Daewoo Engineering Wins Public Redevelopment Project in Gangdong Daewoo Engineering has secured a public redevelopment project in the Han River area of Cheonho-dong, Gangdong District, marking the first application of its high-end brand 'Summit' in a public redevelopment initiative.On May 16, Daewoo Engineering was selected as the final contractor for the public redevelopment project in the A1-1 zone of Cheonho, Gangdong District, the company announced on May 18.The project will involve the construction of eight apartment buildings, ranging from five underground floors to 40 above ground, totaling 747 units along with community facilities. The total construction cost is estimated at 372 billion won.Daewoo Engineering emphasized the project's views of the Han River and distinctive exterior design. The complex will be named 'Summit Triver,' reflecting the three main buildings and the river view. This is the first time Daewoo Engineering has proposed its high-end brand 'Summit' for a public redevelopment project.In terms of design, the company has partnered with the global architectural firm UNStudio, known for its design of the Mercedes-Benz Museum in Germany. The project aims to differentiate itself from nearby complexes by using curtain wall materials that reflect changes in light.A sky lounge, offering 360-degree views at a height of 120 meters, will provide vistas of the Han River and the city. Some units will feature specialized layouts, including penthouses with river views. Additionally, a themed garden spanning approximately 6,346 square meters will be developed as part of the landscaping.A Daewoo Engineering representative stated, "The A1-1 zone in Cheonho is symbolically significant due to its location along the Han River. We aim to create a new landmark complex in Gangdong District through differentiated design and view specialization."Lee Eun-sang, a researcher at NH Investment & Securities, noted, "Daewoo Engineering is expected to complete several construction sites that have previously incurred high material and labor costs this year, increasing the proportion of high-margin self-developed projects. Consequently, the total gross profit from the housing sector is projected to reach 916.3 billion won in 2026, with a profit margin of 16%."* This article has been translated by AI. 2026-05-18 17:25:52

HD Hyundai Marine Solution to maintain power engines for US data center SEOUL, May 18 (AJP) - HD Hyundai Marine Solution is entering the North American data center power market. The company said Monday that it recently signed a memorandum of understanding with Aperion Energy Group, or AEG, a U.S. energy infrastructure developer, to provide maintenance services for power engines used at a data center. Under the agreement, the two companies will cooperate for the long-term maintenance and operation of 33 power engines at a data center AEG is building in Texas. HD Hyundai Heavy Industries previously signed a contract with AEG in April to supply 684 megawatts of data center equipment based on 20-megawatt HiMSEN engines. As the rapid development of artificial intelligence drives up electricity consumption at data centers, the reliability of backup and primary power supply systems has become a key factor in ensuring efficient data center operations. HD Hyundai Marine Solution plans to use its cooperation with AEG as an opportunity to expand its presence in North America by highlighting the proven performance of HiMSEN engines and its engine maintenance capabilities. The company said the partnership is expected to go beyond engine supply and lead to long-term service agreements, as well as operation and maintenance contracts. “Through this cooperation, we aim to capture new demand in the North American data center market,” an HD Hyundai Marine Solution official said. 2026-05-18 17:20:27

