Impeached ex-president cleared of perjury charges in martial law-related case SEOUL, May 28 (AJP) - Disgraced former President Yoon Suk Yeol on Thursday was cleared of perjury charges, one of several allegations related to his botched martial law debacle. Yoon had been accused of making false accounts during former Prime Minister Han Duck-soo's trial, which was also related to the debacle. During the trial in November last year, when asked whether he had planned from the beginning to convene a Cabinet meeting before declaring martial law on Dec. 3, 2024, Yoon testified that he intended to do so because legal requirements had to be met. Prosecutors alleged that he had only moved to convene the meeting at Han's proposal and sought a two-year prison sentence for him. But the Seoul Central District Court said in its ruling that it appeared "highly likely" that Yoon had already planned to hold the meeting, regardless of any proposal from Han. The court added that it could not conclude that Yoon's testimony in court was inconsistent with his memory. Meanwhile, Yoon, who was ousted from office on April 4 last year after the Constitutional Court of Korea unanimously upheld his impeachment, had already been sentenced to life imprisonment on major charges of insurrection and abuse of power related to the debacle, along with several other charges pending appeal. 2026-05-28 10:56:33

Bank of Korea Holds Interest Rate Steady for Eighth Consecutive Time, Signals Possible Hike The Bank of Korea's Monetary Policy Committee decided on May 28 to keep the benchmark interest rate at 2.50% for the eighth consecutive time. However, for the first time, the committee's policy statement indicated a potential timeline for future rate hikes, suggesting a shift towards tightening monetary policy. In the statement, the committee noted, "Future monetary policy will be determined by assessing the extent of inflationary pressures, the trajectory of economic improvement, and financial stability conditions, including the timing of interest rate increases." The committee projected that domestic inflation rates would exceed target levels for an extended period, stating, "Despite the impact of the Middle East conflict, growth is expected to continue improving, supported by a strong semiconductor market." During the decision-making process, five committee members voted to maintain the current rate, while members Jang Yong-seong and Yoo Sang-dae expressed a minority opinion favoring an increase to 2.75%. Full text of the monetary policy statement: The Monetary Policy Committee has decided to maintain the Bank of Korea's benchmark interest rate at the current level of 2.50% until the next policy direction decision. While inflationary pressures have increased due to the Middle East conflict, growth has expanded more than expected, driven by strong exports, particularly in semiconductors. Financial stability risks persist, but given the high uncertainty surrounding the developments in the Middle East and their potential impacts, it is deemed appropriate to maintain the current rate while closely monitoring the situation and its effects on growth and inflation. The global economy is expected to slow due to rising energy and commodity prices and supply disruptions stemming from the Middle East conflict, despite increased investments in artificial intelligence. Inflationary pressures are anticipated to rise significantly. In international financial markets, U.S.-Iran negotiation delays and potential shifts in major countries' monetary policies have led to a sharp increase in government bond yields, while the U.S. dollar has strengthened. Stock prices have surged, reflecting expectations of increased AI investment demand and strong corporate earnings. Going forward, the global economy and international financial markets are expected to be influenced by the developments in the Middle East, trends in AI investment, and changes in major countries' monetary, fiscal policies, and trade environments. Domestically, the economy has seen significant growth driven by strong exports and investment, particularly in semiconductors, along with healthy consumer spending. Employment has continued to rise, although the pace of increase has slowed, particularly in the service sector. While the domestic economy may face some pressures from rising commodity prices and supply chain disruptions, it is expected to continue improving, supported by the semiconductor market and supplementary budgets. As a result, this year's growth rate is projected to exceed the February forecast of 2.0%, reaching 2.6%. This growth trajectory carries substantial upside and downside risks related to the semiconductor market's expansion, domestic demand impacts, developments in the Middle East, and changes in the trade environment. In terms of domestic prices, the consumer price inflation rate rose significantly to 2.6% in April, driven by a sharp increase in oil prices, while the core inflation rate (excluding food and energy) remained at 2.2%. Short-term inflation expectations among the public are in the high 2% range. Price increases are expected to continue, influenced by rising international oil prices and increasing demand pressures from income growth. Consequently, this year's consumer price and core inflation rates are projected to significantly exceed the February forecasts of 2.2% and 2.1%, respectively, reaching 2.7% and 2.4%. Future price trajectories are subject to high uncertainty regarding international oil prices, exchange rate movements, the extent of cost increases, and the effectiveness of government price stabilization measures. In the financial and foreign exchange markets, high volatility in key price variables has persisted. Government bond yields have risen sharply due to concerns over domestic and international inflation and changing expectations regarding monetary policy. The won-dollar exchange rate, which had slightly decreased, has risen again to around 1,500 won due to the strengthening of the U.S. dollar and continued foreign selling of stocks. Stock prices have experienced significant fluctuations influenced by the developments in the Middle East, but have maintained a steep upward trend due to improved corporate earnings expectations. Housing prices in the metropolitan area have resumed their upward trend, with increased expectations for further rises, while household loans have shown limited growth, although the increase in housing-related loans has slightly expanded. The Monetary Policy Committee will continue to monitor growth trends while ensuring that inflation rates stabilize at target levels over the medium term, paying attention to financial stability. The domestic economy is expected to see inflation rates exceed target levels for an extended period, and growth is anticipated to remain robust, supported by the semiconductor market despite the impact of the Middle East conflict. In terms of financial stability, there are ongoing concerns regarding high exchange rate volatility and the housing market and household debt situation in the metropolitan area. Therefore, future monetary policy will be determined by assessing the extent of inflationary pressures, the trajectory of economic improvement, and financial stability conditions, including the timing of interest rate increases. In this interest rate decision, five members of the Monetary Policy Committee voted in favor, while Jang Yong-seong and Yoo Sang-dae expressed the opinion that an increase to 2.75% would be appropriate.* This article has been translated by AI. 2026-05-28 10:54:00

