Journalist
Lee Hugh
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Homeplus Dropped From Shinhan Bank Employee Loan Program as Restructuring Drags On Homeplus, which is undergoing corporate restructuring, has been removed from Shinhan Bank’s list of companies eligible for its “Elite Loan,” a credit-loan product for employees of top-rated firms, industry sources said. The prolonged process is now affecting workers’ personal banking, beyond store operations and dealings with suppliers. According to the retail industry on the 3rd, Homeplus was recently dropped from the Elite Loan program. The product offers preferential loan limits and rates to employees at selected companies. As a result, Homeplus workers were told they may have difficulty extending existing loans under the same terms when their loans mature, the sources said. A Shinhan Bank official said employees were informed that extensions under the product would be difficult at maturity. The official added that being removed from the list does not mean the bank will demand immediate repayment or push borrowers to refinance right away. The bank can extend loans for up to three years, the official said, after which it guides customers to general credit-loan products. In the financial sector, the company’s drawn-out restructuring and delayed wage payments are seen as factors behind the change. Homeplus has delayed wage payments since December last year, and employees have not received last month’s pay. Although its controlling shareholder, MBK Partners, injected 100 billion won in emergency debtor-in-possession financing, most of it was used to cover unpaid wages and outstanding payments. One Homeplus employee said health insurance premiums have been unpaid since last year, making it hard even to get a loan, and repeated wage delays have fueled internal concerns that timely pay will remain difficult. The union, however, said securing funds to restore normal operations should come first, even if it means giving up wages. The Homeplus General Union said wages should be forgone to ensure the money is used entirely to normalize operations and supply goods, adding that all available resources — including workers’ wages, proceeds from the Homeplus Express sale and DIP funds — should be focused on restoring operations. Separately, the Seoul Bankruptcy Court extended the deadline to approve Homeplus’ rehabilitation plan by two months, from the 4th of this month to July 3. The court cited the pending main contract for the sale of Homeplus Express, the company’s supermarket business unit, to NS Shopping under Harim Group. An industry official said proceeds from the Express sale and whether additional operating funds can be secured will be key variables in the restructuring. * This article has been translated by AI. 2026-05-03 16:18:17 -
Builders Jockey for Contracts as Yeouido’s Transit-Linked Rebuilds Gain Speed Yeouido’s long-discussed apartment rebuilds are moving into a more active phase, and competition among major builders is intensifying around complexes with the shortest walks to subway stations. Industry officials said Sunday that key redevelopment sites across Yeouido are speeding up steps such as winning approval for maintenance plans and moving toward selecting contractors. At the redevelopment area visited April 29, the shift was visible on the ground. Miseong Apartments sits so close to Exit 6 of Yeouido Station that the entrance is within about a one-minute walk. Miseong began occupancy in 1978 and consists of five buildings, A through E, up to 12 stories (13 stories for Building A), with 577 households. It also includes one commercial building. After reconstruction, it is expected to become a complex of about 1,000 households. Expectations for improved transit access are also high, with the Sinansan Line and GTX-B line planned for the area. Around the complex, banners from major builders including Samsung C&T, Hyundai Engineering & Construction, DL E&C and GS Engineering & Construction were posted, signaling that bidding competition is already underway. The education environment is also cited as a strength. Seoul Yoonjung Elementary School and Yoonjung Middle School sit next to the complex, allowing students to commute by crossing a single signal. However, the close proximity to schools could make issues such as sunlight access a variable during the rebuilding process. Project preparations are also becoming more concrete. Miseong collected opinions from land and property owners late last year and selected Haean Architecture as its designer. A real estate agent near the site said Sunday, “Until recently, consent among owners in the five residential buildings exceeded 50%, and the commercial building has secured consent forms at about 22%.” The agent added, “Once consent reaches 70%, it can move to a general meeting to form an association and then apply for approval.” The agent said Samsung C&T was believed to be the contractor showing the most interest. Next door, Gwangjang Apartments is also undergoing redevelopment. From the complex, crossing