COFIX Rises After a Month, April Rate Up 0.08% Banking sector variable mortgage rates, determined by the COFIX (Cost of Funds Index), have risen after a month. The Korea Federation of Banks reported on May 15 that the new COFIX for April was 2.89%, an increase of 0.08 percentage points from March's rate of 2.81%.The balance-based COFIX also rose from 2.85% to 2.87%, an increase of 0.02 percentage points. COFIX represents the weighted average interest rate of funds raised by eight domestic banks. An increase in COFIX indicates that banks are paying higher interest rates to secure funds.The new balance-based COFIX, introduced in June 2019, increased from 2.45% to 2.49%. This new index includes rates for other deposits, borrowings, and transaction funds.With COFIX rising after a month, mortgage rates are expected to increase as well. Amid stricter household loan regulations making it difficult to obtain mortgages, the rising interest rates are likely to heighten the financial burden for actual borrowers.* This article has been translated by AI. 2026-05-15 22:15:17

Oh Se-hoon Visits Cheonggyecheon with Lee Myung-bak on Teacher's Day Oh Se-hoon, the People Power Party candidate for Seoul mayor, expressed his happiness on May 15 while walking along Cheonggyecheon with former President Lee Myung-bak, whom he referred to as his "mentor in my heart." The two walked along Cheonggyecheon from Cheonggye Plaza to Gwangtonggyo Bridge, sharing their thoughts during the stroll. While walking, Lee stated, "This is no longer just our Seoul; it is a Seoul for the world," emphasizing the need to create works that reflect this global identity. Oh responded, "You have built this hardware very well, and I will ensure that the software enhances its visibility." After their meeting, Oh spoke to reporters, recalling that he had celebrated the 20th anniversary of Cheonggyecheon’s completion at the same location with Lee last autumn. He noted that there had been much praise for Lee's contributions in adding rich cultural content to the infrastructure, helping to elevate Seoul to a world-class city. Oh added that Lee is pleased that Cheonggyecheon has become a beloved space for Seoul citizens. He quoted Lee as saying that the transformation of urban space and design initiated by Cheonggyecheon should continue, aiming to create a space that is admired by foreigners and meets global standards. Oh concluded by stating, "I will keep those words in mind and aim to upgrade Cheonggyecheon into a space where the quality of life for Seoul citizens is felt and can be benchmarked by foreigners." He remarked that the insights gained from the Cheonggyecheon project have been pivotal in the transformative changes seen in Seoul, expressing his gratitude for the opportunity to walk with his mentor, Lee Myung-bak, along Cheonggyecheon.* This article has been translated by AI. 2026-05-15 22:12:00

KOSPI Hits 8,000 Before Plummeting to 7,400 The KOSPI index briefly surpassed the 8,000 mark for the first time but then fell sharply due to profit-taking. The sell-off in the stock market intensified, triggering a trading halt for the first time in nearly a month. According to the Korea Exchange, the KOSPI closed at 7493.18, down 488.23 points (-6.12%) from the previous trading day. The index opened at 7951.75, down 29.66 points (-0.37%), but managed to rise to 8046.78, breaking the 8,000 barrier early in the session. However, profit-taking by foreign investors quickly erased those gains, leading to a significant decline as the session progressed, pushing the index down to the 7,400 range. At 1:28:49 PM, a trading halt was triggered due to a sudden fluctuation in the KOSPI 200 futures index, stopping program sell orders for five minutes. This was the first trading halt in the KOSPI market since April 2. Lee Kyung-min, a researcher at Daishin Securities, noted, "The sharp decline in the KOSPI today reflects the overheating concerns following a short-term surge, compounded by heightened anxiety over interest rate hikes and rising bond yields, which acted as triggers for the reversal and further decline. The end of the first-quarter earnings season also contributed to profit-taking sentiment as expectations peaked." Han Ji-young, a researcher at Kiwoom Securities, added, "After the conclusion of the U.S.-China summit, attention has shifted to the ongoing negotiations between the U.S. and Iran, which are causing persistent noise. Additionally, the U.S. 10-year Treasury yield has surpassed 4.5%, and the recent inflation shocks from the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) are causing ripples in the market." "In a similar vein, Japan's inflation shock this morning has prompted rising interest rates in Japan, influencing other countries' rates as well. The surge in the dollar-won exchange rate, which has climbed back to around 1500 won, has led to increased foreign selling. The KOSPI's 20.9% surge since May 1 has also raised concerns about the pace of that increase and the extreme concentration in a few sectors," she added. In the stock market, individual investors bought a net 7.1943 trillion won, attempting to support the index. In contrast, foreign and institutional investors sold a net 5.6195 trillion won and 1.7396 trillion won, respectively, focusing on profit-taking. Major stocks also experienced declines. Samsung Electronics fell 7.77%, SK Hynix dropped 6.65%, SK Square decreased 5.81%, Hyundai Motor was down 1.69%, LG Energy Solution fell 5.66%, Samsung Electro-Mechanics dropped 0.39%, Doosan Enerbility decreased 5.29%, HD Hyundai Heavy Industries fell 5.37%, and Kia was down 5.17%. The KOSDAQ index also closed sharply lower, finishing at 1129.82, down 61.27 points (5.14%). The index opened higher at 1197.23 but quickly turned downward as investor sentiment weakened. In the KOSDAQ market, foreign investors bought a net 363.4 billion won, while individuals and institutions sold a net 144.6 billion won and 167.2 billion won, respectively. Most major stocks in the KOSDAQ also showed weakness, including Alteogen (-3.90%), EcoPro BM (-8.52%), EcoPro (-8.92%), Rainbow Robotics (-3.80%), Kolon TissueGene (-2.36%), Samchundang Pharm (-4.44%), Rino Technology (-10.95%), Ligand Pharmaceuticals (-2.35%), HLB (-2.44%), and ABL Bio (-5.10%).* This article has been translated by AI. 2026-05-15 22:09:28

