Kwangjang Law Firm Hosts 'Transfer Pricing Practical Forum' with Korean International Tax Association The Korean International Tax Association, recognized as the leading academic organization in international taxation, announced on May 22 that it will hold a monthly international tax forum on May 28 at 2 p.m. at Kwangjang Law Firm in Jung-gu, Seoul, focusing on the topic of "Recent Issues in Transfer Pricing Practice." This forum, organized by Kwangjang, aims to address international tax and transfer pricing issues faced by multinational corporations both domestically and internationally. Experts from academia, law firms, and accounting firms will discuss critical issues and provide practical advice for multinational companies. The opening remarks will be delivered by Professor Park Hoon, the chairman of the Korean International Tax Association and a faculty member in the Department of Taxation at the University of Seoul. The closing remarks will be given by Kim Jeong-hong, a foreign attorney and the next chairman of the association. The forum will consist of an urgent diagnosis session and two main sessions. In the urgent diagnosis session, Kwangjang foreign attorney Kang Kyu-bin will present on "California Corporate Tax Reform and Korean Companies." The first main session will take the form of a panel discussion on "Practical Trends in MAP and APA Related to Transfer Pricing." Kwangjang foreign attorney Kim Min-ho will moderate, with panelists including Jeon Hye-jin, a partner at Samil Accounting Corporation; Park Joo-won, an executive at Anjin Accounting Corporation; Park Jae-seok, an accountant at Kim & Chang Law Office; and Kim Sang-hoon, an executive at Samjeong Accounting Corporation. The second main session will focus on case studies related to the increasingly applied "DEMPE Regulations," with Kwangjang attorney Jo Pil-je presenting. Panelists will include Ha Dong-hoon, an executive at Han Young Accounting Corporation; Kim Tae-hyung, a foreign accountant at Yulchon Law Firm; and Heo Si-won, an attorney at Hwawoo Law Firm. The forum will conclude with closing remarks from Kim Jeong-hong, the next chairman of the Korean International Tax Association.* This article has been translated by AI. 2026-05-23 14:39:21

Hancom Partners with LG AI Research to Supply AI Agents for Chat Exa One Hancom is set to supply its self-developed artificial intelligence (AI) agents to LG AI Research's generative AI platform, Chat Exa One, as it aims to penetrate the public AI market. On May 22, Hancom announced that it has signed a strategic business alliance agreement with LG AI Research, covering AI technology, service platforms, and both public and private market sectors. The two companies plan to explore new business opportunities based on long-term cooperation. The core of this partnership involves integrating Hancom's AI agent technology with LG AI Research's enterprise generative AI platform, Chat Exa One. This platform is developed on LG AI Research's proprietary large language model, Exa One 3.0. Through this collaboration, the companies will work on developing an integrated solution that combines Hancom's document AI technology with LG AI Research's AI service infrastructure. For instance, when a user requests a project proposal in the Chat Exa One chat window, Hancom's AI agent will analyze the document structure and automatically apply the format to generate a draft. Users will then be able to preview or save the results directly in a web-based Hangul viewer. This partnership marks a significant step for Hancom as it intensifies its entry into the public AI market. The two companies plan to jointly respond to the entire process from business development to bidding and delivery for public institutions, government agencies, and public enterprises. They also aim to expand collaboration in areas such as on-device AI, AI-based document automation, business-to-business (B2B) AI solutions, and global market entry. Hancom intends to strengthen the competitiveness of the domestic AI ecosystem and expand its AI business focused on enterprises and the public sector through this partnership with LG AI Research.* This article has been translated by AI. 2026-05-23 14:36:46

