Samsung Electronics Raises Salary Cap and Agrees to 6.2% Wage Increase Samsung Electronics has reached a tentative agreement on its wage negotiations for 2026, raising the salary cap for managerial positions to 130 million won and increasing the first child birth support payment to 1 million won. According to industry sources on May 21, Samsung's labor and management agreed on a wage increase rate of 6.2% in the previous day's negotiations. This includes a base increase of 4.1% and a performance-based increase of 2.1%. The salary cap for managerial positions has also been unified at 130 million won, regardless of whether the role is in development or non-development. Previously, the cap was set at 122 million won for development roles and 120 million won for non-development roles. For assistant and deputy manager positions (CL3), the cap has been raised from 100 million won to 110 million won. The entry-level salary for new college graduates (CL2) has increased from 76 million won to 80 million won. The agreement also includes significant improvements to welfare benefits and working conditions. To enhance productivity through housing stability for employees without homes, a 'company housing loan system' will be implemented. Details regarding the amount of support, eligibility, and timing will be determined separately by the company. Childbirth support payments have been substantially increased. The payment for the first child has risen from 300,000 won to 1 million won, for the second child from 500,000 won to 2 million won, and for the third child and beyond from 1 million won to 5 million won. Compensation for employees on modified shift schedules has also been improved. If a member working modified shifts chooses to work on a designated holiday, they will receive an additional payment equivalent to four hours of their regular hourly wage, in addition to their usual holiday pay. Separately, the agreement on performance bonuses will be distinct from the collective agreement for 2025 and the wage agreement for 2026, and will remain in effect until February 28 of next year.* This article has been translated by AI. 2026-05-21 08:49:34

ASML CEO: Strong AI Demand Will Keep Semiconductor Supply Short A surge in demand for artificial intelligence (AI) is expected to prolong the global semiconductor supply shortage. The simultaneous growth in semiconductor needs for AI data centers, satellites, and robotics is outpacing production capabilities. On May 20, Christoph Hocke, CEO of ASML, stated at the Imec Technology Forum in Antwerp, Belgium, that "AI demand is extremely strong," and warned that the semiconductor market could remain in a state of supply shortage for a significant period. He projected that the global semiconductor market could grow to $1.5 trillion by 2030, highlighting the potential for bottlenecks throughout the supply chain. ASML is a key player in the advanced semiconductor lithography equipment market, which is essential for etching circuits onto semiconductor wafers. Major semiconductor companies, including TSMC, Samsung Electronics, SK Hynix, Micron, and Intel, utilize ASML's equipment for producing advanced logic chips and high-performance memory. Hocke also pointed to Elon Musk's plans for a large-scale AI semiconductor factory, dubbed 'TerraFab,' and the Starlink satellite project as factors that could further drive semiconductor demand. He mentioned discussions with Musk regarding these projects, stating, "Musk is very serious about these initiatives." If these large AI factories and satellite internet networks translate into actual investments, competition for semiconductor equipment and production capacity could intensify. In response to the strong demand, ASML is enhancing its equipment performance. The company is supplying next-generation high-NA EUV (extreme ultraviolet) lithography equipment capable of creating finer circuits. ASML is also developing related equipment for advanced packaging. Semiconductor products utilizing high-NA EUV technology are expected to be available within months, with companies like Intel, Samsung Electronics, and SK Hynix already in the process of adopting this equipment. The robust demand is reflected in ASML's financial outlook. Last month, the company raised its revenue forecast for 2026 to between €36 billion and €40 billion (approximately $56 billion to $62 billion) due to strong AI demand. Hocke noted, "Even then, semiconductor demand is outpacing supply," adding that clients are accelerating their production capacity expansion plans.* This article has been translated by AI. 2026-05-21 08:46:41

Fire in Daejeon Apartment Claims Life of Elderly Man, Injures Daughter A fire in a Daejeon apartment resulted in the death of an elderly man in his 80s and serious injuries to his daughter, a woman in her 60s. According to Yonhap News, the fire broke out on the first floor of the apartment in Jung-gu at approximately 7:37 PM on May 20. Fire authorities received reports of the blaze and quickly dispatched fire trucks and personnel to the scene for firefighting and rescue operations. The fire spread within the apartment, but firefighters managed to extinguish it completely in about 30 minutes. During the rescue efforts, emergency responders found the elderly man, identified as Mr. A, and transported him to a nearby hospital, where he was pronounced dead. Mr. A's daughter was also rescued from the scene. She sustained serious injuries and is currently receiving treatment at a hospital. The exact extent of her injuries and the circumstances surrounding the fire have yet to be confirmed. As the fire erupted, some residents in the building hurriedly evacuated. However, no additional residents have been reported as needing transport due to smoke inhalation. Fire authorities have completed safety measures at the site following the fire suppression. They are working with police to investigate the cause of the fire. A joint inspection is scheduled for the morning of May 21 to determine the ignition source and assess the extent of the damage.* This article has been translated by AI. 2026-05-21 08:44:07

