
The exchange rate a year ago was in the 1,300-won range··· What happens when 24-hour foreign exchange trading starts on the 6th?
This is the [What Is the Economy] column written by reporters from the Kyunghyang Shinmun business desk. We break down the week in economic news in an easy and engaging way. There is a number we face often these days but still cannot get used to: the won·dollar exchange rate. As of the 3rd (weekly trading close), it has remained in the 1,500-won range for 34 consecutive trading days. The average rate in the second quarter of this year (April~June) was 1,501.64 won.
“Youth savings? I do not know how many times I have repeated sign-ups and cancellations”···Early termination rate nears 30%
Government benefits only if a minimum 2-year maturity is met Can be maintained only when stable income and housing are secured “Consider tiered benefits depending on the timing of termination” Cho Jeong-muk (28), a freelancer, has repeatedly signed up for and canceled the Youth Hope Savings and, later, the Youth Leap Account over the past three years. Even the amounts paid in varied widely, such as 700,000 won one month and 300,000 won another.
Woori Miso Finance Foundation moves closer to small business owners···“Realizing inclusive finance”
On the 1st, Woori Financial Group announced that it had relocated the Seoul branch of the Woori Miso Finance Foundation, which supports the economic self-reliance of financially vulnerable groups, from Euljiro to Changsin-dong. The aim is to provide microfinance services closer to ordinary people, including small business owners.
Can inclusive finance become a ‘ladder for a fresh start’?
Over the past year, one word has dominated the financial industry. It is ‘inclusion’. This is the idea that individuals and companies, regardless of income or asset levels, should be able to access necessary financial services such as loans at appropriate cost. Under the Lee Jae Myung administration, discussions on inclusive finance range widely from measures to increase funding for mid- and low-credit borrowers to reforms of the existing financial system built around high-credit borrowers.
Dementia insurance benefit claims to become easier···Addition of non-designated proxy claimants
A ‘non-designated proxy claim’ system, under which you do not need to specify a particular person when making a proxy claim for dementia insurance benefits, will be introduced starting in July. In the second half of this year, it will be expanded beyond dementia insurance to insurance products related to cancer·brain·cardiovascular diseases.
Kakao union to ‘log out’ for a day today···KakaoTalk to operate normally
The Kakao union, which is in conflict with management over the performance-bonus compensation system, will stage a one-day collective action on the 29th. According to the information and communications technology (ICT) industry, the Kakao union will hold a ‘Log-out Day’ on this day, with members taking annual leave for the day and logging out of internal work systems.
‘Male full-time homemakers’ engaged in housework·childcare number 270,000···the highest on record
The number of men as ‘full-time homemakers’ who care for preschool-age children or manage the household has surpassed 270,000, marking the highest on record. According to the National Statistics Portal (KOSIS) of the Ministry of Data and Statistics on the 29th, in the first quarter of this year, the number of men classified as economically inactive due to childcare·housework was 274,000, up 16.6% from the same period a year earlier.
The ball launched by Sangnoksu··· 110,000 long-term delinquent borrowers will be freed from debt collection
Long-overdue receivables held by 45 special-purpose securitization companies, including Sangnoksu, which sparked controversy over ‘predatory finance’, will be sold to the New Start Fund. About 110,000 people, long hidden behind the name ‘special-purpose securitization company’, are expected to be freed from years of collection efforts.
Internet-only banks exceed portions of household-loan targets ··· financial authorities monitoring unsecured loans and ‘debt-fueled investing’
Internet-only banks such as K Bank, KakaoBank, and Toss Bank were found to have failed to meet parts of their household-loan management targets for unsecured loans through May this year. In particular, as borrowing to invest in the stock market (debt-fueled investing) has grown, there were calls to tighten oversight of unsecured loans. According to data received on the 25th from the Financial Supervisory Service by Rep.
Open 32 in three days to commit fraud?···Flexible installment savings accounts limited to a maximum of three per quarter
Starting in the third quarter, flexible installment savings accounts will be limited to a maximum of three per quarter.
Self-employed under strain, overdue loan amounts up 12.6%
Despite February performance bonuses, business districts around SK hynix saw no windfall Overdue debt among the self-employed grew by more than 12% in just three months. With the year-end boom gone, the harsh reality facing the self-employed amid high inflation, a high exchange rate, and high interest rates has come to light. Analyses also found that the large performance bonuses from the semiconductor boom did not translate into a revitalization of local commercial districts.
“Home prices will rise” housing price sentiment···increase widens on Samsung Electronics·SK Hynix performance bonuses
Consumer sentiment that home prices will rise strengthened, influenced by large performance bonuses at Samsung Electronics and SK Hynix. According to the Bank of Korea’s “June Consumer Survey” released on the 23rd, this month’s Housing Price Outlook Index was 120, up 8 points from the previous month (112). The index fell from 124 in January to 108 in February, then to 96 in March, dropping below 100, before starting to rise again in April (104) and returning to early-year levels.
Financial Supervisory Service chief “Should have laid down to block it”…‘Regret’ over introducing Samsung Electronics-SK Hynix leverage
“SpaceX 0 shares, absurd” On the 22nd, Lee Chan-jin, Governor of the Financial Supervisory Service, said of the single-stock leveraged exchange-traded fund (ETF) products that track twice the daily returns of Samsung Electronics and SK Hynix, “I personally reflect on whether I should have, by any means, laid myself down then to block (its introduction). I regret it a great deal.” He also said it seems they only enriched securities firms.
