Welcome, KB Savings Banks Probed Over Auto Parts Loan Fraud; Losses Estimated at 100 Billion Won Welcome Savings Bank and KB Savings Bank have been hit by alleged loan fraud involving auto parts sales receivables used as collateral, prompting a financial regulator probe, officials said. According to financial authorities and the finance industry on the 30th, Welcome Savings Bank detected irregularities in the lending process in November last year, voluntarily reported the case to the Financial Supervisory Service and halted the product entirely. KB Savings Bank also disclosed in January that it had incurred losses of about 4.5 billion won. The product in question was a “win-win” financing program designed to provide working capital to repair shops and parts suppliers. It treated repair estimates issued through the Insurance Development Institute’s vehicle repair claim or loss-adjustment system (AOS) as sales receivables and extended loans on that basis. Once repairs were completed, the banks recovered the loans from insurance payouts. Authorities said fraudsters exploited the structure by obtaining false repair estimates through AOS to secure loans. To evade lending limits applied to a single borrower, they also set up multiple special-purpose companies. The finance industry estimates cumulative lending tied to the scheme at 300 billion won, with about 200 billion won recovered. The final damage is estimated at around 100 billion won. Welcome Savings Bank said the FSS investigation was already completed last year and that the actual losses would be less than 90 billion won. The FSS is currently conducting an inspection of KB Savings Bank. It also carried out an industrywide review of auto parts receivables-based lending at savings banks and found no additional cases of fraudulent loans, officials said. Police are continuing to investigate the parts supplier and others suspected of fraud.* This article has been translated by AI. 2026-04-30 08:22:36

LG Innotek CEO Moon Hyuk-soo, Applied Intuition CEO discuss expanding physical AI ties LG Innotek said April 30 that CEO Moon Hyuk-soo met April 29 with Applied Intuition co-founder and CEO Qasar Younis at the company’s Magok headquarters in Seoul to discuss cooperation in physical AI. The meeting followed the companies’ strategic partnership in autonomous driving announced in March. The two are working to advance autonomous-driving solutions by combining LG Innotek’s sensing modules with Applied Intuition’s software. Attendees included Moon and LG Innotek Chief Technology Officer Min Joon, along with Younis and Will Lin, head of Applied Intuition’s automotive business. Executives reviewed progress in their autonomous-driving collaboration, including joint responses to key customers and promotion plans. They also discussed expanding cooperation in physical AI areas such as robots and drones. Citing LG Innotek’s sensing capabilities and Applied Intuition’s experience building physical AI software across industries including defense, construction and agriculture, the companies said they plan to broaden collaboration in areas such as mobility and robotics. “Applied Intuition is a leader in physical AI trusted by global companies,” Moon said. “Through this cooperation, LG Innotek will leap forward to become a global top-tier player in sensing that leads the physical AI era.” * This article has been translated by AI. 2026-04-30 08:21:19

South Korea Opens K-Tourism Roadshow in Fukuoka to Target Japan’s Golden Week South Korea’s Culture, Sports and Tourism Ministry is stepping up efforts to attract Japanese visitors during Japan’s Golden Week holiday period (April 29 to May 6). The ministry said it will hold a “K-tourism roadshow” on Wednesday in Fukuoka to spur local interest in travel to South Korea. It is the third on-site promotion this month, following events in Osaka on April 9 and in Tokyo from April 10 to 12. ◆ “Shall we go today? Korea!” — Hwang Min-hyun to headline The Fukuoka roadshow is aimed at positioning South Korea as a nearby country that is easy to visit. Organizers set the theme as “Shall we go today? Korea!” Singer and actor Hwang Min-hyun, who organizers said has a strong fan base in Japan, is scheduled to appear for a special performance and a “Korea tourism story show.” The ministry said he has 6.75 million Instagram followers. Ahead of the main program, the four-member Busan-based band “Girin” will open the event. Promotional booths will be set up around the venue under the theme of “a preview of a Korea trip in Fukuoka.” Local governments including Busan and Jeju will take part, along with airlines such as Air Busan and Jin Air. Local food and cosmetics companies, including Sato Foods and Tito, will also join to offer Japanese consumers hands-on experiences tied to K-culture. ◆ Vice minister dispatched to deepen ties with travel industry To maximize demand during Golden Week, Kim Daehyeon, second vice minister of culture, sports and tourism, visited the Fukuoka event site. The ministry said Kim will meet with officials from major local travel agencies, including H.I.S., to discuss cooperation on developing tailored travel products. He also plans to outline the government’s K-tourism strategy and efforts to expand arrivals in an interview with the Mainichi Shimbun. “Japan is one of the key markets for inbound tourism to Korea,” Kim said. “I hope more Japanese people will visit Korea during this long holiday.” He added that the ministry will prepare thoroughly so both first-time visitors and repeat travelers can experience a wider range of regional tourism products.* This article has been translated by AI. 2026-04-30 08:19:45

