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Finance

NH faces audit criticism over unreported embezzlement cases; Chairman Kang Ho-dong denies graft allegations

NH Nonghyup and local agricultural cooperatives came under scrutiny at a parliamentary audit over weak internal controls and budget practices. Lawmakers said NH failed to report six cases with clear criminal suspicions among 21 employee incidents in 2022 and cited a local co-op case in which an employee allegedly embezzled 130 million won but received early retirement pay. Other lawmakers questioned large unallocated budgets and alleged diversions to publicity spending. Chairman Kang Ho-dong denied involvement in a high-priced souvenir purchase case involving secretariat staff.

Telecommunications & Media

KT, KISTI launch 400Gbps Korea-U.S. research network, quadrupling capacity

KT has built a 400Gbps national science and technology research network linking South Korea and the United States, expanding transmission capacity fourfold from 100Gbps. KT said it opened South Korea’s first 400Gbps single dedicated international line with the Korea Institute of Science and Technology Information. The link connects KISTI’s headquarters in Daejeon with Chicago and is intended to reduce delays and capacity shortages when exchanging large research datasets.

Industry

Woori Financial Group supports study space recovery for 30 flood-hit child households in Geoje

Woori Financial Group\'s Woori Multicultural Scholarship Foundation will support the recovery of study spaces for 30 households of children and teenagers in Geoje, South Gyeongsang Province, hit by heavy rain. The foundation is expanding its Woori Dream Study Room programme and adding emergency assistance for flood-affected families. It will repair wallpaper and flooring in flooded study areas and provide study furniture such as desks, bookcases and chairs. The programme will reach about 200 children and teenagers this year.