Domestic Banks Earn 2.4 Trillion Won from Overseas Branches Last Year Last year, domestic banks earned approximately 2.4 trillion won (about $16.5 billion) from their overseas branches. The number of overseas branches increased to 211, and total assets surpassed 330 trillion won.According to a report released by the Financial Supervisory Service on May 21, the net profit of domestic banks' overseas branches reached $1.651 billion (approximately 2.4 trillion won), a 2.3% increase from the previous year. This figure represents 9.8% of the total net profit of domestic banks, which was 24.1 trillion won.Interest income rose to $380.1 million, up 4.5% from 2024, driving overall net profit growth. However, non-interest income fell to $610 million, a decrease of 8.3% compared to the previous year. The return on assets (ROA) for total assets was 0.71%, down 0.03 percentage points.While net profits increased in countries like Indonesia ($10.5 million) and the United Kingdom ($6.5 million), they declined in China ($8.6 million).As of the end of last year, domestic banks had a total of 211 overseas branches in 41 countries, an increase of four from the previous year (207 branches in 41 countries). Five new branches opened, while one branch was closed.IBK Industrial Bank established a new local subsidiary in Warsaw, Poland, while Hana Bank opened branches in Devanahalli and Mumbai, India. Korea Development Bank also opened a new branch in Frankfurt, Germany. NH Nonghyup Bank converted an office in London, UK, into a branch.By country, India had the highest number of overseas branches at 22, followed by Vietnam (20), the United States (17), China (16), and Myanmar (14). In total, Asian branches accounted for 67.3% of all overseas branches, with 142 branches.The total assets of overseas branches reached $233.13 billion (334.5 trillion won), an increase of $16.05 billion (7.4%) from the previous year.The overall evaluation grade for localization indicators remained at '2+', the same as the previous year. The Financial Supervisory Service assesses the level of localization of overseas branches and the level of internationalization of the headquarters, reflecting both at a 50% rate in a 15-grade system.A Financial Supervisory Service official stated, "The management status of domestic banks' overseas branches remains generally sound. However, due to the prolonged conflict in the Middle East and external uncertainties, we plan to encourage enhanced risk management for overseas branches and strengthen internal controls at the headquarters level."* This article has been translated by AI. 2026-05-21 08:42:39

Shinhan Investment Corp. Projects Continued Profitability for Kyungdong Navien Shinhan Investment Corp. stated on May 21 that considering changes in tariff rates and related non-operating income, Kyungdong Navien's profitability is expected to improve continuously in the second quarter and throughout the year. The firm maintained its target stock price at 89,000 won and its investment recommendation at 'Buy.' Research analyst Heo Seong-kyu noted, "The strong performance in the first quarter of this year is different from the favorable results due to advance orders in the second quarter of last year. The primary reason for the increase in performance is attributed to the decline in the general tariff rate." He added, "In the second quarter of this year, a change in the implementation of tariffs on steel and aluminum is expected to result in an additional decrease of about 2-3% in tariff rates. The tariff changes are currently undergoing refund procedures for last year's implementation amounts, and additional contributions to non-operating income are anticipated." He emphasized that the company is expanding its residential HVAC (heating, ventilation, and air conditioning) product line, with significant sales activities underway in the second quarter. Heo explained, "The product lineup includes hydro furnaces, heat pumps, air conditioners, and air handlers. The average price of these products is similar to that of existing condensing water heaters, which means that the expanded product mix will positively impact consolidated profitability in the medium to long term." He also noted, "This gradual change is expected to reduce the seasonal volatility of quarterly performance associated with existing water heaters concentrated in winter." Additionally, Heo assessed that Kyungdong Navien is undervalued both relatively and absolutely. He stated, "There is no reason for a discount compared to competitors and historical figures, indicating that both relative and absolute valuations are low. There are factors that could lead to performance increases depending on profitability in the second half of the year."* This article has been translated by AI. 2026-05-21 08:39:28

