South Korea, Bolivia Sign MOU on International Greenhouse Gas Cuts Under Paris Agreement The Ministry of Climate, Energy and Environment said it will sign a memorandum of understanding with Bolivia’s Ministry of Planning, Development and Environment on Friday at The Plaza Hotel in Seoul to cooperate on international greenhouse gas reduction projects. The agreement is intended to build an institutional framework for bilateral emissions-reduction projects based on Article 6 of the Paris Agreement. It covers joint project implementation; measurement, reporting and verification of reductions; and the issuance, transfer and corresponding adjustment of reduction outcomes, among other elements of international mitigation projects. A separate MOU on joint development by public and private consortia was also signed. The Sudokwon Landfill Site Management Corp. is pursuing an international mitigation project in Bolivia that would incinerate landfill gas at two landfill sites and link it to power generation. The ministry said the effort is expected to help with on-the-ground implementation of such projects. The ministry said it plans to form a joint committee with Bolivia and draw up detailed rules for carrying out the projects. Second Vice Minister Lee Ho-hyeon said the climate crisis is “a shared task for humanity that cannot be solved by the efforts of one country alone,” adding that the Bolivia project would be “a key policy tool” for both countries to meet their national greenhouse gas reduction targets, known as NDCs.* This article has been translated by AI. 2026-04-24 17:05:55

Samsung Electronics, SK hynix Seen Posting Record 2026 Operating Profit on Memory Price Surge South Korea’s two biggest chipmakers, Samsung Electronics and SK hynix, posted earnings surprises in the first quarter despite the usual seasonal slowdown. With results expected to accelerate into the second half, investor expectations are rising that their combined operating profit could reach 500 trillion won this year. According to brokerage estimates cited on April 24, SK hynix is forecast to post 65.1 trillion won in operating profit in the second quarter, nearly double its first-quarter operating profit of 37.6 trillion won. Samsung’s second-quarter operating profit is projected at 89.9 trillion won. Together, that would total about 155 trillion won for the quarter. The outlook reflects expectations that prices for DRAM and NAND flash — key drivers of the first-quarter improvement — will climb even more in the second quarter. Kim Hyeong-tae, an analyst at Shinhan Investment Corp., said average selling prices are expected to rise 41% for DRAM and 67% for NAND from the previous quarter, adding that the NAND market “is somewhat undervalued” and that expectations for a “surprise” NAND performance remain in place. Even in the seasonal off-peak period, the two companies’ combined operating profit from their semiconductor businesses reached 90 trillion won in the first quarter. Of Samsung’s preliminary operating profit of 57.2 trillion won, operating profit from its semiconductor (DS) division is estimated at around 50 trillion won. Profitability also hit record levels. SK hynix said in its earnings release on April 23 that it posted a 72% operating margin, well above the 58% reported by Taiwan’s TSMC, the top foundry company often seen as a benchmark for chip profitability. Samsung’s first-quarter operating margin was 43%, and its memory business alone is estimated to be in the 60% range. Brokerages are increasingly projecting that combined operating profit this year will exceed 500 trillion won. They forecast annual operating profit of 320 trillion won for Samsung (Meritz Securities) and 230 trillion won for SK hynix (Hana Securities), for a combined 550 trillion won. Analysts also say memory chips are becoming core infrastructure in the AI transition, pointing to structural growth rather than a temporary boom. Choi Bo-young, an analyst at Kyobo Securities, said demand for DRAM and NAND is expanding broadly as agentic AI spreads, while a structural supply shortage persists, setting up steep price increases in the second half. Choi said SK hynix is seeing clearer gains in high-value products based on its HBM3E exclusivity and a 60% share in HBM4, and that long-term supply agreements (LTAs) have helped reduce earnings volatility and improve visibility for a longer cycle.* This article has been translated by AI. 2026-04-24 17:05:01

