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COVER STORY KB leadership change raises prospect of generational shift across financial sector

KB Financial Group’s surprise decision to nominate Vice Chairman Lee Jae-keun as its next leader instead of extending incumbent Chairman Yang Jong-hee’s term is expected to trigger a sweeping overhaul of its subsidiaries’ management, industry officials said Monday. The move has also fueled speculation over whether the push for generational change will spread to other major financial holding companies. With 54 subsidiary CEOs across the country’s five major financial groups facing term expirations by the end of this year, a major wave of executive reshuffles is expected. On Friday, KB Financial’s chairman recommendation committee officially nominated Lee as the final candidate for the chairmanship. Because Yang was widely anticipated to secure a second term following record-breaking financial results, market observers view the outcome as a dramatic leadership shift. Yang was born in 1961, while Lee was born in 1966, making the latter five years younger. Explaining its rationale, the committee noted, “This is a critical juncture to execute bold institutional reforms and genera

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Yield on 10-year US Treasury note at 5% for 1st time since 2023

NEW YORK — The yield on the 10-year U.S. Treasury note hit five percent Monday as oil prices rose further amid a Middle East war that has exacerbated the inflation outlook. Near 1430 GMT, the yield stood at 5.01 percent, its highest level since October 2023. The move in the bond market came as oil prices advanced about four percent after Saudi Arabia shut its East-West pipeline — a key export route with Iran's effective closure of the Strait of Hormuz — following drone attacks by Yemen's Houthis. The rise in oil prices, which means both major crude contracts now stand above $100 a barrel, has contributed to expectations that the Federal Reserve will lift interest rates on Wednesday to counter inflation. The yield on the 30-year U.S. Treasury bond is currently at its highest level in nearly 20 years. Besides higher oil prices, analysts have pointed to the U.S. budget deficit and the artificial intelligence boom as factors that have flooded the bond market, pushing rates higher.

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1.8 tln won traded in first KRX after-hours stock trading session

A total of 1.8 trillion won ($1.33 billion) worth of stocks were traded during South Korea's first after-hours stock trading session Monday, the Korea Exchange (KRX) said. On the first day of the new session, investors were able to trade stocks listed on the benchmark Korea Composite Stock Price Index (KOSPI) and the tech-heavy Kosdaq in real time for four hours from 4 p.m. to 8 p.m., following the regular 9 a.m.-3:30 p.m. trading session, according to the KRX. "With major U.S. stock exchanges, such as Nasdaq, set to begin 23-hour trading by the end of this year to attract liquidity, the move is aimed at laying the foundation for competition with global markets," a KRX official said. During the four-hour session, a total of 72.24 million shares worth 1.82 trillion won changed hands on the two markets, accounting for 8.03 percent and 7.05 percent, respectively, of the 900 million shares worth 25.8 trillion won traded during the regular session from 9 a.m. to 3:30 p.m. Until Friday, after-hours stock trading was available only on the alternative trading system Nextrade (NXT) from 3:40 p.m.

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Trump dismisses need for guardrails as a 'SICK conspiracy' against AI

WASHINGTON — President Donald Trump said Monday that he would be a sufficient guardrail against rogue artificial intelligence, claiming that any efforts to limit the technology was part of a “SICK conspiracy.” Trump was pushing back against calls by tech leaders such as Anthropic's Dario Amodei, OpenAI's Sam Altman and Elon Musk to have greater government oversight of AI. Their goal is to ensure the technology is developed in ways that promote safety, address legal liability, feed economic growth, advance science and preserve national security. The president maintained that his presence in the Oval Office should assuage any fears about AI, which has become a source of controversy after a series of hacks in recent months that showed AI agents could be working to deceive humans. “The only control or ‘guardrails’ that AI needs is a STRONG AND SMART (High IQ!) PRESIDENT, and the U.S.A. has that, in spades!” Trump posted on social media. Trump specifically said that the administration has already stopped the AI company Anthropic “from doing bad, or potentially bad” things. A