South Korea to Ease Mutual Finance Rules, Offer Incentives for Inclusive Lending Interior view of the Financial Services Commission building in Jongno-gu, Seoul. South Korea’s financial authorities are moving to ease regulations on the mutual finance sector to expand inclusive lending, including incentives for cooperatives that increase loans to local communities and working-class borrowers. The Financial Services Commission said it held a kickoff meeting on April 29 for a task force on institutional improvements for mutual finance and discussed measures to strengthen inclusive finance. The meeting was aimed at helping mutual finance institutions reinforce their role as community- and working-class-focused lenders. The government is pursuing reforms after concluding that lending by mutual finance institutions has increasingly shifted away from their founding purpose and toward real estate and loans to nonmembers. According to the FSC, the share of loans by mutual finance cooperatives — including credit unions, agricultural cooperatives, fisheries cooperatives and forestry cooperatives — tied to real estate and construction rose to 23.7% in 2025 from 4.9% in 2015. Over the same period, the share of loans to nonmembers increased to 40.7% from 32.0%. To encourage more inclusive lending, the FSC said it will review incentives such as adjusting the weighting of loans to local residents and working-class borrowers when calculating regulatory ratios, including the nonmember-loan ratio and the loan-to-deposit ratio. It is also considering additional regulatory relief for cooperatives that actively provide inclusive finance. To promote social solidarity finance, the FSC said it will also review legal and institutional changes, including amending the Credit Union Act to allow credit unions to invest in other corporations. The commission said it plans to set up a structure in which central federations support “inclusive cooperatives,” including by offering preferential interest rates, to prevent risks from rising as inclusive lending expands alongside regulatory easing. It also said it will examine steps to strengthen credit assessment, including upgrading internal credit scoring systems, and to reflect inclusive finance performance in management evaluations. Starting with the kickoff meeting, the task force plans to draft a tentative plan in June and, after consultations with relevant agencies, announce a final package in July. Kim Jin-hong, director general of the FSC’s Financial Industry Bureau, said, “Along with soundness, inclusiveness is a key pillar that will drive the mutual finance sector’s restoration of trust,” and urged cooperatives to take an active role in expanding inclusive finance by leveraging their strength in member ties. * This article has been translated by AI. 2026-04-30 08:18:25