Finance Minister Koo Yun-cheol vows to boost local spending to help small businesses Koo Yun-cheol, deputy prime minister and minister of finance and economy, said on the 24th that the government will promote local spending and strengthen domestic demand to help small business owners struggling amid the war in the Middle East. Koo visited the venue of the Donghaeng (Companion) Festival being held in the Bupyeong Renaissance commercial district in Incheon, along with Lee Byung-kwon, second vice minister of SMEs and Startups. The festival is being run for 30 days starting on the 11th, linking 50 local festivals nationwide to encourage spending in neighborhood shopping districts and traditional markets. In Incheon, it is tied to the city’s “Bupyeong Black Day (BB-Day)” festival, with programs including tour buses for overseas cruise visitors arriving at Incheon Port, joint discount events among Bupyeong merchants and cultural performances aimed at attracting domestic and foreign tourists. Meeting with representatives of the Bupyeong Culture Street merchants association, Koo said he understood the area to be a strong example of revitalization, noting that merchants voluntarily organized street vendors and created a car-free street. He said the government will continue policy efforts to improve business conditions for small merchants facing difficulties from the Middle East war, including holding the festival and swiftly disbursing relief funds for damage from high oil prices. He reiterated the goal of boosting local consumption and domestic demand. Koo also visited a handicrafts booth and a clothing store at the venue and bought items, saying a strength of local shopping districts is being able to find quality handicrafts and apparel at reasonable prices. He urged the public to visit local shopping areas and festivals to enjoy them and spend money to help energize communities. Lee said the April Donghaeng Festival is being promoted in connection with 50 local festivals nationwide, including Bupyeong Black Day, to revitalize commercial districts and encourage local spending. He said the government will keep pushing consumption-boosting policies so small business owners affected by the Middle East war can regain momentum.* This article has been translated by AI. 2026-04-24 17:04:03

Vice Minister Kim Min-jae Inspects Local Centers Ahead of High Oil Price Relief Payments The Ministry of the Interior and Safety said April 24 that Vice Minister Kim Min-jae visited Seoul’s Jongno district to closely review preparations and hear difficulties from the field ahead of the start of first-round payments for high oil price relief assistance on April 27. Kim, who led the inspection, went to the Sungin 2-dong community center to check whether arrangements were in place so applicants would not face inconvenience, and he encouraged local government staff handling the work. He checked whether there were enough prepaid cards for distribution and whether the card design could reveal whether a recipient is part of a vulnerable group. He urged careful attention throughout the process to prevent inconvenience for residents. Kim also asked the center to secure sufficient indoor waiting space, noting that many in-person visitors are older people who have difficulty applying online. As the first round targets vulnerable groups, he called for close management to ensure no one is left out. After hearing concerns such as heavier workloads from accepting offline applications, the ministry said it would strengthen publicity and guidance to further expand use of the simpler online application process. “To ensure people can receive the high oil price relief payments without inconvenience, the ministry and local governments must work closely to make thorough preparations and build a rapid response system,” Kim said. He added that, based on last year’s experience successfully completing the consumer coupon program for livelihood recovery as “One-Team,” officials would fully apply that know-how and capacity to be fully prepared. * This article has been translated by AI. 2026-04-24 17:03:16

Hotel Shilla Returns to Profit in Q1 With 20.4 Billion Won Operating Gain Hotel Shilla said Thursday it swung to an operating profit in the first quarter (January-March), as it focused on profitability despite a weak duty-free market and pressure from a strong exchange rate. The company reported first-quarter revenue of 1.0535 trillion won, up 8.4% from a year earlier. Operating profit totaled 20.4 billion won, reversing a year-earlier loss. Hotel Shilla said the results reflected efforts to secure a stable earnings base in a difficult business environment. In its travel retail, or TR, business, the company said the industry remained under strain from the strong exchange rate and a weakening global economy, but it concentrated on strengthening fundamentals with a profitability-first approach. Its hotel and leisure business maintained steady performance despite the seasonal off-peak period, helped by the opening of new hotels and an increase in foreign tourists. A company official said Hotel Shilla will continue its focus on improving fundamentals as operations stabilize. “The TR division will secure stable profitability through ongoing improvements to its business structure and respond proactively to changes in the external environment and the duty-free market,” the official said. “The hotel and leisure division will strengthen brand competitiveness based on its three-brand system to build a foundation for continued growth,” the official added.* This article has been translated by AI. 2026-04-24 17:01:10