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Korea, Uzbekistan agree on cooperation in critical mineral supply chains

President Lee Jae Myung and Uzbek President Shavkat Mirziyoyev agreed to expand cooperation in critical mineral supply chains, artificial intelligence (AI) and other emerging industries, Monday, as Korea seeks closer economic ties with resource-rich Central Asia. “From transportation infrastructure to health care, responses to the climate crisis, critical mineral supply chains, AI, digital technology and the defense industry, I believe we can broaden mutually beneficial cooperation and jointly foster new drivers of future growth,” Lee said during their summit in Seoul. His remarks came ahead of Korea’s inaugural multilateral summit with five Central Asian countries — Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan — in Seoul, Wednesday. Wednesday’s gathering is expected to explore linking Central Asia’s critical minerals and energy resources with Korea’s exploration, processing and advanced manufacturing technologies. Lee said Uzbekistan is Korea’s only special strategic partner in Central Asia, describing the country as an invaluable friend and key part

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Korea's aquaculture takes full blow of climate change

A putrid stench blanketed the area as about a dozen fishing boats docked one by one at Dara Port in Sanyang-eup, Tongyeong, South Gyeongsang Province. Every deck was piled high with dead fish. Most were cold-water species, such as Korean rockfish and grey mullet, but there were also considerable numbers of warm-water fish, including filefish. Groups of three or four men boarded the boats and shoveled the carcasses into an excavator bucket to be hauled ashore. Despite their nonstop work, it took more than half an hour to empty a single boat of dead fish. “This is the sixth boatload of dead fish from our farm alone today. More than 30 percent of the fish at our one-hectare cage farm have died, and we’ve already lost more than 500 million won ($371,500),” said one fish farmer with resignation as he watched the carcasses being unloaded. “I’ve been farming fish for 38 years, but with sea temperatures rising each year and losses snowballing like this, I don’t know how we’re going to hold on.” 13.53 million fish dead due to rising sea temperatures Soaring sea temperatures during t

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Plan for literary translation graduate school delayed over regional development policy

A plan by the Literature Translation Institute of Korea (LTI Korea) to establish an independent graduate school dedicated to Korean literary translation in Seoul has been delayed as it went against the government's initiative for "balanced regional development." The institution is now reviewing an interim master's program with a national university outside Seoul while continuing to pursue the longer-term goal of a standalone facility. The state-run institute under the Ministry of Culture, Sports and Tourism has long operated a translation academy that has nurtured translators who bring Korean literature to wider international audiences. Its key limitation, however, has been that the program falls outside the official degree education system. To address that, the institute planned to open an independent graduate school in Seoul in September 2027. Those plans have since been revised, according to government officials and other sources, and it is now in talks with regional universities to launch a master's degree program as an interim step instead. “As a transitional measure, we have rev

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Lee's bungled personnel picks hold back his agenda

President Lee Jae Myung is facing difficulty in regaining momentum in state affairs, as a Cabinet reshuffle intended to give his administration a fresh start in its second year has instead backfired amid a series of controversies. Rep. Yong Hye-in, nominated as minister of gender equality and family by Lee, stepped down Sunday after two weeks at the center of controversy, removing one immediate source of trouble but doing little to resolve broader questions about the administration's personnel choices. Her nomination renewed questions about the influence of Kim Hyun-ji, Lee's longtime aide and first deputy chief of staff, over personnel choices and state affairs — questions that have persisted since Lee took office in June 2025. The presidential office has rejected speculation about Kim's involvement, but Yong's nomination has drawn criticism of the administration's personnel vetting process. Another disputed pick, Justice Minister nominee Kim Seung-won, is set to proceed with his confirmation hearing on Tuesday, indicating implicit backing from Cheong Wa Dae and the ruling Democratic

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Seoul risks being sidelined if US-NK talks resume, Victor Cha warns