Hyundai Engineering Bets on 240-Degree Han River Panorama in Apgujeong 5 District "We have an advantage over competitors in every aspect." On the morning of May 18, Park Seong-ha, head of Hyundai Engineering's Apgujeong redevelopment team, expressed confidence ahead of the upcoming construction company selection meeting at the promotional center near Apgujeong Station in Gangnam, Seoul. The Apgujeong 5 District will be rebuilt through the redevelopment of the Hanyang 1st and 2nd apartments, featuring six underground floors and 68 above-ground floors, comprising eight buildings with a total of 1,397 units. The total construction cost is estimated at approximately 1.496 trillion won. As the construction company selection meeting approaches on May 30, the competition is expected to be primarily between Hyundai Engineering and DL E&C, the only two bidders among the five districts in Apgujeong. Hyundai Engineering claims that while competitors may appear to have advantages in construction duration and financial conditions, the practical differences are negligible, asserting that their company holds the upper hand. Hyundai Engineering proposed a construction period of 67 months, while DL E&C suggested 57 months. Park explained that the Apgujeong 5 District has over 50% bedrock, which limits blasting operations, and that the project involves four more floors than the Apgujeong 2 District. He also cited Samsung C&T's proposal of 68 months for the Apgujeong 4 District as further justification. "Competitors have a low understanding of the construction timeline for high-rise buildings," Park stated, adding that the examples they cite of other high-rise projects were built before the implementation of the 52-hour workweek and the Serious Accident Punishment Act. He emphasized that Hyundai Engineering offers broader financial guarantees for construction and relocation costs. The company proposed a fixed interest rate of 'COFIX + 0.49%' for the total project cost, which applies to essential project expenses, including additional relocation costs. In contrast, competitors offer a 0% margin on COFIX but limit it to essential project costs. Park noted, "Competitors explicitly excluded additional relocation financing costs that members apply for individually, which only accounts for about 20% of the total project cost." Regarding the construction cost per 3.3 square meters (pyeong), he stated, "Competitors claimed they would cover the construction costs for commercial buildings but calculated the cost per pyeong including commercial space. Excluding the commercial construction costs, the evaluation construction cost exceeds 1.08 million won, making their claim of lower per-pyeong costs completely false." Despite its prime location near the Galleria Department Store and Rodeo Street, the Apgujeong 5 District has lower market prices compared to other areas. Hyundai Engineering stated that it focused on high-end design to align with market prices. To enhance the Han River view, the windows are designed to be 2.9 meters high and 13 meters wide. The promotional center includes a 'Schüco window experience area' that combines curved windows with a rear LED screen, allowing visitors to experience the panoramic view. Hyundai Engineering is proposing Korea's first custom-made units, allowing for flexible interior arrangements based on residents' preferences through a column-style structure. This includes private spaces for one- or two-person households and tailored spaces for families of three or four. The entire basement level is dedicated to community spaces, excluding parking, to enhance the luxury living experience. The basement will be connected to the Galleria Department Store through a collaboration with Hanwha. Each of the eight buildings will feature a guesthouse, and the top floor will include a sky guesthouse managed by Hanwha Group's Hotel and Resort Plaza Hotel. Hyundai Engineering has invested over 10 billion won in landscaping. Notably, a forest covering over 3,800 pyeong surrounds the complex, providing complete privacy, while an elevated walkway to the Han River is closely connected to each building. The company is actively utilizing advanced robotics technology from Hyundai Motor Group in the residential complex. This includes a 'Spot Safety Service Robot' capable of patrolling the area 24/7, as well as 'Mobed' and 'Sharing Mobility' for food delivery and recycling waste disposal, along with an 'unmanned firefighting robot.' * This article has been translated by AI. 2026-05-18 17:18:00

Financial Services Commission Adapts Rapid Response Strategy Recently, the Financial Services Commission (FSC) has accelerated its response time to pressing issues. While the so-called "six-hour rule"—the guideline to respond to sensitive matters within six hours—has been discussed in government circles, the FSC has been able to shorten its response time through real-time communication channels like Telegram. The FSC's improved response speed was evident in the recent controversy surrounding Sangnoksoo, a company established to manage private bad debts during the 2003 credit card crisis. Following a media report on May 12 that criticized the financial sector's lukewarm attitude toward transferring funds to the New Leap Fund, the FSC's actions drew significant attention. According to the financial sector, the issue gained prominence immediately after the report. FSC Chairman Lee Ok-won instructed his team to verify the facts before President Yoon Suk-yeol mentioned the matter on social media around 8 a.m. the same day. Later, Chairman Lee attended a Cabinet meeting at 9 a.m., where he outlined the FSC's response strategy regarding Sangnoksoo. Throughout the morning, the FSC confirmed the stance of member companies regarding the sale of bonds related to Sangnoksoo. By 4 p.m., a full meeting was convened, marking approximately 10 hours from the initial report to the gathering of member opinions and the meeting itself. The financial sector views this meeting as a turning point for quickly resolving discussions about the sale of Sangnoksoo bonds. The FSC's internal communication methods appear to support this rapid response. An FSC official noted, "These days, the FSC shares issues and directives in real-time through Telegram group chats. Initially, matters were shared mainly among the chairman and department heads, but now they are quickly communicated to junior staff as well." However, the swift timeline has led to various interpretations within the financial sector. The rapid sequence of events—from the morning report to the president's message, the Cabinet meeting discussions, and the FSC's confirmations and subsequent meeting—has raised questions. Some speculate that the government may have highlighted the Sangnoksoo issue to pressure the financial sector into participating in the New Leap Fund. The FSC has distanced itself from such interpretations, stating that it acted promptly to verify facts and implement necessary follow-up measures without any intent to pressure specific financial institutions or prior coordination with the presidential office.* This article has been translated by AI. 2026-05-18 17:15:25