a single road leads directly to Yeouido Hangang Park, and residents were seen walking dogs nearby. Gwangjang Apartments is an aging complex, 48 years after completion, located between Yeouido Station and Saetgang. Its combination of access to both the station and the Han River has made it a closely watched redevelopment site. The project is moving quickly. Seoul city on March 11 approved, with revisions, a decision plan for the redevelopment of Yeouido Gwangjang Apartments 38-1. With that, Gwangjang became the ninth Yeouido redevelopment site to finalize its maintenance plan. A central element of the plan is an upgrade in zoning. The site will be rezoned from a third-class general residential area to a general commercial area, applying a floor area ratio of 597%. It is slated to be rebuilt into a complex of 414 households, including 154 public housing units, in towers up to 52 stories. Yeouido’s redevelopment push is spreading beyond individual complexes. Of 15 complexes pursuing reconstruction in Yeouido, nine have passed maintenance plans, putting projects on a firmer track. Hanyang Apartments and Daegyo Apartments are moving fastest after completing approvals for project implementation. Gongjak Apartments has also stepped up activity after selecting a contractor. Sibom Apartments is pursuing a rebuild of up to 65 stories and is aiming to break ground in 2029. Contractor selections are expected to continue for some time. Gongjak Apartments selected Daewoo Engineering & Construction in December 2023, and Hyundai Engineering & Construction was finally chosen as Hanyang Apartments’ contractor in March 2024. Once all projects are completed, Yeouido is expected to be reshaped into a high-rise residential area of about 13,000 households. 2026-05-03 16:15:20 -
Samsung Biologics Strike Enters Third Day as Union Seeks Say on Hiring, M&A Samsung Biologics’ first full-scale strike since the company was founded in 2011 continued for a third day on Saturday, raising concerns about production disruptions and damage to customer confidence. The union is pressing for a major pay and bonus package and has also sought prior consent rights on key management matters such as hiring, personnel evaluations and mergers and acquisitions, prompting criticism that it is hardening its stance rather than seeking compromise. ◆5-day strike began May 1···Company estimates 640 billion won loss if it runs full term According to the Samsung Biologics branch of the Samsung Group National Union, the union began a full strike on May 1, Labor Day, and plans to continue through May 5. The union said about 2,800 of its roughly 4,000 members are taking part. It said the action is being carried out without separate rallies, including by using annual leave and refusing holiday work. The company estimates that if the strike continues for the planned five days, losses could total about 640 billion won. That is about half of Samsung Biologics’ first-quarter revenue of 1.2571 trillion won and exceeds its operating profit of 580.8 billion won for the same period. Labor and management are expected to return to the bargaining table on May 4 under mediation by the Jungbu Regional Office of Employment and Labor, but the gap remains wide. The union is seeking an average 14% wage increase, a 30 million won per-person incentive payment, and a bonus pool equal to 20% of operating profit. The company has offered a 6.2% wage increase and a one-time payment of 6 million won. The union is also reported to have included in its collective bargaining demands a clause requiring prior union consent for new hiring, personnel matters and M&A. The company has said it cannot accept provisions it views as directly tied to management rights. Human resources experts criticized the union’s proposal, saying hiring and adopting new technologies are essential strategies for corporate survival and that restricting them in the name of job security could weaken competitiveness. They added that authority and responsibility for management rest with executives. ◆Talks stalled···Union leadership’s negotiating posture also questioned Samsung Biologics and the union held 13 rounds of talks from December through March without reaching an agreement. With a full strike scheduled for May 1, the union also carried out surprise walkouts in some processes from April 28 to 30. The company said those actions halted a filling process, disrupted supplies of raw and packaging materials, and delayed production of key medicines including cancer drugs and HIV treatments, estimating losses of about 150 billion won over that period. A tripartite meeting hosted April 30 by the Jungbu office of the Employment and Labor Ministry also failed to narrow differences. The union chair was reported to have been absent due to overseas travel plans, drawing criticism from some quarters amid concerns over production disruptions and customer trust. Other union officials were also criticized after presenting, as a precondition, a demand that the company replace all of its bargaining representatives. In a statement