President Lee Jae Myung should maintain close communication with U.S. President Donald Trump to ensure Seoul is not sidelined if Washington resumes direct talks with North Korea, veteran Korea expert Victor Cha said Monday. Cha, president of the Geopolitics and Foreign Policy Department at the Center for Strategic and International Studies, pointed to former Japanese Prime Minister Shinzo Abe’s efforts during Trump’s first term to stay closely engaged with the U.S. president whenever Trump met North Korean leader Kim Jong-un. “You remember Shinzo Abe during Trump 1.0. Every meeting that Trump had with Kim Jong-un, Shinzo Abe came to Washington to ensure that President Trump didn't sell out Japanese equities in any sort of deal with the North Korean leader,” Cha said during a forum titled “Changes in U.S. Security Strategy and Their Implications for the Korean Peninsula” hosted by the Korea-America Association. He joined the event virtually. “I think it's very important for the South Korean president to think the same way about this,” he said, adding that Lee and Trump ap

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Trump's Iran war is not S. Korea's war

South Korea faces an uncomfortable question: How much should an ally sacrifice for a war it did not choose? U.S. President Donald Trump increasingly appears to expect Seoul to answer: more. As the U.S. war with Iran enters its seventh month, Washington is pressing Seoul to contribute to efforts to secure the Strait of Hormuz. Seoul has sent an inspection team to the United Arab Emirates and is considering possible contributions to maritime security, but says no decision has been made to deploy troops. Any military deployment would require parliamentary approval. South Korea has legitimate reasons to care deeply about Hormuz. The strait is critical to its energy security, and disruptions have contributed to rising oil prices. Brent crude recently climbed above $107 a barrel as fighting and attacks on regional energy infrastructure intensified. But an economic interest in keeping the waterway open is not the same as an obligation to join a U.S. war. That distinction has been blurred by Trump’s increasingly unilateral approach to alliances. The most troubling aspect of Washington’s pressu

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Korea closes loophole allowing minors into unmanned vape shops

Minors will be barred from entering or working at unmanned e-cigarette stores, as the government moves to close a regulatory gap that has let them buy e-cigarettes unchecked. The Ministry of Gender Equality and Family said Monday that it will pre-announce legislation aimed at blocking the sale and distribution of e-cigarettes to minors at unmanned stores, during a notice period that will run until Oct. 6. The rule applies to businesses that sell e-cigarette devices and liquids through vending machines without a store owner or staff present. Such businesses must post signs barring minors from entering or being hired and take measures such as checking customers' ages to keep people aged under 19 out. "Because unmanned e-cigarette stores have no salespeople present, it is difficult to stop minors from entering and buying products on the spot," said Yoon Se-jin, the ministry's director of youth policy. "We will work to tighten the system so that minors cannot easily access e-cigarettes." The move follows growing concern that minors could still buy e-cigarettes at unmanned stores even after e

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Seoul city to operate up to 1,500 free shuttle buses amid looming bus strike

The Seoul metropolitan government said Monday it plans to operate up to 1,500 free shuttle buses this week if unionized workers of the capital's intracity buses press ahead with their planned strike. Unionized city bus workers voted Friday to go on strike beginning Wednesday if they fail to reach a deal with the management, raising concerns of major traffic disruptions and delays. As part of response plans to the potential strike, the city government said it will operate around 200 free shuttle buses between city wards, while 1,300 others will connect key city hubs and residential areas to subway stations. It marks an increase from around 700 free shuttle buses operated during the previous strike in January. The city said it also plans to extend subway morning rush-hour operations by two hours so that it runs from 7 a.m. to 11 a.m., while extending late-night operations so that the last train runs until 2 a.m. It also plans to offer the city's public bike service, Ttareungi, for free during the strike period. Unionized bus workers and bus operators have been locked in a dispute over the ca

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Korea's corporate tax revenue to top $149 bil. in 2027 as chip boom lifts profits

