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SpaceX debut drains capital from South Korea as KOSPI falls for 2nd day SEOUL, June 11 (AJP) - South Korea's benchmark KOSPI opened about 4 percent lower on Thursday, falling for a second straight session as foreign investors pulled money out ahead of SpaceX's record Nasdaq listing slated for Friday. The index dropped 316.2 points to 7,414.6 within minutes of morning trading, pulling further away from the 8,000 level it had only reclaimed days earlier. Investors see the world's largest-ever IPO acting as a magnet for global capital, drawing money out of markets such as South Korea, where foreign investors have been net sellers for an extended stretch of weeks, and into a debut that offers one of the year's marquee growth stories. Foreigners sold a net 196.0 billion won, while domestic institutions and individuals absorbed the selling, buying 81.2 billion won and 112.5 billion won. The sell-off has hit chipmakers, which are among the most heavily held by foreign investors. SK hynix dropped 4.0 percent to 1,966,000 won ($1,290) and Samsung Electronics fell 4.6 percent to 288,750 won ($190), the most liquid positions in the market and the first to be sold when investors raise cash for a new bet. Declines swamped the board, with 689 stocks falling against 157 gainers. Additionally, two shocks have sharpened the retreat, a hotter-than-expected U.S. inflation reading and the prolonged conflict in the Middle East, but neither fully explains an outflow that began well before this week and now appears to be shifting decisively toward Nasdaq-listed assets. The junior KOSDAQ held up better, slipping 2.9 percent to 923.5, reflecting how concentrated the selling was in the large-cap, foreign-held stocks that are easiest to convert to cash. It was further fueled by a slightly stronger won, which traded at around 1,524 against the dollar, making dollar-denominated assets more attractive for South Korean investors and encouraging a shift of funds toward the listing. But the impact was regional. In Tokyo, the Nikkei 225 fell 2.0 percent to 62,901.9, while Chinese markets had yet to open after the Shanghai Composite closed slightly lower on Wednesday, leaving South Korea, the most foreign-dependent market in Asia, the most exposed as capital continues to withdraw. Whether the outflow eases once SpaceX begins trading or deepens into a broader retreat from Seoul is now the question hanging over the market. 2026-06-11 09:43:16 -
Samsung Expands 'Bespoke AI Steam' Lineup, Accelerating Robot Vacuum Popularity Samsung Electronics is accelerating the popularization of K-robot vacuums with the launch of a standard model of its 'Bespoke AI Steam' series, which combines premium performance with practicality.On June 11, the company announced that it has expanded consumer options for the 'Bespoke AI Steam' series by introducing this standard model, following the earlier releases of the 'Bespoke AI Steam Ultra' and 'Bespoke AI Steam Plus' earlier this year.The new standard model retains the core features of the 'Bespoke AI Steam' series while offering a more affordable price.Specifically, it includes features that consumers prefer, such as the 'Steam Cleaning Station' for hygienic management of mops through high-temperature washing, steam sterilization, and hot air drying; the 'Easy Pass Wheel' that can overcome single thresholds up to 45mm in height; and the 'Pop Out Combo' function for wall-adjacent cleaning with an extended brush and mop.The new product is equipped with Samsung's security solution, Knox, allowing consumers to use it without concerns about personal data leaks.The 'Bespoke AI Steam' robot vacuum has received the highest security rating of 'Diamond' from UL Solutions, a global certification body, based on Knox technology, officially recognizing the product's security reliability.Meanwhile, the 'Bespoke AI Steam' robot vacuum surpassed 20,000 units sold in May, gaining popularity in the domestic robot vacuum market.Notably, it has been selected as the first robot vacuum option for a large-scale apartment complex with 1,875 units scheduled for sale in July in Bugok-dong, Uiwang City, expanding its reach into the B2B market. Residents who choose the 'Bespoke AI Steam Ultra' model will receive the product along with furniture installation services.Kim Yong-hoon, Senior Vice President of Samsung Electronics Korea, stated, "By launching the standard model of 'Bespoke AI Steam' with competitive pricing and performance, we aim to lead the popularization of K-robot vacuums and further strengthen our market competitiveness."* This article has been translated by AI. 2026-06-11 09:42:00 -