Gong Seung-yeon Discusses TWICE's Jeongyeon and Her Battle with Cushing's Syndrome Actress Gong Seung-yeon expressed her affection for her younger sister, Jeongyeon, a member of the popular girl group TWICE. During an appearance on the tvN variety show "You Quiz on the Block" on May 20, Jeongyeon reflected on her difficult battle with Cushing's syndrome, recalling, "It was a mentally challenging time, and I don't remember much because it was so hard. I relied heavily on my sister during that period." She added, "My sister noticed something was wrong with my health and suggested I see a doctor, which led to my diagnosis of Cushing's syndrome at a major hospital." Jeongyeon noted that despite her sister's usual dislike for physical activity, she began exercising alongside her. "Thanks to my sister, I was able to receive proper treatment and recover healthily," she said. In response, Gong Seung-yeon shared, "At that time, Jeongyeon was really struggling. I felt anxious about leaving her alone, so I suggested we live together. I was terrified that my sister might just disappear or give up completely." She explained, "I couldn't fully understand what Jeongyeon was going through, so I tried various approaches. I would scold her, comfort her, and even cry with her. But I found that just being there for her was the best way to support her." Jeongyeon expressed her gratitude, saying, "I'm thankful that my sister is my real sister, and I'm sorry for the trouble I caused her. I love you." * This article has been translated by AI. 2026-05-21 08:37:26

Financial Authorities File Criminal Charges Against NH Investment & Securities for Insider Trading Financial authorities have imposed sanctions on executives and associates of NH Investment & Securities for alleged insider trading related to tender offers. The Securities and Futures Commission (SFC), under the Financial Services Commission, has filed criminal charges and imposed the maximum administrative fines as part of a strong response to actions that undermine the capital market order. On May 21, the SFC announced that during its 10th regular meeting on May 20, it reported eight individuals, including executives and their spouses and acquaintances, to prosecutors for violating the Capital Markets Act by using undisclosed important information. Additionally, it decided to impose fines on eight others who received and traded on this information for violating market disruption regulations. This action follows a joint investigation by the Financial Services Commission, the Financial Supervisory Service, and the Korea Exchange. Authorities believe that undisclosed information obtained during the tender offer process was leaked and used for stock trading. According to the SFC, the suspects allegedly used undisclosed information acquired while conducting tender offer-related work from May 2023 to September 2025 to make concentrated purchases of stocks from 15 listed companies. They are accused of selling their shares for illicit profits after the stock prices rose following the announcement of the tender offers. Authorities view the use of proxy accounts by executives and their spouses to conceal trades as a serious matter. Investigations revealed that spouses mimicked their husbands' trading methods by using accounts in the names of other acquaintances. The joint response team confirmed the actual ownership of multiple accounts and collusion through fund tracking and searches. In addition to the criminal charges, authorities stated that the eight individuals who traded based on insider information would face the highest possible fines under the law to raise market awareness. Furthermore, depending on the results of the prosecutors' investigation, authorities plan to impose additional fines of up to twice the amount of illicit profits on those accused of using insider information. Previously, NH Investment & Securities established a task force to strengthen internal controls immediately after becoming aware of the situation in October of last year. The company has implemented comprehensive measures, including requiring all executives to submit compliance pledges, banning new stock purchases, introducing a registration management system for employees handling undisclosed important information, expanding monitoring of accounts held in family members' names, and formalizing a 'one-strike-out' principle.* This article has been translated by AI. 2026-05-21 08:34:39

U.S.-South Korea Deputy Foreign Ministers Meet to Launch Joint Fact Sheet Group Park Yoon-joo, First Deputy Minister of Foreign Affairs, met with Christopher Landau, U.S. Deputy Secretary of State, in Washington on May 20 to discuss specific measures for implementing the Joint Fact Sheet (JFS) from the recent summit between the two nations. According to the Ministry of Foreign Affairs on May 21, the two deputy ministers emphasized that the South Korea-U.S. alliance is a cornerstone for peace, security, and prosperity in the Indo-Pacific region. They agreed that the announcement of the JFS is one of the most significant diplomatic achievements in the past year since the current government took office and serves as a vital tool for addressing shared challenges amid international security and economic uncertainties. The deputy ministers also noted that discussions on U.S. investment in South Korea are progressing smoothly and committed to ensuring the success of the upcoming kickoff meeting scheduled for later this month. During a meeting with South Korean correspondents at the South Korean Embassy in Washington, Park highlighted the agreement to hold a launch meeting for the implementation of the Joint Fact Sheet as the most important outcome of his visit to the U.S. Landau reaffirmed the United States' strong defense commitment to South Korea and the unwavering readiness of the South Korea-U.S. alliance, stating that South Korea is the best economic, trade, and investment partner for both nations and that efforts will continue to support this partnership. Park expressed gratitude for Landau's keen interest and commitment to resolving visa issues, which are essential for advancing investment cooperation between the two countries, and expressed hope for continued progress. Landau acknowledged the significant contributions of South Korean companies to the U.S. economy and manufacturing revival, pledging ongoing support for their investment activities. The two deputy ministers also exchanged in-depth views on global issues and situations, including the Middle East, the recent U.S.-China summit, and critical mineral supply chains. Park particularly praised President Trump's proactive leadership in addressing Middle East issues and agreed on the importance of safe and free navigation in the Strait of Hormuz. They agreed to maintain immediate communication on various issues arising between the two countries and to coordinate high-level communications over the next 2-3 months through various opportunities. * This article has been translated by AI. 2026-05-21 08:32:14

