Samsung Heavy wins $2.8 billion FLNG order in North America SEOUL, June 02 (AJP) - Samsung Heavy Industries announced it has won an order to build one floating liquefied natural gas (FLNG) production unit for a North American client, in a deal worth 4.33 trillion won ($2.85 billion). The South Korean shipbuilder said Tuesday through regulatory filings that construction will begin once the client issues a notice to proceed, with delivery scheduled for July 2030. It did not name the buyer. FLNG units are vast offshore vessels that extract, chill and store natural gas at sea, freeing producers from the cost and delay of building pipelines and onshore export terminals to reach remote gas fields. Demand has firmed as buyers in Asia and Europe hunt for supply to bridge the shift away from coal. Samsung Heavy is a dominant player in the niche, having built Royal Dutch Shell's Prelude, the world's largest FLNG facility. The company said it has secured seven of the 11 FLNG units ordered worldwide to date, giving it a 64 percent share of the global market. The contract lifts Samsung Heavy's order tally this year to 28 vessels worth $8.3 billion, or about 60 percent of its $13.9 billion annual target, the company said. Its commercial vessel arm has booked $5.0 billion, 88 percent of target, on the back of 13 LNG carriers, two very large ethane carriers, four very large gas carriers, two container ships and six crude tankers. The offshore division, including the latest FLNG award, has won $3.3 billion in orders, or 40 percent of its $8.2 billion goal for the year. Shares of Samsung Heavy Industries traded at 27,800 per stock at 3:08 p.m., 0.91 percent higher than the day before. 2026-06-02 15:11:06

Protection Period for Minor Victims of Sexual Violence Extended to Age 25 Under new regulations, minor victims of sexual violence will be allowed to stay in protective facilities until they turn 25, receiving support for recovery, counseling, and independence. The Ministry of Gender Equality and Family announced that the revised enforcement decree of the "Act on the Prevention of Sexual Violence and Protection of Victims" was approved during a cabinet meeting on June 2. This revision aligns with the implementation of the amended law, which passed the National Assembly in December of last year. The new regulations will take effect on July 1. The changes aim to ensure that minor victims in protective facilities have adequate time for recovery and preparation for independent living, while also enhancing support for their education and reintegration into society. According to the revised law, victims who were minors at the time of their admission can extend their stay in facilities until they reach 25, regardless of the type of facility. Previously, victims in general protective facilities could stay for a maximum of 4 years and 6 months, while those in special support facilities could remain until the age of 21, and those in independent living support facilities could stay for up to 4 years. This often forced victims to leave before they were fully prepared for recovery or independence. Now, they will have continued access to stable protection, counseling, and support for independence. Additionally, absences from school due to treatment and counseling for sexual violence will be recognized as attendance. School principals can consider the opinions of experts in sexual violence when determining whether to count these absences as excused. The decree also clarifies the procedures for background checks on staff at support facilities for sexual violence victims, including counseling centers, protective facilities, integrated support centers, and digital crime victim support centers. Lee Kyung-sook, head of the Gender Equality Policy Office, stated, "This revision of the enforcement decree strengthens the institutional framework to ensure that minor victims of sexual violence can prepare for independence with adequate protection and recovery support. We will continue to enhance victim protection policies based on field needs."* This article has been translated by AI. 2026-06-02 15:06:00

South Korea's Justice Ministry Publishes Legal Guide for Companies Entering Australia A practical guide has been developed to support South Korean companies in entering the Australian market and addressing local legal risks. On June 2, the Ministry of Justice announced the publication of the "Legal Guide for Overseas Expanding Companies - Australia Edition" to help domestic businesses accurately understand Australia’s legal and regulatory environment as they pursue operations there. Australia is one of the countries with high demand for South Korean companies, particularly in sectors like mining, manufacturing, and real estate. However, unlike South Korea's civil law system, Australia follows a common law system and has its own regulatory framework, making thorough preparation and legal analysis essential for market entry. The Ministry of Justice created this guide to help companies already in Australia or preparing to enter the market easily understand the local legal system and effectively respond to potential legal risks during their business operations. The guide is designed to be practical, allowing companies to use it directly in the field. The publication covers key legal areas necessary from the initial entry to operation, including the Foreign Investment Review Board (FIRB) process, company formation and governance, regulations related to real estate investment and development, labor and employment law, tax systems, and competition and consumer law. It also addresses recent legal issues gaining prominence in Australia, such as unfair contract terms, environmental, social, and governance (ESG) concerns, and directors' responsibilities related to climate risks. The Ministry has been operating the "International Legal Support Team for Overseas Expanding Small and Medium Enterprises" to address international legal challenges faced by these businesses. Since September 2024, it has published a series of guides covering the legal systems and investment environments of major target countries, starting with Germany, followed by the United Arab Emirates (UAE), Japan, and now Australia. Recently, the Ministry also distributed materials to guide South Korean companies on issues related to the blockade of the Strait of Hormuz, addressing force majeure and response strategies amid rapidly changing international circumstances. The Ministry explained that the publication of the Australia edition is part of its multifaceted legal support initiatives for businesses. Justice Minister Jeong Seong-ho stated, "Australia offers various opportunities for our companies, but it also requires careful legal scrutiny. I hope this guide serves as a reliable resource to support new challenges and achievements in the Australian market and contributes meaningfully to enhancing economic cooperation between the two countries." The Ministry plans to continue identifying the needs of overseas expanding companies and publish legal guides for various countries. This initiative aims to strengthen practical international legal support systems, enabling small and medium-sized enterprises and small business owners to operate stably in unfamiliar regulatory environments while enhancing their international competitiveness.* This article has been translated by AI. 2026-06-02 15:03:00