FSS Governor Lee Chan-jin “Single-stock leverage, I regret not lying down to block it… it only fattened securities firms”
“No allocation for Korea in SpaceXan absurd situation” Corporate in-house housing loans “Regulation is needed for the public interest” On the 22nd, Financial Supervisory Service Governor Lee Chan-jin, referring to single-stock leveraged ETFs (exchange-traded funds) that track twice the daily returns of Samsung Electronics and SK hynix, said, “I personally reflect on whether I should have, by any means, lain down then to block the introduction.
‘Record-high’ current account, surplus with the U.S. narrows… fallout from tariff imposition
Although South Korea recorded a record-high current account surplus last year, the surplus from transactions with the United States narrowed for the first time in six years due to the impact of tariff imposition. The current account with China remained in deficit for a fourth consecutive year as exports of steel products declined.
Producer prices last month up 8.5% from a year earlier↑···highest in 3 years and 10 months
Up 0.8% from the previous month, rising for nine consecutive months Spillover effects from high oil prices due to the U.S.-Iran war pushed producer prices last month up more than 8% from a year earlier, the biggest increase in about four years. On a month-over-month basis, they rose 0.8%, extending gains for a ninth straight month. However, petroleum products edged down from the previous month.
Samsung Financial and Hanjin Group join hands···Financial and airline services combined
Samsung Financial Networks and Hanjin Group announced on the 18th that they signed a strategic business agreement for combined financial and airline services. Attending the signing ceremony were the CEOs of five Samsung Financial companies (Samsung Life, Samsung Fire & Marine, Samsung Card, Samsung Securities, and Samsung Asset Management) and of four Hanjin Group companies (Korean Air, Hanjin KAL, Asiana Airlines, and Jin Air).
‘Rollercoaster’ single-stock leverage has regulators on edge···“Exercise particular caution” consumer alert
On the 18th, the Financial Supervisory Service issued a consumer alert (Caution), urging care with investments in single-stock leveraged·inverse products that track ±2 times the daily returns of Samsung Electronics·SK Hynix. The prices of single-stock leverage-related products have swung sharply in a short period, heightening concerns about losses for retail investors.
“Basic financial rights should be guaranteed as constitutional rights like the right to pursue happiness”···Debate over basic financial rights spreads
If one cannot obtain the ‘account’ used to receive a paycheck and cannot take out a ‘loan’ even when money is needed, can one live a life with human dignity? Might people excluded from financial services be unable to fully enjoy rights granted by the Constitution, such as the ‘right to pursue happiness’? Reflecting these concerns, discussion of ‘basic financial rights’ has recently begun.
‘Government subsidies’ used-car loan scam alert···“You should refuse under-the-table contracts”
Be cautious, as solicitations for used-car loans that promise to cover your installments with government subsidies or arrange employment may be scams. On the 16th, the Financial Supervisory Service issued a consumer alert (caution), stating that cases are increasing in which fraudsters use government programs or jobs as bait to make victims take out excessive used-car loans, then siphon off the loan funds and disappear.
Internet-only banks also lock down ‘overdraft accounts’… Financial authorities, alarmed by a May surge in ‘debt-fueled investing’, press the banking sector
Three internet-only banks are moving in unison to restrict unsecured lending. They are halting the opening of new overdraft accounts (overdraft accounts·unsecured loan credit limits) altogether, and will also drastically lower limits on unsecured loans. Following last week, when some commercial banks had already reduced unsecured loan limits, even internet banks that had been relatively easy places to obtain quick cash are now putting strict brakes on lending.
‘Meme coin’ scams, how to avoid them···“Do not blindly trust SNS, redress is difficult”
Investors should exercise caution, as when an incident occurs while users trade virtual assets directly with one another on a decentralized exchange (DEX), it is difficult to obtain relief for damages. On the 15th, the Financial Supervisory Service provided guidance, noting that “scams are frequent on DEXs where anyone can easily issue coins.” According to the Financial Supervisory Service, a DEX allows users to buy and sell virtual assets directly with one another without a separate operator.
Financial Services Commission to launch ‘second Public Participation Growth Fund’ in the third quarter···600 billion won in size
The Financial Services Commission announced on the 14th that it will launch the second ‘Public Participation Growth Fund’, totaling 600 billion won, in the third quarter (July to September). Financial Services Commission Chair Lee Eok-won held the ‘Roundtable with managers of the public participation-type National Growth Fund’ at the Korea Financial Investment Association in Yeouido, Seoul, on the 12th and shared plans to launch the second Public Participation Growth Fund.
Meritz Financial considers providing KRW 100 billion in emergency operating funds to Homeplus ··· on condition of guarantees by MBK·Chairman Kim Byung-ju
Meritz Financial Group is reviewing a plan to provide KRW 100 billion in emergency operating funds (DIP financing) to Homeplus, on the precondition of guarantees from MBK Partners and Chairman Kim Byung-ju. Meritz Financial said on the 11th, after meeting Democratic Party of Korea lawmakers Yoo Dong-soo·Min Byung-deok·Kim Nam-geun·Lee Kang-il at the Meritz Securities headquarters in Yeouido, Seoul, that “We are confirming specific guarantee conditions for financial support to Homeplus”.
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