Shinhan Bank Strengthens Its Position as a Leading Bank in Institutional Sales Shinhan Bank has successfully retained its position as a leader in institutional sales by securing the Seoul City treasury accounts, valued at over 50 trillion won. With major bids for the Incheon City treasury and other large institutions scheduled for the second half of the year, attention is focused on whether Shinhan can maintain its title as a leading bank.According to the financial sector on May 18, Shinhan Bank was selected as a priority candidate for both the first and second treasury accounts during the Seoul City treasury designation review committee held on May 12. The bank received top scores of 973.904 for the first treasury and 925.760 for the second treasury.In this bidding process, Shinhan Bank, Woori Bank, KB Kookmin Bank, and Hana Bank all participated for the first and second treasury accounts, with Shinhan successfully retaining both. The total budget for Seoul City this year is 51.4778 trillion won, the largest among local governments nationwide.The Seoul City treasury accounts are not only symbolic but also crucial for evaluating institutional sales competitiveness in future bids for local government, education offices, and public institutions. By securing a stable source of funding worth tens of trillions of won over several years, Shinhan Bank has gained a significant advantage in the competition among leading banks.As government policies on household loan management have hindered the expansion of interest income, institutional sales have emerged as a key strategy for securing large deposits and future clients.Shinhan Bank is accelerating its institutional sales efforts through the newly established Institutional and Partnership Sales Group, formed during a reorganization at the end of last year. After being reselected as the third operator for the National Love Card, the bank captured more than half of all issuances in the first quarter of this year. The Legal Fund Payment Center supports the management of court-related funds, including deposits, delivery fees, and court custody funds. The average balance of court custody funds has increased from 1.8 trillion won in 2021 to 2.8 trillion won last year, with Shinhan reportedly handling over 60% of this amount.Launched in 2022, the Heyoung Campus mobile platform for university students is currently used by over 130 universities. Recently, Shinhan Bank signed a memorandum of understanding with Seoul National University for long-term mutual growth. Universities are seen as a key channel for banks to secure future clients.A financial sector official stated, "The importance of institutional sales, which can secure large funds and clients amid the trend of household loan management, will continue to rise. With bids for the Incheon City treasury and others expected in the second half of the year, strategic competition is likely to unfold."* This article has been translated by AI. 2026-05-18 17:13:10

Conflict Erupts Between Jeong Cheong-rae and Jang Dong-hyuk at 5·18 Commemoration Jeong Cheong-rae, leader of the Democratic Party, and Jang Dong-hyuk, leader of the People Power Party, attended the 5·18 Democratic Movement commemoration on May 18, expressing condolences while engaging in a heated exchange. Jeong stated, "We must judge the insurrection nominations," to which Jang retorted, "5·18 has become a tool for power expansion." Jeong arrived at the national cemetery at 8:40 a.m. and paid his respects for about 20 minutes before speaking with reporters. He reiterated the need to resolve the insurrection through victory in the upcoming June 3 local elections. "Seeing the insurrection party's nominations that still advocate insurrection and shout for Yoon Seok-youl, I prayed to the spirits of the Gwangju democracy martyrs to judge them," Jeong said. "If there is a will from heaven, the insurrection nominations will be sternly judged in the name of history, the constitution, and democracy." He emphasized the historical significance of the 5·18 Gwangju Democratic Movement and reiterated plans to include its spirit in the preamble of the constitution. "If it weren't for the 5·18 Democratic Movement, the current constitution, created through the June struggle of 1987, would not exist. The martial law of December 3 would have succeeded, and many citizens would still be suffering in a dark tunnel of dictatorship. I deeply thank the spirits of 5·18," he said. Jeong also expressed regret for failing to include the spirit of 5·18 in the constitution's preamble, stating, "I feel ashamed and sorry to the spirits of Gwangju. However, I will do my best to ensure that the spirit of 5·18 is included in the preamble and that we can never dream of martial law again." Jeong made remarks seemingly directed at Jang, who was also attending the commemoration. During a campaign meeting earlier that morning, he asked, "It seems that officials from the People Power Party will also attend. Even if you are unhappy and angry, please remain silent." Jang, who attended the ceremony, acknowledged the significance of May 1980 in preserving South Korea's liberal democracy but criticized the policies of the Lee Jae-myung administration and the Democratic Party. He stated on Facebook, "The true meaning of the 5·18 spirit is noble sacrifice for freedom and human rights, but to them, it is merely a tool for power expansion," labeling the judicial reform proposals pushed by the Lee administration and the Democratic Party as 'bulletproof' and 'removal of political opponents.' After the ceremony, Jang remarked, "It is truly strange and inappropriate for a president who seeks to eliminate his own trial to read a commemorative speech at the 5·18 site. The spirits were crying out that even the president must face trial if he commits a crime. Lee Jae-myung's speech could not even fill the 5·18 square." He added, "Our citizens will no longer tolerate the destruction of democracy by Lee Jae-myung. The People Power Party will fight alongside the people with our lives on the line," hinting at a struggle against the ruling party. Despite Jeong's request for silence during the ceremony, attendees shouted and criticized Jang upon his arrival.* This article has been translated by AI. 2026-05-18 17:07:32

