KB Kookmin Bank Launches Trust Service for Senior Residence Deposits KB Kookmin Bank announced on May 19 that it has launched a trust service for managing deposits of customers residing in senior residences. This service was developed in collaboration with KB Life's subsidiary, KB Golden Life Care, to address the concerns of an increasing number of senior residence customers. It is designed to securely protect large entrance deposits while allowing for the stable transfer of assets to designated beneficiaries without the complexities of inheritance procedures.The May 19, 2026

Yujin Park's Former Manager Sentenced to 3.5 Years for Fraud A former manager of violinist Yujin Park has been sentenced to prison for defrauding her of millions of won. The Seoul Southern District Court's Criminal Appeal Division announced on May 19 that Kim, 65, was sentenced to three years and six months in prison on March 26 for charges including fraud, forgery, and embezzlement. The prosecution did not appeal the ruling, and while Kim submitted a petition to the Supreme Court, he withdrew it on May 7, finalizing his sentence. Investigatio May 19, 2026

Small Business Leaders Gather for 2026 National Small Business Awards The Korea Federation of SMEs and the Ministry of Small and Medium Enterprises and Startups hosted the 2026 National Small Business Conference. During the event, 92 government awards, including the Gold Tower Industrial Medal, were presented to individuals who contributed to economic growth and job creation. According to the Korea Federation of SMEs, this year marks the 37th iteration of the conference, themed "Turning Change into Opportunity: Challenging Small Businesses." Over 300 attend May 19, 2026

Seoul Mayoral Election Spirals Amid Allegations of Missing Rebar As the Seoul mayoral election, often referred to as the "flower" of local elections, approaches, tensions between candidates are escalating, leading to a potential crisis. The Democratic Party, alongside candidate Jung Won-o, has intensified its attacks over allegations of missing rebar in the GTX-A line, prompting Oh Se-hoon of the People Power Party to demand an official apology from Jung and the Democratic Party, further escalating the conflict. At a press conference on the morning of May 19, 2026

KOSPI Companies Report 175% Increase in Operating Profit, Excluding Samsung and SK Hynix This year, the KOSPI index has risen by 74%, driven by ample liquidity and the so-called "Samsung and SK Hynix effect." This trend is reflected in the earnings of KOSPI-listed companies. In the first quarter, the operating profit of KOSPI-listed companies increased by 175% compared to the same period last year. However, excluding Samsung Electronics and SK Hynix, the increase was only about 2%. According to the Korea Exchange's report on the first-quarter earnings of December fiscal year-en May 19, 2026

Former Defense Minister Kim Yong-hyun Sentenced to Three Years for Evidence Tampering On May 19, a South Korean court sentenced former Defense Minister Kim Yong-hyun to three years in prison for obstructing official duties and instructing evidence tampering. The Seoul Central District Court's 34th Criminal Division, led by Judge Han Seong-jin, found Kim guilty of using his position to undermine the legitimate judicial process, deeming his actions a serious crime against the state. The court affirmed all charges brought against Kim by the special prosecutor's office. It speci May 19, 2026

Jang Dong-hyuk Visits Yang Hyang-ja During Hunger Strike, Criticizes Democratic Party Jang Dong-hyuk, the representative of the People Power Party, criticized the Democratic Party on May 19, stating, "It is always the Democratic Party that passes bad laws and creates problems, and when issues arise, the People Power Party is left to resolve them." Jang made these remarks while visiting Yang Hyang-ja, a candidate for Gyeonggi governor, who has been on a hunger strike since the previous evening in front of Samsung Electronics' Pyeongtaek campus, urging for a major agreeme May 19, 2026

Foreign Tourists Drive Shift from Offices to Hotels Near Hongdae In the bustling commercial areas near Hongdae and Sinchon, foreign tourists have emerged as a key consumer demographic, prompting some office buildings to convert parts of their spaces into accommodations. This shift is attributed to the growing demand for lodging and tourism services driven by international visitors. While sales in college areas have increased, the vacancy rates for small businesses have also risen. This trend is linked to a decline in the proportion of consumers in thei May 19, 2026

Seoul Villa Transactions Surge 31% Amid Rental Crisis The volume of villa transactions (including multi-family homes) in Seoul has increased by more than 30% this year compared to last year. As the rental crisis for apartments intensifies, demand is shifting to the relatively lower-priced non-apartment market, while investment interest is also returning, particularly in areas undergoing early redevelopment. According to the Ministry of Land, Infrastructure and Transport's real transaction disclosure system, from January to May 19, 2026, there were May 19, 2026

Yongsan District Signs MOU with Korea Land Trust for Station Area Revitalization The Seogye-dong Station Area Revitalization Committee in Yongsan District announced on May 19 that it signed a memorandum of understanding (MOU) with Korea Land Trust on May 15 to advance a trust-based redevelopment project. The revitalization project aims to transform the aging low-rise residential areas in Seogye-dong, specifically the sites at 234-5 (Zone A) and 32-1 (Zone B), into a vibrant hub with a total of 578 housing units (407 in Zone A and 171 in Zone B) centered around the S May 19, 2026