Beware of 'Group Accounts' Used in Rental Fraud The Financial Supervisory Service (FSS) has issued a consumer alert after reports of fraudulent activities involving so-called 'group accounts' that appear to be personal accounts. These accounts are being misused for rental fraud and voice phishing schemes. On May 28, the FSS announced it has issued a 'caution' alert to prevent further victimization from these deceptive group accounts that impersonate individual names. A 'group account' is created using a name that resembles a personal name, allowing individuals to open accounts under the guise of a group. For instance, a group name like 'Residents' Association for Road Expansion in Hong-eun-dong' could be shortened to 'Hong Gil-dong.' Financial institutions are required to open accounts under the real name of individuals or the official name issued by the tax office for groups. The issue arises because these group accounts can easily be mistaken for personal accounts. If a transaction partner sees that the name on the contract matches the account holder's name, they may transfer money without suspicion, not realizing the recipient is a group rather than an individual. In one case, a real estate agent created a group account in the name of a landlord to misappropriate security deposits from tenants. According to the FSS, the agent, identified as A, misled landlord B into believing a rental contract was signed while receiving approximately 800 million won in security deposits through a group account named after B. The FSS believes that financial crimes exploiting these group accounts cannot be easily avoided through standard consumer precautions alone. As a result, it plans to improve account management practices among financial institutions. They will be instructed to exercise particular caution when a group name that could be mistaken for an individual's name is used to apply for an account. Additionally, the financial sector will implement a policy to append the term '(Group)' next to the group name when issuing accounts. Consequently, account names will appear as 'Hong Gil-dong (Group)' instead of just 'Hong Gil-dong.' This change is expected to be rolled out by banks in June. The FSS particularly urges caution when transferring large sums, such as security deposits, noting that if the account name includes '(Group)' next to what appears to be an individual's name, it indicates that the account belongs to a group, not an individual. 2026-05-28 10:16:51

KOSPI flattens as foreign selling and narrow breadth test record run SEOUL, May 28 (AJP) - South Korea's benchmark KOSPI traded little changed on Thursday morning after hitting a record high the previous day, as foreign investors turned net sellers and the artificial intelligence (AI)-driven rally broadened beyond the country's two chip giants that had carried the market into batteries, displays and components. About an hour after trading began, the index stood at 8,220.63, down 0.1 percent, after briefly slipping toward 8,080 before recovering from a weaker start. The junior KOSDAQ fell more sharply, down 1.77 percent at 1,113.06. Foreign investors sold a net 1.62 trillion won of KOSPI shares, against net buying of 1.23 trillion won by individuals and 357 billion won by institutions — a pattern that has marked the rally's recent sessions, with overseas money repeatedly taking profit even as the index has reached fresh highs. The narrowness that had concerned analysts deepened. Advancing issues numbered 200 against 669 declines on the main board, an even thinner breadth than the previous session — when fewer than a hundred names had risen alongside a record close. With Samsung Electronics easing to 311,500 won and SK Hynix gaining only modestly, the heavyweights that powered Wednesday's rally were no longer leading; instead, money flowed into the next ring of AI beneficiaries. Batteries and battery materials were the standout. LG Energy Solution surged nearly 11 percent to 424,000 won, with the secondary-battery production theme up 5.61 percent overall. Samsung SDI rose 6.35 percent. The move came alongside renewed strength in display and component shares, with LG Display advancing 5.73 percent and the multilayer ceramic capacitor segment up 5.18 percent — sectors that had paused on Wednesday as flows concentrated into newly listed leveraged exchange-traded funds tracking Samsung Electronics and SK Hynix individually. Those same single-stock ETFs reversed lower on Thursday, a sign that the speculative concentration in the two chipmakers had begun to unwind. Hyundai Motor rose to 693,000 won, while Samsung Electro-Mechanics climbed to 1,673,000 won, reinforcing the rotation toward names with operating exposure to AI infrastructure rather than direct memory leverage. The currency market told a similar story. The won slightly weakened to 1,504 against the dollar from the previous session's close, a sign that foreign investors remain cautious even as domestic investors continue to push stocks higher during the market's record-setting run. Asian markets that had rallied alongside Seoul earlier in the week also paused. Japan's Nikkei 225 fell 0.68 percent to 64,515.29, while Hong Kong's Hang Seng H-shares declined 1.33 percent and China's Shanghai Composite slipped 1.25 percent. The retreat came despite a firm overnight session in New York, where the Dow Jones Industrial Average and the Nasdaq Composite both closed at fresh highs — a divergence indicating that the Asia chip trade, not global risk sentiment, was where the fatigue lay. For now, the question is whether the rotation into the broader AI value chain marks a healthy broadening of a rally that had grown dangerously concentrated, or the first stage of a profit-taking phase in which foreign sellers set the direction even as the index level holds. The breadth, the flows and the won each suggest the second reading remains the more honest one. 2026-05-28 10:15:42

