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Industry

High oil price relief payments to start April 27, up to 600,000 won for vulnerable groups

South Korea\'s Interior and Safety Ministry said first-round payments of relief funds for damage from high oil prices will begin on April 27. Eligible recipients include basic livelihood beneficiaries, near-poverty groups and single-parent families. Payments are 550,000 won or 450,000 won per person, with an additional 50,000 won for non-capital residents or people in depopulation areas. Applications run from April 27 to May 8 online and offline, with a weekday system in the first week to reduce congestion.

Industry

Olive Young to expand outside Seoul, spending 123.8 billion won on store overhaul

CJ Olive Young will increase investment outside the Seoul metropolitan area this year, spending 123.8 billion won on new openings, renovations and logistics upgrades, industry sources said. The company is focusing less on adding locations and more on boosting competitiveness and operating efficiency at existing stores, citing rising needs for in-store infrastructure upgrades such as electronic labels. It plans to place more than half of its large stores outside the capital region.

Finance

NH NongHyup Bank launches local settlement finance package, bolsters support outside capital

NH NongHyup Bank said on April 17 it will launch a “local settlement finance package” from the end of this month for regions outside the Seoul metropolitan area to support local economic revitalisation and balanced national development. The programme will run through end-2026 with a 1 trillion won cap for new mortgage borrowers. It will offer a 0.2 percentage-point preferential rate, waive early repayment fees and have the bank cover stamp duty in full.