South Korean Foreign Minister Meets with Singapore's Vivian Balakrishnan South Korean Foreign Minister Cho Hyun held talks with Singapore's Foreign Minister Vivian Balakrishnan on May 28 in Seoul, discussing key issues between the two countries as well as regional and international developments.According to the Ministry of Foreign Affairs, Cho explained the South Korean government's policies and efforts for peaceful coexistence on the Korean Peninsula. He also listened to Balakrishnan's impressions from his recent visit to North Korea and urged ASEAN, including Singapore, to show interest and support in creating conditions for dialogue with North Korea.Balakrishnan expressed agreement and emphasized the importance of close communication between both sides for peace and stability on the Korean Peninsula.Balakrishnan is visiting China, North Korea, and South Korea from May 24 to 28, and he met with North Korean Foreign Minister Choe Son-hui in Pyongyang on May 26.He highlighted that South Korea and Singapore are allied nations sharing core values such as free trade and multilateralism, expressing hope for further deepening and expanding mutual cooperation in various fields, including trade, investment, and emerging industries.The two ministers also shared assessments of the recent situation in the Middle East, agreeing that peace in the region and the safe passage of international shipping routes, such as the Strait of Hormuz, are crucial for the security and economy of both nations.Following the meeting, Unification Minister Jeong Dong-young also met with Balakrishnan. The details of their discussion were not disclosed, as per mutual agreement.Jeong expressed his gratitude for Singapore's constructive role regarding issues on the Korean Peninsula. 2026-05-28 16:08:00

Kakao Union Announces June Strike Amid Trust Issues with Management The Kakao union, known as Crew Union, announced plans to prepare for a strike next month following the Labor Commission's decision to halt mediation. The union criticized the company's passive negotiation stance. In a statement released on May 28, the Kakao branch of the union stated, "The cessation of mediation after months of negotiations is not merely due to wage differences, but a result of the breakdown of trust between the company and its employees. The company has consistently responded passively rather than making responsible decisions." The union has been advocating for not only wage increases but also improvements to the opaque performance compensation structure and organizational measures to restore trust. They pointed out that the company unilaterally distributed bonuses during negotiations and frequently changed negotiation representatives, undermining the continuity of discussions. The union emphasized, "With nearly half of this year gone, many employees have yet to receive the application of normal wage agreements. True management reform should begin with restoring trust among employees, not through cost-cutting or organizational restructuring." The union also highlighted the recent resignation of Hong Mintak, Kakao's Chief Product Officer, and the announcement of layoffs at XL Games during the mediation process. They argued that accumulated management risks and repeated controversies within the Kakao community have increased distrust among employees. While the Kakao branch stated that it would not completely close off the possibility of dialogue after the mediation halt, they added, "We can no longer resolve issues through mere waiting and patience. We will prepare for a strike in June with our members to ensure that the value of labor is justly respected and that the company's achievements are fairly distributed."* This article has been translated by AI. 2026-05-28 16:04:00

Government Dividends from State-Owned Enterprises Reach Record 2.8 Trillion Won The total government dividends from state-owned enterprises this year have approached 2.8 trillion won, marking the highest level on record. The improved performance of institutions such as the Industrial Bank, the Korea Development Bank, and Korea Electric Power Corporation has driven this increase, continuing a trend of rising dividends for the fourth consecutive year. On May 28, the Ministry of Finance and Economy announced that the total government dividends from state-owned enterprises for the fiscal year 2025 have been confirmed at 27.951 trillion won, an increase of 4.954 trillion won from the previous year’s 22.987 trillion won. The average dividend payout ratio also rose to 40.90%, up 1.18 percentage points from the previous year. A ministry official stated, "The continuous increase in government dividends and payout ratios over the past four years reflects the government's consistent approach to raising dividend ratios in line with the growing trend of shareholder returns in the private sector." Out of 40 state-owned enterprises, 20 distributed dividends this year. Dividends are calculated based on 'distributable profits,' which are determined after accounting for net income, carried-over losses, and legal reserves. No dividends are issued if there are losses or insufficient distributable profits. This year, new entrants to the list of dividend-paying institutions included the Korea Housing Finance Corporation, Korea Gas Corporation, Incheon Port Authority, Korea Electric Power Corporation, and KOTRA. Notably, Korea Electric Power Corporation returned to the dividend list after successfully turning a profit, aided by the effects of electricity rate increases and improved performance. The largest contributor to government dividends was the Industrial Bank, which distributed a total of 8.806 trillion won, accounting for over 30% of the total government dividends. The Korea Export-Import Bank followed with 4.762 trillion won, and the Incheon International Airport Corporation with 3.194 trillion won. The increase in dividends from the Industrial Bank included approximately 2.5 trillion won from the recovery of policy fund investments. The government agreed to receive these recovery funds in the form of dividends through prior consultations. However, excluding this amount, the actual payout ratio for the Industrial Bank stands at around 36.8%. The Korea Development Bank saw an increase in its dividends this year after introducing a semi-annual dividend system for the first time. The government noted that some expected profits for next year were reflected in this year’s dividends, resulting in an increase of about 1 trillion won. Energy public enterprises maintained relatively low payout ratios due to high debt levels and significant investment needs. A ministry official remarked, "Given that Korea Electric Power Corporation's debt ratio reaches around 600%, it is necessary to retain some profits internally to manage financial soundness." In contrast, LH Corporation, which distributed approximately 1.491 trillion won in dividends last year, was excluded from this year's dividend list due to recording losses amid a sluggish housing market, resulting in no net income.* This article has been translated by AI. 2026-05-28 16:02:00

