Jung Cheong-rae Dismisses Speculation About Party Leadership Bid Jung Cheong-rae, leader of the Democratic Party, dismissed rumors about his candidacy for the party convention scheduled for August, stating, "I will only be around until 6 PM on June 3, when the local election vote counting begins." During an appearance on the YouTube channel "Kim Eo-jun's Humility is Difficult News Factory," Jung responded to a question about speculation surrounding the party convention by saying, "It seems there are various discussions in the media about the need for the party leader to meet more candidates ahead of the elections, which is being interpreted as a strategy for the upcoming convention." He added, "As party leader, I am focused on doing my duty without considering criticism. I am solely thinking about the moment of the June 3 local elections." Jung also assessed the political landscape ahead of the local elections, stating, "Busan, Ulsan, and Gyeongnam are challenging but feasible, and Seoul is also difficult. I believe there may be an unconscious optimism within our party, even if we are not consciously aware of it." He emphasized, "We should aim high but maintain a humble attitude. Until the elections are over, we must work with a sense of urgency and determination." Regarding the multi-candidate race in Pyeongtaek, he stated, "As the leader of the Democratic Party, I must ensure candidates are nominated in all regions, including Pyeongtaek, and I will work hard for the election of candidate Kim Yong-nam. However, we must prepare for numerous variables and unexpected situations that may arise during the election." On the possibility of a unification between Park Min-sik of the People Power Party and independent candidate Han Dong-hoon in Busan's Buk-gap district, Jung predicted, "Given the dynamics within the People Power Party, I don't think their leader, Jang Dong-hyuk, would want one candidate to prevail, so unification is unlikely."* This article has been translated by AI. 2026-05-19 10:00:46

KP Aerospace Industries Hits Upper Limit on First Day of KOSDAQ Merger Listing KP Aerospace Industries surged to its upper limit on the first day of its KOSDAQ merger listing. According to the Korea Exchange, as of 9:12 a.m. on May 19, KP Aerospace Industries was trading at 43,850 won, up 10,100 won (29.93%) from its listing price of 33,750 won. The stock hit the maximum price limit shortly after the market opened. The Korea Exchange approved the merger listing of KP Aerospace Industries on May 15, with trading commencing on May 19. KP Aerospace Industries entered the KOSDAQ market through a merger with NH Special Purpose Acquisition Company No. 30. The reference price was set at 33,750 won, with a par value of 500 won. NH Investment & Securities acted as the listing underwriter. Founded in June 1990, KP Aerospace Industries manufactures aircraft, spacecraft, and components. The company is headquartered in Jinrae-myeon, Gimhae, Gyeongsangnam-do, and focuses primarily on the production of aerospace and defense structures. It employs 454 people. The company's representatives are Kim Jong-pan and Yoon Seung-wook. Major shareholders include Yoon Gi-hyung (16.26%) and 14 others (51.49%). KP Aerospace Industries has established a global supply chain by collaborating with domestic and international clients, including Korean Air, Korea Aerospace Industries (KAI), and global aircraft manufacturers. Last year, the company reported consolidated revenues of 53.98 billion won, with operating profit and net profit amounting to 2.639 billion won and 1.555 billion won, respectively.* This article has been translated by AI. 2026-05-19 09:57:56

KOSPI Falls Over 1% Amid Foreign Selling; KOSDAQ Mixed The KOSPI index has dropped over 1% in early trading due to foreign selling. Meanwhile, the KOSDAQ is showing mixed movements with fluctuations between gains and losses. As of 9:09 a.m. on May 19, the KOSPI was trading at 7,398.29, down 117.75 points (1.57%) from the previous trading day. The index opened at 7,425.66, down 90.38 points (1.20%), and continued to decline. Individual investors have purchased a net 658.5 billion won worth of stocks, while foreign investors have sold a net 704.4 billion won. Institutional investors have bought a net 40.8 billion won. Most of the top market capitalization stocks are experiencing declines. Samsung Electronics is down 2.76%, SK Hynix is down 1.90%, SK Square is down 2.84%, Hyundai Motor is down 4.52%, LG Energy Solution is down 0.61%, Samsung Electro-Mechanics is down 3.10%, Doosan Enerbility is down 1.25%, and Samsung Biologics is down 0.79%. In contrast, Hanwha Aerospace has risen 6.03%, and HD Hyundai Heavy Industries is up 0.49%. At the same time, the KOSDAQ is trading at 1,116.09, up 5.00 points (0.45%) from the previous trading day. The index opened at 1,111.36, up 0.27 points (0.02%). Individual investors have net purchased 24.3 billion won worth of stocks, while institutions and foreign investors have net sold 17 billion won and 11.2 billion won worth of stocks, respectively. Among the top KOSDAQ stocks, gainers are prevailing. Alteogen is up 7.55%, EcoPro BM is up 1.79%, EcoPro is up 0.63%, Kolon TissueGene is up 3.04%, Samchundang Pharm is up 4.55%, JUSUNG Engineering is up 7.74%, HLB is up 2.39%, and ABLE Bio is up 3.12%. Conversely, Rainbow Robotics is down 4.16%, and Rino Industry is down 0.59%.* This article has been translated by AI. 2026-05-19 09:55:17