Trump's hint of troop rollback in Germany likely to worry Seoul, Tokyo SEOUL, April 30 (AJP) - U.S. President Donald Trump on Wednesday said Washington is reviewing a possible reduction of American troops in Germany, a brief one-sentence warning that could have wider repercussions across the Pacific, including in South Korea, where large-scale U.S. military deployments underpin regional security. “The United States is studying and reviewing the possible reduction of troops in Germany, with a determination to be made over the next short period of time,” Trump said on Truth Social. The statement followed an exchange of remarks with German Chancellor Friedrich Merz over the Iran conflict. Merz earlier said Iran was “humiliating” Washington in negotiations, prompting Trump to respond that the German leader “doesn’t know what he’s talking about.” The United States maintains its largest military presence in Europe in Germany, with about 34,547 troops as of 2025, according to available data, although estimates vary depending on rotations. These forces serve as a central hub for U.S. operations across Europe, including logistics and NATO coordination. Prior to Trump’s post, the U.S. State Department said Secretary of State Marco Rubio spoke with German Foreign Minister Johann Wadephul by phone, discussing Iran and the importance of securing freedom of navigation in the Strait of Hormuz. Any discord between Washington and Berlin — a central pillar of NATO — could carry implications beyond Europe, including in the Indo-Pacific. About 28,500 U.S. troops are stationed in South Korea under the bilateral alliance, while roughly 50,000 troops are based in Japan. These forces form a key part of U.S. deterrence posture in the region, particularly in relation to North Korea. Both countries are also linked to the Strait of Hormuz through energy supply chains. Before the recent conflict disrupted the waterway, South Korea depended on the strait for roughly 70 percent of its crude oil and about 20 percent of its natural gas, while Japan relied on it for about 93 percent of its crude imports. Earlier in April, Washington asked several countries, including South Korea and Japan, to consider supporting efforts related to security in the Strait of Hormuz. According to Seoul’s foreign ministry, Rubio spoke with Foreign Minister Cho Hyun on April 16 and referred to cooperation for long-term security in the area. The United States has previously reviewed troop levels in allied countries, including Germany, during earlier phases of the Trump administration. U.S. forces in Germany play a central role in logistics, command operations and support for NATO missions across Europe. No timeline or specific scale for a potential reduction in Germany has been announced. 2026-04-30 08:13:24

Fed Holds Rates Again; Statement Fuels Doubts About Cuts This Year The Federal Reserve held its benchmark interest rate steady again, but investors did not treat the move as a simple pause. With the Fed sharpening its language on inflation and flagging overseas risks, markets read the decision as pushing expectations for rate cuts later this year further out. The Fed said on April 29 (local time) that the Federal Open Market Committee kept its target range at 3.5% to 3.75%. The statement said economic activity is expanding at a solid pace, but noted that inflation remains high and that recent global energy price increases have been partly reflected. It also cited the Middle East situation as a factor adding to elevated uncertainty in the economic outlook, signaling greater caution than in March. The bigger story was the split among policymakers. Governor Steven Miran dissented in favor of a 0.25 percentage-point cut. Beth Hammack, Neel Kashkari and Lorie Logan supported holding rates but opposed the statement’s wording, saying it still left the impression that cuts remained possible. The 8-4 vote marked the widest disagreement since October 1992, underscoring that the Fed is less inclined to treat rate cuts as the next automatic step. Chair Jerome Powell said the U.S. economy remains resilient despite the energy price shock. He said consumer spending and business investment are holding up, while housing is weak. On the labor market, Powell said the unemployment rate has held around 4.3% with little change and that job growth has slowed from earlier levels. Powell was more cautious on inflation. He put March’s personal consumption expenditures inflation at 3.5% and core PCE inflation, excluding food and energy, at about 3.2%. With higher oil prices stirring inflation expectations, energy costs — more than tariffs — emerged as a key factor making rate cuts harder, he said. Markets reacted quickly. U.S. Treasury yields rose and expectations for rate cuts this year weakened. In New York trading, the Dow Jones Industrial Average fell 0.57% and the S&P 500 slipped 0.04%. The Nasdaq edged up 0.04%. The two-year Treasury yield rose 10.7 basis points to 3.951%, and the 10-year yield climbed 7.6 basis points to 4.43%. Overall, the statement, the voting pattern and Powell’s remarks were seen as a signal the Fed will keep watching inflation trends for now. The meeting also drew attention as a transition point for the Fed. It was the last FOMC news conference under Powell’s chairmanship. On the same day, the Senate Banking Committee approved Kevin Warsh’s nomination as Fed chair and sent it to the full Senate. Powell said he would remain on the Fed’s board for some time after his term as chair ends.* This article has been translated by AI. 2026-04-30 08:04:51

