Citibank Reports Record Q1 Profit of 132.8 Billion Won Citibank Korea announced on May 15 that it achieved a net profit of 132.8 billion won in the first quarter of this year. This marks a 61% increase compared to the same period last year, reaching the highest level in eight years.Total revenue for the first quarter was 330.5 billion won, a 23% increase year-over-year. This growth was largely driven by a 77% rise in non-interest income from corporate finance, including foreign exchange, derivatives, and securities-related earnings.Interest income fell to 104.2 billion won, a 26% decrease from the previous year. The net interest margin (NIM) dropped to 2.01%, down 0.36 percentage points from 2.37% in the same quarter last year.Total loans decreased by 5% to 9.7741 trillion won due to the gradual phase-out of the consumer finance sector. However, total deposits rose by 16% to 21 trillion won, driven by growth in the corporate finance sector.Citibank plans to continue expanding corporate loans and securities this year to sustain the upward trend in both interest and non-interest income.Yoo Myung-soon, CEO of Citibank Korea, stated, "Despite the challenging market environment characterized by geopolitical conflicts and increased volatility in interest and exchange rates, we achieved our best quarterly performance since 2018. This success is a result of significantly enhancing non-interest income in our core business areas, including foreign exchange, capital markets, and securities services."* This article has been translated by AI. 2026-05-16 00:00:40

Power Ultimately Tests Humanity History is often said to repeat itself, but more accurately, it is human nature that recurs. Across different eras, human nature remains remarkably consistent. The desires, pride, face-saving, and emotions surrounding power are strikingly similar to those we see today. The story of Yi Seong-gye, the founder of the Joseon Dynasty, and the Lee An-sa family, a powerful local elite in Jeonju during the late Goryeo period, illustrates this point. Regardless of its factual accuracy, the enduring nature of this tale is not solely due to its mythic origins. It encapsulates the age-old political dynamics of power, humanity, jealousy, fear, and survival. According to this narrative, the Lee An-sa family was a significant local force in Jeonju. One day, a conflict arose between this local power and the central authority. At the heart of the dispute was a beautiful courtesan, which sparked issues of pride and emotion. While the story is anecdotal and its veracity cannot be confirmed, its underlying structure is intriguing. It represents not merely a love affair but a struggle for dominance in the region. Central power always claims legitimacy, asserting that it upholds order by royal decree. However, local elites have long held the trust of the people, land, economic resources, and networks. If the power from the center is merely paper authority, then the local elite represents power on the ground. The clash between the two was perhaps inevitable—a confrontation between local elites and central authority. Power, despite the passage of time, remains astonishingly similar. History often moves not by grand ideologies but by human emotions. Pride provokes power, and face-saving escalates conflicts. In the Goryeo period, a rumor that “royal energy flows from the ancestral graves” could lead to the downfall of a family, illustrating this dynamic. While such beliefs may seem absurd today, in an era lacking scientific advancement, geomancy was not merely superstition; it was a framework for understanding the world and a quasi-science explaining political realities. When deciding on a capital or constructing royal tombs, people sought to interpret the will of heaven and the energies of the earth. In such times, the phrase “the king is in my grave” was not just a rumor; it was a political attack and sometimes a weapon threatening survival. When human jealousy and the fear of power intertwine, personal emotions can quickly transform into public violence. Thus, the story of the Lee An-sa family’s grave desecration and their flight becomes even more symbolic. Whether the tale is true or not, it reflects the desperation of a family forced to uproot itself for survival. Relocating ancestral graves is not merely a move; it involves shifting the very foundation of life, memory, and family history. Ultimately, this family, once pushed to the periphery, would find itself at the center of a new dynasty. The oppressed become the powerful, and the periphery becomes the center—a historical irony. What is fascinating is how history tests humanity in this manner. Power often conceals individuals, only to reveal their true nature at critical moments. Desires, character, restraint, and limits that were invisible during ordinary times become starkly apparent at the threshold of power. Today's politics are not much different. During election seasons, politicians' pasts are scrutinized. Long-forgotten remarks, youthful mistakes, and personal conflicts resurface for public judgment. Some claim injustice, while others argue that these are old matters. Both perspectives hold some truth. Everyone has immature phases and makes mistakes. The issue is not the mistakes themselves but what kind of person emerges after those experiences. Power is a test of humanity before it is a test of ability. People do not only read campaign platforms; they observe how candidates respond in crises, how they treat others in conflicts, whether they evade or accept responsibility, and if they can exercise restraint in the face of emotions. A leader's qualities are often revealed more in uncomfortable moments than in grand speeches. Reflecting on this, the criteria by which communities choose their leaders have not changed significantly over time. People in the Goryeo period likely asked, “Can we trust this person with power?” Today’s voters pose a similar question. The reason the Lee An-sa tale endures to this day is rooted in this very conflict of pride and emotion that unfolded in a tavern in Jeonju during the late Goryeo period. * This article has been translated by AI. 2026-05-15 23:58:16