President Lee to Hold Summit with Japan's Prime Minister Takaichi Today President Lee Jae-myung will hold a summit with Japanese Prime Minister Sanae Takaichi today in his hometown of Andong, North Gyeongsang Province.Prime Minister Takaichi is visiting Andong for a two-day trip to meet with President Lee.This visit serves as a reciprocal gesture following President Lee's trip to Nara Prefecture, Prime Minister Takaichi's hometown, in January as part of ongoing shuttle diplomacy.This marks the third in-person meeting between the two leaders, following the APEC summit in Gyeongju last October and their meeting in January.The summit is the sixth Korea-Japan summit since President Lee took office.Previously, President Lee held three summits with Takaichi's predecessor, Shigeru Ishiba, in June and August of last year and in September in Busan.Prime Minister Takaichi is scheduled to arrive at Daegu Airport this afternoon, where he will be greeted by Deputy Foreign Minister Kim Jin-ah before heading to the hotel for the summit.President Lee plans to personally welcome Takaichi at the hotel entrance, where a traditional honor guard and military band will escort the Prime Minister's vehicle. The Blue House has arranged a state-level welcome for Takaichi, including a ceremonial display of 12 honor guards at the hotel entrance.The two leaders will hold both a small group meeting and an expanded session before announcing the outcomes of their discussions in a joint press conference.During the summit, they are expected to explore various cooperation measures, including responses to the ongoing conflict in the Middle East, contributions to a free trade order, enhancing security in Northeast Asia, and addressing supply chain crises.Following the summit, the two leaders will attend a dinner and social event.The dinner will feature fusion Korean dishes inspired by the traditional Andong dish 'Jjimdak,' along with 'Jeonggyea,' a chicken dish traditionally served to honored guests, grilled Andong beef ribs, Andong rice, and seafood hot pot, reflecting the spirit of hospitality in Andong. The dinner will also include traditional Andong liquor, Tesa-ju, and sake from Nara Prefecture, symbolizing the friendship between the two nations.For dessert, a plate will feature 'Jeonyak,' a type of traditional Korean sweet, alongside Japanese mochi. A piano performance by Korean-Japanese pianist Yang Bang-ean will follow.The two leaders will then travel to Hahoe Village, where a special traditional cultural performance, 'Seonyujulbulnori,' and a creative pansori piece titled 'Fleeting Sparks' have been prepared for Prime Minister Takaichi.The Blue House plans to provide welcome gifts at Takaichi's accommodation, including traditional Andong medicinal treats made from wheat and yam, along with Tesa-ju.Chief Spokesperson Kang Yu-jeong stated in a written briefing on May 17, "This meeting is expected to deepen the strong trust and friendship between the two leaders, given its reciprocal nature following President Lee's visit to Prime Minister Takaichi's hometown of Nara."* This article has been translated by AI. 2026-05-19 09:51:32