South Korea, Japan Customs Chiefs Hold First Talks Under New Governments, Discuss RCEP The Korea Customs Service said April 24 that Commissioner Lee Myeong-gu met in Seoul on April 23 with Mitsuhiro Teraoka, director-general of the Customs and Tariff Bureau at Japan’s Ministry of Finance, for the 34th South Korea-Japan customs chiefs meeting. It was the first such meeting since new governments took office in both countries. With trade and exchanges expected to expand, the two sides discussed key issues and explored forward-looking cooperation, the agency said. They shared the view that joint efforts are needed to facilitate bilateral trade and respond to economic security threats as uncertainty grows in the global trade environment, including the spread of protectionism and rising supply-chain instability. The two sides discussed the smooth implementation of the Regional Comprehensive Economic Partnership, boosting cross-border e-commerce, strengthening cooperation to protect intellectual property rights, expanding economic security cooperation and promoting exchanges among regional customs offices. They agreed to begin technical talks on developing a system to exchange certificates of origin electronically for applying RCEP. To address a surge in e-commerce shipments, they also decided to hold regular meetings to discuss logistics facilitation and blocking illegal or harmful goods. They agreed to actively support the formal rollout of Japan’s maritime simplified customs clearance system, which has been piloted since October last year, and to expand information sharing between customs authorities to strengthen enforcement against goods that infringe intellectual property rights. “It is meaningful that we can resume discussions with Japan, one of Korea’s major trading partners, on customs and border management,” Lee said. “We will do our utmost to swiftly implement the agreed measures.”* This article has been translated by AI. 2026-04-24 17:00:19

Korea's Q1 growth beats expectations, but beyond hinges largely on Hormuz SEOUL, April 24 (AJP) — South Korea’s economy grew a stronger-than-expected 1.7 percent in the first quarter, nearly double the Bank of Korea’s estimate, raising hopes for resilience despite mounting external shocks. But whether the momentum can last hinges on the duration of the nearly two-month Middle East standoff and Korea’s ability to withstand an energy shock across an economy still fragilely powered by chip exports. Following the data, the Bank of Korea (BOK) expressed confidence that the economy can weather this year’s Black Swan crisis in the Gulf. “Since the first-quarter growth rate is heavily reflected in the annual figures, we expect to meet our original growth target of 2 percent without significant difficulty,” said Lee Dong-won, director general of the central bank’s Economic Statistics Department. “The squeeze from the blockade will be reflected in second-quarter data,” Lee said. “It is clear that the conflict in the Middle East has placed upward pressure on inflation and downward pressure on economic growth.” Diplomatic efforts to resolve the crisis have stalled, with ceasefire negotiations failing to produce a breakthrough. The deadlock may partly reflect both sides’ need to replenish depleted military stockpiles. According to the Center for Strategic and International Studies (CSIS), U.S. inventories of precision-strike missiles and Tomahawk cruise missiles have fallen to 60 percent and 70 percent of peacetime levels, respectively. Inventories of the Terminal High Altitude Area Defense (THAAD) system, in particular, have been halved. Iran’s offensive capabilities also remain constrained after the destruction of key launch facilities and infrastructure. “With both sides facing mounting pressure from a war of attrition, they appear to be seeking a tactical breathing space through negotiations,” said Kim Yeol-soo, a senior research fellow at the Korea Institute for Military Affairs. Iran remains deeply skeptical of U.S. intentions after being attacked during previous nuclear talks, while Washington has refused Tehran’s demands for the restoration of frozen assets and formal recognition of uranium enrichment. High-stakes negotiations ended on April 12 without tangible results. Tensions continue in the Strait of Hormuz, with both sides seizing vessels and raising the risk of renewed military action once arsenals are replenished. The international financial community has taken note of South Korea’s performance. After the 1.7 percent first-quarter growth figure, major investment banks began raising their annual growth forecasts. Park Jeong-woo, an economist at Nomura Securities, cautioned that the upgrades remain conditional. “It is premature to conclude that inflationary pressures or downside risks to growth have subsided,” he said. The most immediate threat is a sustained surge in energy costs. Dubai crude, which averaged below $70 per barrel last year, has stayed above $90 this year. Hyundai Research Institute and other institutions warn that if the annual average oil price exceeds $100, South Korea’s consumer price index could rise by more than one percentage point, pushing inflation into the 3 percent range. Inflationary pressure is already showing in the currency market. The Korean won, which had briefly stabilized, weakened again toward the end of the week, closing at 1,484.5 per dollar on Friday. Korean government bonds, once expected to strengthen after their inclusion in the World Government Bond Index, have also weakened. As of Friday morning, the three-year yield rose 3.8 basis points to 3.496 percent, while the 10-year yield climbed 2.6 basis point to 3.817 percent, marking a level of weakness similar to late March. 2026-04-24 16:54:54

