South Korea Tax Agency Probes 31 Firms for Stock Manipulation, Tunneling and Tax Evasion The National Tax Service has launched tax audits of 31 companies accused of unfair, tax-evasive practices in the stock market, including stock price manipulation and “tunneling,” a method of siphoning off assets and profits. The move marks a second round of audits following an investigation of 27 companies announced in July last year. The agency said it aims to curb unfair trading and help establish a “Korea premium.” The NTS said the targets include 11 companies that profited through s May 6, 2026

South Korea Seeks Proposals to Expand Open Quantum Testbed for Next-Gen Networks The Ministry of Science and ICT said Tuesday it will seek proposals for an “open quantum testbed upgrade and expansion project” to strengthen next-generation communications infrastructure for the AI and quantum era and accelerate the spread of quantum communications technology. The open quantum testbed is a core demonstration platform aimed at commercializing quantum cryptography communications and expanding related industries. Since 2024, the government has built and operated a quantum May 6, 2026

HMM’s NAMU Ship to Reach Dubai as Soon as May 7; Fire Probe to Begin HMM’s heavy-lift vessel NAMU, which was disabled by an explosion and fire near the Strait of Hormuz, is expected to be towed to Dubai in the United Arab Emirates as soon as May 7, where investigators will begin examining the cause and the ship will undergo repairs. Shipping industry officials said May 6 that HMM has secured tugboats for the operation and will start full-scale towing late in the afternoon. If the tow proceeds without problems, the ship is expected to reach Dubai port late M May 6, 2026

Hyundai Motor union seeks bonus equal to 30% of net profit as wage talks begin Hyundai Motor Co. labor and management opened this year’s wage negotiations with an initial meeting at the company’s Ulsan plant. Yonhap reported on the 6th that about 60 people attended, including Hyundai Motor CEO Choi Young-il, Korean Metal Workers’ Union Chairman Park Sang-man and Lee Jong-cheol, head of the union’s Hyundai Motor branch. The two sides exchanged greetings and discussed the direction and schedule for this year’s talks. The union has already sent management its demands May 6, 2026

Ruling, Opposition Parties Trade Attacks in Key Races Ahead of June 3 Local Elections The ruling and opposition parties are intensifying their fight over key battlegrounds ahead of the June 3 local elections. The Democratic Party has nominated Jung Won-oh, a former Seongdong District chief, for Seoul mayor and Jeon Jae-soo, a former oceans and fisheries minister, for Busan mayor, highlighting an image of candidates who “get things done.” The People Power Party, meanwhile, is leaning on incumbency advantages and the issue of a special counsel tied to canceling indictments to May 6, 2026

Pentagon Nominates Maj. Gen. David G. Shoemaker as USFK Deputy Commander The U.S. Defense Department has nominated Air Force Maj. Gen. David G. Shoemaker to serve as deputy commander of U.S. Forces Korea. In an announcement made May 5 local time, the Pentagon said Shoemaker would be promoted to lieutenant general and, if confirmed, would also take on the air component command roles for the U.N. Command and the South Korea-U.S. Combined Forces Command, as well as command of the 7th Air Force. Shoemaker is currently deputy commander of the 9th Air Force (Air May 6, 2026

South Korea to Expand Compensation to Independence Activists’ Descendants “This revision reflects a strong commitment for the state to take responsibility to the end for the descendants of independence patriots who, because of the system’s limits over the past 53 years, have been left outside the scope of proper recognition,” said Kwon O-eul, minister of Patriots and Veterans Affairs. Kwon made the remarks as he explained the significance of a revision to the Act on the Honorable Treatment of Independence Patriots, approved Tuesday at a Cab May 6, 2026

Special Counsel Team Inspects Yeonpyeong Island Military Sites Cited in Noh Sang-won Notebook A second comprehensive special counsel team investigating allegations of prior planning for the Dec. 3 martial law declaration began an on-site inspection of military facilities on Yeonpyeong Island to verify locations tied to alleged roundup and detention plans written in the so-called “Noh Sang-won notebook.” The special counsel team said it was conducting the inspection Tuesday at military sites on Yeonpyeong Island. Investigators are focusing on whether notes in the notebook refer May 6, 2026

Samsung Electronics Bonus Dispute Raises Broader Questions on Labor and Long-Term Strategy Samsung Electronics’ fight over performance bonuses has moved beyond a routine pay dispute. The union is demanding bonuses equal to 15% of operating profit and has warned of a prolonged strike. The company counters that, given the nature of the semiconductor industry, production disruptions could send shock waves through the broader national economy. On the surface, it is about money. But the dispute is also touching questions about the future of Korean industry, the direction of labor relations May 6, 2026

OpenAI Expects to Spend $50 Billion on Computing Capacity This Year, Executive Says OpenAI, the developer of ChatGPT, expects to spend $50 billion (about 73 trillion won) this year to secure computing capacity for running its AI services and developing new models. Bloomberg News reported that OpenAI President Greg Brockman disclosed the estimate while testifying May 5 in a court proceeding tied to a legal dispute with Tesla CEO Elon Musk. The testimony came in litigation Musk filed against OpenAI. Musk alleges the company is abandoning its founding mission to develop A May 6, 2026