Shinhan becomes 1st Korean financial group to establish holding company in Indonesia

The Korea Times - Oct 13, 2026

Shinhan Financial Group has officially launched Shinhan Financial Group Indonesia, becoming the first Korean financial group to establish a local financial holding company in the Southeast Asian country, the company said Tuesday. The launch ceremony was held in Jakarta on Monday, attended by Shinhan Financial Group Chairman Jin Ok-dong and local financial authorities. The new structure places Shinhan Indonesia Bank at the center of the group's Indonesian operations, with the bank taking on the additional role of a holding company overseeing its local card and securities businesses. The restructuring follows the Indonesian government's announcement requiring financial groups to establish holding companies in December 2024. Shinhan began reorganizing its local governance structure in response to the requirement and received approval from Indonesian financial authorities in September 2025. The transition was completed on Sept. 16 following the transfer of stakes in the group's local affiliates, according to the company. Under the new structure, Shinhan Indonesia Bank acquired additional stak

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US Army receives 1st Hanwha-made mobile howitzer system: report

The U.S. Army has received its first South Korean-made mobile howitzer system as part of efforts to replace its aging artillery systems, a U.S. defense news outlet reported Monday. The Mobile Tactical Cannon (MTC), manufactured by Hanwha Defense USA, a U.S. subsidiary of South Korea's Hanwha Aerospace Co., was displayed at a U.S. Army event held in Washington earlier this month, Defense News reported, citing U.S. Army officials. "We're excited to have that and get ready to test it," Brig. Gen. Robert Mikesh Jr., the Army's portfolio management executive for offensive fires, was quoted as saying. "And get that soldier feedback, that we think is so important." In August, Hanwha Defense USA was selected to provide prototypes based on a wheeled variant of the bestselling K9 Thunder self-propelled artillery for the MTC program, which aims to develop a highly mobile 155 mm artillery system to replace the Army's aging M777 towed howitzers. The contract calls for the delivery of six MTC prototypes, with an option for an additional 12 systems, and has a cumulative value of up to $262.9 million, a

US Army receives 1st Hanwha-made mobile howitzer system: report

Adding 'jeong' to technology

This year, the combined operating profits of Korea’s semiconductor companies are expected to soar well beyond 500 trillion won ($373 billion), reaching unprecedented levels. Some have likened this extraordinary performance to winning a lottery. But I see it differently. What we are witnessing today, I believe, is not a stroke of good fortune. Rather, it is the culmination of decades of perseverance, sacrifice and dedication. As Koreans know well, countless companies, engineers and technicians have worked since the 1970s to build the foundations of the nation’s semiconductor industry. After nearly half a century of accumulated effort, the seeds they planted are finally coming to fruition. A similar story of long-term commitment can be found in the rapid growth of international students choosing to study in Korea. In 2023, the Ministry of Education launched the Study Korea 300K Project, setting a goal of attracting 300,000 international students by 2027. That target has already been achieved ahead of schedule, with the number of international students in Korea surpassing 300,000 this

Adding 'jeong' to technology

Delivery fee cap risks shifting costs to riders, consumers

Pending bills at the National Assembly proposing a cap on delivery platform fees charged to food businesses to reduce their financial burdens, particularly small businesses with limited customer bases, are raising questions about the effectiveness of the proposed changes. Industry experts have examined the current ecosystem, which consists of food-ordering platforms, participating businesses, customers who place orders and riders who deliver them. They found that the cap could reduce the burden on businesses using the platforms but shift that cost to other groups in the ecosystem, such as riders and consumers. Three bills proposing different versions of the cap are pending at the National Assembly. One was proposed by Rep. Lee Kang-ill of the ruling Democratic Party of Korea, a member of the National Policy Committee. He proposed capping the combined brokerage fee, payment processing fee and advertising expenses at 15 percent of an order's value, while imposing a separate cap and a minimum floor on delivery fees. Rep. Park Jeong-hun of the main opposition People Power Party (PPP) propo