Seoul Mayor Oh Blames Past Halt in Rainwater Tunnel Plan for 2022 Flood Damage Seoul Mayor Oh Se-hoon said April 24 that delays in the city’s deep underground rainwater tunnel program contributed to flood damage in 2022, blaming a previous mayor for halting most of the plan. “Only one was completed in Sinwol-dong, and the rest of the plan was all stopped,” Oh said after visiting the Gwanghwamun tunnel construction site earlier in the day to check progress. He said a plan set in 2010 was not carried out, leading to the 2022 flood damage. The deep underground rainwater storage and drainage tunnel project is part of a comprehensive storm and flood response plan Oh prepared in 2011 after casualties in a landslide on Umyeonsan in Seoul’s Seocho district. The plan called for building 20 kilometers of deep drainage tunnels at seven flood-prone areas in Seoul, including Gwanghwamun. During the tenure of former Mayor Park Won-soon, six of the seven sites were scrapped, with Sinwol-dong the exception. Oh also acknowledged criticism that the project is costly. “It’s a project that requires significant funding,” he said, adding that if it had proceeded as planned in 2010, “we wouldn’t have had to spend 3 billion won, 5 billion won at a time.” He said views can differ because the project is meant as a precaution, but stressed that steady investment is needed over the next five to six years, with completion targeted for the first half of 2030. Seoul is pursuing six deep tunnel sites in two phases: Phase 1 covering the Gangnam Station, Gwanghwamun and Dorimcheon areas, and Phase 2 covering the Sadang Station, Hangang-ro and Gil-dong areas. Oh also said he plans to register as a preliminary candidate for Seoul mayor on April 27 and begin a full-scale campaign.* This article has been translated by AI. 2026-04-24 16:54:29