KB Financial Group Accelerates CEO Succession Process, Final Candidates Set for September 11 KB Financial Group is officially launching its management succession process for the next chairman. The company plans to finalize a shortlist of candidates in August and select the final candidate by September. Yang Jong-hee, the current chairman of KB Financial, is set to complete his term on November 20.On June 2, KB Financial announced that its Chairman Candidate Recommendation Committee (Succession Committee) held a meeting and narrowed down the initial list of 20 candidates to 12, comprising six internal and six external candidates. The committee had previously established and publicly shared detailed qualification criteria for the chairman during two meetings in April, confirming a long list of 20 candidates (10 internal and 10 external) based on the first half of 2026.Industry insiders believe that internal candidates likely include Yang Jong-hee, Lee Chang-kwon, head of the Future Strategy Division, and Lee Hwan-joo, CEO of KB Kookmin Bank, among other top executives from major subsidiaries.This succession process has begun more than a month earlier than in 2023, starting in June, five months before the current chairman's term ends. The timeline for selecting the final candidate has been extended to three months from the start of the process, allowing additional time for candidate verification.The committee plans to hold another meeting on July 3 to narrow the 12 candidates down to six for the first shortlist. On August 27, the six candidates will undergo initial interviews and evaluations, leading to a second shortlist of three candidates. To ensure fairness for external candidates, the committee will provide a two-month preparation period before the interviews and will guarantee anonymity for those who prefer not to be publicly identified.Following the second interviews on September 11, the committee will conduct in-depth evaluations and voting to confirm the final candidate. If the selected candidate passes the qualification verification as per relevant regulations, they will be appointed as chairman at an extraordinary shareholders' meeting in November, following recommendations from the committee and the board on October 2.Cho Hwa-jun, chairman of the Succession Committee, stated, "We will conduct the process transparently and fairly, striving to select the best candidate who can enhance shareholder value and drive growth for KB Financial."Industry speculation suggests that Yang has a strong chance of reappointment, as he has been credited with achieving both performance and shareholder return since taking office. KB Financial entered the '5 trillion club' for the first time in 2024 and has reported over 5 trillion won in net profit for two consecutive years. This year, projections indicate the possibility of surpassing 6 trillion won. However, discussions on governance reforms being pursued by financial authorities could pose variables in the succession process, as these reforms may introduce constraints on long-term reappointments for financial holding company chairpersons. 2026-06-02 15:03:00