issued the afternoon of May 1, the company said negotiations had been difficult because the union’s demands were not realistically acceptable, adding that issues directly tied to personnel authority and management rights were especially hard to bridge. Industry officials have warned that a prolonged strike could not only deepen production-related losses but also affect future global contract competition. Samsung Biologics posted annual revenue of 4.5570 trillion won and operating profit of 2.0692 trillion won last year, achieving more than 30% growth from the previous year. But in the contract manufacturing organization industry, where stable production capacity is a key competitive factor, an extended labor dispute could disrupt contract performance and new orders from global customers. A Samsung Biologics official criticized the union’s demands and strike tactics, urging it to stop what the company called unreasonable demands and coercive pressure to join the strike and to return to talks with a sense of responsibility. 2026-05-03 16:08:00 -
Big 4 Korean Financial Groups’ Uncollectible Loans Near 3 Trillion Won as SMEs Struggle High interest rates and a prolonged economic slowdown have made it harder for banks to recover loans, pushing the Big Four financial groups’ estimated losses to nearly 3 trillion won by the end of the first quarter. Fact books released on May 3 by KB, Shinhan, Hana and Woori showed estimated losses totaling 2.9963 trillion won in the first quarter. That was up 5.8% from a year earlier and 16.8% from the previous quarter, the highest on record. Banks classify loan quality into five categories based largely on delinquency: normal, precautionary, substandard, doubtful and estimated loss. “Estimated loss” refers to loans delinquent for more than 12 months and considered effectively unrecoverable. By group, Hana Financial Group posted the fastest increase, with estimated losses rising 30.3% from a year earlier to 503 billion won. KB Financial Group’s estimated losses climbed 27.2% to 807.2 billion won from 634.6 billion won a year earlier. Woori Financial Group’s rose 12.4% to 826 billion won from 735 billion won. Shinhan Financial Group was the only one to report a decline, down 20.1% to 860.1 billion won, as it managed troubled assets through write-offs and other measures. The surge in write-offs indicates weakening repayment capacity among borrowers. The average corporate delinquency rate at the five largest banks — KB, Shinhan, Hana, Woori and NH NongHyup — rose to 0.46% in the first quarter from 0.37% the previous quarter. The small- and medium-sized business delinquency rate increased to 0.57% from 0.49%. Delinquencies in industries tied to real estate have hit a 13-year high as a Middle East war has delayed a recovery in the property market. Nonperforming loans, a broader asset-quality measure that includes substandard and doubtful loans in addition to estimated losses, also jumped. NPLs at KB Kookmin, Shinhan, Hana and Woori banks totaled 5.0773 trillion won at the end of the first quarter, up 12% from the end of last year. Asset-quality pressure could intensify. The Ministry of SMEs and Startups said small businesses’ May outlook index, the Small Business Health Index, fell 3.2 points from the previous month to 77.6. A reading below 100 means more firms expect conditions to worsen than to improve. Banks said they plan to manage risk through steps including selling bad loans. A financial industry official said lenders are applying measures such as early credit assessments for vulnerable borrowers, screening high-risk borrowers and quickly restructuring loans to troubled companies. The official added that banks are also building real-time monitoring systems through overseas offices and setting aside additional reserves to prepare for possible further losses from overseas real estate investments. * This article has been translated by AI. 2026-05-03 16:04:52 -
KFTC to Overhaul Operations for AI-Driven Payments, Launch Agent-Payment Pilot The Korea Financial Telecommunications & Clearings Institute said it will support the financial sector’s AI transformation while reshaping its own organization around AI and moving to verify technology for an AI agent-based payment platform. On May 3 (local time), the institute said it will build a companywide “AI agent” work environment so employees can use AI agents in day-to-day tasks to improve efficiency. An AI agent refers to an intelligent system that goes beyond providing information by interpreting a user’s intent, making judgments and handling complex tasks. The institute said it aims to embed the technology in its operations to develop next-generation payment services that minimize human intervention. To move faster on AI projects, it plans to establish new processes and accelerate a shift to an AI-centered organization, while significantly expanding programs to train AI specialists. Externally, the institute said it will help raise the overall level of AI transformation across the financial industry by quickly forming a tentative “financial sector AX alliance” with major financial firms to standardize finance-focused AI technologies and share best practices. It also plans a proof-of-concept for an “agent payment platform,” described as a key element of next-generation payment innovation. The technology would allow a conversational AI to handle the entire process — from product search to ordering and payment — in a single session without the consumer directly operating an app. The institute said it plans to begin the PoC within this year in cooperation with fintech partners. The institute also said it is expanding its footprint in global payments by continuing to broaden a cross-border QR payment service network with major Asian countries including Indonesia, India and Vietnam. By directly linking national clearing institutions, it expects cost savings of up to 2 percentage points per transaction compared with existing overseas payment methods, accelerating efforts to improve user benefits. Under existing overseas payment services, domestic payment providers settle with overseas merchants through double currency conversion — won to U.S. dollars, then dollars to local currency — resulting in overlapping exchange fees. The institute began two-way inbound and outbound QR payment services with Indonesia on April 1. It said the cross-border QR payment infrastructure will be operated as an open platform available to banks, card companies and fintech firms. Shinhan, Woori and Hana banks; Shinhan Card and KB Kookmin Card; and providers including GLN and Travel Wallet are expected to join within this year, and talks are also underway with major big tech companies. Cooperation in payment and settlement also strengthened following the president’s April trips to India and Vietnam. The institute signed a memorandum of understanding with India’s National Payments Corporation of India, or NPCI, and a service contract with Vietnam’s NAPAS, and said it will launch QR payment services with both countries within this year. The institute said it plans to keep expanding the network, focusing on Asian countries where QR payments are widely used, including Singapore and Thailand, to improve customer convenience and support overseas expansion by South Korean financial firms. Speaking at a meeting with accompanying reporters in Samarkand, Uzbekistan, where the 59th Asian Development Bank annual meeting was held, institute head Chae said, “We are pushing cross-border payment services with ambition.” He added, “In Southeast Asia and Central Asia, QR payments are far more common than cards, so we are promoting QR services centered on countries that many of our people travel to.” Chae said, “If pay companies provide QR services, they have to use overseas networks, so usage fees occur,” adding, “If it goes through the institute, those fees disappear.” 2026-05-03 16:03:19 -
Gold Prices Slide About 20%, Dragging Down Gold ETFs as Safe-Haven Appeal Wavers Gold, long seen as a key safe-haven asset, has fallen sharply in the wake of the war in the Middle East, drawing attention to shifting and potentially volatile money flows into gold-related exchange-traded funds. As gold weakens despite heightened geopolitical risk, analysts say investor sentiment appears to be changing. According to the Korea Exchange on May 3, as of April 30 the domestic gold price on the KRX Gold Market was 217,240 won per gram, the lowest level so far this month. That is about 20% below the record high set on Jan. 29, when the closing price reached 269,810 won. The decline has weighed on gold ETF prices. Based on April 30 closing prices, ACE KRX Physical Gold ended at 30,340 won, TIGER KRX Physical Gold at 14,430 won, and KODEX Gold Futures (H) at 25,935 won, with all showing a broadly weaker trend. The drop is clearer compared with about two weeks earlier. On April 13, ACE KRX Physical Gold closed at 31,605 won, TIGER KRX Physical Gold at 15,115 won, and KODEX Gold Futures (H) at 26,870 won, indicating that ETF prices fell alongside the recent pullback in gold. Even compared with the post-war low on March 23, the rebound has been limited. As of April 30, ACE KRX Physical Gold rose about 3.67% from 29,265 won to 30,340 won, while TIGER KRX Physical Gold gained 8.20% from 13,970 won to 14,430 won. Over the same period, KODEX Gold Futures (H) climbed 7.17% from 24,200 won to 25,935 won. Market participants have pointed to a stronger dollar and shifts in global liquidity as key factors behind the sharp fall in gold. They also say that even as tensions in the Middle East have intensified, demand for safe-haven assets has spread to other areas, weakening gold’s relative appeal. Experts are watching for wider short-term swings in gold and related ETFs. They say the next direction for gold will depend heavily on U.S. interest-rate policy and the dollar’s path, and that investors in gold ETFs should be mindful of near-term volatility while taking a longer-term view. Still, some see a strong chance that prices could resume an upward trend over the medium to long term, supported by safe-haven demand and expectations around monetary policy.* This article has been translated by AI. 2026-05-03 15:45:18 -