BC Card Reports 65% Increase in Q1 Net Profit to 58.1 Billion Won BC Card significantly increased its net profit in the first quarter of this year. Although revenue from card-related services declined, a reduction in provisions and growth in proprietary card and interest income contributed to the rise. On May 15, BC Card announced that its consolidated net profit for the first quarter reached 58.1 billion won, a 65.2% increase from 35.2 billion won in the same period last year. Operating profit also rose by 19.0% to 42.5 billion won during the same timeframe. However, revenue from the core card acquisition business decreased. BC Card's revenue from card acquisition operations fell to 654.4 billion won, down from 676.6 billion won a year earlier. Income from member service fees and ancillary business fees also declined. In contrast, revenue from proprietary card fees increased to 16.8 billion won, up from 13.6 billion won in the previous year, while interest income expanded to 32.3 billion won. The reduction in expense burdens also positively impacted performance. The provision for credit losses in the first quarter was 3.6 billion won, a significant decrease from 12.8 billion won in the same period last year. As a result, despite the limited growth in operating revenue, both operating profit and net profit improved. Financial stability remained at a solid level. At the end of the first quarter, the adjusted equity capital ratio was 29.44%, slightly up from 29.28% at the end of the previous year. The ratio of delinquent loans increased to 1.17% from 1.11% at the end of last year, but still maintained a level in the low 1% range. The liquidity ratio in Korean won stood at 131.04%.* This article has been translated by AI. 2026-05-15 23:55:30

Tensions Rise Over Seoul Mayoral Debate as Candidates Clash Tensions are escalating between Oh Se-hoon, the People Power Party's candidate for Seoul mayor, and Jung Won-o, the Democratic Party's candidate, over a proposed debate. Oh stated on May 15 in Gangdong-gu, "I suggested a debate to discuss how to address citizens' inconveniences, but I received no response from Jung. He is refusing all debates and only willing to engage in press conference-style discussions." He criticized Jung as an "irresponsible candidate who does not consider the public's right to know." Following a meeting with former President Lee Myung-bak, Oh reiterated his stance, saying, "It is contradictory for Jung to advocate for a policy election while avoiding debates." He expressed agreement with Jung's call for a policy-focused campaign but emphasized that debates are essential for such discussions. In response, Jung urged Oh to reflect on his own statements, asserting that he will only participate in legally mandated debates as defined by election law, which requires at least one debate. Jung also pointed out that Oh's shifting positions are more concerning than the debates themselves. After a press conference at the National Assembly, he remarked, "A month ago, Oh claimed that 'TV debates are not everything' and refused to debate his opponents in the primary. Framing the situation differently now is not trustworthy." Meanwhile, Oh continues to propose additional debates. The day before, at a forum hosted by the Korea Chamber of Commerce and Industry, he stated, "I would be willing to participate in a debate moderated by Democratic Party leader Jung Cheong-rae on Kim Eo-jun's program. I hope at least one or two debates can be held, regardless of the time, place, or topic."* This article has been translated by AI. 2026-05-15 23:52:04