KOSPI Rises on U.S. Market Records and Easing War Concerns The South Korean stock market opened higher, buoyed by record highs in the U.S. markets and expectations of reduced geopolitical risks in the Middle East. As of 9:07 a.m. on May 22, the KOSPI index rose by 46.32 points (0.59%) to 7,861.91. The index started the day at 7,873.12, up 57.53 points (0.74%) from the previous trading session. In the securities market, individual and institutional investors purchased a net 877.4 billion won and 194.4 billion won, respectively, while foreign investors sold a net 1.049 trillion won. Han Ji-young, a researcher at Kiwoom Securities, stated, "Expectations for progress in negotiations between the U.S. and Iran are easing concerns over oil prices and interest rates, which had been sources of market instability. However, the recent surge in prices may lead to profit-taking, and volatility could continue due to changing news flows related to the U.S.-Iran situation." On May 21, the Dow Jones Industrial Average closed up 276.31 points (0.55%) at 50,285.66, surpassing its previous record of 50,115.67 set on February 6. The S&P 500 index rose by 12.75 points (0.17%) to close at 7,445.72, while the tech-heavy Nasdaq composite gained 22.74 points (0.09%) to finish at 26,293.10. Early trading in New York was marked by volatility due to news regarding Iran negotiations, but optimism about a diplomatic resolution between the U.S. and Iran helped the market rebound. President Donald Trump mentioned the negotiations with Iran were in their "final stages," and the U.S. Secretary of State indicated the possibility of progress, boosting investor sentiment. Among the top market-cap stocks, SK Hynix (0.26%), SK Square (1.27%), LG Energy Solution (2.12%), Samsung Electro-Mechanics (4.32%), Doosan Enerbility (5.35%), and HD Hyundai Heavy Industries (1.49%) saw gains, while Samsung Electronics (-0.17%) and Hyundai Motor (-1.35%) experienced declines. At the same time, the KOSDAQ index rose by 36.80 points (3.33%) to 1,142.77, starting the day at 1,119.43, up 13.46 points (1.22%). In the KOSDAQ market, individuals sold a net 108.6 billion won, while foreign and institutional investors bought a net 106.0 billion won and 16.8 billion won, respectively. Among the top KOSDAQ stocks, EcoPro BM (5.38%), Alteogen (3.27%), EcoPro (4.78%), Rainbow Robotics (0.54%), JUSUNG Engineering (9.88%), Kolon TissueGene (3.11%), and Samchundang Pharm (3.94%) were on the rise, while Iot Technics (-0.36%) faced a decline.* This article has been translated by AI. 2026-05-23 14:34:09

Kwangdong Pharmaceutical Secures Domestic Approval for Fabry Disease Treatment Kwangdong Pharmaceutical is accelerating its expansion into the rare disease treatment market following the domestic approval of its Fabry disease treatment. As the supply of high-cost rare drugs stabilizes, competition for the introduction of rare disease treatments in South Korea is expected to intensify.On May 22, Kwangdong Pharmaceutical announced that it received product approval from the Ministry of Food and Drug Safety for its Fabry disease treatment, Elprazole (active ingredient: pegunigalsidase alfa). This medication is used to treat Fabry disease, a rare genetic lysosomal storage disorder caused by a deficiency of the enzyme alpha-galactosidase A. Symptoms can include angiokeratomas, abdominal pain, proteinuria, peripheral pain, abnormal sweating, and hearing and vision impairments.This approval marks a significant step for Kwangdong Pharmaceutical in broadening its portfolio of rare disease treatments. Elprazole is the first Fabry disease treatment in South Korea to utilize plant cell-derived recombinant proteins and is intended for long-term enzyme replacement therapy in adult patients.Additionally, the recent recommendation for approval of a once-every-four-weeks dosing regimen by the European Medicines Agency (EMA) is seen as a strong advantage. This regimen reduces the burden on patients and healthcare providers compared to the previous biweekly administration.The rare disease treatment market, while serving a small patient population, attracts significant interest from global pharmaceutical companies due to the high need for treatment and pricing. Particularly for enzyme replacement therapies like that for Fabry disease, there is a consistent demand, making the introduction of such treatments in South Korea directly linked to patient accessibility.A Kwangdong Pharmaceutical representative stated, "Earlier in 2023, we signed an exclusive sales and distribution agreement for three rare drugs, including Elprazole, with Italy's Chiesi and have been progressing through the approval process. We will continue to enhance treatment accessibility by expanding the introduction of rare disease treatments."* This article has been translated by AI. 2026-05-23 14:31:24