Bithumb Launches 'AI Trade Kit' for Easy Trading with AI Bithumb announced on June 11 that it has launched the 'AI Trade Kit' service, allowing users to trade easily through conversations with generative AI such as Claude, ChatGPT, and Gemini.The AI Trade Kit enables users to interact with AI to perform tasks ranging from checking prices to executing actual trades via Bithumb's Open API. Users can make simple inquiries or conditional orders using everyday language, such as "Tell me which stocks are surging" or "Buy one Ethereum at 2 PM," without needing complex coding or procedures.With this kit, users can also build an 'automated trading bot' that responds to the market 24/7. This development allows general investors to create automated trading programs, which were previously considered the domain of professional developers, enabling them to respond to market changes seamlessly.A Bithumb representative stated, "This service is designed to allow general investors without specialized knowledge to utilize generative AI for everything from price checks to automated trading. We will continue to expand the trading environment with a focus on convenience and safety."Meanwhile, Bithumb is concentrating on AI transformation by implementing AI agents for data collection and analysis, report generation, development, and customer service.* This article has been translated by AI. 2026-06-11 09:42:00 -
K-Content Expands in Europe with 40,000 Attendees in LA The Korea Creative Content Agency announced that the "2026 K-EXPO FRANCE: All about K-Culture" will take place from June 16 to 19 at the Palais des Congrès and Le Méridien Étoile hotel in Paris. This event aims to expand the success of the K-Expo held in Los Angeles last month, which attracted over 40,000 visitors in just two days. The LA event broadened its scope beyond K-Pop and content to include food, beauty, and various aspects of K-style. Domestic companies engaged in over 500 business consultations and signed more than 30 agreements with local firms. From June 16 to 18, the Palais des Congrès will host a business-to-consumer (B2C) exhibition featuring K-Pop performances. Netflix Korea will showcase collaborations with major domestic companies such as Kumho Tire, Kia, and Nongshim. Twelve AI content companies, including CJ ENM, will present the latest AI content in a cinema concept. Attendees can experience interactive content based on extended reality (XR), augmented reality (AR), and AI in the K-Tech Connect area. The K-Beauty Boutique will feature the Korea Cosmetic Industry Institute, the only research institution specializing in cosmetics in the country, along with companies like Cosway and Fusion Bio, presenting the latest trends in K-Beauty. The K-Food Market will include participation from the Korea Agro-Fisheries & Food Trade Corporation and Nongshim, offering experiences such as tasting Han River ramen, seafood products, and demonstrations of easy-to-prepare rice tteokbokki, showcasing the diversity of K-Food. In the K-Collaboration Zone, attendees can experience the fusion of Korean technology and tradition with the European luxury industry. The Ice Staging exhibition will vividly recreate the collaboration between traditional Korean mother-of-pearl artisans, contemporary art sensibilities, and the French luxury fashion brand Louis Vuitton using XR and virtual reality (VR) technologies. On the evening of June 17, the "K-Pop Concert: Inkigayo in Paris" will feature six K-Pop artist groups, including SHINee's Taemin, MONSTA X, NCT Wish, 82Major, Stella Jang, and Hats to Hearts, at the Palais des Congrès. From June 18 to 19, Le Méridien Étoile hotel will host an export consultation meeting for businesses. Forty-six domestic companies will participate, engaging in one-on-one export consultations with over 100 major broadcasting, webtoon, distribution, and OTT companies in Europe. 2026-06-11 09:42:00 -