Trump Threatens Higher Auto Tariffs, Deeper U.S. Troop Cuts in Germany, Raising Alliance Concerns President Donald Trump is escalating pressure on the European Union, pairing a threat to raise auto tariffs with a push to cut U.S. forces stationed in Germany. The moves come after Europe was seen as uncooperative with U.S. military operations against Iran, sharpening strains within the trans-Atlantic alliance. CNN reported that Trump told reporters in Florida on Friday, before boarding Air Force One, that the United States would “reduce troops significantly,” adding that the cut would be “far more” than 5,000. His remarks came less than a day after the Pentagon said it would withdraw about 5,000 troops from Germany over the next six to 12 months. Trump had also signaled possible reductions earlier in the week, after German Chancellor Friedrich Merz said the United States was being “humiliated” in ceasefire talks with Iran. A senior U.S. Defense Department official, speaking on condition of anonymity, told Reuters that Merz’s comment was “inappropriate and unhelpful,” and said Trump was responding “legitimately” to remarks that backfired. German officials have reacted calmly. Defense Minister Boris Pistorius told dpa that a U.S. troop drawdown in Europe, including Germany, was foreseeable and that Europeans must take more responsibility for their own security. The Wall Street Journal reported that while the German government has played down the withdrawal as largely symbolic, experts warned a wider rupture could threaten both Europe’s economy and its security. Thorsten Benner, director of the Berlin-based Global Public Policy Institute, said the issues at stake were “far more important” than a symbolic 5,000-troop cut. He also pointed to concerns that U.S. weapons stocks are being depleted quickly after heavy use of military assets in the Iran war. More than 36,000 U.S. troops are stationed in Germany. Ramstein Air Base hosts the headquarters of U.S. Air Forces in Europe and supports airlift, airdrop and aeromedical evacuation units. Germany also hosts NATO-related facilities. Concerns have also surfaced in the United States. U.S. Army Lt. Gen. Gordon Davis, a former senior NATO official, said congressional reaction suggests the announcement was made without sufficient coordination and could affect NATO deterrence. He said it could also weaken the U.S. ability to respond quickly to conflicts in Europe or nearby regions. Whether the reductions will be carried out remains unclear. Congress has previously moved to constrain troop cuts in Europe. In 2020, during Trump’s first administration, he sought to reduce forces in Germany by about 12,000, but the plan was effectively blocked after Congress imposed conditions through the National Defense Authorization Act. Trump is also wielding tariffs. On May 1, he said the EU had failed to implement the “Turnberry agreement,” a trade deal reached at a golf resort in Turnberry, Scotland, and said he would raise tariffs on cars and trucks imported from the EU to 25% next week. That would restore tariffs to levels that existed before a trade agreement reached on July 27 last year. Under that deal, the EU agreed to buy $750 billion in U.S. energy and military equipment and to make an additional $600 billion in investment. In return, the United States lowered its reciprocal tariff rate to 15% and set product-specific tariffs, including on autos, at 15%. Moritz Schularick, president of the Kiel Institute for the World Economy, told Reuters that raising the auto tariff to 25% could cost Germany about 15 billion euros, and could rise to 30 billion euros over the longer term. The institute did not disclose its calculation method. Volkswagen Group, which accounts for about 40% of German auto production, has said that even at a 15% tariff it faces about 4 billion euros a year in added costs. Mercedes-Benz and BMW, with higher shares of U.S.-based production, are expected to be less affected.* This article has been translated by AI. 2026-05-03 15:44:06 -
South Korea Revives Service Industry Framework Bill as Services Deficit Persists The government is again pushing to enact the long-stalled Framework Act on Service Industry Development, a bill that has failed to clear the National Assembly for 15 years. First introduced in 2011 to foster the service sector in a systematic way, the legislation has been delayed by conflicts of interest, including disputes over whether to include health care. With South Korea running a services account deficit for 26 straight years, calls are growing for a comprehensive strategy and a stronger policy-coordination system for the sector. According to the Ministry of Finance and Economy and the Public Procurement Service on Saturday, the ministry on April 22 issued a tender for a research project to assess preparations for enacting the bill and began selecting a contractor. The study is intended to secure baseline data and set policy direction for a more