Starbucks Faces Backlash Over 'Tank Day' Promotion on May 18 Starbucks Korea is facing significant criticism online for its 'Tank Day' promotion, which coincided with the anniversary of the May 18 Democracy Movement. On May 19, many social media users expressed their discontent, stating, "It was thoughtless to have Tank Day on May 18," "I won't go there anymore," "I will use other cafes for a while," and "I was a fan of Starbucks, but I'm disappointed." Previously, Starbucks Korea had launched a tumbler promotion event from May 15 to May 26, using phrases like 'Tank Day' and 'Bang on the Desk.' This led to accusations on online communities and social media that the expressions belittled the May 18 Democracy Movement and the 1987 torture and death of activist Park Jong-cheol. As the controversy escalated, Starbucks Korea issued an apology on its website. Additionally, Shin Yong-jin, chairman of the Shinsegae Group, dismissed the representative of Starbucks Korea (SCK Company) who oversaw the 'Tank Day' event. On May 18, the Shinsegae Group announced, "In the afternoon, Chairman Shin informed SCK representative Son Jeong-hyeon of his dismissal," adding that he directed severe disciplinary action against those responsible for the controversy at Starbucks Korea. The group stated, "We decided to dismiss the executive who planned and oversaw this event alongside Son Jeong-hyeon, and we take this matter very seriously, which is why we opted for the extreme measure of dismissing the CEO." On the same day, President Lee Jae-myung also criticized the event on X (formerly Twitter), stating, "To hold a 'Tank Day' event that mocks the sacrifices and struggles of citizens on the historic anniversary of the Gwangju May 18 Democracy Movement..." He further questioned, "How many innocent lives were lost that day, and how severe is the distortion of justice and history that resulted? What kind of heart could lead to such an act?" He emphasized that there should be corresponding moral, administrative, legal, and political accountability, asking, "Have they apologized to the families of the May 18 victims and the survivors?" He noted that Chairman Shin was particularly furious that this incident occurred on the day commemorating the noble spirit of the May 18 Gwangju Democracy Movement and ordered the strongest possible disciplinary measures from the group. He also directed a thorough internal investigation immediately after being informed of the incident.* This article has been translated by AI. 2026-05-19 09:48:33

Schneider Electric Named One of TIME's Top 10 Energy Companies Schneider Electric has been named one of the "Top 10 Most Influential Energy Companies in the World" for 2026 by TIME magazine. The recognition comes as demand for power and cooling in data centers surges due to the expansion of artificial intelligence (AI) infrastructure, highlighting the company's competitive edge in energy efficiency innovations. Schneider Electric announced that it is included in the energy sector of TIME's newly released "TIME100 Companies: Industry Leaders" list, which identifies globally influential companies across various industries. TIME evaluated the companies based on innovation, sustainability, impact on industry transformation, and global market leadership within the energy sector. Schneider Electric was praised for its efforts to enhance energy efficiency and decarbonization across businesses and industries through electrification, automation, and digitalization. Particularly, as the demand for power and cooling in data centers rapidly increases due to the rise of generative AI, Schneider Electric is recognized for leading innovations in next-generation AI data center infrastructure. The company has collaborated with NVIDIA to co-develop a design guide called "Blueprint" that efficiently supplies power and cooling to chips used in the latest AI systems. Schneider Electric applies AI-based data analytics throughout the entire process of designing, building, operating, and maintaining data centers, simultaneously enhancing energy efficiency and sustainability. The company positions itself as a key energy technology partner for the AI infrastructure era, leveraging smart infrastructure and data center power and cooling solutions. Industry experts believe that the competition among AI data centers is shifting from computational performance to securing stable power supply and cooling efficiency, increasing the strategic importance of energy management companies. Olivier Blum, CEO of Schneider Electric, stated, "This recognition by TIME signifies that Schneider Electric is providing substantial value to customers and the industry as a key energy technology partner in the AI infrastructure era." He added, "As the importance of power and cooling infrastructure for data centers grows with the spread of AI, Schneider Electric is integrating power, cooling, and data-driven operational technologies to support the development of more efficient and sustainable AI infrastructure. We will continue to assist our customers and partners in building more efficient and sustainable systems."* This article has been translated by AI. 2026-05-19 09:43:43

