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Insurance Companies Urged to Strengthen Foreign Exchange Risk Management Amid Currency Fluctuations The Financial Supervisory Service (FSS) has instructed insurance companies to enhance their foreign exchange risk management in response to increased currency volatility. The FSS emphasized that new overseas investments should be executed cautiously, considering soundness and liquidity, and urged restraint in expanding foreign currency positions based on expectations of rising exchange rates. On June 10, the FSS held an emergency meeting with chief financial officers (CFOs) from 14 insurance companies to convey these directives. This meeting followed a similar gathering with banking sector representatives the previous day, as part of ongoing assessments across various financial sectors. During the meeting, the FSS stressed that when pursuing new overseas investments, insurance companies must consider not only profitability but also financial soundness, foreign currency liquidity, and the potential for increased market volatility. The FSS cautioned against indiscriminately increasing speculative foreign currency positions based on expectations of further exchange rate hikes. The FSS also called for a review of foreign exchange hedging management. It noted that if the maturities of hedging derivatives are concentrated at specific points in time, it could lead to increased exchange rate volatility or refinancing burdens, thus advising a more diversified maturity structure. Regarding alternative investments such as overseas private loan funds, the FSS highlighted the need for sufficient loss absorption capacity to prepare for potential losses. In terms of dollar-denominated insurance sales, the FSS emphasized consumer protection. Although recent sales figures have shown a downward trend, concerns remain regarding the potential for principal losses due to exchange rate fluctuations and the risk of mis-selling. Insurance companies are urged to clearly explain foreign exchange risks and strictly adhere to suitability principles. The sales volume of dollar-denominated insurance decreased from an average of 233.5 billion won per month in the first quarter of this year to 112.4 billion won in May. Looking ahead, the FSS plans to assess the foreign exchange risk management status of individual insurance companies in anticipation of potential market volatility. It also intends to evaluate the crisis response capabilities of insurers through stress tests.* This article has been translated by AI. 2026-06-10 16:54:00 -
US and Iran Exchange Strikes Following US Helicopter Crash The United States and Iran engaged in a tit-for-tat exchange of strikes following the crash of a US Apache helicopter near the Strait of Hormuz. As both sides conducted airstrikes and missile attacks, military tensions escalated, casting doubt on the prospects for a swift resolution to ongoing peace negotiations. The US Central Command announced on June 9 via X (formerly Twitter) that it had initiated a "self-defense" attack against Iran at 5 p.m. local time (6 a.m. June 10 in South Korea), stating that the operation was a response to the helicopter's downing the previous day and emphasized it was a proportional measure against Iran's unjustifiable aggression. President Donald Trump claimed the helicopter crash was a result of an Iranian attack and warned that the US would inevitably respond to this aggression. Shortly after the Central Command's announcement, explosions were reported in the southern Iranian coastal city of Sirik and near Bandar Abbas and Qeshm in the Strait of Hormuz, according to Iran's Mehr News Agency. Local authorities in Minab confirmed that no attacks were detected inland, but explosions were heard in coastal areas adjacent to the Strait. Iran's Retaliatory Strikes and US Counterattacks In response, Iran quickly retaliated with its own airstrikes. Iranian Foreign Minister Abbas Araghchi stated on X, "Any attack will be met with retaliation," adding, "If you want safety, leave our region. The history of the Persian Gulf is filled with records of the miserable fates of invading foreign powers." The Islamic Revolutionary Guard Corps (IRGC) later announced via its Telegram channel that it had launched missiles and drones at US targets in the region. Iran claimed to have targeted the US Navy's Fifth Fleet base in Bahrain and the Al-Azraq Air Base in Jordan, stating that the targets included an F-35 hangar and a command center. Iran also issued warnings to neighboring countries hosting US military bases. The Iranian Foreign Ministry stated that all countries in the region, particularly those along the southern coast of the Persian Gulf, have a legal and moral responsibility to prevent the use of their territory or facilities for hostile actions against Iran by the US and Israel. As a result, countries such as Kuwait, Jordan, and Bahrain issued alerts. According to the Associated Press, Kuwait activated its air defense systems in response to Iran's retaliatory strikes, while