LIV Golf Korea 2026 Names Paradise Hotel Busan as Official Hotel for May Event Paradise Hotel Busan in the Haeundae area has been named the official hotel for the global golf event "LIV Golf Korea 2026." Paradise Hotel Busan said Wednesday it held a signing ceremony for an official partnership with LIV Golf on Tuesday in the Sicily Room of the hotel’s main building. Attendees included Yoon Jin-sang, general manager of Paradise Hotel Busan; Son Seong-an, chairman of S&M Group; Ross Hallett, LIV Golf executive vice president for events; and Martin Kim, team representative of Korean Golf Club and managing director for Korea and East Asia at LIV Golf. LIV Golf, which staged its first tournament in South Korea last year in Incheon, is a golf league that combines top-level competition with entertainment. This year’s event will be held May 28-31 at Asiad Country Club in Gijang, Busan. The 2026 season will also feature a new South Korean team, Korean GC, made up of An Byeong-hun, Danny Lee, Song Young-han and Kim Min-gyu. LIV Golf star Jon Rahm of Spain and defending South Korea champion Bryson DeChambeau of the United States are also set to contend in Busan. As an official partner, Paradise Hotel Busan will provide lodging for players, their families and event officials during the tournament and support lounge catering at the venue. The hotel also plans to operate a dedicated booth in the fan village at Asiad Country Club with hands-on events for visitors. Organizers expect LIV Golf’s entertainment-focused format to boost local tourism. A concert headlined by South Korean DJ and producer Peggy Gou is scheduled after play ends May 30. LIV Golf previously drew more than 100,000 spectators at events in Adelaide and South Africa, and ticket sales for this year’s South Korea tournament are moving faster than last year, the hotel said. Paradise Hotel said it aims to broaden cultural offerings by extending entertainment beyond traditional sports. On April 2, it also released running content set against the Haeundae coastline in collaboration with premium performance brand Vuori. A Paradise Hotel Busan official said the LIV Golf tournament is expected to draw about 60,000 golf tourists, adding that the company will continue expanding opportunities to enjoy cultural content, including sports, as a leading hospitality business in the region.* This article has been translated by AI. 2026-04-30 08:03:20

More Big Brokerages Adopt Co-CEO Structures as Businesses Diversify More securities firms in South Korea are adopting a co-CEO structure, particularly among large brokerages, as their scale and business lines expand. The shift reflects broader diversification into areas such as comprehensive investment services and investment banking, with companies splitting accountability by division. As of April 30, three firms have adopted co-CEO structures: Mirae Asset Securities, KB Securities and Meritz Securities, according to the financial investment industry. Mirae Asset Securities has operated under a co-CEO system since 2023, with CEO Kim Miseop overseeing global and IB operations and CEO Heo Seonho leading wealth management and retail. The company has since posted broadly balanced growth across major businesses including WM, global, IB and trading. KB Securities, operating with separate CEOs for IB and WM, has produced results strong enough to enter the annual operating profit “1 trillion won club.” Meritz Securities, after adopting a two-top structure led by Jang Wonjae and Kim Jongmin in 2024, increased its contribution to parent Meritz Financial Group from 19% to 28%. More recently, NH Investment & Securities has moved to switch to a co-CEO structure, citing a larger organization and a more complex business structure following its entry into the IMA (comprehensive investment account) business. NH Investment & Securities in March became the third brokerage to receive approval for the IMA business. After the approval, it launched its first product and has been expanding its asset management business in earnest. The company said the co-CEO structure will run key business units under a system of accountable management and strengthen its mid- to long-term growth base by linking growth in client assets with investment finance capabilities. “As the scope of business widens and the scale of assets under management grows, the weight and complexity of management decisions also increase,” a company official said, calling the shift “a strategic choice to raise the company’s competitiveness and accountable management system by another level” as capital markets grow. Industry officials say the spread of co-CEO structures is being driven by the sharp expansion in brokerages’ size and business scope. The securities business has become too complex to manage under a single standard. Investment banking depends on speed in sourcing deals and executing investments, while wealth management focuses on maintaining a client base and managing stable returns. Under a single-CEO structure, managing businesses with different characteristics can lead to delayed decisions or concentrated risk, the industry says. By contrast, a co-CEO structure separates decision-making authority by division to increase speed, while each CEO bears individual responsibility for the area in charge. Officials say the approach can also improve risk controls and management transparency. * This article has been translated by AI. 2026-04-30 08:00:18