Korea’s corporate tax revenue is expected to top 200 trillion won ($149 billion) for the first time next year, as a semiconductor supercycle sends company profits soaring. It would also mark the first time since 2012 that corporate tax receipts overtake income taxes, according to government data, Monday. The windfall is putting a spotlight on a defining feature of the country’s economy: its heavy reliance on semiconductors for both exports and growth. That dependence has made government revenue unusually vulnerable to swings in the chip cycle, prompting the need for new fiscal rules to help smooth out future fluctuations in tax receipts. In its budget proposal, the Ministry of Finance and Economy forecast 216.7 trillion won in corporate tax revenue next year, 36.7 trillion won more than the 180 trillion won it expects to collect in income taxes. The surge is being driven largely by semiconductor giants such as Samsung Electronics and SK hynix as the global chip market remains buoyant. Corporate tax revenue has long tracked the fortunes of the industry. It rose from the 40 trillion wo

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LG AI Research seeks to address industrial challenges with 'expert' AI models

LG AI Research, an artificial intelligence (AI) institute of LG Group, has unveiled “expert” AI models based on its EXAONE large language model, which are already delivering tangible results by addressing practical challenges encountered in real world industrial environments. The models were unveiled during LG AI Talk Concert 2026, held by LG AI Research to introduce use cases of its expert AI models, each specialized in manufacturing, science and finance. “Building a good AI model is important, but LG AI Research’s mission is to solve difficult problems that industries have struggled with for years,” LG AI Research co-head Lim Woo-hyung said during his keynote speech. “There are already many general-purpose AI models in the world that generate excellent answers. But solving problems in industrial settings requires AI that can understand numerous variables, even the 1 percent of exceptional cases. AI can prove its value in industry only when it can demonstrate tangible results.” As part of that approach, LG AI Research unveiled EXAONE Tabular and EXAONE Omni-Inspect. Tabular

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Korea Eximbank, Gangwon Province launch joint financing push for K-food exporters

The Export-Import Bank of Korea (Korea Eximbank) is expanding financial support for food exporters in Gangwon Province as part of a broader push to help companies outside the Seoul metropolitan area enter overseas markets, the state-run lender said Monday. The initiative’s first beneficiary is Sejun F&B, a rice-based food manufacturer located in Hongcheon, Gangwon Province. A maker of convenience foods including rice cakes and “nurungji” (scorched rice), the company is developing its own brand as it looks to build a presence in international markets. Korea Eximbank CEO Hwang Ki-yeon visited the food maker’s production facilities, Friday, as part of the bank’s efforts to support the overseas expansion of regional K-food businesses. Under a memorandum of understanding (MOU) signed last month between Korea Eximbank and the Gangwon Provincial Government, the lender provides participating companies with loans at preferential rates, while Gangwon Province reimburses the bank for part of the interest-rate reduction. The financing comes as rice-based food exports have grown steadily ov

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Deep tech rises in Korea's venture market, while global ties remain weak

Korea's venture market is shifting toward deep-tech industries including artificial intelligence (AI) chips and robotics, but weak ties with global investors remain a drag on the country's startup ecosystem, a senior industry official said Monday. Lim Jung-wook, executive director of Startup Alliance Korea and a former deputy minister of SMEs and startups, made the remarks at SCG Investment's Global GP-LP Day in Seoul, which brought together seven U.S. general partners with about $14 billion in combined assets under management (AUM). "Korea has chip design, foundries, materials, equipment and customers all within one country," Lim said. "There are not many countries in the world that can do this." The startup sector is recovering from the downturn that followed the pandemic-era funding boom. Venture capital investment reached $6.6 billion in the first half of 2026, up 54 percent from a year earlier. Nine of the 10 standout deals this year involved companies in tech sectors, including Furiosa AI, Rebellions, Upstage and Exina. Despite Korea's strengths in technology and manufacturing, its

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Michigan governor courts Korean businesses' investments