LG Household & Health Care Unveils Steroid-Free Solution for Female Hair Loss LG Household & Health Care has developed a new solution to alleviate female-pattern hair loss without using steroid ingredients. The company announced on June 2 that it has discovered a solution that can help improve the environment for hair growth and mitigate female-pattern hair loss without relying on steroid-derived components. This research was presented at the World Congress for Hair Research (WCHR). Historically, treatment options for female-pattern hair loss have been limited. Medications used for male-pattern hair loss, such as androgen inhibitors, are not suitable for women, and estrogen-based hormone therapies have been constrained by concerns over side effects and limited applicability. In this study, LG Household & Health Care confirmed that a non-steroidal substance derived from vitamin A can activate the estrogen receptor alpha (ERα), a receptor for female hormones. This substance was found to promote follicle activity and improve the hair growth environment, with clinical evaluations demonstrating its effectiveness in enhancing hair thickness. Notably, this research expands the scope of hair loss studies, which have primarily focused on dermal papilla cells, by opening the possibility of targeting both dermal papilla cells and hair follicle stem cells through the activation of estrogen receptors. This aspect has garnered attention in the academic community. Artificial intelligence (AI) technology played a significant role in the research process. LG Household & Health Care conducted AI simulations on approximately 420,000 candidate substances to analyze their binding potential with follicle-related proteins and their mechanisms of action. Additionally, by integrating lipid metabolism data and gene expression profiles related to female-pattern hair loss, the company identified ERα as a key target for hair loss improvement, with the vitamin A-derived substance emerging as a promising candidate for effective activation. LG Household & Health Care also revealed findings from its research on a new material called Ramsidil. In follicle tissue experiments, Ramsidil was shown to reduce the expression of DKK1, a factor that induces the transition to the hair shedding phase, thereby creating a favorable environment for hair growth. This candidate substance was also identified through AI simulations. The achievements of LG Household & Health Care's AI-based hair research do not stop there. Last month, the company announced the development of an optimal combination of ferulic acid, extracted from the herbal medicine Chuanxiong, and NMN, a substance known for extending skin lifespan, using AI. This combination was reported to enhance the proliferation of dermal papilla cells, the key cells for hair growth, and activate mitochondrial function, achieving a higher maintenance rate of the hair growth phase compared to minoxidil, a widely used hair loss treatment. This finding was published in the latest issue of Scientific Reports, a sister journal of Nature. Kang Nae-kyu, Chief Technology Officer (CTO) of LG Household & Health Care, stated, "We plan to continue collaborating with LG AI Research to advance our understanding of scalp aging mechanisms and focus on developing next-generation scalp and hair care solutions that can realize 'scalp longevity.'" * This article has been translated by AI. 2026-06-02 14:57:00

Dongyang, a Unit of Eugene Group, Announces 719 Billion Won Stock Buyback and Cancellation Dongyang, a subsidiary of Eugene Group, is taking steps to enhance its corporate value through a significant stock buyback and consolidation. On June 2, Dongyang held a board meeting and resolved to cancel a total of 24,611,979 shares, including 24,439,999 common shares and 171,980 preferred shares. The cancellation amounts to approximately 719 billion won based on book value, representing 10.26% of the total issued shares. This cancellation is expected to provide shareholder returns, as it involves a permanent buyback that will not re-enter the market. With the reduction in the number of issued shares, the value per share could increase based on the same corporate value and profits. A 10.26% decrease in the total number of shares could lead to an approximate 11% improvement in per-share metrics. Dongyang aims to clarify the direction of its stock buyback and continues to review its capital policy with a focus on maximizing shareholder value. In addition to the stock cancellation, the company plans to implement a 2-for-1 stock consolidation. This measure is intended to reduce the number of issued shares and normalize the trading price per share, thereby alleviating undervaluation perceptions and enhancing market confidence. The final decision will be made at an extraordinary shareholders' meeting scheduled for June 22. A Dongyang representative stated, "This stock cancellation demonstrates the company's strong commitment to enhancing shareholder value. By permanently canceling more than 10% of the total issued shares and consolidating stocks, we aim to increase the predictability of our capital policy and strengthen our investor relations activities to ensure that our corporate value is properly recognized in the market." * This article has been translated by AI. 2026-06-02 14:57:00

South Korea Revives Committee to Recover Assets from Pro-Japanese Collaborators The South Korean government is taking steps to recover assets unjustly accumulated by pro-Japanese collaborators, aiming to restore historical justice. On June 2, the government announced the re-establishment of the Pro-Japanese Property Investigation Committee and the enactment of the Special Act on the National Confiscation of Property of Pro-Japanese Collaborators. This marks the committee's revival after 16 years of inactivity. The new legislation will take effect on December 2, six months after its announcement. To ensure a smooth launch of the newly formed committee, a meeting of relevant ministries was held today under the auspices of the Blue House. The meeting focused on discussing specific cooperation strategies among ministries to lay a solid foundation for the committee's successful operation. Notably, the meeting led to the establishment of a preparatory team for the Pro-Japanese Property Investigation Committee under the Ministry of Justice. This team will be responsible for designing the committee's organization and operational plans, as well as gathering preliminary data to support the committee's activities. Justice Minister Jeong Seong-ho stated, "The announcement of the Pro-Japanese Property Confiscation Act has reestablished the institutional foundation for recovering pro-Japanese assets. The Ministry of Justice will work closely with relevant ministries to ensure that the newly initiated committee launches without any issues and receives the necessary support and preparation."* This article has been translated by AI. 2026-06-02 14:57:00