Climate Minister Warns of Possible KEPCO Losses Amid Prolonged Middle East Conflict Minister Kim Sung-hwan of the Ministry of Climate, Energy and Environment stated on May 28 that if the conflict in the Middle East continues, there is a possibility that Korea Electric Power Corporation (KEPCO) could return to losses due to rising gas prices.During his appearance on the YouTube program "Jang Yoon-sun's Convenience Store for Reporting," Kim discussed the energy price instability stemming from the prolonged conflict, noting, "We are beginning to see pressure from rising gas prices that could impact electricity rates."He explained that the wholesale electricity price (SMP) was around 100 to 110 won before the conflict but has now risen to the mid-120 won range. He added, "If the annual average SMP exceeds 146 won, KEPCO will enter a loss-making structure."However, he reassured that the current SMP is still below the threshold for losses, stating, "We are still maintaining a profit margin."Kim emphasized that while there are no immediate signs of a shift to losses, the possibility cannot be ruled out if gas prices continue to rise. He stated, "Our task is to minimize the use of coal and gas while expanding nuclear and renewable energy to prevent increases in electricity rates."He reiterated the importance of a dual energy policy that incorporates both renewable energy and nuclear power. He remarked, "During the Moon Jae-in and Yoon Suk Yeol administrations, renewable energy and nuclear power were often seen as conflicting, but this approach makes it difficult to reduce coal and gas usage. The key is to utilize both to establish a foundation for carbon reduction."Regarding the expansion of electric vehicles, Kim noted, "Public institutions are already mostly required to purchase electric vehicles for new vehicle acquisitions," adding that preparations are underway to transition special vehicles such as police patrol cars and postal motorcycles and trucks to electric models. He mentioned that discussions are ongoing with relevant ministries to encourage electric vehicle purchases by corporations through differentiated cost handling methods.Kim also introduced the 'Sunlight Income Village' project, a key energy policy of the Lee Jae-myung administration. He explained, "This year, we plan to pilot the project in about 700 to 1,000 villages, allowing residents to participate in solar energy projects through cooperatives and earn energy income."He cited the example of Goyang-ri in Yeoju, where a 1 MW project generated approximately 10 million won in monthly communal profits, stating, "This could become a new rural basic income model that connects solar energy to residents' incomes."On the topic of renewable energy pricing, he noted, "The costs for solar and wind power have significantly decreased compared to the past," with solar prices dropping to around 120 won and wind power to 108 won.However, he diagnosed that the domestic industry has weakened due to aggressive pricing from Chinese imports and policy setbacks. Kim stated, "The solar industry has nearly stagnated during the three years of the Yoon Suk Yeol administration, causing the domestic industry to shrink. Although domestic modules are about 20% more expensive, they only account for about 20% of total generation costs, so we must promote both the development of the domestic industry and the expansion of renewable energy."Additionally, he addressed environmental issues closely related to daily life, mentioning measures to control lovebug larvae. He stated, "We are currently piloting the use of bio-based agents for larvae control and plan to verify their effectiveness this year to decide on full-scale implementation next year."* This article has been translated by AI. 2026-05-28 10:54:00