Samsung Electronics Union Begins Voting on 2026 Wage Negotiation Agreement The Samsung Electronics union began voting on the '2026 Wage Negotiation Agreement' on May 22. As concerns about compensation disparities and equity among different business divisions arise, there is a growing sentiment among non-memory sectors within the semiconductor (DS) division and the finished products (DX) division to reject the tentative agreement.The union's joint action committee is conducting electronic voting for all members from 2 p.m. on May 22 until 10 a.m. on May 27. The agreement will be legally binding if more than half of the eligible voting members participate and approve it.The voting population includes over 90,000 union members, which is more than half of Samsung Electronics' total workforce of approximately 130,000. If the agreement fails to secure majority support, it will be rejected, and both parties will need to return to the negotiation table.Union leaders anticipate that the agreement will likely pass, as over 70% of union members belong to the semiconductor (DS) division. According to the tentative agreement, if Samsung Electronics achieves an operating profit of 300 trillion won this year, employees in the memory division could receive performance bonuses of up to 60 million won each.However, significant internal opposition exists. Particularly, members from the foundry and system LSI sectors within the DS division have expressed feelings of neglect and dissatisfaction, stating, "The disparities within the same sector are too extreme." They are expected to receive performance bonuses of around 160 million won based on a common resource distribution rate of 40%, but this is several hundred million won less than what employees in the memory division will receive.Ahead of the voting, an anonymous open chat room titled 'DS Division Tentative Agreement Must Be Rejected' was created, attracting over 1,000 participants within an hour, primarily from the non-memory sectors.There is a strong movement against the tentative agreement among employees in the DX (Device Experience) division, which includes mobile and home appliance sectors. As of May 20, the number of DX division union members was around 3,000, but by 2 p.m. on May 21, it surpassed 10,000, with approximately 9,000 employees joining the union in just one day. This surge is seen as a collective effort to express strong opposition to the agreement, which many feel neglects the DX division.Choi Seung-ho, chair of the joint action committee, stated the day before, "There may be aspects of this agreement that do not meet the expectations of our members," adding, "We will treat the voting results as a report card from the members to the super-large union."If the agreement fails to achieve majority support, it is expected to trigger significant repercussions. The previously suspended strike could reignite, leading to a new turmoil between Samsung Electronics and its union.* This article has been translated by AI. 2026-05-23 14:30:00

Korea to Supply 90,000 Rental Homes in Greater Seoul Amid Rising Prices Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol announced plans to supply 90,000 rental homes in the Greater Seoul area over the next two years in response to rising housing prices. Of these, 66,000 units will be concentrated in regulated areas. The government will also significantly strengthen crackdowns on market disruptions, including real estate tax evasion and price manipulation. During a meeting on real estate policy held at the Government Seoul Building on May 22, Koo noted that "the increase in apartment sale prices in Seoul has expanded for two consecutive weeks," and assured that the government will closely monitor price fluctuations and inventory flow to actively stabilize the market. The government plans to focus on increasing the supply of non-apartment housing, such as officetels, as these can be delivered more quickly than apartments, potentially yielding visible results within one to two years. This initiative is also expected to help alleviate housing difficulties for young people. To lead this effort, the public sector will expand the supply of non-apartment rental housing. By 2027, a total of 90,000 units will be supplied in the Greater Seoul area, with 66,000 units allocated to regulated areas. Measures to accelerate the supply will also be implemented. The government plans to shorten construction periods through modular construction methods and reduce the financial burden on contractors to encourage early project commencement. It will closely manage projects that have received permits but have not yet started construction. Koo stated, "We will ensure that financially viable projects do not face funding difficulties." The crackdown on market disruptions will be intensified. The National Tax Service has recently launched tax investigations into 127 individuals suspected of real estate tax evasion and is verifying the private use of over 2,630 high-value homes owned by corporations, valued at over 900 million won. The National Police Agency is also conducting special crackdowns on real estate crimes, including price manipulation and reconstruction corruption. As of May 19, over 2,200 individuals have been apprehended, with 861 cases forwarded for prosecution. Koo emphasized, "We will not tolerate any actions that disrupt market order," and reaffirmed that the government is committed to ensuring housing stability for the public through swift and effective measures.* This article has been translated by AI. 2026-05-23 14:27:21

Stray Kids to headline new music festival 'STRAYCITY' in Latin America SEOUL, May 23 (AJP) - K-pop boy band Stray Kids will headline "STRAYCITY," a new music festival set to debut in Latin America this September, Live Nation and JYP Entertainment said Saturday. The festival will be held in three cities: Bogota, Colombia, on Sept. 9; Buenos Aires, Argentina, on Sept. 14; and Mexico City on Sept. 25. Stray Kids will headline all three editions. The lineup also includes JYP Entertainment’s seven-member rookie boy group NEXZ and local artists Andrés Obregón, RENEE, BAD MILK, Kei Linch, K4OS and Cocho, with supporting acts to vary by city. The festival name draws from "Stray," part of the group’s name, and is planned as a recurring international event anchored by Stray Kids’ global fanbase. Stray Kids officially debuted in March 2018 following a 2017 JYP Entertainment reality program. The eight-member group is known for producing much of its own music through 3RACHA, an in-house production unit consisting of Bang Chan, Changbin and Han. The festival follows Stray Kids’ recent world tour "dominATE," which spanned 56 shows across 35 regions. As part of the tour, the group held eight stadium concerts across five Latin American cities in 2025, with stops in Santiago, Rio de Janeiro, São Paulo, Lima and Mexico City. Stray Kids has also expanded its presence on the global festival circuit, with headline performances at Lollapalooza Paris, I-Days in Italy, British Summer Time Hyde Park in London and Lollapalooza Chicago. The group is set to headline The Governors Ball Music Festival in New York on June 6, followed by Rock in Rio in Brazil on Sept. 11. 2026-05-23 14:25:39