Bithumb Reports $869 Million Loss in First Quarter Amid Market Challenges In the first quarter of this year, Bithumb reported a transition to a loss, attributed to external factors such as global economic uncertainty and a downturn in the virtual asset market. On May 15, Bithumb announced that its net loss for the first quarter reached 86.9 billion won (approximately $69 million). The decline in performance is largely due to prolonged investor sentiment dampened by geopolitical instability in the Middle East and rising interest rate pressures, leading to a significant drop in trading volume. Bithumb's average daily trading volume for the first quarter was $647.31 million, a 55% decrease compared to the same period last year. Additionally, losses from asset valuations and costs associated with regulatory actions contributed to the shift to a net loss. Domestic virtual asset exchanges rely heavily on transaction fee revenue, which accounts for 99% of their income, making reduced trading volumes directly correlate with deteriorating financial results. Bithumb plans to focus on optimizing its cost structure and enhancing platform competitiveness to adapt swiftly to market conditions. A Bithumb representative stated, "We will strengthen our internal capabilities while enhancing service competitiveness to establish a foundation for sustainable growth in anticipation of a market rebound."* This article has been translated by AI. 2026-05-15 23:49:52

Labor Ministry Reports Increase in Manufacturing Injuries, Urges Safety Measures Despite a downward trend in industrial accident fatalities in the first quarter of this year, the number of entrapment accidents in the manufacturing sector has increased, prompting labor authorities to conduct inspections. On May 15, the Ministry of Employment and Labor announced that Ryu Hyun-cheol, head of the Industrial Safety and Health Agency, led surprise inspections alongside local officials and safety inspectors to eradicate entrapment accidents in manufacturing. According to the ministry's statistics for the first quarter of 2026, the number of industrial accident fatalities decreased to 113, down 24 (17.5%) from the same period last year. This marks the lowest number of fatalities recorded for the first quarter since the ministry began compiling such data, with 98 deaths reported, a decrease of 31 (24.0%) from 129 fatalities in the first quarter of the previous year. However, fatalities in the manufacturing sector rose sharply to 52, an increase of 23 (79.3%) compared to 29 deaths a year earlier. The number of fatal accidents also rose to 39, up 10 (34.5%) from 29 in the same period last year. A significant factor contributing to this rise was a surge in fatalities from fire, explosion, and rupture incidents, which increased by 14 (700%) to 16 deaths due to a fire incident in March. Other causes of fatalities included entrapment (8 deaths), crushing and overturning (7 deaths), collisions (5 deaths), and being struck by objects (5 deaths). In response, labor authorities are focusing on ensuring compliance with key safety protocols, such as shutting off power during maintenance and inspections, to prevent entrapment accidents in manufacturing. Ryu also conducted an unannounced visit to a metal product manufacturing facility in Gimpo, where entrapment incidents have repeatedly occurred, to assess safety management practices. The inspections revealed several safety hazards, including the absence of protective covers on rotating machinery, lack of safety railings at openings, and inadequate measures to prevent slips due to oil leaks. Immediate improvements were ordered for these risks. Ryu emphasized that slippery conditions caused by oil leaks and mist could lead to major accidents, similar to the recent fire incident, and called for fundamental measures to eliminate these hazards. Ryu Hyun-cheol stated, "Ensuring safety is a fundamental responsibility that companies must fulfill. Workplace safety cannot be compromised or negotiated. To prevent repeated entrapment accidents, it is essential to turn off power during machine maintenance and repairs. This basic principle of power shutdown must be strictly adhered to in the field to save lives."* This article has been translated by AI. 2026-05-15 23:48:00