HK Inno.N's Beauty Brand B-Wants Launches at Olive Young in the U.S. HK Inno.N announced that its slow-aging skincare brand, B-Wants, will be available at the Olive Young store in Pasadena, California, as well as on its online platform. This entry into the U.S. beauty market represents more than just an expansion of sales; it is a strategic move to establish a global business foundation. With this launch, B-Wants aims to target local consumers in the U.S. The brand will showcase its flagship product, the Peptide-X Firming Eye Serum Stick, along with the Seaweed PDRN Glow Peel-Off Jelly Mask, Cica Collagen Moisture Serum, and Deep Toning Glutathione Ampoule Serum. The Olive Young Pasadena store, which opened on May 29, is the first U.S. location. To celebrate the store opening, B-Wants is participating in a "Grand Opening Deal" event, offering a 40% discount on three products: the Seaweed PDRN Glow Peel-Off Jelly Mask, Cica Collagen Moisture Serum, and Deep Toning Glutathione Ampoule Serum, available until June 11. A representative from HK Inno.N's beauty division stated, "Through this launch, we will expand consumer touchpoints and strengthen brand recognition in the U.S. market."* This article has been translated by AI. 2026-06-02 14:51:00

K-pop boy band SEVENTEEN Land at No. 7 on Billboard's Midyear Top Tours chart SEOUL, June 2 (AJP) - K-pop boy band SEVENTEEN ranked seventh on Billboard's midyear Top Tours chart, according to the biannual rankings compiled by the American music magazine. In the chart tracking the highest-grossing concert tours worldwide over the six-month period, the 23-member band generated about US$88 million from 25 shows during the tracking period from Oct. 1, 2025 to March 31, 2026. According to the group's agency Pledis Entertainment, their ranking was the highest among any K-pop act, drawing more than 574,000 concertgoers during the period. SEVENTEEN launched their world tour in September last year before wrapping it up with encore concerts in Incheon in April. Among fellow K-pop acts, girl group TWICE came next, placing 12th with about $58.3 million in revenue from 28 shows and more than 434,000 attendees. Another boy band TOMORROW X TOGETHER ranked 15th, earning about $53 million from 20 shows and drawing more than 412,000 concertgoers. Meanwhile, American singer Lady Gaga topped the overall chart with about $236.2 million in revenue, followed by Puerto Rican rapper Bad Bunny with about $230.3 million. 2026-06-02 14:50:41

Anthropic Leads AI IPO Race with $1.4 Trillion Valuation Anthropic has taken the lead in the race for an initial public offering (IPO) among AI companies by submitting a confidential S-1 registration statement to the U.S. Securities and Exchange Commission (SEC). On June 1, Anthropic officially announced that it had submitted the draft for its common stock offering to the SEC. The number of shares and the offering price have yet to be determined, and the timing of the IPO will depend on market conditions. The company is expected to go public in October 2026 and has enlisted the law firm Wilson Sonsini, which managed Google’s IPO in 2004, to expedite its preparations. This confidential filing comes less than a week after Anthropic raised $65 billion in a Series H funding round, establishing its valuation at $965 billion. During the Series H announcement, the company reported an annualized revenue of $47 billion, a significant increase from last year's $10 billion. Anthropic's valuation of $965 billion surpasses OpenAI's valuation of $852 billion as of March, setting a new record for AI companies. Founded in 2021 by researchers from OpenAI, Anthropic focuses on its flagship products, the Claude family of large language models and the coding assistant Claude Code. Anthropic's advantage in the IPO race against OpenAI is attributed to structural issues. OpenAI has not yet completed its transition from a nonprofit to a for-profit entity, which could delay its IPO schedule. This situation increases the likelihood that Anthropic will be the first AI company to debut in the public market. Anthropic aims to reach profitability by 2028, two years ahead of OpenAI's target of 2030, which has led to positive assessments of its financial health. Elon Musk's SpaceX is also set to begin a roadshow on June 4, aiming to raise approximately $75 billion with a target valuation of $1.75 trillion. The simultaneous visibility of IPOs from Anthropic, OpenAI, and SpaceX is raising expectations for a robust U.S. IPO market. Goldman Sachs predicts that if major deals like SpaceX, OpenAI, and Anthropic materialize, the total amount raised from U.S. IPOs this year could reach a record $160 billion, nearly four times the amount raised the previous year. South Korean companies have significant exposure to Anthropic. SK Telecom invested about $100 million in Anthropic in August 2023 to establish a strategic partnership, when Anthropic's valuation was around $5 billion. Following the Series H funding, the value of SK Telecom's stake is estimated to be as high as 4 trillion won, suggesting a potential return of over 20 times the initial investment. Samsung Electronics and SK Hynix also participated as "strategic infrastructure partners" in the Series H round, securing stakes, although the investment amounts were not disclosed. Industry insiders suggest that Samsung's role may extend beyond memory supply to include the production of custom AI chips for Claude. Anthropic's announcement noted that its partners' technologies play a crucial role in both memory and storage as well as logic chip supply. * This article has been translated by AI. 2026-06-02 14:48:00