Moon Seong-yo Appointed Head of Saemangeum Development Agency Moon Seong-yo was appointed as the head of the Saemangeum Development Agency on May 15. Moon, who hails from Jeju and graduated from Jeju High School and Korea University with a degree in English literature, also holds a master's degree in economics from the University of Illinois in the United States. He entered public service in 1994 after passing the 37th National Civil Service Examination and has held various positions, including Director of Housing Welfare Planning at the Ministry of Land, Infrastructure and Transport, Head of the Public Housing Promotion Division, Director of the Infrastructure Bureau at the Administrative City Construction Agency, and Head of the Urban Regeneration Planning Division at the Ministry of Land. He later served as Deputy Director and Director of the Ministry's Urban Affairs Office and Planning and Coordination Office, retiring in December of last year as an expert in urban planning. During a briefing, Lee Gyu-yeon, Senior Secretary for Public Relations and Communication at the Blue House, described Moon as a seasoned bureaucrat in the field of land and urban development, noting his leadership in establishing infrastructure for the Administrative City and developing the Busan-Ulsan-Gyeongnam master plan. Lee expressed expectations that Saemangeum will play a significant role in becoming a hub for future advanced industries such as robotics, hydrogen, and AI. Moon's appointment comes amid a prolonged leadership vacancy that has stalled internal development projects in Saemangeum and key issues in the Jeonbuk region. A Ministry of Land official stated, "The decision to appoint a proven practical bureaucrat aims to quickly stabilize the organization following a long vacancy and to transform Saemangeum into a hub for future advanced industries like AI and robotics." Additionally, the Blue House announced other appointments at the vice-ministerial level and chairpersons of various committees. Hyun Soo-yeop, the current spokesperson for the Ministry of Health and Welfare, was appointed as the First Vice Minister, while Lee Jong-wook, the current Deputy Commissioner of the Korea Customs Service, was promoted to Commissioner. Hong Mi-young, Chairperson of 'People Opening a New Daily Life,' was appointed as the chair of the National Sustainable Development Commission, and Baek Jong-woo, a professor at Kyung Hee University College of Medicine, was named Vice Chair of the National Life Safety Commission. Additionally, Kim Ki-young, a professor at Yonsei University, was appointed as the chair of the National Library Committee.* This article has been translated by AI. 2026-05-15 22:06:23

Mirae Asset Life Reports 534 Billion Won in Q1 Profit, Driven by Growth in Protection Insurance Mirae Asset Life has more than doubled its net profit in the first quarter of this year, thanks to an expansion in protection insurance sales. The company reported improvements in its health insurance product portfolio and continued growth in commission-based businesses such as variable insurance and retirement pensions. On May 15, Mirae Asset Life announced that its consolidated net profit for the first quarter reached 534 billion won, marking an increase of approximately 115% compared to the same period last year. This growth is attributed to a focus on profitability-driven sales strategies and risk management amid uncertain domestic and international conditions. Notably, the growth in new contracts for protection insurance was significant. The annualized premium equivalent (APE) for new protection insurance contracts in the first quarter was 1.01 trillion won, a 34.6% increase from the previous year. The company also saw an increase in its insurance contract margin (CSM), a key indicator of future profitability. The CSM for new contracts in the first quarter was 1.507 trillion won, up 6.8% year-on-year, while the CSM for existing contracts rose to 21.506 trillion won, a 4.5% increase from the end of last year. The CSM for protection insurance increased by 9.7%, and the CSM for health and injury insurance grew by 10.9%. The revenue structure remained stable, with insurance profit recorded at 7.7 billion won and investment profit at 586 billion won. Total assets were reported at 32.3 trillion won, with equity capital amounting to 24 trillion won. Commission-based businesses, including variable insurance and retirement pensions, continued to show growth. The reserve for variable insurance in the first quarter reached 13.3 trillion won, a 15.0% increase from the same period last year, while commission income from variable insurance rose by 15.7% to 14.3 billion won. Overall fee-based business performance expanded to 191.7 billion won compared to the previous year. A representative from Mirae Asset Life stated, "Despite the uncertain domestic and international environment, we focused on improving our product portfolio and risk management to achieve sustainable profit generation. We have achieved stable earnings based on solid fundamentals."* This article has been translated by AI. 2026-05-15 22:04:05