Candidates Launch Campaigns for Seoul Mayor Election Jung Won-o, the Democratic Party candidate for Seoul Mayor, and Oh Se-hoon, the People Power Party candidate, will officially launch their campaigns on May 21. According to political sources on May 20, Jung will visit the Dongseoul Postal Distribution Center in Gwangjin-gu at midnight to meet with workers on the night shift. Joining him will be Democratic Party officials, including Representative Jung Cheong-rae and former lawmakers Park Joo-min and Jeon Hyun-hee, who are part of the 'Ottu Campaign Team' following their defeat in the mayoral primary. Later that morning at 10:30 a.m., Jung will hold an official launch event at Wangsimni Station Plaza in his political hometown of Seongdong-gu. The event is expected to attract numerous Democratic Party officials from 25 districts and 48 local committees. In the afternoon, Jung will focus on campaigning in the Gangnam area. At 3 p.m., he will greet voters at the Seocho-gu Express Bus Terminal, followed by a major rally at Gangnam Square at 6 p.m. targeting commuters. Oh Se-hoon will announce the start of his campaign at midnight at the Garak Agricultural and Fishery Wholesale Market in Songpa-gu. He plans to engage with voters by personally transporting vegetables like cabbage and radishes at the auction site. His first rally with former lawmaker Yoo Seung-min will take place at 9:30 a.m., with an official launch event scheduled for the afternoon. Gyeonggi governor candidates will also kick off their campaigns. Democratic Party candidate Choo Mi-ae will hold her first rally at 10 a.m. at Seohyeon Station in Bundang-gu, accompanied by Representative Jung and lawmakers Kim Tae-nyeon, Lee Soo-jin, and Seongnam mayoral candidate Kim Byeong-wook to rally support. Reform Party candidate Jo Eung-cheon will hold a joint launch event for the Central and Gyeonggi Election Campaign Committees at his campaign office in Hwaseong at 9 a.m. He will then move to Suwon Station's underground shopping area for his first street rally at noon. Yang Hyang-ja, a candidate from the People Power Party who is on a hunger strike to prevent a total strike at Samsung Electronics, will hold her launch event at 3 p.m. at the Yeongdong Market in Suwon. However, if negotiations between Samsung Electronics and labor representatives break down that day, she plans to cancel the event and continue her protest.* This article has been translated by AI. 2026-05-21 08:30:38

Bitcoin Recovers to $77,400 as Investor Sentiment Improves Bitcoin and other major cryptocurrencies saw a significant rise in prices. This increase is attributed to a recovery in global risk asset investor sentiment, which has led to increased buying activity in the cryptocurrency market. According to CoinMarketCap, as of 8 a.m. on May 21, Bitcoin was trading at $77,424, up 0.92% from the previous day. Ethereum also rose by 0.92%, reaching $2,126. Binance Coin (BNB), Solana, and Ripple (XRP) recorded increases of 1.51%, 2.25%, and 0.62%, trading at $648, $85, and $1.36, respectively. Market analysts believe that the strong performance of the U.S. stock market and a renewed preference for risk assets have positively influenced the cryptocurrency market. Recent reductions in volatility in global financial markets have contributed to an improvement in investor sentiment. As Bitcoin's upward trend continues, buying interest is spreading to major altcoins. Analysts note that there is growing optimism for short-term rebounds, particularly among certain altcoins like Solana. As of 8 a.m. on the same day, Bitcoin was trading at approximately 114.95 million won ($77,425) on the domestic exchange Bithumb, reflecting a slight decrease of 0.04% from the previous day. The 'Kimchi Premium' was recorded at -0.860%, indicating that the price of Bitcoin in South Korea is lower than that in international markets. 2026-05-21 08:24:50