SK Ecoplant to Implement 'DE'FINE' in Shinbanpo 20 Reconstruction Project SK Ecoplant has secured the reconstruction project for the Shinbanpo 20 apartment complex, one of the prominent redevelopment sites in Gangnam, Seoul.On May 18, SK Ecoplant announced that it has been selected as the construction company for the Shinbanpo 20 reconstruction project. The project will involve the development of four buildings with a total of 190 residential units, spanning four underground levels and 35 above-ground floors, at the site located in Jamwon-dong, Seocho-gu. The total contract amount is approximately 204.8 billion won.The site is situated within the Banpo and Jamwon living area and is just a two-minute walk from Banpo Station on Subway Line 7. It offers easy access to the Olympic Highway and the Gyeongbu Expressway, facilitating convenient vehicle movement throughout Seoul and the surrounding metropolitan area. Jamwon Station on Line 3 is also a seven-minute walk away.Nearby educational institutions include Banwon Elementary School, Wonchon Elementary School, Gyeongwon Middle School, Wonchon Middle School, and Cheongdam High School, providing excellent educational opportunities. Additionally, major shopping and convenience facilities such as Shinsegae Department Store Gangnam, Newcore Outlet, Banpo Shopping Town, and the underground shopping mall at Seoul Express Bus Terminal are in close proximity, enhancing the convenience of daily life.With this contract, SK Ecoplant aims to solidify the position of its high-end premium brand 'DE'FINE' in the Gangnam redevelopment market.Lee Gi-yeol, head of SK Ecoplant's Solution Sales Division, stated, "Based on our extensive experience and superior construction capabilities accumulated in urban redevelopment projects, we will provide the highest residential value to the residents. We plan to use this Shinbanpo 20 contract as a stepping stone to continuously enhance our competitiveness in redevelopment projects through our premium brand DE'FINE."An SK Ecoplant official noted, "This contract marks the second application of the 'DE'FINE' brand in the Jamwon-dong area, which is significant for expanding our brand presence in the high-end market of Gangnam. We will finalize the project name after discussions and general meetings with the association before construction begins, including integrated reviews and project approvals."* This article has been translated by AI. 2026-05-18 17:01:53

Trump Warns of Strong Action Against Iran Without Better Deal Donald Trump has warned of potential military action against Iran unless the country presents a better negotiating proposal. Despite a recent summit with Chinese President Xi Jinping, Trump has not been able to reach a clear resolution regarding Iran, leading to a review of military options as tensions in the Middle East escalate. On May 17, Trump stated on the social media platform Truth Social, "Iran doesn’t have much time," urging the country to act quickly or face severe consequences. In a phone interview with Axios, he reiterated that Iran's regime would face much stronger attacks if it fails to offer a more favorable agreement. "We want a deal. But they are not at the level we want them to be," Trump said. "They need to reach that level, or they will be hit hard, and they don’t want that." These comments reflect the U.S. administration's dual approach of seeking diplomatic solutions while simultaneously increasing military pressure. Axios reported that Trump plans to convene the National Security team in the White House Situation Room on May 19 to discuss military options against Iran. Previously, on May 16, Trump met with Vice President JD Vance, Secretary of State Marco Rubio, CIA Director John Ratcliffe, and Special Envoy Steve Witkoff at his golf course near Washington, D.C., to discuss strategies for responding to Iran. Cooperation with Israel has also been noted. Israeli media, including the Times of Israel, reported that Trump and Israeli Prime Minister Benjamin Netanyahu discussed the possibility of resuming attacks on Iran during a phone call. The New York Times also reported that the Pentagon is preparing for the potential resumption of military operations against Iran, which were halted last month following a ceasefire declaration. Two officials in the Middle East indicated that the U.S. and Israel are enhancing their readiness for possible renewed attacks. Diplomatic mediation efforts continue, however. The Pakistani Interior Minister visited Tehran over the weekend to discuss a ceasefire agreement with Iranian officials. Pakistan serves as an official mediator between the U.S. and Iran, while Qatar is also maintaining contact with both sides to facilitate negotiations. Nevertheless, negotiations have stalled as Iran has not made sufficient concessions regarding its nuclear program and sanctions relief. U.S. officials believe that while Trump still seeks an agreement to end the conflict, military options have resurfaced due to Iran's refusal to comply. Renewed Armed Conflict in the Middle East The situation in the Middle East has become increasingly unstable following a drone attack on facilities near the Barakah nuclear power plant in the United Arab Emirates (UAE). The UAE Ministry of Defense reported that one drone damaged a generator outside the plant's internal boundary, while two others were intercepted. Although the UAE did not directly blame Iran, Anwar Gargash, a senior UAE diplomatic advisor, criticized the attack as a dangerous escalation, whether executed directly or through proxy forces. This attack has raised security concerns across the Gulf region. Following the incident, UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan spoke with his counterparts from Saudi Arabia, Kuwait, Qatar, Morocco, Egypt, and Bahrain to share information about the situation. According to AFP, the Saudi Foreign Ministry issued a statement declaring that the drone attack poses a threat to regional security and stability, expressing support for all measures to protect the UAE's sovereignty and security. On the same day, the Saudi Defense Ministry announced the interception and destruction of three unmanned drones that entered its airspace from Iraq, heightening concerns about drone threats in the Gulf region.* This article has been translated by AI. 2026-05-18 16:52:00