SK Innovation Begins $2.3 Billion LNG Project in Vietnam SK Innovation has officially launched a massive liquefied natural gas (LNG) power generation project in Vietnam, valued at approximately 3.3 trillion won ($2.3 billion), accelerating its efforts to penetrate the Southeast Asian power and advanced industry markets. The company aims to implement a 'Korean-style energy and industrial cluster' model that integrates AI data centers and industrial complexes. On May 18, a consortium formed by SK Innovation, Vietnam's state-owned power company PV Power (Petro Vietnam Power), and local partner NASU (part of the TH Group) held the 'Quynh Lap LNG Project Execution Announcement and Technical Infrastructure Groundbreaking Ceremony' in the Tan Mai area of Nghe An Province. The event was attended by Choo Hyung-wook, CEO of SK Innovation, along with high-ranking officials from the Vietnamese central government, including Doan Minh Huan, President of the Ho Chi Minh National Academy of Politics, and Deputy Prime Minister Le Tien Chau, as well as local government representatives such as Nguyen Khac Tan, Secretary of Nghe An Province, and Bo Chong Hai, Chairman of the People's Committee. The Quynh Lap LNG project is a significant energy initiative that will construct a 1.5 GW LNG combined cycle power plant and an LNG terminal in the Quynh Lap area, located about 220 kilometers south of Hanoi. The total project cost is estimated at $2.3 billion, with commercial operations expected to commence by December 2030. This project is particularly noteworthy as it represents the realization of the 'Specialized Energy-Industrial Cluster (SEIC)' model proposed by the SK Group to the Vietnamese government, extending beyond mere electricity production. Industry experts believe that the increasing demand for power from AI data centers, driven by global tech giants, combined with the Vietnamese government's policies to foster advanced industries, will enhance the growth potential of SK Group's local operations. Notably, SK Group Chairman Chey Tae-won played a crucial role in securing this project. He engaged in multiple discussions with Vietnam's top leadership, including the General Secretary, President, and Prime Minister, to lay the groundwork for this significant venture. Choo Hyung-wook emphasized, "The commencement of this infrastructure is a cornerstone for alleviating Vietnam's power shortages and fostering an advanced industrial ecosystem. It marks a historic first step toward the successful completion of the Quynh Lap project. We will work closely with our partners to achieve the goal of commencing commercial operations by 2030." 2026-05-19 09:42:00

Automakers under pressure to hike prices amid spiraling manufacturing costs SEOUL, May 19 (AJP) - Rising prices for car parts and other key materials, including batteries and semiconductors, coupled with the weak won, are adding to pressure on automakers to raise vehicle prices. With price hikes expected to accelerate in the second half of this year, concerns are also growing that demand could weaken if South Korea's temporary tax breaks for car buyers expire at the end of the year. According to industry insiders on Tuesday, prices for key materials and components used in electric vehicles (EVs) including lithium, aluminum, copper and semiconductors, have surged, prompting a series of price hikes by global automakers. Chinese automaker BYD already raised prices by more than 2,000 yuan for additional driver convenience features on some models in its Dynasty, Ocean and Formula Leopard lineups late last month. Xiaomi also recently raised prices across all trims of its SU7 series by 4,000 yuan, while fellow Chinese EV makers NIO and XPeng plan to increase prices for their major models in the second quarter. Battery materials, which account for about 30 percent to 50 percent of EV production costs, have risen especially sharply. According to market research firm Fastmarkets, lithium, a key material for lithium iron phosphate (LFP) batteries used in budget EVs, was priced at US$25.15 per kilogram as of last week, up 212 percent from an average of $8.1 in June last year. Nickel, another key material used in nickel-cobalt-manganese (NMC) batteries, rose 28.4 percent to $19,017 per metric ton from $14,879 at the end of last year. Higher memory chip prices are also driving up costs. Prices for high-performance automotive DDR and storage memory chips have surged 70 percent to 100 percent since the end of last year. "Major chipmakers such as Samsung Electronics and SK hynix are prioritizing semiconductor shipments for artificial intelligence (AI) servers for global big tech companies over automotive chips, which offer lower margins and require more rigorous certification processes, worsening overall supply instability," said an industry insider. "Despite surging demand driven by the rise of autonomous driving, supply remains insufficient, pushing prices sharply higher," he added. Price increases are becoming more visible in the domestic market. Tesla recently raised prices on some Model Y lines by 4 million won (US$2,700) to 5 million won, following increases in the U.S. Its midsize electric SUV Model Y Long Range AWD rose 4 million won to 63.99 million won from 59.99 million won. German automaker BMW is also expected to raise prices for some models next month. The increase is likely to be around 1 percent and could affect the 5 Series, X6, i4 and i5. If temporary tax breaks for EV buyers expire at the end of this year, consumers will have to pay more to buy vehicles, which could weaken demand overall. "Automakers may expand promotions such as zero-interest financing and other discounts, but rapidly rising manufacturing costs are leaving little room for price cuts," another industry insider said. 2026-05-19 09:40:28