Prague Spring Festival Celebrates Classical Music and Culture Prague, the romantic city of Europe, is immersed in classical melodies as the Prague Spring International Music Festival kicked off on May 12. This year, the festival is particularly special for Korean travelers, as it coincides with the news of a young Korean pianist winning a prestigious competition. The 81st Prague Spring International Music Festival, running until June 4, is a premier cultural event in the Czech Republic. This year, renowned musicians such as conductor Simon Rattle and resident artist Barbara Hannigan are performing, attracting global music enthusiasts to Prague. Prague has recently gained recognition as a cultural destination where visitors can enjoy classical music, performing arts, gastronomy, design, and lifestyle. The entire city transforms into a vast artistic stage during the festival, with performances held at historic venues like the grand Rudolfinum and the Art Nouveau-style Municipal House. In spring and early summer, outdoor cafes along the Vltava River and various cultural events enhance the city's romantic atmosphere. Opening performance of the Prague Spring Festival. The festival is particularly exciting this year due to the remarkable achievements of Korean musicians. Eighteen-year-old pianist Son Se-hyuk won first place in the piano category of the 77th Prague Spring International Music Competition. This prestigious competition is known for showcasing young talent from around the world. According to the Kumho Cultural Foundation, Son performed Brahms' Piano Concerto No. 1 with the Prague Symphony Orchestra during the finals held on May 14 (local time), securing the top prize. He received a cash award of 250,000 koruna (approximately $1,790) and a special prize that includes an invitation to perform at the 2027 Prague Spring International Music Festival. Additionally, renowned composer Jin Eun-suk is participating as a resident composer in the festival's contemporary music platform, 'Prague Offspring,' showcasing the uniqueness of Korean contemporary music. On May 13, the Prague Radio Symphony Orchestra, conducted by Petr Popelka, performed Smetana's symphonic poem 'My Country,' which was streamed live on social media by the Czech Cultural Center in Korea, evoking nostalgia for European travel among domestic tourists. Mikael Prochazka, head of the Czech Tourism Office in Korea, stated, "The Prague Spring International Music Festival vividly showcases the history and artistry of Prague through classical music. This year, the achievements of Korean musicians are particularly prominent, deepening the cultural exchange between Korea and the Czech Republic."* This article has been translated by AI. 2026-05-15 22:01:13

Thinkware Reports 1st Quarter Revenue of 119.7 Billion Won Amid Operating Loss Thinkware announced on May 15 that it recorded consolidated revenue of 119.7 billion won and an operating loss of 4.6 billion won for the first quarter of this year. Revenue decreased by 16% compared to the same period last year, and the company shifted from an operating profit of 400 million won in the first quarter of 2025 to a loss this year. A company representative explained, "The results were impacted by delays in the supply schedule of some products, rising prices of raw materials including semiconductor memory due to geopolitical risks, and the appreciation of the yuan." To overcome external uncertainties, Thinkware is securing long-term growth drivers through initiatives such as supplying black boxes exclusively for Mercedes-Benz Korea, launching ultra-compact black boxes for two-wheeled mobility, expanding online distribution of Xiaomi products, operating an AI-based taxi-hailing platform, and developing overseas digital twin projects. Recently, the company signed a supply contract worth approximately 40 billion won with BMW Global and is expanding its product lineup to include camcorders, smart audio devices, and switch controllers, aiming to become a global automotive electronics company. Notably, Thinkware has filed 2,765 intellectual property (IP) applications with the five major patent offices worldwide, holding over 1,580 registered patents. According to global patent analysis firm LexisNexis® PatentSight+™, Thinkware has been recognized as the only mid-sized company in South Korea to be listed among the top 10 applicants in the autonomous driving sector from 2019 to 2025. The company representative stated, "We will strengthen our technological and product competitiveness in the global market based on our IP portfolio. We are currently pursuing multiple IP monetization projects in IT, wearables, autonomous driving, connected cars, mobility, and drones, in partnership with specialized law firms and IP investment institutions to protect our rights and commercialize these projects, which we believe will grow into a core high-profit business in the long term." * This article has been translated by AI. 2026-05-15 21:58:14