Financial Authorities Expand Measures to Combat New Types of Fraud Financial authorities are establishing a rapid response system to swiftly freeze accounts suspected of involvement in various types of new fraud, including voice phishing, no-show scams, romance scams, and investment fraud. This initiative aims to address gaps in the existing legal framework that have led financial institutions to hesitate in freezing accounts that do not clearly fall under the category of voice phishing. On May 28, the Financial Services Commission (FSC) held the first meeting of the "Voice Phishing Eradication Council". This council formalizes the previously irregular channels for addressing voice phishing within the financial sector. During the meeting, participants discussed a system for freezing transactions on suspicious accounts related to new types of phishing, methods for detecting ghost accounts, and preventive measures within the financial sector. The focus is on the "proactive blocking" of suspicious accounts linked to new types of phishing. The FSC plans to implement guidelines for a "transaction freeze system for suspicious accounts related to new phishing" starting in late June. Under these guidelines, financial institutions will be able to temporarily freeze accounts for up to 72 hours if there is suspicion of telecommunications fraud, regardless of the type of crime, based on their own financial transaction detection systems, victim reports, or police notifications. Previously, scams such as no-show fraud, romance scams, and investment fraud often disguised themselves as legitimate transactions, making it unclear whether they fell under the telecommunications fraud compensation law. While financial institutions could track the flow of funds between accounts, they faced challenges in determining the nature of the transactions or whether fraud had occurred, limiting their ability to act decisively. In the future, financial institutions will first temporarily freeze suspicious accounts, after which the National Police Agency's integrated response team for telecommunications financial fraud will assess whether the case involves voice phishing or new types of phishing within 72 hours and notify the financial institutions. If deemed voice phishing, the payment suspension and victim relief procedures will follow the telecommunications fraud compensation law. If classified as new phishing, a temporary transaction freeze will be imposed for seven days, followed by a review by the Financial Intelligence Unit, which could extend the freeze for up to 60 days. Efforts to strengthen detection systems targeting ghost accounts and new phishing will also be enhanced. The FSC, the Financial Supervisory Service, and the Financial Security Institute have drafted joint detection rules for six types of new phishing and nine types of ghost accounts. After simulations in June and July across different sectors, the final joint rules are expected to be confirmed in the third quarter, starting with the banking sector. This will later expand to areas such as virtual accounts and savings accounts, where detection has been lacking.* This article has been translated by AI. 2026-05-28 15:58:00

FuriosaAI taps Broadcom to build third-generation AI inference chip SEOUL, May 28 (AJP) - South Korean artificial intelligence chip designer FuriosaAI said it had forged a strategic partnership with U.S. semiconductor giant Broadcom to co-develop a next-generation AI inference platform, deepening a homegrown bid to challenge the dominance of established players in the booming market for AI silicon. According to the neural processing unit maker on Thursday, the two companies will evolve FuriosaAI's proprietary tensor contraction processor architecture into a multi-die chiplet system, building an engine tuned for the high-volume token processing that global hyperscale data centers increasingly demand. The collaboration builds on FuriosaAI's second-generation accelerator, RNGD, a 180-watt PCIe chip now in mass production. Fabricated on TSMC's 5-nanometer process and paired with SK hynix HBM3 memory, the accelerator is optimized for large language models and agentic AI workloads, and has already been validated in production at customers including Samsung SDS and LG AI Research. The third-generation accelerator will carry a 2-nanometer compute die and HBM4/4E memory, drawing on Broadcom's advanced packaging to fuse multiple silicon dies into a single high-performance chip. The two firms plan to begin sampling the chip in the first half of 2028, as surging demand for agentic AI pushes inference workloads to outpace the training tasks that first fueled the generative AI boom. 2026-05-28 15:57:59