Brokerage Units Deliver First-Quarter Earnings Surprises for Korean Financial Groups Brokerage subsidiaries of South Korean financial holding companies posted first-quarter earnings surprises, emerging as key profit engines as a strong stock market and broader revenue streams lifted results. According to the financial investment industry on Thursday, major brokerages including NH Investment & Securities, KB Securities and Shinhan Investment Corp. reported sharp year-on-year gains for the first quarter. NH Investment & Securities posted quarterly record results with revenue of 8.8976 trillion won, operating profit of 636.7 billion won and net profit of 475.7 billion won. The firm also reported rapid growth in high-net-worth clients: customers with at least 100 million won totaled 358,000, and those with at least 1 billion won totaled 24,000, both up by double-digit rates. KB Securities reported net profit of 350.2 billion won, up 92.8% from a year earlier. The company cited growth in client assets in wealth management and stronger competitiveness in investment banking, including debt capital markets and equity capital markets. Shinhan Investment Corp. reported operating profit of 386.4 billion won and net profit of 288.4 billion won, up 228.5% and 167.4%, respectively. The company posted broad-based growth across divisions, including investment banking and fees from financial products, alongside brokerage. The gains also showed up in holding-company results. KB Financial Group and Shinhan Financial Group both posted record first-quarter net profit, with their brokerage affiliates’ contributions rising to about 18.5% and 17.8%, respectively, the report said. Analysts said the figures point to a faster shift away from bank-centered earnings toward a more diversified nonbank portfolio. Differences among groups were also evident. Hana Securities reported first-quarter operating profit of 141.6 billion won and net profit of 103.3 billion won, up 47.9% and 37.1%, respectively. Hana Securities said higher fee income and increased sales of financial products in wealth management helped results, while investment banking benefited from a strategy focused on high-quality deals and performance in acquisition finance. It added that its sales and trading unit maintained competitiveness in issuing derivative-linked securities and focused on risk management amid volatile markets. Still, the brokerage unit’s contribution to the group is viewed as relatively limited compared with rival holding companies. Market participants said the results reflect not only a buoyant stock market but also structural change, as brokerages expand beyond commission-based trading into wealth management, investment banking and trading to generate steadier earnings during periods of volatility. For financial holding companies, the role of brokerages is expected to grow as interest-rate swings and tighter lending conditions limit reliance on bank net interest income, strengthening the influence of nonbank affiliates on group performance. “Brokerages have moved beyond being simple affiliates and have become core businesses that can shape holding-company results,” an industry official said. “Their presence within groups could grow further depending on platform competitiveness and stronger global investment-banking capabilities.”* This article has been translated by AI. 2026-04-24 16:48:22

Seoul, Incheon and Gyeonggi Show Diverging Trends in Capital Area Apartment Auctions Apartment auctions in the Seoul metropolitan area showed mixed signals in the fourth week of April, with a higher win rate but a lower winning-bid ratio, widening gaps by region. GG Auction, a court and public auction platform, said April 24 that it analyzed apartment auction trends for April’s fourth week (April 20-24). The number of auctions held was 366, down about 8% from 397 the previous week, but stayed above 300 for a third straight week. The win rate rose to 39.3% from 33.0%, up 6.3 percentage points. The winning-bid ratio fell to 85.0% from 93.6%, down 8.6 points and below 90% for the first time in six weeks. The average number of bidders was unchanged at 5.6. In Seoul, the win rate surged while prices eased. Seoul’s win rate jumped to 80.0% from 47.2%, which GG Auction attributed to fewer listings. But the winning-bid ratio dropped to 89.5% from 107.8%, down 18.3 points to the year’s lowest level, as less-preferred properties such as stand-alone complexes sold in the 70% range and pulled down the average. Still, demand held up for some properties. Singil Xi in Singil-dong, Yeongdeungpo-gu, a relatively new apartment priced under 1.5 billion won, posted a 109.1% winning-bid ratio. Ultra-high-priced Gangnam-area complexes, including Banpo Xi in Banpo-dong, Seocho-gu, averaged above 105%. Seoul’s average number of bidders fell to 5.9 from 7.0, the lowest in four weeks. In Incheon, both the win rate and winning-bid ratio edged down, but competition intensified. The win rate slipped to 21.9% from 25.8%, and the winning-bid ratio eased to 79.0% from 79.6%. The average number of bidders jumped to 6.7 from 4.0, the highest in 10 weeks. A small apartment near a subway station in Yeonsu-dong drew 20 bidders. Gyeonggi Province posted a steadier pattern, with a higher win rate and a lower winning-bid ratio. The win rate rose to 42.0% from 32.8%, up 9.2 points, while the winning-bid ratio fell to 83.4% from 87.0%, down 3.6 points. Nonregulated areas such as Suwon’s Gwonseon-gu, Gwangju and Yongin’s Cheoin-gu ranked near the top in winning-bid ratios, suggesting demand concentrated there. The average number of bidders held near the prior week at 5.3. * This article has been translated by AI. 2026-04-24 16:45:19