Final Roster Announcement for World Cup Approaches: Will Hong Myung-bo Surprise Us? The final roster announcement for the South Korean national team, led by coach Hong Myung-bo, is imminent as they prepare for the 2026 FIFA World Cup in North and Central America. There is growing anticipation about whether a surprising selection will emerge ahead of the tournament. Coach Hong will unveil the 26-man roster on June 16 at the KT Gwanghwamun Building in Jongno, Seoul. Since taking charge of the national team in 2024, Hong has reportedly finalized over 80% of the squad that will compete in the World Cup through Asian qualifiers and various friendly matches. Key players such as captain Son Heung-min (Los Angeles FC), Lee Kang-in (Paris Saint-Germain), Kim Min-jae (Bayern Munich), and Lee Jae-sung (Mainz) are expected to be included. The remaining question is which new faces will fill the gaps. Historically, South Korean football has seen surprising selections just before the World Cup, injecting energy and competition into the squad. In the 2018 Russia tournament, Lee Seung-woo (then of Hellas Verona) made the final roster despite lacking international match experience, while in the 2022 Qatar tournament, promising player Oh Hyun-kyu (then of Suwon Samsung) joined as the 27th reserve player. As the roster announcement approaches, the position most likely to see a surprise selection is the defense. The absence of key central defender Kim Joo-sung (Sanfrecce Hiroshima), who suffered a knee injury during the March international break, has created a need for replacements. Young talents such as Jo Wi-je (Jeonbuk) and Lee Gi-hyeok (Gangwon FC) have emerged in the K League 1. Additionally, potential wing-back options include Jo Hyun-taek (Ulsan Hyundai), Choi Jun (FC Seoul), and Kim Ryun-sung (Jeju United). Jens Castro, a mixed-race player performing as a wing-back for Borussia Mönchengladbach in the Bundesliga, is also a player to watch. He has scored three goals and provided one assist in 26 league matches this season. If selected, Castro would become the first foreign-born mixed-race player to compete in a World Cup for South Korea. In the attacking line, Lee Seung-woo (Jeonbuk Hyundai) is once again drawing attention. He has scored three goals and provided one assist this season, showcasing his ability to change the game's momentum. Kim Dae-won (Gangwon) is also a candidate, having contributed three goals and two assists in his last five matches. However, he faces stiff competition for starting positions in the midfield. After the final roster is announced, Hong's team will depart for Salt Lake City, Utah, via Incheon International Airport on June 18 for a two-week training camp. This is part of their preparation to adapt to the high-altitude conditions in Mexico, where the group stage matches will be held. Overseas players will join the team as soon as they finish their club commitments. While in Salt Lake City, Hong's team will play two friendly matches against Trinidad and Tobago on June 31 and El Salvador on June 4, both at 10 a.m. (Korean time), as they finalize their preparations. They will submit their final 26-man roster to FIFA on June 1 and arrive at their base camp in Guadalajara, Mexico, on June 5. South Korea will kick off its group stage matches in Group A against the Czech Republic on June 12, followed by matches against host nation Mexico on June 19 and South Africa on June 25.* This article has been translated by AI. 2026-05-15 23:45:31

Dunamu Reports Q1 Profit of 69.5 Billion Won Amid Declining Trading Volume Dunamu reported a significant decline in its financial performance, with a nearly 80% drop compared to last year. This downturn is attributed to a decrease in trading volume in the virtual asset market amid global economic slowdown.In the first quarter of this year, Dunamu recorded a net profit of 69.5 billion won, marking a 78.3% decrease from the same period last year.The decline in performance is largely influenced by global risks, including the conflict between the United States and Iran, which have led to reduced trading volumes in the virtual asset market. Since the major liquidation crisis in October of last year, the downturn in the virtual asset market has persisted. Upbit's cumulative trading volume for the first quarter of this year was $141 billion, down 62.3% from the previous year. The influx of investment funds into the domestic stock market, driven by a booming stock market, has also contributed to the contraction of the virtual asset market.Domestic virtual asset exchanges rely heavily on transaction fee revenue, with dependence reaching 99%, making the reduction in trading volume directly linked to deteriorating financial results. Dunamu plans to seek a rebound through service enhancements, expanding partnerships, and exploring new business opportunities.* This article has been translated by AI. 2026-05-15 23:42:28