structured rollout of service-sector policy after the law is enacted, aiming to minimize early policy gaps and improve execution. In its request for proposals, the ministry said the service sector is a core growth engine but its share of value added remains low compared with major advanced economies, requiring continued industrial upgrading and productivity gains. Bank of Korea data from its Economic Statistics System (ECOS) show the services account posted a $34.5 billion deficit last year. It has not turned to surplus even once since 2000, and the cumulative deficit over 26 years has exceeded $360 billion. The underlying problem, the article said, is weak productivity. Services account for 71.6% of total employment, but only 61.9% of value added, reflecting low efficiency relative to the sector’s role in the economy. By OECD rankings, South Korea’s manufacturing labor productivity stood sixth in 2023, while services ranked 26th. The ratio of service-sector productivity to manufacturing also fell to 47.5% in 2024 from 51.5% in 2020, widening the gap. With productivity low and service exports less competitive, overseas consumption of services has risen while exports remain limited, reinforcing the structural deficit, the article said. Investment patterns are also weak. The service sector invests less in research and development than manufacturing, and productivity gains from export growth are limited. Polarization has also become entrenched, with a wide productivity gap between large firms and small and midsize companies. The National Assembly Budget Office estimated that a 1% rise in exports lifts labor productivity by 0.07% in manufacturing, compared with 0.02% in services. The stagnation in service-sector competitiveness could weigh on national growth, the article said, as the long-term contribution of labor productivity declines and adds downward pressure on potential growth. The government plans to address these structural limits through the bill. If passed, it would provide a basis for a mid- to long-term plan for the service sector, along with tax and financial support, workforce training, expanded R&D and the design of a policy implementation body. A National Assembly Budget Office official said the government has pursued policies to raise service-sector labor productivity, but has fallen short of structural innovation and the results have not met expectations. “To boost service-sector labor productivity, it is time to build a legal and institutional foundation for expanded service R&D investment tailored to industry characteristics, digital transformation and adoption of AI technologies, and revitalizing service exports,” the official said. 2026-05-03 15:40:16 -
Won-Dollar Exchange Rate Capped in the 1,480s as Fed, Inflation and Oil Prices Drive Volatility The won-dollar exchange rate, which swung in the 1,500-won range in early April, has recently struggled to break above the 1,480s. Analysts said expectations of easing Middle East tensions have increased downward pressure, but U.S. monetary policy and high oil prices remain upside risks. In Seoul’s foreign exchange market, the won closed at 1,483.3 per dollar in daytime trading on April 30, according to market data released Saturday. The rate stayed capped in the 1,480s even as international oil prices jumped on renewed Middle East tensions and expectations for U.S. rate cuts weakened. After moving above and below 1,500 in early April, the exchange rate traded in the 1,470-1,480 range last week. The upper end has been held down as markets priced in hopes that U.S.-Iran tensions could shift toward negotiations rather than escalation. Market participants also expect a gradual decline in the exchange rate after South Korea’s first-quarter gross domestic product growth far exceeded forecasts. They said easing geopolitical risks and improving domestic conditions have tilted factors toward a stronger won. Still, analysts cautioned that volatility could pick up because upside risks remain. The Federal Reserve kept its benchmark rate unchanged at 3.50%-3.75% at the Federal Open Market Committee meeting on April 29 local time and maintained a hawkish stance by emphasizing inflation risks. If the dollar strengthens again, the won could face renewed downward pressure. With Fed Chair Jerome Powell’s term set to end on the 15th, markets are also watching whether the policy stance shifts at the June FOMC meeting, which would be chaired for the first time by incoming Chair Kevin Warsh. Park Sang-hyun, an analyst at iM Securities, said stalled U.S.