Bahrain also activated its defenses and issued evacuation orders for residents. Following Iran's retaliatory strikes, the US launched additional counterattacks after the initial strike. Axios reported, citing a senior US official, that the US military conducted a second airstrike targeting Iran's air defense systems and radar, followed by a third strike. According to Reuters, the IRGC reported that US airstrikes damaged communication towers and two water tanks in the Sirik area. After several hours of conflict, the US Central Command announced that the airstrikes had concluded. It stated that US Air Force and Navy fighter jets used precision-guided munitions to strike Iranian air defense facilities, ground control stations, and surveillance radar sites near the Strait of Hormuz. This operation was described as a response to recent Iranian attacks on US forces and international shipping in the area. Possibility of Prolonged Negotiations The resumption of military conflict has cast uncertainty over the prospects for peace negotiations. In a June 8 interview with BBC, President Trump stated, "We are very close to a very strong agreement. It will be a very good agreement," asserting that there would be no nuclear weapons or anything else involved. While the US has conveyed that an agreement is near, Iran has maintained that there have been no new proposals or concessions that could be interpreted as progress in negotiations. According to Fars News Agency, sources close to the Iranian negotiating team indicated that Iran has not submitted any new proposals. Iran also denied reports from Al-Arabiya suggesting that it agreed to transfer enriched uranium to a third country. However, some analysts argue that the renewed conflict does not necessarily mean negotiations have collapsed. Mark Kimmitt, a former US general, stated in an interview with Al Jazeera that while both sides are exchanging retaliatory attacks and strong rhetoric, it is unlikely that negotiations between the US and Iran have completely derailed. Following news of the conflict, international oil prices, which had risen by about 1%, moderated to a 0.3% increase as of 4:48 p.m. Korean time, reflecting limited expectations for escalation. Despite President Trump's indications of a swift resolution, the likelihood of prolonged negotiations appears to be increasing. Kimmitt predicted, "Iran will seek to prolong negotiations for as long as possible," suggesting that an agreement is not expected to emerge in just a few days. US Vice President JD Vance also left open the possibility of extended negotiations. In an interview with CBS News, he stated that an agreement with Iran is "clearly" possible before the November midterm elections, but added that it could also be reached next week or take several months to finalize.* This article has been translated by AI. 2026-06-10 16:54:00 -
President Lee Praises National Intelligence Service for Drug Bust in Thailand President Lee Jae-myung publicly praised the National Intelligence Service (NIS) on June 10 during his visit to Europe for the G7 summit. His commendation followed a joint operation with Thailand's Narcotics Control Board, which resulted in the seizure of a warehouse containing enough raw materials to produce 21 tons of methamphetamine.On the social media platform X (formerly Twitter), President Lee referred to the NIS as a "newly transformed organization," stating, "A sharp knife can harm or save lives, depending on how it is used." He shared a report titled, "NIS and Thai Authorities Conduct Raid... Seizing Massive Amounts of Raw Materials."According to the report, the NIS and Thai authorities raided a warehouse in Thailand, confiscating a total of 49.98 tons of chemical substances, including acetone, hydrochloric acid, and sulfuric acid, which could be used to manufacture 21 tons of methamphetamine or 1.1 billion yaba pills, valued at approximately 8.4 trillion won. This marks the first time a South Korean government agency has directly targeted an overseas drug supply base.Additionally, President Lee emphasized the government's responsibility to protect citizens abroad in relation to the arrest of the main suspect in the kidnapping and murder of Korean national Ji Ik-joo in the Philippines.On Facebook, he posted a message titled, "There Are No Borders for the Lives and Safety of Our Citizens," announcing that the main suspect in Ji's murder had finally been apprehended. According to the Ministry of Foreign Affairs, Rafael Dumlao, a former head of the Philippine National Police's anti-drug unit, was arrested by Philippine authorities in Manila the previous day.Dumlao had been acquitted in a first trial in 2023 but was sentenced to life imprisonment without parole in a second trial in 2024. However, he managed to escape before a warrant for his arrest was issued by the appellate court.President Lee stated, "We will pursue crimes against our citizens wherever they occur and ensure that those responsible are held accountable." He also expressed condolences to Ji's family, recalling their request for justice during his visit to the Philippines in March.He noted that the successful apprehension was made possible through close cooperation between the Korean Embassy in the Philippines, the Korean Desk, and Philippine police authorities, thanking all involved for their efforts in resolving the case.The day before, President Lee had also expressed gratitude on X, stating, "Thank you to the police, NIS, and Ministry of Foreign Affairs. I appreciate the efforts of the Philippine authorities as well." He reiterated, "Protecting the lives and safety of our citizens is the most fundamental duty of the state, and we will do everything possible to ensure that our citizens living abroad can live more safely."