Singer Seo In-young Says First-Marriage Sofa Cost 25 Million Won Singer Seo In-young reflected on her marriage in a recent YouTube video. A video titled “Seo In-young’s first reveal: cooking doenjang stew all day at home and rolling kimbap (-10kg diet kimbap)” was posted April 29 on her YouTube channel, “Gaegwacheonseon Seo In-young.” After the production team told her a home-tour video drew 20,000 comments, Seo said, “I cried. I was so grateful that I read them all night.” Asked by a subscriber about her sofa, Seo said she bought it at a furniture discount store in Gonjiam. “It was 5 million won, but I paid 3 million won. It’s not dirt cheap,” she said. She added that the one she bought during her first marriage “was almost 25 million won.” The production team responded, “So you spent all your money on that,” and Seo nodded, saying, “That’s right,” drawing laughter. Seo held a wedding ceremony in 2023 with a non-celebrity businessman but divorced in 2024. Seo debuted in 2002 as a member of the girl group Jewelry and later released hit songs through group and solo work, including “One More Time” and “Cinderella.” She also gained popularity for her candid personality on MBC’s 2008 variety show “We Got Married.”* This article has been translated by AI. 2026-04-30 07:57:21

KOSPI Closes at Record 6,690.90 for Third Straight Session Despite OpenAI Jitters ◆Aju Economy Top Stories ▷KOSPI closes at record 6,690.90 for third straight session despite OpenAI concerns -According to the financial investment industry on the 29th, the KOSPI ended at 6,690.90, rewriting its all-time closing high. In the main board market, retail investors bought a net 167.4 billion won, and institutions purchased a net 477.7 billion won. Foreign investors sold a net 613.6 billion won, taking profits. -Overnight, U.S. stocks finished lower, led by declines in technology shares as uncertainty tied to OpenAI weighed on sentiment. Reports said OpenAI, which is preparing for an initial public offering, failed to meet internal targets, dampening risk appetite. -AI-related shares were hit. Nvidia fell 1.6%, while Oracle and CoreWeave, described as key cloud partners of OpenAI, slid 4.1% and 5.8%, respectively. The Philadelphia Semiconductor Index dropped 3.58%. -South Korean stocks also opened under pressure. Samsung Electronics and SK hynix fell 1.13% and 1.23% at the open, and the KOSPI started down 0.33% at 6,619.00. Buying demand strengthened later in the session, pushing the index back into positive territory. ◆Key report ▷Late-session rebound: KOSPI extends record run to three sessions (Yuanta Securities) -On the 29th, the KOSPI rose 0.8% and the Kosdaq gained 0.4%. Both opened slightly lower as concerns about OpenAI’s performance were reflected early. -From mid-session, foreign buying in Samsung Electronics, which ended up 1.8%, helped lift the market. Shares tied to the AI and semiconductor value chain, including power infrastructure and energy storage systems, also posted solid gains, driving the turnaround and another record close for a third straight session. -Strength in defense and refining and chemical shares also supported the broader market. The report said increased oil-price volatility after the UAE announced it would leave OPEC did not appear to have a major impact on equities. -Investors were shifting attention to the Federal Open Market Committee’s policy rate decision due the next day and earnings releases from major U.S. tech companies. ◆Major filings after the close (29th) ▷OrganoidScience: 6 billion won capital increase via third-party allotment ▷DearU: Additional 14.7 billion won purchase of shares in U.S. unit; stake to 100% ▷DA Technology: 2.7 billion won capital increase via third-party allotment ▷SK IE Technology: 86.3 billion won investment in China separator subsidiary ▷HS Hyosung: Q1 operating profit 12.5 billion won, up 3.8% from a year earlier ▷HYBE: Q1 operating loss 196.6 billion won, turning to a loss ◆Fund flows (as of the 28th, excluding ETFs) ▷Domestic equity funds: +4.3 billion won ▷Overseas equity funds: -5.1 billion won ◆Key events today (30th) ▷South Korea: Retail sales (March), industrial production (March) ▷Japan: Industrial production (March) ▷China: Manufacturing PMI (April), services PMI (April), Caixin manufacturing PMI (April) ▷Germany: Retail sales (March) ▷Eurozone: Consumer price index (April), GDP growth (Q1) ▷United States: GDP growth (Q1), personal consumption expenditures and income (March), PCE price index (March)* This article has been translated by AI. 2026-04-30 07:45:22