Early Voting Begins Tomorrow: Vote at Any Polling Place Nationwide Early voting for the June 3 local elections and National Assembly by-elections will take place over two days, starting May 29. Voters can cast their ballots at any early voting site across the country from 6 AM to 6 PM, regardless of their registered address. According to the National Election Commission on May 28, voters must present an identification card that includes their date of birth and photo, such as a resident registration card, passport, or driver's license. Mobile identification must be verified through an application on-site; saved image files will not be accepted as valid identification. In this election, voters will receive seven ballots for the following positions: city and provincial governors, education superintendents, heads of districts and cities, local assembly members, proportional representatives for local assemblies, and district assembly members. However, voters in Sejong City and Jeju Province, which do not have basic local governments, will only receive four ballots for the governor, education superintendent, and local assembly members. Additionally, voters in 14 districts, including Pyeongtaek in Gyeonggi Province and Busan's Buk-gap, where by-elections for the National Assembly are being held, will receive one extra ballot. Ballots will not be distributed for elections where candidates are elected unopposed, such as the mayor of Siheung. During early voting, voters from within and outside the district must stand in separate lines. The distinction is based on the local assembly district. Voters casting early ballots within their district will receive their ballots, mark them, and place them directly into the ballot box. Voters from outside the district must place their marked ballots into a return envelope provided and seal it before submitting it to the ballot box. Voters must use the official marking tools available at the polling station, and they can only mark one candidate on each ballot. Ballots marked with unofficial tools or for more than one candidate will be deemed invalid. Taking photos or recording videos inside the polling place is prohibited. Anyone caught photographing their marked ballot may face up to two years in prison or a fine of up to 4 million won. Actions such as damaging ballots or causing disturbances at polling places are also punishable by law. A spokesperson for the National Election Commission stated, "Early voting boxes will be stored in locations equipped with CCTV, and the footage will be displayed on large screens at the provincial election commission offices, allowing anyone to check the storage conditions at any time." Voters can find the locations of early voting sites on the National Election Commission's website.* This article has been translated by AI. 2026-05-28 10:54:00

Trump Claims First Impeachment Was a Setup, Shares Fox News Column President Donald Trump has once again questioned the legitimacy of his first impeachment proceedings. He shared a Fox News column that claims the impeachment, based on allegations related to Ukraine in 2019, was politically manipulated. This renewed focus comes in light of recently released documents and a referral for investigation. On May 28, Trump posted on his social media platform, Truth Social, a column titled "Long-Hidden Documents Reveal First Trump Impeachment Was a Complete Fraud." The column, written by Fox News legal analyst Greg Jarrett and published on April 17, argues that there was political bias in the whistleblower complaint and the intelligence oversight process. The controversy centers around a 2019 phone call between Trump and Ukrainian President Volodymyr Zelensky. A whistleblower alleged that Trump pressured Ukraine to investigate former Vice President Joe Biden and his son. Following this complaint, the House of Representatives launched an inquiry, ultimately voting to impeach Trump on charges of abuse of power and obstruction of Congress. The Senate acquitted him in February 2020 on both counts. This latest attack coincides with actions taken by National Intelligence Director Tulsi Gabbard. Gabbard's office released relevant materials last month and referred a criminal investigation to the Justice Department regarding the whistleblower and former intelligence community inspector general Michael Atkinson. Gabbard claimed that political motives influenced the process at the time, which were utilized in the House investigation. However, a referral for investigation does not automatically imply criminal charges. CBS News reported that while Gabbard's office requested an investigation from the Justice Department, it did not specify what charges were being considered. Democrats maintain that the inquiry was based not only on the whistleblower complaint but also on the White House call record, testimonies from administration officials, and congressional investigations.* This article has been translated by AI. 2026-05-28 10:54:00