Minister Kim Jung-kwan: Export Potential Exceeds $900 Billion, Achieving 'Top 5' Exporter Status Possible Kim Jung-kwan, the Minister of Trade, Industry and Energy, expressed cautious optimism regarding this year's export outlook, stating, "There is a possibility that we could exceed $900 billion." During a press briefing on May 27 in Sejong, he noted that while semiconductor exports have surged by over 130%, overall exports have still increased by about 15% even when excluding this sector. He believes this positions South Korea favorably to achieve its goal of becoming one of the world's top five exporters. Earlier this year, the government set an annual export target of $740 billion, which is a 4.3% increase from last year's record export figure of $709.3 billion. However, a recent report from the Korea Institute for Industrial Economics and Trade projected that due to rising global demand for artificial intelligence (AI), this year's exports could reach $924.4 billion. Minister Kim highlighted that while exports are often dominated by large corporations, small and medium-sized enterprises (SMEs) have also seen a 10% increase in exports, which he described as very encouraging. He emphasized that there are many markets where SMEs can successfully penetrate with their consumer goods. He added, "We are looking at markets in China and India, and we will adopt the mindset that 'the world is vast and there are many places to export.' I hope for a strong second half of the year." Regarding the submarine bidding competition with Germany for a contract with Canada, he maintained a cautious stance, stating, "We have the tangible Jangbogo-class submarines, while Germany is still in the design phase. Our submarine's price and specifications are ahead of Germany's, and we have a collaborative industrial cooperation package prepared by Hyundai Motor and Hanwha." He acknowledged some concerns, noting, "Canada is a NATO member and an old friend, which brings some uncertainties. I have heard that there are discussions about splitting the construction of 12 submarines equally between South Korea and Germany. However, I would like to align our efforts with the historical context of Admiral Yi Sun-sin's 12 ships." On the recent wage agreement reached between Samsung Electronics and its labor union, he remarked, "I feel this opportunity could be a double-edged sword for Samsung Electronics. I hope the internal stakeholders can make this a stepping stone for future success." Minister Kim refrained from commenting on nuclear power exports and the first U.S. investment project, stating, "We are in contact with several countries regarding nuclear power, but it is still in progress, so it feels premature to discuss it. As for the U.S. investment project, discussions are moving in a constructive direction, but it is difficult to set a timeline as we are analyzing commercial viability." Regarding the manufacturing AI transition initiative (M.AX), which he has prioritized since taking office, he stated, "We have established a 'Best 11' framework based on 11 sectors, including process areas, manufactured goods, and industrial complexes. However, currently, our main focus is on semiconductors, and we aim to develop two or three key players in the second half of the year." He also mentioned his recent visit to Seongshim Bakery, saying, "We need to see more examples like Seongshim Bakery utilizing M.AX. The data generated should expand from points to lines and surfaces. While government support is necessary for the spread of AI factories, voluntary corporate engagement is also essential. Even if it's not a massive model, we can enhance competitiveness in the manufacturing sector." Addressing concerns about potential labor market disruptions due to M.AX, he noted, "We are approaching a situation where demographic changes are preventing us from passing the baton to the next generation. It is crucial to maintain competitiveness without replacing people. The government needs to provide retraining opportunities for the youth so they can transition to different roles."* This article has been translated by AI. 2026-05-28 10:15:00