* This article has been translated by AI. 2026-06-10 16:51:00 -
Government Uncovers 415.4 Billion Won in Illegal Foreign Exchange Transactions From January to May of this year, the cumulative amount of illegal foreign exchange transactions reached 415.4 billion won. In response, the government has taken a firm stance against companies that excessively pay import fees without proper reporting or ignore export payments they should receive. On June 10, the Ministry of Finance held a meeting of the intergovernmental task force on illegal foreign exchange transactions, announcing plans to expand investigations into such activities. The meeting focused on the current status of illegal foreign exchange transactions that disrupt market stability and future plans for monitoring. The government had previously launched the task force on January 15, pledging to monitor the legality of export companies' transactions. Since then, the Korea Customs Service has been conducting foreign exchange inspections targeting illegal transactions that exploit high exchange rates. Companies with significant trade and foreign exchange volumes over the past five years, particularly those with large discrepancies between reported export/import amounts and actual payments, are under scrutiny. As of last month, inspections had been conducted on 38 companies, leading to the discovery of 415.4 billion won in illegal transactions. Additionally, the National Intelligence Service recently uncovered a case where a company disguised client funds as trade payments to illegally transfer won overseas and then brought back virtual assets purchased abroad to cash out in won. The task force plans to increase investigations into illegal foreign exchange transactions through cooperation among relevant agencies. It will particularly focus on companies that make early payments for imports without proper reporting and delay receiving export payments. Companies that excessively pay import fees or evade export payments through false transactions may face strict penalties. Alternative payment methods, such as remittance through virtual assets instead of banks, will also be targeted for sanctions. Furthermore, the task force will intensively investigate acts of asset flight abroad, planning to take action in accordance with the law if violations are detected. Finally, the task force, initially set to operate until the first half of this year, will now be established as a permanent entity.* This article has been translated by AI. 2026-06-10 16:51:00 -
An Sun-young Apologizes for Arriving Late to IELTS Exam 방송인 안선영이 지각으로 영어 시험장에 출입하지 못한 일과 관련해 주관 기관을 비판했다가 논란이 일자 사과했다. An Sun-young, a broadcaster, faced backlash after criticizing the organizing body for her inability to enter the English exam venue due to her late arrival. She later issued an apology. On June 10, An stated on her social media, "Arriving late to the exam without fully understanding the regulations was entirely my fault." She added, "I apologize to the exam officials who responded according to the rules. I also sincerely apologize to the other candidates who prepared for the same exam while adhering to the established regulations. In my disappointment at the time, I posted emotionally, and I later realized that my actions were rash, so I deleted the post. I have reflected on my shortcomings through the feedback and opinions of many people. I will act more cautiously in the future to prevent a similar situation from happening again." Earlier, on June 9, An shared on her social media that she arrived at the test center for the International English Language Testing System (IELTS) exam but was unable to take the test because she missed the entry deadline. An explained, "I couldn't find the parking lot and drove around the one-way street several times before finally arriving, but it was already past 8:50, and they said I couldn't take the exam." She expressed her frustration, saying, "The exam fee is 300,000 won, and when I asked if I could still take it since no one else showed up, they replied, 'That's why you should come early.' While that is true, I had cleared my entire schedule for the exam today. At the very least, they could have provided parking information." The IELTS exam An intended to take does not allow entry for morning candidates after 8:50 AM. An Sun-young debuted as a comedian with MBC in 2000 and married a businessman in 2013, with whom she has one son.* This article has been translated by AI. 2026-06-10 16:48:00 -