Lotte Reports 181% Increase in Q1 Operating Profit Amid Business Restructuring Lotte Holdings held an investor relations (IR) meeting to discuss its improved first-quarter performance and portfolio restructuring strategy. The company aims to enhance profitability in its core businesses while strengthening financial stability through the sale of non-core assets and the optimization of low-profit operations.On May 28, Lotte Holdings announced that over 30 analysts and institutional investors attended the IR meeting held on May 27. Key executives from Lotte Holdings, including the CFO, as well as finance and IR officials from major subsidiaries such as Lotte Shopping, Lotte Construction, and Lotte Chemical, participated in the event.Lotte reported that its operating profit from core sectors, including food, retail, chemicals, and hotels, surged 181% year-on-year to 787.6 billion won in the first quarter.Lotte Shopping experienced a 71% increase in operating profit, reaching 252.9 billion won, driven by growth in its domestic and international department stores.Lotte Construction's operating profit soared 1,226% to 50.4 billion won. Lotte Wellfood and Hotel Lotte also reported operating profits of 35.8 billion won and 74.5 billion won, respectively.Lotte Chemical achieved a turnaround to profitability in operating profit for the first time in ten quarters, aided by improved spreads due to the Middle East conflict, lagging effects, and optimized factory operations.The company also shared updates on its portfolio restructuring focused on non-core businesses and asset efficiency. Since 2024, Lotte has initiated the sale of its Jeungpyeong plant, the consolidation of Lotte Chilsung Beverage branches, and the divestiture of Lotte Chemical's Pakistan subsidiary and Lotte Eco Wall to secure liquidity.This year, Lotte plans to continue restructuring low-efficiency operations, including the sale of Lotte Rental and the reorganization of Lotte Chemical's Daesan and Yeosu plants. Additionally, it outlined investment strategies for new businesses in sectors such as biotechnology, battery and semiconductor materials, and hydrogen.Lotte Biologics is set to complete the construction of its first plant at the Songdo campus in the second half of this year. Following the completion, the company plans to expand its global operations based on a production system connecting Syracuse, USA, and Songdo, Incheon.Lotte Energy Materials is adjusting its production focus from electric vehicle battery foil to energy storage system (ESS) batteries and AI circuit boards.Lotte Holdings stated, "We will work to secure financial stability and enhance corporate value through the reduction of project financing (PF) contingent liabilities at Lotte Construction and efficient investment execution within EBITDA."Meanwhile, Shin Dong-bin, chairman of Lotte Group, visited Hanoi, Vietnam, last month for his first overseas management visit of the year. During his visit to Lotte Mall Westlake Hanoi, he urged, "While strengthening the market competitiveness of existing core businesses, please also focus on pioneering new businesses in advanced urban construction, eco-friendly materials, and logistics."* This article has been translated by AI. 2026-05-28 10:51:00

NH Nonghyup Life Files Patent for AI Insurance Enrollment System NH Nonghyup Life has filed a patent for a system that automates the insurance enrollment design process using artificial intelligence (AI). This initiative aims to enhance operational efficiency in the agricultural and cooperative sales sectors by allowing AI to analyze complex insurance product structures and conditions to support customized designs for customers.On May 28, NH Nonghyup Life announced that it has simultaneously filed for both technology and business model patents for its 'AI Enrollment Design System.' The patent application seeks to introduce AI into the insurance design process to propose customized insurance products more quickly and accurately.The AI Enrollment Design System analyzes customers' existing coverage and potential premium payments to support optimized insurance designs. It also automatically incorporates complex product structures and policy rules, thereby reducing design time.Given the unique sales environment where banking and insurance services are provided together, this system is expected to significantly reduce customer interaction time while increasing design accuracy.The system is also anticipated to assist new agents in easily navigating the enrollment design for complex coverage products, such as dementia and health insurance, thereby contributing to improved operational efficiency and sales productivity.Park Byeong-hee, CEO of NH Nonghyup Life, stated, "With this patent application, we aim to strengthen our competitiveness in AI-based customized insurance services while simultaneously enhancing customer satisfaction and sales efficiency."* This article has been translated by AI. 2026-05-28 10:51:00

NH Nonghyup Life Files Patent for AI Insurance Enrollment System NH Nonghyup Life has applied for a patent for a system that automates insurance enrollment design using artificial intelligence (AI). This initiative aims to enhance operational efficiency in the agricultural and cooperative sales sectors by enabling AI to analyze complex insurance product structures and policy conditions to support customized designs for customers.On May 28, NH Nonghyup Life announced that it has simultaneously filed for both technology and business model patents for its 'AI Enrollment Design System.' The patent application seeks to introduce AI into the insurance design process to propose tailored insurance products more quickly and accurately.The AI Enrollment Design System analyzes customers' existing coverage and potential premium payments to support optimized insurance designs. It also automatically incorporates complex product structures and policy rules, reducing design time.Given the unique sales environment where banking and insurance services are provided together, the system is expected to significantly reduce customer interaction time and improve design accuracy.The system is particularly beneficial for complex coverage products, such as dementia and health insurance, allowing new agents to facilitate enrollment designs more easily, thereby contributing to increased operational efficiency and sales productivity.Park Byeong-hee, CEO of NH Nonghyup Life, stated, "With this patent application, we aim to further strengthen our competitive edge in AI-based customized insurance services while simultaneously enhancing customer satisfaction and sales efficiency."* This article has been translated by AI. 2026-05-28 10:51:00