LG Display Begins Mass Production of 240Hz RGB Stripe OLED Panels LG Display has officially begun mass production of organic light-emitting diode (OLED) panels optimized for both gaming and office use, aiming to lead the trend of OLED adoption in the monitor market.On May 28, LG Display announced it has successfully commercialized the world's first 240Hz RGB stripe OLED panel.The RGB stripe OLED features a structure where red, green, and blue (RGB) subpixels are arranged in a line, allowing for clearer representation of small text and numbers compared to previous models. This design reduces eye strain during prolonged screen use, enhancing comfort for tasks such as document editing, stock trading, coding, and content creation.The significance of this mass production lies in OLED's expanding influence in the premium monitor market. With the recent rise in AI PC adoption and an increase in multitasking and high-resolution work, there is a rapidly growing demand for next-generation displays that provide both sharp text representation and immersive image quality.LG Display's 240Hz RGB stripe OLED panel achieves a high resolution of 160 PPI and a refresh rate of 240Hz. PPI, or pixels per inch, indicates the number of pixels within one inch of the screen; a higher number means denser pixels, resulting in more detailed text and images. This panel is designed to meet the needs of users for work, entertainment, and high-performance gaming all in one monitor.This panel is the first to implement a high-density pixel structure of 160 PPI within an RGB stripe configuration, optimized for viewing high-quality content.LG Display plans to start mass production of 27-inch panels, which are in high demand in the market, in collaboration with major global monitor brands, and will expand its lineup in the future. This strategy aims to reaffirm its competitive edge in OLED technology while accelerating the transition to OLED in the high-end monitor market, which has traditionally been dominated by premium liquid crystal displays (LCDs).Lee Hyun-woo, head of LG Display's large display division, stated, "The world’s first commercialization of the 240Hz RGB stripe OLED proves the strength of OLED technology. As a technology-driven company, we will accelerate the expansion of OLED in the monitor market based on our technological leadership and business competitiveness, leading the premium market."* This article has been translated by AI. 2026-05-28 10:12:00

LG Electronics Launches Ultra-Low Power 'LG e-Paper' Display to Expand Commercial Market LG Electronics is accelerating its entry into the commercial display market with the introduction of its energy-efficient 'LG e-Paper Display.' The company announced on May 28 that it will begin launching the LG e-Paper Display in South Korea next month, followed by a rollout in European and other international markets. This product mimics the texture of paper posters while allowing for prolonged image retention. It boasts enhanced energy efficiency and installation convenience compared to traditional digital signage. The display utilizes electronic ink panel technology, which moves and fixes charged micro-color particles using an electric field to create images. Once an image is displayed, it can be maintained without additional power supply. The power consumption when changing images is significantly lower than that of existing digital signage, making it ideal for commercial spaces that require long-term content display, such as menu boards, price tags, and promotional signs. The product features a 32-inch size with QHD (2560×1440) resolution and a 16:9 aspect ratio. It employs a reflective display that utilizes ambient light, providing a wide viewing angle and reducing eye strain. To enhance color reproduction, the company has implemented its own image quality improvement algorithm, addressing the limitations of electronic ink-based products and delivering more natural and vivid colors. Battery performance has also been improved. The new model includes a 72Wh high-capacity battery and an ultra-low power system-on-chip (SoC), enabling extended operation. It can be fully charged in about three hours using the included charger after power is turned off. The design allows for a magnetic auxiliary battery to be attached to the back, and it supports wireless charging to enhance usability based on installation environments. Additionally, the display features a 'power management' function that automatically controls power based on user-defined content transition schedules, ensuring the display is powered on only when needed. This reduces unnecessary power consumption and extends battery life, easing management burdens for corporate clients operating multiple displays. The LG e-Paper Display can also integrate with LG's commercial display operation solution, 'LG SuperSign CMS.' This allows users to remotely monitor product status via a web browser, easily change settings or content, and manage multiple e-Paper displays simultaneously or by schedule. Content operation is also supported through USB storage devices or the client's own CMS server. The design emphasizes competitiveness, featuring a paper-thin appearance achieved by removing the backlight, with an overall thickness of 17.8 mm and a minimum thickness of 8.6 mm. Weighing just 3.1 kg, it can be installed relatively easily in various spaces, such as walls or store interiors. This design excellence was recognized with an award at the 'Red Dot Design Award 2026.' Min Dong-seon, head of LG Electronics' MS Business Division ID Business Unit, stated, "The LG e-Paper Display, with its ultra-lightweight, ultra-slim design and groundbreaking ultra-low power technology, will provide new options for B2B customers."* This article has been translated by AI. 2026-05-28 10:06:43