Foreign ministers of South Korea and Singapore agree to deepen cooperation SEOUL, May 28 (AJP) - Foreign Minister Cho Hyun met with his Singaporean counterpart in Seoul on Thursday to discuss bilateral cooperation, regional security issues, and broader international affairs, according to the Ministry of Foreign Affairs. Their meeting came after Singaporean Foreign Minister Vivian Balakrishnan's visit to North Korea earlier this week as part of a regional tour that also included China. During his trip to Pyongyang last Tuesday, Balakrishnan met with his North Korean counterpart Choe Son-hui. Cho was quoted as saying that it is important for Singapore and other ASEAN countries to continue engaging North Korea, as this could help build momentum for talks with Pyongyang. Balakrishnan agreed that the two countries should work closely together to support peace and stability on the Korean Peninsula, according to the ministry. Balakrishnan also said South Korea and Singapore share key values such as free trade and multilateralism, and he expressed hope for closer cooperation in areas including trade, advanced technologies, and emerging industries. The two ministers also discussed the prolonged conflict in the Middle East, stressing that keeping global shipping routes such as the Strait of Hormuz open and safe is vital for both countries' security and economic stability. Later in the day, Balakrishnan also met with Unification Minister Chung Dong-young, though details of their meeting were not disclosed. Speaking to reporters afterward, Chung said he "deeply appreciated" Singapore's constructive role in addressing issues on the Korean Peninsula. 2026-05-28 15:56:23

Wi Sung-lak Meets Singapore's Foreign Minister Vivian Balakrishnan to Discuss Trade and Regional Stability Wi Sung-lak, head of the National Security Office, met with Singapore's Foreign Minister Vivian Balakrishnan on May 28 during his official visit to South Korea. The two discussed ways to enhance bilateral relations and exchanged views on the situation on the Korean Peninsula and regional and international issues, including the Middle East.In a press release, the Blue House expressed hope that high-level exchanges would deepen the strategic partnership between South Korea and Singapore, as well as the comprehensive strategic partnership between South Korea and ASEAN.Wi exchanged views with Balakrishnan on the situation on the Korean Peninsula and received updates on the results of Balakrishnan's recent visit to North Korea on May 26-27. During his trip, Balakrishnan met with North Korean Foreign Minister Choe Son-hui in Pyongyang.Wi also outlined the South Korean government's efforts for peaceful coexistence and joint growth on the Korean Peninsula, to which Balakrishnan expressed strong support. He particularly acknowledged Singapore's active role in facilitating diplomatic solutions to the Korean Peninsula issue, having hosted the historic U.S.-North Korea summit in 2018, and expressed hope for Singapore's continued constructive involvement in promoting peace on the peninsula.Regarding the Middle East situation, both sides agreed on the importance of diplomatic efforts to quickly end conflicts and restore regional stability. They also reached a consensus on normalizing the safe and free navigation of vessels in international waterways, including the Strait of Hormuz.Furthermore, in light of the rapidly changing global situation and supply chain crises, the two countries committed to maintaining close communication and cooperation, sharing the values of free trade as energy-importing and open economies.* This article has been translated by AI. 2026-05-28 15:56:00

