Korean Film 'Gunch' Receives Standing Ovation at Cannes, Tops Domestic Box Office Pre-Sales Film 'Gunch' has generated significant buzz after its world premiere at the Cannes Film Festival, where it received a standing ovation, and it has now topped the domestic box office pre-sales ahead of its release.According to the Korean Film Council's integrated ticketing system, as of 8:27 a.m. on May 17, 'Gunch' recorded a pre-sale rate of 28.1%, with 94,743 tickets sold, placing it at the top of the pre-sale rankings. It surpassed competing foreign films, including 'Michael,' which opened las May 17, 2026

Iran Conflict and Hormuz Blockade Impact South Korea's Economy The conflict in Iran, triggered by U.S. and Israeli airstrikes, has now lasted nearly three months, with the Strait of Hormuz under full blockade for over two months. Although this war is taking place 7,000 kilometers away from South Korea, the impact on the South Korean economy, which heavily relies on Middle Eastern energy, is significant. International oil prices have surged, leading to shortages of petrochemical products, raising concerns across various sectors of industry and daily l May 17, 2026

BlackRock Considers Up to $10 Billion Investment in SpaceX IPO World's largest asset management firm BlackRock is reportedly considering an investment of up to $10 billion in Elon Musk's space company SpaceX, which is expected to go public next month. On May 16, U.S. technology news outlet The Information cited multiple sources stating that BlackRock is exploring the possibility of investing between $5 billion and $10 billion in the SpaceX IPO through its $536 billion active fund. Given that SpaceX plans to raise up to $75 billion through this offe May 17, 2026

Government Expands Investment Support for Advanced Industries to 170 Billion Won The South Korean government is increasing investment support for materials, parts, and equipment (known as 소부장) companies to strengthen the supply chains of advanced industries such as semiconductors and batteries. This year, the support will also extend to the robotics and defense sectors, aiming to bolster domestic production capabilities across strategic industries amid U.S.-China supply chain competition. On May 17, the Ministry of Trade, Industry and Energy announced that it will May 17, 2026

SK Group's Three-Year Rebalancing Efforts Yield Significant Financial Gains SK Group's rebalancing efforts, initiated in 2024, have entered their third year, showing significant results this year with increased operating profits and reduced debt ratios. While the group's overall size has slightly decreased due to the divestment of less profitable businesses, it aims to accelerate its growth into a leading global conglomerate, comparable to big tech firms, by leveraging synergies in semiconductors, artificial intelligence (AI), energy, and telecommunications. On M May 17, 2026

Kevin Warsh, Next Fed Chair, Reports Sale of $1.68 Million in Coupang Shares Kevin Warsh, the incoming chair of the U.S. Federal Reserve, is set to sell a significant portion of his shares in Coupang, the parent company of Coupang Inc. On May 16, the U.S. Securities and Exchange Commission (SEC) disclosed that Warsh plans to sell 102,363 shares of Coupang Class A common stock. The shares, which he received as part of his compensation for serving on Coupang's board from August 2021 to June 2025, are valued at approximately $1.68 million (about 25.2 billion won). This May 17, 2026

South Korea and U.S. Near Agreement on Transition of Wartime Operational Control Wiesungrak, the Chief of the National Security Office, stated on May 17 that discussions regarding the transition of wartime operational control between South Korea and the United States are progressing, with both sides nearing agreement on the timing. "There is not a five to ten year gap between our positions; we are close to consensus on the timing of the transition," he said. During an appearance on KBS's Sunday Diagnosis, Wiesungrak noted that military consultations are ongoing and t May 17, 2026

KB Kookmin Bank Named South Korea's Best Custodian Bank for 12th Consecutive Year KB Kookmin Bank has maintained its position as South Korea's best custodian bank for the 12th consecutive year, as recognized by The Asian Banker. On May 17, the bank announced that it was awarded the title of Best Custodian Bank in South Korea at the 'Global Financial Market Awards 2026' ceremony held in Kuala Lumpur, Malaysia, on May 14. Founded in 1996 in Singapore, The Asian Banker is a specialized institution providing research and consulting services related to the financial indust May 17, 2026

Samsung Galaxy Watch Shines at Everland Safari Running Event Samsung Electronics hosted a unique running event featuring the Galaxy Watch and Samsung Health, catering to the growing number of running enthusiasts. The event provided participants with a hands-on experience of the health management features of wearable devices. On May 17, Samsung announced the successful conclusion of the 'Galaxy Watch Run @ Safari' event at Everland, marking its second year. This year's event saw an increase in scale, with over 1,000 participants, and a competitive a May 17, 2026

Telecom Companies Expand Experience-Based Benefits for Long-Term Customers The competition among South Korea's three major telecommunications companies—SK Telecom, KT, and LG Uplus—for long-term customer experience benefits is intensifying this May, which is designated as Family Month. On May 17, LG Uplus announced that it hosted an invitation-only event called 'Legoland RUN' at Legoland Korea in Chuncheon on May 16. The event was designed for over 4,000 customers who have been members at the VIP level or higher for at least five years. Participants engaged in May 17, 2026