Delivery fee cap risks shifting costs to riders, consumers

N. Korea reports test-firing of 'tactical' ballistic missile to improve weapons systems

North Korea has test-fired a tactical ballistic missile to upgrade a key component of its weapons systems, which it called a "big success," the country's state media reported Tuesday. The report came a day after South Korea's Joint Chiefs of Staff (JCS) detected multiple ballistic missiles launched from the Pyongyang area toward the East Sea. North Korea's missile administration "test-fired a tactical ballistic missile on Oct. 12 to confirm the success in the research for the technical upgrading of an important core element," the Korean Central News Agency (KCNA) reported. The administration claimed that the upgrade "was a big success heralding an important change in improving the performance and sophistication of all offensive weapon systems," it added, describing the test as part of regular activities. The North did not disclose further details about the test-firing. The JCS earlier noted that North Korea launched multiple types of ballistic missiles, with one specific kind of missile flying more than 900 kilometers, and that South Korean and U.S. authorities were conducting a detailed

N. Korea reports test-firing of 'tactical' ballistic missile to improve weapons systems

USFK chief calls for more dispersed military drills across S. Korea, citing Ukraine war lessons

The commander of U.S. Forces Korea (USFK) on Monday called for more geographically dispersed military exercises across South Korea, citing lessons from the war in Ukraine and the need to adapt to evolving battlefield threats. Gen. Xavier Brunson made the remarks during a panel discussion at the Association of the United States Army's (AUSA) annual conference in Washington, as he discussed ways to improve the readiness and deterrence posture of U.S. and South Korean forces. "I think what we recognize is that largely the two big exercises every year in Korea focus on large command posts. We've got to move away from that," Brunson said. The general suggested that the allies consider conducting exercises across a much broader geographical area rather than in fixed locations. "What would it look like if we train from Jeju all the way up to Gyeonggi Province in the north?" he said. "So just imagine if we trained across the entirety of the peninsula." South Korea and the United States hold large-scale combined exercises every year -- the Freedom Shield and the Ulchi Freedom Shield (UFS) -- to tr

USFK chief calls for more dispersed military drills across S. Korea, citing Ukraine war lessons

US Pacific Command says N. Korea fired 2 ballistic missiles, reaffirms defense commitment

U.S. Pacific Command (PACOM) said Monday that North Korea launched two ballistic missiles recently while stressing that the move poses no immediate threat to the United States or its allies. "The Democratic People's Republic of Korea launched two ballistic missiles on October 12, 2026 (KST)," the command said in a statement, referring to North Korea by its official name. The command said it was aware of the launches and was consulting closely with its allies and partners. "Based on current assessments, this event does not pose an immediate threat to U.S. personnel or territory, or to our allies," it said. It added that the U.S. remains "committed to the defense of the U.S. homeland and our allies in the region." South Korea's Joint Chiefs of Staff (JCS) said Monday (Korea time) it detected the launch at about 9:20 a.m. from the Pyongyang area and that at least one of the missiles flew more than 900 kilometers. The North's latest missile launch came after it fired one ballistic missile from the Wonsan area toward the East Sea on Oct. 3.

US Pacific Command says N. Korea fired 2 ballistic missiles, reaffirms defense commitment

Busan to devise measures to keep sharks at bay amid 'Bukang-i' visit

The Busan city government said Tuesday it will devise measures to keep sharks at bay to protect beachgoers amid the animal's unusual visit to one of the city's canals. "Bukang-i" -- which was named after Bukhang, or North Port, where it was first spotted on Sept. 18 -- has refused to leave the canal at a waterfront park in the southeastern city despite authorities' repeated rescue attempts. The shark has drawn throngs of visitors to the park, with the number reaching nearly 1.35 million as of Sunday. A meeting to evaluate authorities' operation of beaches this year is scheduled for Nov. 17, and the city government said it will also discuss measures to prevent sharks from reaching the shores. Among the plans is including sharks in the harmful marine life category, along with toxic jellyfish, for which authorities have typically installed nets along beaches. Busan's beaches are a popular attraction and drew a record 22.5 million visitors this year, up 2.54 percent from last year, according to the city government.