IBK Industrial Bank to Launch $230 Million 'Co-Growth Fund' with Asset Management Firms IBK Industrial Bank is set to provide a significant funding boost of 230 billion won (approximately $230 million) amid ongoing challenges in the venture investment market due to high interest rates and economic slowdown. On May 18, the bank announced its plans to select asset management firms for the '2026 IBK Co-Growth Fund.' Through this initiative, IBK plans to invest a total of 120 billion won across three sectors: impact, bio-healthcare, and culture, aiming to create a fund exceeding 230 billion won. Notably, the investment ratio has been increased to between 50% and 60% to alleviate the initial funding burden typically associated with sector-specific funds. The impact sector refers to businesses and investment areas that generate both financial returns and social or environmental value.Specifically, 20 billion won will be allocated to two asset management firms in the impact sector. In the bio-healthcare and culture sectors, 50 billion won will be invested in each, totaling 100 billion won across four firms. This approach aims to identify and support specialized asset management companies with strong expertise.The proposal submission period runs from today until May 29. IBK plans to select the asset management firms in July, with the chosen firms required to complete fund formation by December of this year.An IBK official stated, "We hope this Co-Growth Fund will contribute to the development of a balanced venture ecosystem and will continue to support productive finance alongside the IBK Innovation Fund aimed at fostering advanced strategic industries."* This article has been translated by AI. 2026-05-18 16:49:18

Jang Dong-hyuk Attends 5·18 Memorial, Criticizes Government's Use of Movement Jang Dong-hyuk, the leader of the People Power Party, attended the 46th anniversary memorial ceremony for the 5·18 Democracy Movement for the first time since taking office. After the event, he left without making any comments, but criticized President Lee Jae-myung and the Democratic Party on his Facebook page, claiming they are undermining the spirit of the 5·18 movement. Jang attended the ceremony held at the 5·18 Democracy Square in Gwangju. While he remained silent during the event, he posted on Facebook before and after, targeting President Lee and the Democratic Party. He stated, "While President Lee and the Democratic Party proclaim the spirit of 5·18, they are actually undermining it," adding, "For them, 5·18 is not a value to uphold but merely a tool for expanding their power." He pointed to issues such as the expansion of Supreme Court justices, the introduction of a four-tier judicial system, dedicated trial courts, and the crime of distorting the law, labeling them as "unconstitutional evils rarely seen in a normal liberal democracy." He criticized the 'special investigation into the dismissal of charges' as a declaration of the end of liberal democracy. After the ceremony, he reiterated on Facebook, "The commemorative speech read by President Lee at the 5·18 Democracy Square felt unfamiliar and inappropriate," stating, "I could not applaud even once." Following the memorial, Jang quickly left the venue in a car. This ceremony was his only public schedule for the day. In contrast, Democratic Party leader Jeong Cheong-rae and other party leaders participated in activities such as paying respects at the 5·18 cemetery and holding a central election committee meeting at the site.* This article has been translated by AI. 2026-05-18 16:46:49