Shinhan Card Issues $400 Million Formosa Bond, First by Non-Bank Institution Shinhan Card has successfully issued a Formosa bond structured as a floating-rate note (FRN), becoming the first non-bank financial institution in South Korea to do so. Despite increased global interest rate volatility, the company attracted strong investor demand, achieving a record-low funding rate. On June 10, Shinhan Card announced the public issuance of a $400 million (approximately 613.2 billion won) Formosa bond. A Formosa bond is a debt security issued in Taiwan by foreign financial institutions or corporations in foreign currencies such as U.S. dollars. This bond has a maturity of 3.5 years and the interest rate was set at SOFR (Secured Overnight Financing Rate) plus 0.82 percentage points. Even when converted to a fixed-rate basis, this represents the lowest spread among Formosa bonds issued by domestic non-bank financial institutions. The demand forecast revealed orders totaling $1.69 billion, more than four times the issuance amount. Over 60 major institutional investors from Asia, including local banks and securities firms in Taiwan, showed significant interest. As a result, Shinhan Card finalized the interest rate approximately 33 basis points lower than the initial guidance. This marks Shinhan Card's third issuance of a Formosa bond. Shinhan Card explained that its strategy of adopting a floating-rate structure and engaging in proactive communication with Taiwanese investors helped secure demand amid market volatility. A Shinhan Card official stated, "The issuance of this floating-rate Formosa bond adds a new funding option for domestic issuers, including non-bank entities. We will continue to leverage the global bond market to establish a stable funding base."* This article has been translated by AI. 2026-06-10 16:48:00 -
11st Opens Specialty Store on JD.com to Target China's Cross-Border Market 11st is partnering with China's major online platform JD.com to enter the Chinese cross-border shopping market.On June 10, 11st announced the launch of its specialty store on JD.com's cross-border e-commerce platform, JD Worldwide.The 11st specialty store will be featured on the main page of JD Worldwide alongside global e-commerce giants like Amazon, Walmart, and Rakuten. It will also be accessible through searches on the JD.com app, which has around 100 million daily active users.With this new specialty store, 11st aims to reduce initial burdens such as shipping and marketing for domestic sellers looking to enter the Chinese market.Currently, the 11st specialty store offers products from over 350 brands, focusing on K-beauty, processed foods, health supplements, fashion, home goods, and baby products.To celebrate the store's opening, 11st will run a launch promotion until June 30. This coincides with one of China's largest shopping events, the '618 Shopping Festival,' aiming to attract local consumers.During the event, brand days will be held to showcase popular Korean brands daily, along with special sales. All customers will receive a discount of 30 yuan for every 200 yuan spent, and first-time buyers at the 11st specialty store will receive an additional 5 yuan discount coupon.Shin Hyun-ho, head of 11st's strategy group, stated, "We expect the 11st specialty store to serve as a catalyst for revitalizing e-commerce between Korea and China. We will continue to collaborate with JD.com to expand our brands and product offerings and enhance our service competitiveness."According to the National Data Agency, the online cross-border shopping transaction volume last year reached 3.0234 trillion won, a 16.4% increase from the previous year. In the first quarter of this year, the transaction volume for domestic businesses also rose by 24.4% year-on-year to 1.0599 trillion won.* This article has been translated by AI. 2026-06-10 16:39:00 -
Seragem Donates Healthcare Products to Namyangju Social Welfare Center Seragem announced that it has donated healthcare products, including the Master V7 spinal care medical device, to the Dongbu Hope Care Center in Namyangju on June 10. The Hope Care Center is a social welfare facility that integrates care, living, and health services by connecting public and private organizations to overcome the limitations of public welfare. Established in 2007, the center offers various welfare programs, including safe housing support, community engagement initiatives, and leisure and cultural programs for children, youth, and seniors. The Master V7, donated by Seragem, features an advanced spinal scanning function that analyzes the user's spinal length and curvature. It also utilizes special ceramic heating elements to provide targeted heat therapy up to 65 degrees Celsius for key areas. The device has received certification from South Korea's Ministry of Food and Drug Safety for five therapeutic purposes, including assistance with herniated