Labor Ministry Opens New Employment Office in Ulsan's Eastern Region 노동 당국이 조선과 자동차 공장이 밀집한 울산 동부권에 신규 고용노동지청을 개청했다. The Ministry of Employment and Labor opened a new employment office in Ulsan's eastern region, which is home to a concentration of shipbuilding and automotive factories. The opening ceremony took place on May 28 at the Ulsan Eastern Office conference room, attended by Minister Kim Young-hoon, lawmakers Kim Tae-sun and Yoon Jong-o, the Ulsan city deputy mayor, and representatives from labor and management organizations. Ulsan is the largest industrial complex in South Korea, with a diverse industrial structure across different regions. The eastern and northeastern districts focus on heavy industries like shipbuilding and automotive, while the southern district and Ulju County have a higher concentration of petrochemical and machinery-electronics industries. This has led to ongoing calls for employment and labor administration tailored to the specific industrial characteristics of each region. In response, the Ministry established the Ulsan Eastern Office, which will focus on supporting negotiations between primary and subcontractors and enhancing industrial safety management, considering the unique characteristics of the shipbuilding and automotive sectors. The office aims to build a support system that encompasses not only large primary contractors but also thousands of subcontractors, while also strengthening collaboration with local governments, labor organizations, and relevant agencies. Additionally, a social dialogue committee aimed at revitalizing the K-shipbuilding industry is set to launch next month. Although the shipbuilding sector has shown signs of recovery due to a global surge in orders, challenges such as labor shortages, disparities between primary and subcontractors, and industrial accidents persist. The industry is also grappling with an aging workforce and limited influx of young talent. The committee will address issues such as the youth labor shortage, improving working conditions, fostering cooperation between primary and subcontractors, and ensuring safety during the introduction of new technologies. Plans are also underway to enhance vocational training and on-site education for young workers entering the shipbuilding industry, as well as to expand asset formation support. Furthermore, initiatives to establish an industrial accident prevention system using AI technology and improve compensation for subcontractor workers will be pursued. With the implementation of the Serious Accident Punishment Act, the importance of safety management in the shipbuilding sector has significantly increased, leading to an expanded role for local labor administration organizations. The government plans to create an industrial accident prevention system utilizing AI technology and ensure that subcontractor workers receive appropriate compensation for their efforts. Minister Kim Young-hoon stated, "The opening of the Ulsan Eastern Office is a manifestation of the government's promise to create a country where all citizens can work happily, particularly in Ulsan, a city of labor. We will swiftly launch the social dialogue committee to support the K-shipbuilding industry's revival."* This article has been translated by AI. 2026-05-28 10:03:27

Korean Air to Build Family Shelter for Critically Ill Children Next to Inha University Hospital Korean Air is taking the lead in improving the treatment environment for critically ill children. On May 27, Korean Air announced that it has signed a memorandum of understanding (MOU) with the Korean Ronald McDonald House (RMHC Korea) and Inha University Hospital to establish and operate a Ronald McDonald House. The RMHC will be built next to Inha University Hospital, providing a place for critically ill children undergoing treatment to stay with their guardians and families. This free facility will support families of children who require long-term hospitalization or outpatient treatment, offering more than just accommodation; it will serve as a space for children receiving treatment at Inha University Hospital to be with their families. Under the agreement, Korean Air will provide the land for the RMHC, while RMHC Korea will be responsible for its construction and operation. Inha University Hospital will manage medical connections and facility maintenance. Cho Won-tae, Chairman of Korean Air's parent company Hanjin Group, stated, "Inha University Hospital was established by our founder Cho Jung-hoon to promote local medical development and return corporate profits to society. I hope that the establishment of the RMHC will help Inha University Hospital become the best hospital in South Korea, equipped with a top-tier integrated treatment system and support facilities for patient families." Meanwhile, Korean Air has recently been expanding its social contribution activities, focusing on healthcare, disaster response, and environmental issues.* This article has been translated by AI. 2026-05-28 10:01:51

BOK ups 2026 estimates for GDP growth to 2.6%, inflation to 2.7% SEOUL, May 28 (AJP) - The Bank of Korea (BOK) expects the economy to grow 2.6 percent this year, which would be the strongest in four years, and inflation to rise at the fastest post-pandemic pace due to energy shocks from the prolonged Gulf crisis. The central bank on Thursday hiked its annual GDP growth projection from the previous 2.0 percent to 2.6 percent, marking the second consecutive upgrade following the BOK's move in February, when it revised the growth outlook upward from 1.8 percent to 2.0 percent. The BOK projected the nation's economy to grow by 2.1 percent in 2027, indicating a normalization of growth trends after the current year's semiconductor-led spike. Its inflation forecast was also sharply upped to 2.7 percent from 2 percent for 2026, reflecting the intensifying impact of the Strait of Hormuz blockade. The upward revision is widely interpreted as a direct reflection of unexpectedly strong economic growth during the first quarter. Backed by a stellar performance in the semiconductor sector, Korea’s first-quarter GDP growth registered 1.7 percent, nearly doubling the initial market consensus of 0.9 percent. For the following year, the central bank expects inflationary pressures to cool down slightly, forecasting an annual consumer price increase of 2.3 percent as supply-chain disruptions gradually stabilize. When achieved, the growth this year would be the strongest since the post-pandemic year of 2022 and the inflation, the fastest since 3.6 percent in 2023. Although the BOK held its benchmark interest rate steady at 2.5 percent on the same day, market analysts evaluate that the latest macroeconomic projections have substantially heightened the probability of monetary tightening in the latter half of the year. 2026-05-28 10:01:38