Fire at Jinju Junkyard Extinguished After Nine Hours, No Injuries Reported A significant fire broke out at a junkyard in Jinju, South Gyeongsang Province, on the night of May 21, damaging the facility and several vehicles. According to Yonhap News Agency, the blaze started around 10:15 PM at a junkyard located in Danmok-ri, Daegok-myeon. The fire consumed a building measuring approximately 600 pyeong (about 1,983 square meters) and destroyed around 20 junked vehicles, resulting in an estimated property loss of about 229.4 million won. Fortunately, no injuries were reported as there were no people inside the junkyard at the time of the fire. Fire authorities responded to reports from nearby residents and arrived on the scene promptly to combat the flames. As the fire proved difficult to control, they declared a 'Level 1 Response' at 10:54 PM, mobilizing all personnel from the local fire station. A total of 41 fire trucks and 105 personnel were deployed to the scene. After an overnight effort, the fire was fully extinguished at 7:43 AM on May 22, nearly nine and a half hours after it began. The Level 1 Response was lifted at 3:04 AM on May 22. However, due to the nature of the junkyard, where multiple vehicles were stacked, residual heat remained in the burned vehicles and debris, prolonging the complete extinguishment of the fire. Police and fire officials plan to conduct an investigation to determine the exact cause of the fire and the point of origin.* This article has been translated by AI. 2026-05-23 14:25:18

NPT talks collapse again over nuclear disputes involving N. Korea, Iran SEOUL, May 23 (AJP) - The 11th Review Conference of the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) ended Friday without adopting a consensus document, as member states failed to narrow differences over North Korea, Iran and nuclear disarmament. The four-week conference, held at the U.N. headquarters in New York, had been expected to produce a final document on strengthening the NPT regime. But negotiations broke down over regional nuclear threats and how to implement disarmament commitments. It was the third straight failure after similar breakdowns in 2015 and 2022, raising concerns about the credibility of the NPT system. The latest meeting had been expected to face difficulties from the outset, as it opened amid heightened international tensions, including the U.S.-Iran war. Vietnamese Ambassador to the U.N. Do Hung Viet, who chaired the conference, announced late Friday that member states had failed to reach consensus on the final document. He later told a news conference that “no one blocked consensus,” but said “a very important reason” for the failure was a provision in the final draft stating that Iran “can never seek, develop or acquire any nuclear weapons.” Negotiators worked until the final hours, preparing a fourth revised draft and distributing it to delegations early Saturday, but still failed to bridge differences. References to North Korea’s nuclear program were removed entirely during the revision process. Kim Sang-jin, South Korea’s deputy permanent representative to the U.N., expressed deep regret that the document failed to include even a brief message on North Korea. “It should have been clearly stated that North Korea can never have the status of a nuclear-weapon state under the NPT regime,” Kim said. Viet explained that references to specific regional issues, including North Korea and Iran, had to be removed to secure space for the NPT’s three main pillars — disarmament, nonproliferation and the peaceful use of nuclear energy. Attempts to include stronger language on nuclear-weapon states’ disarmament obligations also faced resistance, while a call for follow-up talks on the expired U.S.-Russia New Strategic Arms Reduction Treaty was left out of the final draft. Izumi Nakamitsu, the U.N. high representative for disarmament affairs, criticized nuclear-weapon states for demanding nonproliferation commitments from non-nuclear states while failing to meet their own disarmament obligations. The failure to reach consensus for a third consecutive review cycle is “a serious lesson that the entire international community must take to heart,” she said. 2026-05-23 14:10:17