Busan to devise measures to keep sharks at bay amid 'Bukang-i' visit

Study links academic backgrounds to problem-solving pathways

A Sejong University professor has collaborated with a researcher at Finland’s Aalto University to examine how university students’ academic backgrounds relate to their problem-solving approaches. The researchers are Jang Hye-won, a professor at Sejong University’s Office of Educational Innovation, and Petter Holme, a professor of computer science at Aalto University. They analyzed 84 written solutions from a first-year physics course at Harvard University, systematically organizing information about students’ assumptions and reasoning sequences to examine how their approaches differed by academic background. The study was published online last month in the International Journal of Science and Mathematics Education under the title “Through Different Lenses: Connecting Educational Backgrounds to Fermi Problem-Solving Pathways.” The study used a Fermi problem, which requires people to make reasonable assumptions and arrive at approximate answers despite limited information. Such problems require learners to identify relevant variables, make reasonable estimates and assess whether

Study links academic backgrounds to problem-solving pathways

Drought conditions reported in 97 regions nationwide

Drought conditions have been reported in 97 regions across the country, with the situation particularly severe in Yeongcheon, North Gyeongsang Province, the interior ministry said Tuesday. Water storage levels in agricultural reservoirs nationwide stood at just 70 percent of the average for a normal year, the ministry said in its October drought report. The cumulative precipitation nationwide over the six months from April 2 to Oct. 1 totaled 783.3 millimeters, or 72.5 percent of the normal year average, the ministry said. As a result, meteorological drought conditions had been observed in 97 regions across the country as of Oct. 1. Of the 97 regions, 74 were classified as experiencing mild drought and 22 as moderate drought, while Yeongcheon, some 300 kilometers southeast of Seoul, was experiencing severe drought. However, the drought in Yeongcheon is expected to ease by the end of the year, as precipitation is forecast to be above normal in November and December, the ministry said.

Drought conditions reported in 97 regions nationwide

Arms agency to accelerate development of nuclear-powered subs, AI-driven combat systems

The arms procurement agency said Tuesday it will speed up the development of nuclear-powered submarines and acquisition of artificial intelligence (AI)-based combat assets, including unmanned and counter-drone systems. The Defense Acquisition Program Administration (DAPA) unveiled the plan in a parliamentary audit, as part of a broader road map to secure core capabilities for "self-reliant" defense amid Seoul's efforts to retake wartime operational control (OPCON) of troops from Washington and North Korea's evolving military threats. "The agency will leverage existing organizations and capabilities to develop a nuclear propulsion system and establish a blueprint to construct nuclear-powered submarines," DAPA said in a document submitted to lawmakers. "We plan to launch a full-scale acquisition of combat unmanned systems, such as combat uncrewed surface vessels and small attack drones, as well as anti-drone networks, including laser air defense weapons and integrated counter-drone systems for front-line border areas," the agency said. South Korea is pushing to build nuclear-powered attack

Arms agency to accelerate development of nuclear-powered subs, AI-driven combat systems

Lee stresses importance of US alliance, says submissive stance should be shunned

President Lee Jae Myung on Tuesday stressed the importance of the country's alliance with the United States but also noted a submissive stance should be shunned in pursuing diplomacy. The president made the remarks at a Cabinet meeting, amid concerns over apparent friction in the Seoul-Washington alliance, highlighted by South Korea facing limitations in intelligence sharing by the U.S. Lee said diplomacy should be focused on safeguarding national interests, while emphasizing that differences can arise between countries. "Diplomacy should be pursued in a way that always upholds South Korea's dignity and safeguards its national interests (while) any submissive or kowtowing stance should be shunned," the president noted. "The guiding principle of South Korea's diplomacy is pragmatism. The most important thing for South Korea is its national interests," Lee stressed. His remarks come as South Korea continues to face restrictions on intelligence sharing by Washington, reportedly over the South Korean unification minister's previous remarks identifying North Korea's Kusong as a site housing a

Lee stresses importance of US alliance, says submissive stance should be shunned

CJ OliveNetworks teaches elementary students self-driving car coding

CJ OliveNetworks, the information technology services affiliate of CJ Group, is running a hands-on coding camp for elementary school students in Bucheon, Gyeonggi Province, to teach them how artificial intelligence (AI) and self-driving cars work, the company said Tuesday. The AX Creative Camp is part of the Gyeonggi Provincial Office of Education’s Sinnaneun Gongyu Hakgyo, or “Exciting Sharing School,” program. AX refers to “AI transformation,” the use of AI across business operations. This is the second year the company has held the camp, in which employees use their AI expertise to teach coding classes as part of its corporate social responsibility work. The education office’s program is an after-school learning platform built with local community groups to help students find their interests and learn on their own. Some 130,000 students took part in about 7,200 programs last year, covering arts, sports and AI. This year’s camp is open to elementary students in the area covered by the Bucheon office of education. Lessons move step by step from the basic principles of sel

CJ OliveNetworks teaches elementary students self-driving car coding

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