-Iran talks helped drive oil prices sharply higher, with WTI at $106.88 and Brent at $118.03, the highest in four years. If high oil prices persist, he said, the June meeting could reinforce a more hawkish tone. South Korea’s April consumer price index and U.S. employment data due this week are also expected to influence the exchange rate. In March, South Korea’s CPI rose 2.2% from a year earlier. Petroleum product prices climbed 9.9%, adding 0.39 percentage points to overall inflation. Markets expect April inflation to approach 3%, and a continued rise in oil prices could widen inflation and weigh on the won. If U.S. nonfarm payrolls for April, due May 8, remain strong, concerns about tighter U.S. policy could resurface and add to dollar strength, analysts said. Persistently high oil prices could also pressure global financial markets. Analysts warned that the stock rally fueled by an artificial intelligence investment boom could be affected, and market volatility could increase if the U.S. 10-year Treasury yield rises above 4.5%. Park said the AI investment boom has partly offset the oil shock, but that support could fade if oil prices keep rising. “The market’s focus is on AI expectations now, but it can shift at any time to oil and interest-rate factors,” he said. * This article has been translated by AI. 2026-05-03 15:39:22 -
Gyeonggi Governor’s Race Pits Choo Mi-ae Against Yang Hyang-ja in High-Stakes Contest With the People Power Party selecting Supreme Council member Yang Hyang-ja as its candidate for Gyeonggi governor, the race has come into sharper focus. Yang will face Democratic Party candidate Choo Mi-ae in a matchup that, on its surface, draws attention as a contest between two women. The symbolism is heightened because Gyeonggi Province is widely seen as the country’s biggest political battleground. But reducing the race to a simple narrative of “women’s political gains” risks missing the larger shift. The significance is not that women are running, but that gender is increasingly no longer treated as something requiring special explanation — a sign that what once stood out as an event is becoming an assumption. Gyeonggi is not just another local government. With a population of about 14 million, it is a massive living and economic area and a key measure of public sentiment in the Seoul metropolitan region. It is also a stage for policy experiments, and winning there can elevate a politician’s national standing. For years, the governorship has been viewed as a major gateway to a presidential run. The article notes that President Lee Jae-myung rose to the presidency after holding the post. That both major parties are fielding women is a notable change, but it is not simply a natural outcome. Nominations for Gyeonggi governor are the product of strategy, shaped by calculations about appealing to centrist voters, refreshing party images and countering opponents. Yang can seek broader support by emphasizing her background as an industrial worker and an image tied to technology competitiveness. Choo, with an established political presence and a reputation for strong leadership, can aim to consolidate her base. The matchup reflects social change and political strategy at the same time. Yang and Choo also present a clear contrast. Yang is described as Samsung Electronics’ first female executive without a college degree, a figure associated with “on-the-ground” leadership shaped in industry. Choo, a former judge who has served as party leader and a minister, is portrayed as a conventional establishment politician with strong drive and a clear message, already well known nationwide. One speaks the language of industry and technology; the other, the language of politics and power. In that sense, the choice before voters is not gender but the type of leadership they want — which experience and judgment are better suited to running a vast administrative unit like Gyeonggi. The article argues the race is best understood as a competition between leadership models. The contest, however, is unlikely to remain that straightforward. The entry of New Reform Party candidate Cho Eung-cheon, described as a former lawmaker, adds another variable, because the outcome could shift depending on whether candidates unify. The article says that dynamic underscores how elections are shaped not only by leadership and policy, but also by alliances and splits among political forces. Overall, the Gyeonggi governor’s race is presented as a layered contest: a symbolic faceoff between women candidates, but also a test of strategy, leadership and political realignment. The article says voters’ focus is also changing. Where gender, origin and background once drew the most attention, expectations about policy, execution and results are playing a larger role — even if the shift is not complete. From that perspective, labeling the race a “victory for women in politics” captures only part of the story. The more consequential point, the article argues, is that being a woman is increasingly no longer treated as an exceptional explanation — a sign that politics may be moving toward judging leaders more by outcomes than by narratives. The article concludes that the election is more than a local contest: It is a test of leadership in a province that can shape national politics, and a window into the country’s political direction. The central question, it says, is simple: What kind of leader do voters want — beyond gender and background — when what ultimately remains is judgment and results?* This article has been translated by AI. 2026-05-03 15:37:55