Seoul's New Attraction: The 'Seoul Moon' Balloon Offers Unique City Views Seoul is a city that often requires its residents to look up. With towering buildings, complex roads, and people constantly on the move, there is little time for reflection. Whether navigating subway transfer corridors or waiting at crosswalks in the financial district, the city rarely allows for a moment of pause. In the center of Yeouido Park, a massive white balloon known as the 'Seoul Moon' momentarily shifts this familiar perspective. Adorned with the phrase 'SEOUL MY SOUL' and a smiling face, it resembles a city branding sculpture from afar, while up close, it evokes memories of amusement park rides. It appears lighthearted and whimsical—until the doors close. ▲ As the doors close, height takes precedence over scenery For those with a fear of heights, the 'Seoul Moon' serves as a small test before becoming a viewing platform. As the balloon slowly ascends, the heart reacts faster than the feet can feel the distance below. The seating area is donut-shaped, open on all sides, making the view both exhilarating and intimidating. No matter where one looks, the ground is visible, and the balloon sways slightly with the wind. Fear is omnipresent, equally distributed in all directions. As the cable loosens, Yeouido Park drifts further away. People, once clearly visible, shrink to mere dots below. While the sound of the wind fills the ears, the stunning view of Seoul momentarily fades from focus. The beauty is acknowledged, but fear takes precedence. Only upon reaching the maximum height does the view begin to register. The National Assembly and bridges over the Han River, along with cars on the roads, appear flattened like toys. What typically feels large and bustling from the ground seems surprisingly small and serene from above. The city itself hasn’t changed; only the perspective has. The 'Seoul Moon' is a tethered helium balloon that rises to a maximum height of 130 meters. Shaped like a full moon with a diameter of 22 meters, each ride lasts about 15 minutes from boarding to disembarking. Adult tickets cost 25,000 won. According to the Seoul Tourism Foundation, over 100,000 passengers have taken the ride, with approximately 44% being foreign visitors. Before boarding, German tourists Milita and Carsten shared that they discovered the 'Seoul Moon' through the travel app Klook and decided to visit Yeouido Park. Having arrived in Korea less than a day ago, their expectations were simple: "We want to look down at the buildings of Seoul from above." For first-time visitors to Seoul, this balloon offers a quick overview of the city. Before familiarizing themselves with the subway map or navigating the alleyways, they can gain a bird's-eye view of the entire city. ▲ After descending from the sky, the river awaits After descending from the sky, the next destination was the Han River Bus terminal in Yeouido. Upon boarding the boat, passengers initially settled inside. At the bow, people were already bustling about, taking photos and enjoying the breeze. Watching them through the glass, it was clear that everyone was savoring the moment in their own way, creating a beautiful scene. With the Han River as a backdrop, some passengers were dancing. Eventually, they ventured outside to take photos and feel the wind. Experiencing the river breeze directly was different from viewing it through glass. The wind was stronger and colder than expected. As the boat moved into the center of the river, Seoul unfolded on both sides. To the south, sleek, tall buildings lined the shore, while to the north, older residential areas and heavy apartment complexes stood in a row. This view revealed a side of Seoul that one would never encounter on the subway. As they watched the people outside, they soon became part of the scenery themselves. As the boat passed under the Jamsu Bridge, a sign reading '7.75m' caught their attention. While the concrete bridge loomed overhead, the boat glided beneath it without a hitch. Only the passengers felt the tension. The Han River Bus is a water transportation service connecting seven terminals, including Jamsil, Ttukseom, Okus, Apgujeong, Yeouido, Mangwon, and Magok. The standard fare is 3,000 won, with transfer discounts and climate-friendly card options available. Since its launch in September of last year, it has served over 270,000 passengers. Inu-rim, a resident of Yeouido, uses the Han River Bus as a practical means of transportation. He noted that the route from Apgujeong to Yeouido aligned perfectly with his needs. "It’s great to enjoy the Han River while getting home," he said, adding that while it’s not a daily commute, it’s a nice option for occasional experiences. Christel, visiting from Mexico, offered a succinct evaluation. "If you want to enjoy the scenery without rushing, this is the perfect boat for you." ▲ A time that becomes a landscape rather than a destination Seoul is a fast-paced city. Transfer times, traffic flow, office schedules, and smartphone notifications all synchronize with the rhythm of speed. Slowness is often categorized as inefficiency. However, the 'Seoul Moon' and the Han River Bus momentarily transform this inefficiency into a shared experience. One elevates people into the sky, making the city appear smaller, while the other carries them slowly across the river. There were moments when fear almost made one close their eyes or stay indoors. Had they done so, they would have seen nothing. In that brief time, Seoul became not a destination, but a landscape.* This article has been translated by AI. 2026-05-23 13:55:57