South Korea Raises K-Culture Economic Target to 400 Trillion Won The South Korean government has significantly raised its national goal for the K-Culture sector from 300 trillion won to 400 trillion won within just one year of the current administration. This adjustment includes expanding the definition of K-Culture to encompass foreign tourism, food, beauty, and fashion, aiming to substantially increase the market size. However, some in the cultural sector criticize this move as mere inflation of numbers by grouping together profitable industries under the K-Culture label. During a press conference on May 28 at the National Museum of Modern and Contemporary Art in Seoul, Minister of Culture, Sports and Tourism Choi Hwi-young stated, "We have redefined and refined the concept of K-Culture, aiming to industrialize it and make it a reality." When the government launched last year, it set a target to grow the cultural industry to 300 trillion won by 2030. Now, as it marks its first anniversary, the Ministry has expanded the K-Culture scope to include export figures from foreign tourism, food, beauty, and fashion, while excluding some ambiguous or overlapping items. Minister Choi noted, "The foreign currency spent by tourists visiting Korea should be included in the K-Culture industry, as it has been missing from statistics until now. The same applies to K-Food, K-Beauty, and K-Fashion." He added that these export figures reflect the demand generated by K-Culture's appeal, justifying their inclusion in the K-Culture category. As a result of this redefinition, the K-Culture market size has reportedly increased to an estimated 274 trillion won as of last year, nearing the previously set target of 300 trillion won for 2030. Consequently, the government has raised its target from 300 trillion won to 400 trillion won. The export figures have also surged. Previously reported at approximately $14.9 billion based on content-focused statistics, the inclusion of beauty and food has expanded this figure to $71.8 billion. This makes K-Culture the third-largest export sector in South Korea, following semiconductors ($173.4 billion) and automobiles ($72 billion). In line with this, the export target for 2030 has been dramatically increased from $35 billion to $110 billion. Minister Choi emphasized, "K-Culture is a key growth driver for our economy. With the potential increase in leisure time due to the spread of artificial intelligence, the contribution of K-Culture to foreign currency earnings is expected to grow even more. We need to foster this sector with greater urgency." Additionally, the Ministry plans to hold a large-scale K-Culture festival called 'Phenomenon' twice a year, starting in December 2027, with events in major cities worldwide in May and domestic awards in December. The government also aims to expand K-Culture centers in major cities and promote domestic tourism through initiatives like the '5 Regions 3 Special Mega Tourism Zone' and discounted travel policies to achieve an early target of 30 million tourists. However, some cultural critics argue that the government is overly focused on industrial logic in its approach to becoming a 'cultural powerhouse.' They express concern that the emphasis on quantifiable results overshadows the need to enhance the overall competitiveness of the arts. Kim Jae-sang, head of the Cultural Solidarity, questioned the validity of grouping beauty and fashion under K-Culture, stating, "There is little visible support for foundational arts. It is questionable whether the entire cultural and artistic sector is being revitalized." He added that there is significant concern that the government views culture solely as a means of generating economic profit. An anonymous source from the cultural sector remarked, "Under the declaration of becoming a cultural powerhouse, it seems like a numbers game to incorporate immediately measurable industries into K-Culture. The national goal should be redefined as 'cultural industry powerhouse' rather than just 'cultural powerhouse.' Long-term policies to strengthen foundational arts and the creative ecosystem are not evident." Minister Choi concluded, "When we shift our goals to 400 trillion won for K-Culture and $110 billion for exports, the perspective on the cultural industry itself will change. If we can create a consensus that culture is a new growth driver, bold investments will follow. I will prove this."* This article has been translated by AI. 2026-05-28 15:52:00

Trump Files $10 Billion Defamation Lawsuit Against WSJ Over Epstein Birthday Letter Donald Trump has filed a new defamation lawsuit against the Wall Street Journal, seeking at least $10 billion over an article related to Jeffrey Epstein. Following the dismissal of a previous case, Trump’s legal team argues that the WSJ published the article despite knowing it could be false. The lawsuit expands the focus beyond whether the letter in question was actually written by Trump to include the WSJ's reporting and publication process. According to Bloomberg, Trump’s team submitted an amended complaint on May 27 in a federal court in Florida. This comes after U.S. District Judge Darren Gales dismissed the original complaint in April, prompting Trump’s team to address the deficiencies identified by the court. In defamation cases involving public figures, “actual malice” refers to a media outlet knowing that the information was false or disregarding its potential falsity. The dispute originated from a July article by the WSJ, which claimed that Trump sent Epstein an obscene birthday letter in 2003. The letter was described as typed and featuring a drawing of a naked woman, with Trump’s signature placed at the bottom. Trump has consistently denied the authenticity of the document. In the amended complaint, Trump’s team targets two WSJ reporters, the publisher Dow Jones, its parent company News Corp, and News Corp Chairman Rupert Murdoch. They allege that these individuals either knew the information was false or published the article without verifying its accuracy. Trump’s attorney, Alejandro Brito, stated, “The defendants recklessly ignored whether the defamatory statements were true at the time of publication or intentionally avoided discovering the truth.” The amended complaint raises significant concerns about the WSJ's reporting process. It questions why the letter was written in the third person, why it was typed, who authored it, and how the publication obtained it. The absence of the letter's image in the article is also cited as evidence of actual malice. Judge Gales previously ruled that Trump’s arguments did not come close to meeting the standard for actual malice. The court noted that the WSJ had sought comment from Trump’s team and relevant officials before publishing the article. However, the court did not determine whether the content constituted defamation or if Trump actually wrote the letter in question. A spokesperson for Trump’s legal team described the amended complaint as a “strong legal response.” He added, “The president will continue to hold accountable those who mislead the American people with fake news and defamation.” The key issue in this case is whether Trump’s team can prove that the WSJ acted with intent or reckless disregard beyond a mere reporting error. If the court finds that the amended complaint still fails to meet the actual malice standard, the legal battle could stall once again at an early stage.* This article has been translated by AI. 2026-05-28 15:52:00