Michigan Gov. Gretchen Whitmer on Monday called on Korean businesses to invest in advanced technologies in the U.S. state. She made the call during a business luncheon hosted by the Korea International Trade Association (KITA), where Whitmer, KITA Chairman Yoon Jin-sik and representatives from the Korea-U.S. Economic Council, Samsung SDI, LG Energy Solution, Hansae Mobility and other companies operating or considering investments in Michigan discussed ways to strengthen bilateral cooperation. The Michigan delegation included Whitmer, Michigan Economic Development Corp. (MEDC) CEO Quentin Messer Jr. and other officials. “Michigan is ready to work with Korean companies to develop next-generation technologies, backed by our highly skilled workforce, advanced manufacturing capabilities and strong supply chains,” Whitmer was quoted as saying. “Building on the decades long partnership between Michigan and Korea, we look forward to work with Korean companies to open new opportunities in future industries.” Whitmer has led efforts to revive Michigan’s auto industry and attract investmen

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Calling them 'North Korean' may turn them away from reporters: Naming dilemma at Asian Games

The 2026 Aichi-Nagoya Asian Games are just around the corner. For journalists, that means a hectic rush to arrange accommodation and transport around competition schedules. But this time, something else is weighing on South Korean reporters’ minds: when they encounter North Korean athletes, how should they address them? South Korean athletes and journalists alike are bound to cross paths with the North Korean delegation at venues throughout the Games. North Korea is sending around 180 athletes across 14 sports, including football, weightlifting, table tennis and wrestling. Its women’s football team has its sights set on gold as competition begins Monday. With the two Koreas drawn in the same group, encounters on and off the pitch will be inevitable. The sticking point is what to call them. It is easy to picture North Korean athletes instantly turning away the moment a South Korean journalist says “North Korea” or “an athlete from the North.” The choice of words has recently become a particularly sensitive issue at international sporting events, amid a broader shift in relat

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Editor's Pick

Korea's nuclear-powered submarines could take on broader Indo-Pacific role

Korea's nuclear-powered submarines could take on broader Indo-Pacific role

As South Korea moves ahead with plans to acquire nuclear-powered submarines, the debate is shifting from whether the country needs them to where and how they should operate. South Korean military experts say Seoul has a strong case for acquiring nuclear-powered submarines to counter North Korea, even if their initial mission is focused on waters around the Korean Peninsula. Over time, however, they expect the submarines’ role to expand into the broader Indo-Pacific, from protecting vital sea lanes to supporting undersea cooperation with the United States. The assessments come after a U.S. Navy official said last week that South Korea needs a clear security rationale and concept of operations for the costly assets, reviving questions over whether Seoul needs nuclear-powered submarines if they are to operate mainly close to home. Moon Keun-sik, a submarine expert who formerly headed the nuclear-powered submarine project team at Navy Headquarters and is now a professor at the Graduate School of Public Policy at Hanyang University in Seoul, said that argument overlooks the ability of nucl

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Life in Korea

Seoul to host K-pop, gaming tech festival at Dongdaemun Design Plaza

Seoul to host K-pop, gaming tech festival at Dongdaemun Design Plaza

Seoul will hold the four-day Entertech, Seoul 2026 festival combining K-pop, gaming and immersive technology, from Thursday to Sunday at the Dongdaemun Design Plaza (DDP), the Ihyeon Water Gate exhibition hall and the JW Marriott Dongdaemun hotel, the city government said Monday. The event will let visitors experience virtual reality K-pop performances, design their own idol characters through a mock "debut" process and try artificial intelligence (AI)-generated music composition. K-pop group Fifty Fifty, known for its 2023 hit "Cupid," which entered the Billboard Hot 100, will serve as the festival's ambassador and be featured in a location-based virtual reality (VR) content experience built around the group. A K-pop showcase on Saturday will spotlight eight rising acts from smaller Seoul-based entertainment agencies, paired with business meetings between the agencies and overseas concert promoters aimed at helping the artists break into international markets. The gaming and esports portion of the event includes hands-on demonstrations from Blizzard Entertainment, an anniversary event