Melon Launches Global K-Chart with Chinese and Japanese Platforms to Reflect Fan Engagement Kakao Entertainment is set to unveil a new chart that reflects the global K-pop fandom, collaborating with music platforms in China and Japan. This initiative aims to showcase the global influence of K-pop artists by incorporating not only streaming data but also actual fan engagement metrics. On May 28, Kakao Entertainment announced the criteria for the upcoming 'Global K-Chart,' which will be jointly launched in June by its music platform Melon, Tencent Music Entertainment from China, and Line Music from Japan. The Global K-Chart will compile data from major music platforms in Korea, China, and Japan to measure the global impact of K-pop artists. It will be updated simultaneously on Melon, Tencent Music, and Line Music, featuring both an integrated global chart and detailed charts for each platform. A key feature of the chart is its inclusion of fan activity metrics, in addition to music streaming figures. Melon will account for user numbers related to streaming and downloads, as well as fan interactions such as likes and follows. Each platform will adapt certain metrics to fit their specific service environments. Kakao Entertainment aims to establish a new K-pop metric that goes beyond simple popularity rankings, reflecting the actual responses and engagement levels of fandoms. Given that Korea, China, and Japan are critical regions in the global K-pop market, the comprehensive data from local fans is expected to provide a more nuanced view of global trends. A Melon representative stated, "The Global K-Chart goes beyond merely counting artists with high streaming numbers; it captures various traces of fan reactions and actions towards artists' activities. We hope that the chart, which directly reflects the genuine sentiments of fans in Korea, China, and Japan, will serve as a meaningful platform for K-pop artists to engage more deeply with their global fandoms and expand their reach."* This article has been translated by AI. 2026-05-28 09:55:53

Jung Cheong-rae: Conservative Unity May Spark Progressive Mobilization Jung Cheong-rae, the chairman of the Democratic Party, expressed confidence in achieving victory through progressive mobilization, despite signs of conservative unity as the local elections approach in one week. During an appearance on Kim Eo-jun's "Humility is Difficult" news program, Jung stated, "This local election is an opportunity to support President Lee Jae-myung's stable governance." He noted that the conservative camp is rallying support through campaigns like "Yoon Again" and "Park Geun-hye Again." He added, "While the conservative camp is uniting, there is often a counter-reaction, which could lead to a progressive mobilization. I believe that having supporters of the president come out in large numbers to vote is the key to winning this local election." Jung emphasized the importance of aligning local government leadership with the presidency, stating, "The remaining four years of President Lee's term coincide with the four-year term of the newly elected local governments. For regional development, we must work together with the president. Both the president and the heads of local governments should be from the Democratic Party to ensure consistency." He also provided insights into key battlegrounds, particularly in Busan's Buk-gap district, where he remarked, "There is a kind of optical illusion regarding the independent candidate Han Dong-hoon. While many people are gathering and buying things, they do not have voting rights. Ultimately, Ha Jung-woo will follow Jeon Jae-soo and develop Busan's Buk-gu, ensuring that the benefits of the marine capital construction, following the relocation of the Ministry of Oceans and Fisheries, are felt." Regarding Kim Kwan-young, an independent candidate in the North Jeolla gubernatorial race facing allegations of cash distribution, Jung stated, "The scene of cash distribution was filmed and broadcasted, and there was nothing we could do about it. Conversely, if no action had been taken, the national election would have fallen into a black hole, so it was unavoidable." When asked about the possibility of Kim returning to the party after winning, Jung replied, "According to party rules, individuals who leave the party and run as independents after contesting in primaries cannot return permanently. However, I sincerely apologize as party leader for not fully understanding the sentiments of the people of North Jeolla during this process."* This article has been translated by AI. 2026-05-28 09:55:01