South Korea Welcomes US-China Summit; Deputy Foreign Minister to Visit Washington South Korea's Blue House expressed a welcoming stance on May 15 regarding the US-China summit held in Beijing between President Donald Trump and Chinese President Xi Jinping. Hong Kyoo-yeon, the Chief of Public Relations, stated during a briefing at the Chunchugwan that the South Korean government welcomes the meeting as it fosters a framework for cooperation between the US and China. He added, "We expect that this will strengthen the relationships between South Korea and China, as well as between South Korea and the United States." In related news, Deputy Foreign Minister Park Yoon-joo is set to visit the United States to meet with Deputy Secretary of State Christopher Landau and Assistant Secretary of State for East Asian and Pacific Affairs Allison Hooker. Park will be in Washington from May 18 for three days to discuss a wide range of topics, including follow-up actions on the joint fact sheet from the South Korea-US summit and various regional and global issues. She is also expected to request a briefing on the outcomes of the US-China summit. Reports indicate that while President Trump and President Xi reaffirmed a truce on tariffs, they did not reach a clear agreement on issues related to semiconductors, rare earths, and advanced technology controls.* This article has been translated by AI. 2026-05-15 21:57:00

Krafton's Subnautica 2 Surpasses 2 Million Sales in 12 Hours Krafton's creative studio Unknown Worlds has launched its new title, 'Subnautica 2,' which is experiencing global success. Krafton announced on May 15 that 'Subnautica 2' surpassed 2 million in cumulative sales just 12 hours after its early access release. The game recorded a peak concurrent player count of 651,000 across Steam, Epic Games Store, and Xbox platforms. Of this, Steam alone accounted for a peak of 467,000 concurrent players. Initial player feedback has been positive, with Steam user reviews rated as 'very positive.' The game also met high expectations, having accumulated 5 million wishlists prior to its launch. Previously, 'Subnautica 2' achieved 1 million sales on its early access launch day and reached the top of the global revenue rankings on Steam. User reviews highlight several key features, including realistic underwater visuals powered by Unreal Engine 5, the series' first four-player co-op multiplayer, a survival and crafting system, and immersive storytelling. 'Subnautica 2' is the official sequel to the acclaimed 'Subnautica' series, known for its marine survival genre. Set on an alien planet, it utilizes Unreal Engine 5 graphics to vividly portray an unknown marine ecosystem. Additionally, for the first time in the series, it supports up to four players in cooperative gameplay, allowing users to strategize survival and share exploration achievements. Jin-hyung Lee, CEO of Krafton, stated, "The early access release is the first step in responding to our players' support. We will continue to listen to user feedback and work together to complete the game."* This article has been translated by AI. 2026-05-15 21:54:25

Cosmax Showcases PDRN and Sun Care Technologies at Shanghai Beauty Expo Cosmax, a cosmetic ODM (research, development, and manufacturing) company, announced on May 15 that it showcased local customized formulation technologies and inner beauty solutions at a B2B beauty expo in China.Cosmax revealed that its Chinese subsidiary, Cosmax China, completed its exhibition at the 30th China Shanghai Beauty Expo (CBE) held from December 12-14 at the Shanghai New International Expo Center. The CBE is an annual B2B beauty expo that attracts over 500,000 visitors from more than 120 countries.The exhibition featured three themed zones: Innovation, Global, and Value Plus, focusing on local consumer demand and showcasing global research and development (R&D) capabilities. The company noted that its locally customized sun care product line garnered significant interest from buyers. A company representative stated, "The sun care line, which improves whitening and clumping based on proprietary emulsification technology, was introduced as a product line that boosted Cosmax China's related sales by approximately 120% compared to the previous year."Cosmax also presented bio-technology-based skincare materials, including successfully commercialized bio-synthetic recombinant PDRN, enhanced absorption PDRN nanoparticle technology, and antioxidant enzyme (SOD) application technology derived from extremophile microorganisms.Additionally, the company showcased its R&D achievements, including the award-winning '1000 Trillion Moisturizer' formulation technology, which received the CosmoPack Award this year, and over 40 bestsellers and premium research outcomes, including studies on the mechanisms of gray hair development based on organoids.Cosmax's health supplement subsidiary, Cosmax Bio, also introduced inner beauty products. The company presented liquid health supplements utilizing collagen and sodium hyaluronate, as well as snack-form products featuring glutathione and vitamins, proposing solutions that encompass both cosmetics and inner beauty. A Cosmax representative stated, "We will provide differentiated integrated solutions to global clients by combining next-generation bio-formulation technology and inner beauty capabilities."Meanwhile, Cosmax reported that its consolidated revenue for the first quarter of this year reached 682 billion won, a 16% increase compared to the same period last year, marking the highest quarterly revenue to date. Operating profit for the same period rose by 3% to 53 billion won.* This article has been translated by AI. 2026-05-15 21:51:54