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Lifestyle

Korea Heritage Service to bring Seokguram Grotto exhibition to Paris

To celebrate 140 years of diplomatic ties between Korea and France, one of Asia’s most celebrated spiritual and architectural masterpieces is heading to Paris. Starting Oct. 1, the Korea Heritage Service (KHS) will unveil a landmark exhibition dedicated to the ancient Seokguram Grotto, bringing centuries of East Asian artistic brilliance to the heart of Europe. The exhibition, titled "The Millennium Mystery of Buddhist Art: Seokguram," will run through March 13 at the Korean Cultural Center in France. It is being organized with the center, the Gyeongju city government and other institutions. Seokguram is an eighth-century artificial stone grotto near Gyeongju that houses a large seated Buddha statue and is considered a masterpiece of Silla Dynasty Buddhist art. In 1995, it became one of the first Korean sites added to the UNESCO World Heritage List. The exhibition will feature an immersive digital installation projecting a three-dimensional scan of the grotto's interior across the walls and floor of the center's auditorium, along with photographs, a tactile 3D model designed for visua

2 MIN READ
Korea Heritage Service to bring Seokguram Grotto exhibition to Paris

K-Culture

Riize to release 2nd studio album next spring

K-pop boy group Riize will release its second full-length album in spring 2027, preceded by a prologue single next month, SM Entertainment, the group's label, said Monday. The six-member act, which marked its third anniversary this month, also unveiled the schedule during a two-day fan meet-and-greet at Incheon's Inspire Arena on Saturday and Sunday. Ahead of the 2027 album, Riize will drop a prologue single on Oct. 26, SM said in a release. At the fan event, the group performed hit tracks, including "Do Your Dance," "Fly Up" and "Get a Guitar," alongside solo stages by individual members. "It has 'already' been three years, yet it also feels like 'just' three years," the group was quoted as telling its fans. "We are excited for all the things we will achieve together with Briize. We hope to keep going for a long time — even up to our 300th anniversary," it added, using the name of its fandom.

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Riize to release 2nd studio album next spring

Celebrities

Approaching 40, Lee Min-ho hopes to show something new, calls marriage 'a miracle'

From his first reading of the script for “Assassin(s),” Lee Min-ho had a clear idea of what his character, Young-il, should bring to the film: constant movement and a burst of energy to keep a potentially heavy story from becoming too solemn. “When I read the script, I felt Young-il’s role was to breathe life into the story,” Lee said in a recent interview with the Hankook Ilbo. “The director also said he wanted him to feel like a live fish. I experimented with a lot of movement during rehearsals, and he liked it. So I planned how Young-il would move in every scene.” A line about ssanghwa tea, a traditional Korean herbal drink, was also Lee’s idea, capturing the character’s sly humor. The original script gave him a lengthy stretch of dialogue in which he tried to get information out of another character, but Lee felt the scene risked becoming predictable. The idea grew out of his understanding of Young-il’s purpose in the story and his determination to avoid familiar ways of expressing it. By varying the character’s dialogue and movements without disrupting the fil

4 MIN READ
Approaching 40, Lee Min-ho hopes to show something new, calls marriage 'a miracle'

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Opinion

Top 10 Stories

  1. Korean Marines participate in US, Indonesia-led multinational drills

  2. Seoul city to operate up to 1,500 free shuttle buses amid looming bus strike

  3. President Lee's approval rating hits new low amid controversy over Cabinet reshuffle: poll

  4. COVER STORY KB leadership change raises prospect of generational shift across financial sector

  5. Lee's bungled personnel picks hold back his agenda

  6. Trump's Iran war is not S. Korea's war

  7. Korea, US to hold high-level defense talks amid Hormuz deployment consideration

  8. Korea closes loophole allowing minors into unmanned vape shops

  9. KOSPI falls below 6,700 on AI growth, oil, rate concerns

  10. Plan for literary translation graduate school delayed over regional development policy

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