Woori Financial Faces Challenges in Acquiring Dongyang Life Insurance Woori Financial Group's efforts to fully acquire Dongyang Life Insurance have encountered a hurdle due to the Financial Supervisory Service's request for corrections to its securities registration statement. Woori Financial is accelerating its non-banking portfolio enhancement through the acquisition of Dongyang Life and ABL Life, but the process of consolidating the remaining shares of Dongyang Life has raised key issues regarding shareholder protection and conflict of interest management. According to sources in the financial sector, the Financial Supervisory Service recently requested corrections to the comprehensive stock exchange registration statement submitted by Woori Financial regarding Dongyang Life. Woori Financial had planned to complete the acquisition of Dongyang Life as a wholly-owned subsidiary by August and finalize the delisting process. However, the need for supplementary information has introduced uncertainty into this timeline. A representative from the Financial Supervisory Service stated, “The comprehensive stock exchange that involves delisting is crucial for shareholder protection,” adding that the review of the registration statement focused on whether the procedures were adequately followed according to relevant guidelines. This situation is closely tied to Woori Financial's strategy to strengthen its non-banking operations. Woori Financial currently holds a 75.34% stake in Dongyang Life and aims to secure the remaining shares through a comprehensive stock exchange to fully integrate it as a subsidiary. The choice of stock exchange over a public buyout is seen as a way to avoid significant cash outflows and potential impacts on the common equity tier 1 (CET1) capital ratio. However, the stock exchange structure means that Dongyang Life shareholders will receive new shares of Woori Financial instead of cash. Each shareholder will receive 0.2521056 shares of Woori Financial for each share of Dongyang Life they hold, with the exchange prices set at 34,589 won per Woori Financial share and 8,720 won per Dongyang Life share. Some shareholders of Dongyang Life have expressed dissatisfaction, arguing that the value offered to ordinary shareholders is lower compared to the price of 10,562 won per share that Woori Financial paid to acquire shares from the previous major shareholder last year. The Financial Supervisory Service's scrutiny appears to stem from this structural conflict of interest. They have requested additional explanations to ensure that Dongyang Life shareholders can adequately assess the transaction structure and pricing rationale. Although Woori Financial submitted a 1,700-page securities registration statement, the request for corrections means they will likely need to enhance the revised statement with details on shareholder protection procedures and the rationale for choosing the stock exchange method. For Woori Financial, the full acquisition of Dongyang Life is not merely a matter of consolidating shares. They are in a position where they need to bolster their revenue structure, which heavily relies on banking, by developing the insurance sector as a core non-banking pillar. Considering the planned integration of Dongyang Life and ABL Life, restructuring governance is seen as the first step in future reorganization of the insurance division. Meanwhile, analysts suggest that the likelihood of the stock exchange method being converted to a public buyout is low due to the nature of the Financial Supervisory Service's concerns. The focus of their inquiry is not on whether to conduct a public buyout, but rather on whether Dongyang Life shareholders have been sufficiently informed about the transaction structure and pricing rationale during the comprehensive stock exchange process. A financial sector insider remarked, “The request for corrections from the Financial Supervisory Service seems more aimed at ensuring that shareholder protection procedures and conflict of interest management are more clearly articulated rather than changing the stock exchange method itself.”* This article has been translated by AI. 2026-05-28 15:50:00