Elon Musk Loses Lawsuit Against OpenAI, Easing IPO Pressure Elon Musk, CEO of Tesla, has lost a lawsuit he filed against OpenAI. A jury determined that Musk had filed his lawsuit after the legal deadline, and the court accepted this finding, dismissing all of Musk's claims. This outcome is seen as a relief for OpenAI, which is planning to go public (IPO) later this year. On May 18, local time, a jury in the U.S. District Court in Oakland, California, unanimously ruled in favor of OpenAI. The jury concluded that Musk did not file his lawsuit within the legally mandated timeframe. Civil lawsuits have specific statutes of limitations for filing claims. In this case, Musk's allegations of 'breach of fiduciary duty' and 'unjust enrichment' had deadlines of three years and two years, respectively, starting from when the plaintiff became aware of the infringement. The jury found that Musk had already been aware of the issues before August 2021. Therefore, the court determined that Musk's formal filing in August 2024 was beyond the statute of limitations. Musk claimed that Sam Altman, CEO of OpenAI, had reassured him, causing him to delay filing the lawsuit. However, the jury did not accept this argument. After less than two hours of deliberation, the jury reached its verdict. While the jury's verdict is advisory, U.S. District Judge Yvonne Gonzalez Rogers accepted it immediately after the verdict was announced, dismissing all of Musk's claims. Judge Rogers stated, "There was substantial evidence supporting the jury's conclusion, and I was prepared to dismiss the case on the spot." Musk has alleged that OpenAI, along with Altman and Greg Brockman, deceived him into donating $38 million, subsequently attaching a for-profit entity to what was originally a nonprofit organization and raising billions from investors like Microsoft. In contrast, OpenAI argued that Musk's lawsuit was a "post hoc fabrication" unrelated to reality and a hypocritical attempt to undermine a competitor. With this verdict, OpenAI has alleviated a significant legal burden related to its IPO. Reuters reported that the ruling simplifies OpenAI's path to pursuing an IPO, which could be valued at $1 trillion (approximately 1,500 trillion won).* This article has been translated by AI. 2026-05-19 09:39:11

Anthropic Warns Against Unauthorized Stock Transactions Amid AI Market Growth AI startup Anthropic announced it will not recognize any transfers of its stock or stock-related rights that lack board approval. This warning comes as the over-the-counter market for unlisted AI company shares expands, raising concerns that investors purchasing indirect investment products may not secure actual shareholder rights. In a notice released on May 19, Anthropic stated that sales or transfers of its stock or related rights without board approval are invalid and will not be recorded in the company's books. Anthropic explained that investors who engage in such transactions will not be recognized as shareholders and will not possess shareholder rights. This move coincides with a growing demand for over-the-counter investments in Anthropic shares. As competition in generative AI intensifies, there is increasing interest in securing stakes in promising AI companies before they go public. Some brokerage platforms have promoted indirect investment products, citing the difficulty of directly purchasing unlisted stocks. Anthropic clarified that it does not permit transfers of both common and preferred shares without board approval. It also included indirect investments through special purpose vehicles (SPVs) in its prohibition. Proposals to offer existing investment round shares or future investment round participation rights through SPVs are also banned. Forward contracts, tokenized securities, and indirect investment funds have also been flagged as areas of concern. Anthropic indicated that structures providing general investors access to its shares through these methods may involve transactions that the company does not recognize, potentially invalidating the rights acquired by investors. Anthropic has placed companies such as Opendoor Partners, Unicorns Exchange, Pachamama, Lionheart Ventures, Hive, Foji's new offerings, Sidecar, and Upmarket on its warning list. The company stated it will not recognize any sales or transfers of Anthropic shares or related rights through these entities or products. Some of the mentioned platforms have countered these claims. Foji stated it does not facilitate transactions of unlisted company shares without explicit approval from the company and has requested that Anthropic remove it from the warning list. Hive also affirmed that it only intermediates transactions that have received issuer approval. Unicorns Exchange reported over 50 inquiries for purchasing Anthropic shares in the past three months, with total demand exceeding $1 trillion. However, it noted that no transactions have been completed without Anthropic's approval documentation. Legal issues remain unresolved. While it is not uncommon for unlisted startups to require board approval for stock transfers, the complexity of SPVs and forward contracts can make it difficult for issuers to track all transactions, potentially leading to disputes over the actual rights held by investors.* This article has been translated by AI. 2026-05-19 09:36:40