New Hope for Patients with Incurable Cancer as Asan Medical Center Breaks Ground on Largest Heavy Ion Therapy Center in Korea Asan Medical Center has officially begun construction on the largest heavy ion therapy center in South Korea. Scheduled to be operational by 2031, the center aims to provide personalized precision medicine for patients with incurable cancers and offer new treatment opportunities.On June 11, Asan Medical Center held a groundbreaking ceremony for the heavy ion therapy center, marking the first step in introducing state-of-the-art cancer treatment equipment.The new center will span a total area of 39,502 square meters (approximately 11,949 pyeong) and will consist of a 12-story building (three underground and nine above ground). It will be the largest heavy ion therapy center in the country, featuring two rotating treatment machines and one fixed treatment machine, all equipped with the latest technology.Heavy ion therapy is a radiation treatment method that accelerates ions, such as carbon, to nearly the speed of light and precisely targets cancer cells with heavy ion beams. This method is reported to be 2 to 3 times more powerful than conventional radiation therapy while minimizing damage to normal tissues by focusing on cancer cells.Notably, Asan Medical Center's heavy ion therapy equipment will utilize a multi-ion beam system that incorporates not only carbon ions but also helium, neon, and oxygen. This advancement is expected to minimize damage to healthy tissues and effectively eliminate resistant tumors, making it applicable for pediatric tumors as well.The therapy is anticipated to provide new hope for patients with difficult-to-treat cancers, including pancreatic cancer, lung cancer resistant to existing treatments, sarcomas, kidney cancer, and recurrent cancers.An official from Asan Medical Center stated, "The heavy ion beam has a wider irradiation range and a higher dose rate compared to existing treatment machines, allowing for treatment over a larger area in a shorter time, significantly reducing the burden on patients."Additionally, Asan Medical Center plans to implement an imaging guidance system using CT equipment to accurately reflect changes in tumor size and position during treatment, enabling personalized treatment for patients.Jung Mong-joon, Chairman of the Asan Foundation, remarked, "Many patients continue to suffer from incurable diseases. The introduction of heavy ion therapy equipment, which offers new treatment opportunities for patients with difficult cancers, is a way to carry on the legacy of my late father, Chung Ju-yung, the founder."Park Seung-il, President of Asan Medical Center, expressed, "We expect this to not only enhance treatment outcomes for cancer patients but also significantly strengthen the global competitiveness of Asan Medical Center." 2026-06-11 09:36:00 -
Kakao Bank Expands Inclusive Finance with 1.2 Trillion Won in Alternative Credit Loans Kakao Bank is expanding inclusive finance through an alternative credit assessment model (CSS) that utilizes non-financial data. On June 11, Kakao Bank announced it has provided an additional 1.2 trillion won in loans for individuals with mid to low credit ratings using this alternative credit assessment model. In the second half of 2022, Kakao Bank became the first in the industry to establish its unique credit scoring model, the 'Kakao Bank Score,' by utilizing pseudonymized combined data from the Kakao community, Lotte Members, Kyobo Bookstore, and the Financial Settlement Institute. This model has been applied in credit loan evaluations, enhancing the ability to assess individuals with mid to low credit ratings and 'thin files' (those with insufficient financial history). In the area of loans for small business owners, Kakao Bank is operating a specialized credit assessment model that uses business location information. This model is aimed at improving the accuracy of credit assessments for borrowers in sectors like food service and online selling, where traditional evaluation methods have struggled. According to Kakao Bank, since the introduction of the alternative credit assessment model in 2023, about 12% of mid to low credit loans processed were previously rejected under the old model but were approved through the new assessment based on alternative information. Thanks to the performance of this model, the total amount of mid to low credit loans issued by Kakao Bank has exceeded 16 trillion won since its launch in July 2017. Kakao Bank is also working to expand the use of its alternative credit assessment model externally. After signing a business agreement with NICE Information Service in June of last year, it began providing alternative credit assessment scores to some savings banks and capital companies this year. Kakao Bank anticipates that more than ten financial institutions will adopt this model for loan evaluations within the year. The goal is to broaden credit assessment opportunities for underserved financial groups through the expansion of the alternative credit assessment model. A Kakao Bank representative stated, "The expansion of the alternative credit assessment model will be key to establishing a fairer and more sophisticated credit evaluation system for consumers who have been marginalized by traditional credit assessment systems. We will continue our efforts toward innovation in credit assessment models and spread this throughout the financial sector to ensure more customers benefit from a new form of inclusive finance."* This article has been translated by AI. 2026-06-11 09:36:00 -