discs, degenerative stenosis, muscle pain relief, improved blood circulation, and alleviation of menstrual pain. A Seragem representative stated, "We decided to provide this support to encourage the healthy daily lives of local residents in need of care and the dedicated staff at the social welfare center. We will continue to be a warm partner in the community, ensuring that all residents can enjoy healthy and fulfilling lives." Additionally, Seragem achieved a milestone in March by reaching 100 product donations in collaboration with the Green Umbrella Children's Foundation through the KBS program 'Together.' The company has extended its social contribution efforts beyond domestic vulnerable populations to international initiatives. Notably, in India, Seragem has been running the 'Dream School' project since 2016 under the slogan, 'The future of children is the future of India.'* This article has been translated by AI. 2026-06-10 16:36:00 -
Launch of K-Food Smart Manufacturing Alliance Promotes Collaborative Innovation Han Seong-sook, the Minister of SMEs and Startups, proposed a "collaborative manufacturing innovation model" focused on industry and process to promote the digital transformation of the food industry. Speaking at the launch ceremony of the "K-Food Smart Manufacturing Alliance" on June 10 at COEX D Hall in Seoul, she stated, "The global food market is rapidly becoming more intelligent in production, quality, hygiene, and supply chain management, driven by AI and data." Minister Han pointed out that only about 16% of food manufacturing companies currently receive support for smart factories, with the adoption rate of AI at just 0.9%, significantly lower than other major manufacturing sectors. "The AI transformation in manufacturing is not an option but a core task for the sustainable growth of K-Food," she emphasized, adding that relying solely on individual company support has clear limitations in spreading digital transformation across the food industry. She further noted, "The Ministry of SMEs and Startups aims to overcome these limitations by shifting from individual company support to a collaborative manufacturing innovation model that fosters growth among companies based on industry and process. We will focus on alleviating the burdens of small food companies in building manufacturing data and securing specialized personnel, creating an environment where AI can be easily utilized on-site." The alliance serves as a public-private cooperation platform involving large and small food manufacturers, small businesses specializing in smart manufacturing technology, and professional institutions to enhance the global competitiveness of K-Food. The launch event included presentations from companies and a declaration of the "K-Food Smart Manufacturing Alliance Vision." Attendees, including Minister Han, pledged through a declaration to strengthen global competitiveness through AI transformation in K-Food manufacturing, promote data and AI-based manufacturing innovation, expand cooperation among manufacturing companies, technology firms, and support organizations, focus on practical demonstrations and results, and lead the AI transformation across South Korea's manufacturing sector. As a key ministry driving K-Food manufacturing innovation, the Ministry of SMEs and Startups will promote the dissemination of AI-based smart manufacturing models, establish export-oriented smart factories, and create a foundation for standardizing and utilizing manufacturing data. Additionally, it will support the spread of manufacturing AI ecosystems among small food manufacturing companies. Minister Han expressed her hope that starting with K-Food, the AI transformation model will expand across the manufacturing sector, including beauty and fashion, and that the alliance will establish itself as a new growth model for South Korea's food industry. 2026-06-10 16:33:00 -
First South Korean-flagged vessel to pass through Strait of Hormuz arrives in Ulsan SEOUL, June 10 (AJP) - HMM's very large crude carrier arrived at a port in Ulsan on Wednesday, becoming the first South Korean-flagged vessel to pass through the Strait of Hormuz since its blockade due to the Middle East conflict, according to the shipping company, formerly known as Hyundai Merchant Marine. The Universal Winner arrived with 21 crew members including nine South Koreans and 12 foreign nationals, carrying 2 million barrels of crude oil to be supplied to SK Energy and refined into gasoline, diesel, and naphtha. The 300,000-ton tanker entered the critical chokepoint on Feb. 28 and loaded 2 million barrels of crude from Kuwait Petroleum Corporation (KPC) on March 4 under a contract with SK Trading International, an SK Group affiliate. It was the only one of about 26 South Korean ships to manage to leave the strait late last month after being stranded in nearby areas following U.S. and Israeli strikes on Iran in late February. HMM said four of its vessels still remain there including one tanker, two bulk carriers, and one container ship. 2026-06-10 16:30:59