PFCT Surpasses 10 Billion Won in Refinancing Loans for Low-to-Medium Credit Borrowers Refinancing loans are emerging as a practical tool to significantly reduce the financial burden on low-to-medium credit borrowers, moving beyond simple interest rate switching. PFCT (PFCT Technologies), an online investment-linked financial company, announced on May 28 that the cumulative amount of its personal credit loan refinancing service, offered through its platform 'Kreple', has surpassed 10 billion won (approximately $7.5 million). Since launching the personal credit loan refinancing service in December 2025, PFCT analyzed operational data accumulated over about five months. As of May 19, the company provided refinancing loans totaling 10.4 billion won to 228 borrowers. This figure includes both pure refinancing loans that converted existing high-interest debt and new loans with additional limits. The weighted average interest rate for the refinancing loans was recorded at 10.21% per annum. The average credit score of the borrowers, according to NICE standards, was 749.6. Specifically, 62.3% of borrowers fell within the 700-799 score range, while 20.2% were in the 600-699 range. More than 83.5% of all borrowers are classified as low-to-medium credit according to financial industry standards. PFCT noted that the refinancing service has also led to a reduction in financial costs for low-to-medium credit borrowers compared to the average interest rates of existing private mid-rate loans. Kreple users reported an average monthly interest savings of 234,000 won, resulting in a 29.8% decrease in their monthly interest burden. When annualized, this translates to a financial cost reduction of approximately 2.81 million won per borrower. There are also cases of improved multi-debt structures. According to PFCT data, some borrowers managed to consolidate up to 13 existing debts with a single refinancing transaction. This indicates that refinancing loans play a significant role in encouraging 'credit improvement' for low-to-medium credit borrowers. Lee Soo-hwan, CEO of PFCT, stated, "Kreple's refinancing loan service is not just a simple interest reduction product; it is an inclusive finance platform that helps low-to-medium credit borrowers re-enter a more stable financial structure. We aim to alleviate the interest rate cliff in the existing financial sector and enhance financial accessibility through AI credit evaluation technology."* This article has been translated by AI. 2026-05-28 10:51:00

Samyang Group Holds 35th Sudang Award Ceremony; Professors Hwang Il-doo and Cho Sung-bae Honored The Sudang Foundation of Samyang Group announced on May 28 that it held the 35th Sudang Award ceremony on May 27 at the Lotte Hotel in Seoul, honoring Hwang Il-doo, a distinguished professor at Pohang University of Science and Technology, and Cho Sung-bae, a professor at Yonsei University, each with a plaque and a cash prize of 200 million won. Hwang, the recipient in the basic science category, was recognized for his research uncovering the signaling pathways of plant development and the evolutionary principles of vascular bundles. He was notably acknowledged for being the first to clarify the signaling mechanisms of cytokinin, a plant growth hormone, and its crucial role in regulating vascular development and aging. Hwang expressed gratitude to his students and researchers who endured long waits and failures to build their current laboratory. He stated, "I will approach my research with diligence to contribute to the advancement of our society and academia." Cho, awarded in the applied science category, was honored for his contributions to solving industrial problems through complex artificial intelligence (AI) research. His work involved applying AI technologies across various industries, including energy demand forecasting, by combining convolutional neural networks for data pattern analysis with long short-term memory recurrent neural networks for analyzing changing trends. Cho's paper on energy demand forecasting was recognized as one of the top 1% cited papers in the international journal "Energy" in 2020. Cho remarked, "The important meaning of artificial intelligence lies in solving complex real-world problems by combining various technologies. I will continue to strive to create social value and enhance global competitiveness through AI." Kim Yoon, chairman of the Sudang Foundation, expressed gratitude and respect for the two awardees, stating, "I hope they will continue to foster future talent and uphold the spirit of nurturing talent embodied by the Sudang Award." The Sudang Award was established to honor the industrial patriotism and talent cultivation spirit of Kim Yeon-soo, the founder of Samyang Group. It began in 1973 as the Sudang Science Award and was renamed the Sudang Award in 2006, recognizing researchers in basic science, humanities, and applied science. Each year, two researchers with outstanding achievements are selected. 2026-05-28 10:48:44