Semiconductor Exports Drive Record $28.6 Billion in June South Korea's exports have surged more than 80% compared to last year, reaching a record high of $28.6 billion in the first ten days of June, driven by a significant increase in semiconductor exports. The Korea Customs Service reported on June 11 that the preliminary export figure for June 1-10 was $28.635 billion, marking an 85.9% increase from the same period last year. This figure surpasses the previous record of $25.2 billion set in April. The average daily export amount during this period was $4.09 billion, a 46.1% increase, with the number of working days rising by 1.5 days to seven compared to last year. Semiconductors were the primary driver of this growth, with exports reaching $11.068 billion, a staggering 205.8% increase. This is the highest figure recorded for the June 1-10 period. Analysts attribute the surge to a rebound in memory prices and increased demand for AI semiconductors, particularly high-bandwidth memory (HBM). Semiconductors accounted for 38.7% of total exports, up 15.1 percentage points from a year ago. In addition to semiconductors, exports of petroleum products rose by 68.7%, ships by 52.0%, steel products by 39.1%, and passenger cars by 25.4%, all contributing to the record export figures. Exports of computer peripherals also soared by 259.4%, driven by increased demand and rising prices for solid-state drives (SSDs) used in AI servers. Exports to major markets saw significant increases, with China up 101.4%, the United States up 54.4%, Vietnam up 102.9%, Taiwan up 134.0%, and the European Union up 46.0%. The top three countries—China, the United States, and Vietnam—accounted for 47.3% of total exports. During the same period, imports rose by 35.6% to $23.352 billion. Notable increases were seen in imports of semiconductors (71.3%), semiconductor manufacturing equipment (52.2%), and machinery (21.2%). Energy imports, including crude oil, gas, and coal, surged by 39.9% compared to last year. Crude oil imports alone increased by 42.9% to $3.032 billion, influenced by rising international oil prices amid instability in the Middle East and a strong won-dollar exchange rate. Imports from China (57.4%), the United States (34.6%), the European Union (20.9%), Japan (31.3%), and Taiwan (43.6%) all saw increases. With exports exceeding imports, the trade balance recorded a surplus of $5.282 billion.* This article has been translated by AI. 2026-06-11 09:36:00 -
OpenAI CEO Sam Altman to Speak on AI Innovation at Samsung Electronics Sam Altman, CEO of OpenAI, is visiting South Korea to discuss the application of artificial intelligence (AI) with employees of Samsung Electronics. This comes as Samsung plans to expand the use of external generative AI services across its operations, with the DX division leading the charge in AI-driven workplace innovation. According to the Chosun Ilbo on June 11, Samsung Electronics announced that Altman will participate in a "DX Insight Talk" at its Suwon facility on the morning of June 15. This event is timed with Samsung's formal introduction of external generative AI services, such as ChatGPT, Gemini, and Claude, into its business processes. Samsung has previously taken a cautious stance on using external generative AI due to security concerns. However, with the recent official launch of its AX initiative, aimed at transforming workplace operations through AI, the company is broadening its scope for utilizing external AI services. The Chosun Ilbo reported that starting June 12, Samsung's DX division will allow employees to use three types of enterprise AI, including ChatGPT, Gemini Enterprise, and Claude, enabling them to leverage multiple AI models based on their work needs. Samsung's own "Gauss AI" will also be used alongside these external services. The company plans to utilize Gauss for its specialized functions tailored to internal tasks, adopting a dual-track approach with both external generative AI and its in-house solution. Industry observers note a growing trend among companies to adopt a multi-model strategy, utilizing various AI models like ChatGPT, Claude, and Gemini according to specific business needs, rather than relying on a single AI model. Through the introduction of external generative AI, Samsung aims to enhance productivity and decision-making speed. No Tae-moon, head of Samsung's DX division, has indicated that the adoption of external generative AI will mark a turning point in how work is conducted and the pace of execution. The DS division, responsible for semiconductors, plans to gradually expand its use of external AI. According to the Chosun Ilbo, the DS division is currently using Anthropic's Claude and will begin using ChatGPT on June 12, with plans to introduce Google's Gemini later this year.