Lotte Insurance Reports Improved Q1 Operating Profit Amid Temporary Investment Losses 롯데손해보험이 올해 1분기 보험영업이익 흑자전환과 보험계약마진(CSM) 성장 등 본업 지표 개선세를 보였다. 다만 중동 전쟁과 유가 상승 등 글로벌 불확실성으로 금리가 급등하면서 투자손익은 일시적으로 악화됐다. Lotte Insurance reported a net loss of 19.8 billion won and an operating loss of 28.5 billion won for the first quarter of this year, reflecting the impact of interest rate hikes on the valuation of interest-bearing assets. The company recorded an investment operating loss of 55.7 billion won in Q1. Officials noted that this loss is primarily a temporary valuation loss on safe assets that guarantee principal at maturity. They expect that as market volatility decreases with the end of the war and normalization of conditions, these losses could be recovered. They also indicated that most of the temporary losses on certain foreign assets could be recouped, excluding hedge costs. In contrast, the core insurance business showed improvement. Lotte Insurance's operating profit for Q1 reached 27.2 billion won, a turnaround from a loss of 11.2 billion won in the same period last year. The improvement was attributed to growth in premiums from long-term protection insurance and enhanced operational efficiency. The future profit base, known as the Contractual Service Margin (CSM), also increased. At the end of Q1, the CSM stood at 2.509 trillion won, up 250.9 billion won, or 11.1%, from the previous year. The CSM amortization amount was 58.7 billion won, an increase of 6.4 billion won, or 12.3%, compared to Q1 last year. The key long-term protection insurance premiums continued to grow, reaching 641 billion won. Lotte Insurance is strengthening its profit base by improving cost efficiency in long-term insurance indirect costs and reducing expenses in auto and general insurance. Capital soundness also exceeded regulatory recommendations. As of the end of Q1 2026, the preliminary solvency ratio (K-ICS) was 164.4%. Lotte Insurance aims to manage its capital soundness stably based on the growth of operating profit and improvements in asset structure.* This article has been translated by AI. 2026-05-15 23:37:56

Samsung Electronics and SK Hynix Shares Plummet Amid Foreign Selling Shares of South Korea's semiconductor giants, Samsung Electronics and SK Hynix, closed sharply lower. Analysts attribute the decline to a combination of rising market interest rates, profit-taking, and concerns over labor issues at Samsung, which have dampened investor sentiment. On May 15, the Korea Exchange reported that Samsung Electronics fell by 25,500 won (-8.61%) to close at 270,500 won. SK Hynix also dropped 15,000 won (-7.66%) to finish at 1,819,000 won. Samsung started the day steady but quickly expanded its losses in the morning, dipping below 260,000 won at one point. SK Hynix initially rose to 1,995,000 won but reversed course and increased its losses. The downturn in the two leading semiconductor stocks contributed to a sharp decline in the KOSPI index, which had briefly surpassed the 8,000 mark earlier in the day. The KOSPI closed down 488.23 points (-6.12%) at 7,493.18, marking a decline after three consecutive days of gains. Foreign investors sold a net 5.6195 trillion won worth of stocks on the main bourse. Market analysts noted that the rise in U.S. 10-year Treasury yields above 4.5% and the won-dollar exchange rate surpassing 1,500 won prompted foreign profit-taking. In the Seoul foreign exchange market, the dollar-won exchange rate rose by 9.8 won to close at 1,500.8 won. Lee Kyung-min, a researcher at Daishin Securities, stated, "The overheating from short-term surges and accumulated fatigue from rising prices, combined with concerns over interest rate hikes and higher bond yields, triggered the expanded losses." He added, "The weakness in the semiconductor sector was pronounced, as major memory chip stocks like Micron and SanDisk fell in the U.S. market, further dampening investor sentiment." Concerns over a potential strike by Samsung's labor union have also contributed to the negative sentiment. The Samsung branch of the Federation of Korean Trade Unions has announced plans for an 18-day strike from May 21 to June 7. Analysts predict that additional time may be needed for the KOSPI to stabilize above the 8,000 level. Lee noted, "It may take time for the KOSPI to break through and settle at the 8,000 index level, and whether financial investments will reverse to buying will determine the extent and duration of the corrections."* This article has been translated by AI. 2026-05-15 23:32:25