* This article has been translated by AI. 2026-06-11 09:36:00 -
Woori Bank Develops Digital Wallet for Foreign Tourists Woori Bank announced on June 11 that it has signed a memorandum of understanding (MOU) with fintech startup CrossHub to improve payment convenience for foreign visitors and develop joint services.The agreement aims to reduce the inconveniences foreign tourists face when using domestic financial and payment services. The two companies plan to jointly develop a 'digital wallet exclusively for foreigners,' targeting a launch in the second half of the year. This service will allow foreign customers to register their passport information and payment methods just once, enabling easy payments across major domestic platforms for transportation, delivery, and shopping without additional authentication. Additionally, they plan to introduce a prepaid card specifically for foreigners that can be loaded with their home currency for use in South Korea.They will also conduct tests of a domestic payment environment utilizing foreign currency-based stablecoins. This initiative aims to verify the feasibility of building a payment infrastructure that enhances convenience for foreign customers. CrossHub is a participant in Woori Financial Group's startup collaboration program, 'DinoLab,' and has been recognized as a 'Global ICT Future Unicorn' by the Ministry of Science and ICT after winning the CES 2026 Innovation Award.Woori Bank intends to expand practical collaboration with companies nurtured through DinoLab and continuously explore new financial service models in partnership with innovative startups.Lee Chang-hwan, head of Woori Bank's Digital Innovation Division, stated, "This collaboration aims to enhance financial accessibility and payment convenience for foreign visitors. We will continue to expand partnerships with innovative startups and strengthen our digital financial competitiveness through the validation of future financial technologies."Meanwhile, Woori Bank is expanding its specialized services for foreigners, including new financial and communication services and prepaid cards.* This article has been translated by AI. 2026-06-11 09:30:00 -
BNK Busan Bank Launches Mobile-Based Retirement Pension Enrollment Service BNK Busan Bank has introduced a mobile-based retirement pension enrollment service, becoming the first in the financial sector to do so. This service allows corporate clients to complete the enrollment process entirely via smartphone without visiting a branch. The bank announced on June 11 that it has officially launched this service. It enables corporate clients to carry out the entire process—from application to agreement on terms and registration of investment products—on their mobile devices. During the enrollment process, bank staff can monitor clients' progress in real-time, providing remote consultation and support. This hybrid approach combines simple online registration with personalized assistance. To enhance the security and internal control of corporate financial transactions, Busan Bank has implemented a delegation process that allows only designated representatives of the company to proceed with the enrollment. With this new service, Busan Bank aims to improve convenience for corporate clients while also reducing the paperwork burden on branch offices, thereby increasing operational efficiency. The bank believes it can effectively respond to the government's initiatives to promote retirement pension systems and the growing demand for non-face-to-face financial services. Choi Jae-young, head of the WM/Pension Group at Busan Bank, stated, "With the launch of the mobile-based retirement pension enrollment service, we have enhanced accessibility and convenience for our corporate clients. We will continue to expand differentiated digital pension services to drive customer-centric financial innovation."* This article has been translated by AI. 2026-06-11 09:30:00