Concerns Rise Over IPO Slowdown Amid 3% Rule Discussions The Korea Exchange is set to announce guidelines prohibiting dual listings, with the criteria for exceptions being a key focus for the business community. Among the options being considered are special resolutions at shareholder meetings, the 3% rule, and majority voting by minority shareholders (MoM), with the 3% rule emerging as the most likely candidate. Companies are preparing strategies that account for the possibility of dual listings being excluded altogether. According to industry sources on June 4, the government and the Korea Exchange have established a fundamental principle that any subsidiary seeking to go public must obtain prior consent from the parent company's shareholders. The challenge lies in determining the level of consent required from parent company shareholders. Given the significance of separating a parent company's new business into a standalone entity for listing, there is consensus among officials and academics that a more stringent approval process than a standard shareholder meeting resolution is necessary. The Korea Exchange postponed the release of the guidelines from April to June, conducting several closed meetings and public seminars to gather feedback. It is now reportedly deliberating three main proposals. One possibility is to apply the requirements for special resolutions at shareholder meetings, which typically require approval from two-thirds of attending shareholders and at least one-third of the total issued shares. However, considering that major shareholders and related parties often hold 30% to 50% of shares in domestic companies, experts predict that the voting will likely favor the controlling shareholders over minority shareholders, making the adoption of this option unlikely. Academics argue that to effectively protect minority shareholders, the MoM system would be the most effective approach. MoM refers to obtaining majority approval at a shareholder meeting attended only by general shareholders, excluding the controlling shareholders. However, this method faces practical challenges, such as meeting quorum requirements without the controlling shareholders present, making its adoption seem improbable. The most viable option appears to be the 3% rule, which limits the voting rights of controlling shareholders to a maximum of 3% during shareholder meetings concerning subsidiary listings. This approach has already been implemented under the amended Commercial Act, providing legal legitimacy and ease of application. The business community believes that if any option other than special resolutions is adopted, dual listings for parent companies in the domestic market will become virtually impossible. This is due to the anticipated time and costs required to secure support from half of domestic and international institutions and minority investors. Many companies have begun preparing responses, assuming the prohibition of dual listings is a foregone conclusion. SK Group, for instance, had planned an IPO for SK Eco Plant, raising 600 billion won from financial investors (FIs) in 2022, but has since decided to withdraw amid dual listing controversies and will repay the related funds to FIs. The group has also been repurchasing FI shares in SK Enmove and SK On to adjust the timing of its IPO. HD Hyundai Group faces challenges with HD Hyundai Robotics, which was spun off from HD Hyundai and is pursuing a technology-based listing. This case exemplifies the type of dual listing that the new guidelines would prohibit. HD Hyundai Robotics raised 180 billion won from domestic FIs, including the Korea Development Bank, raising concerns about the financial burden on its parent company, HD Hyundai, to repay these funds. LS Group is also grappling with its decision to withdraw the listing of LS E6 Solutions in January. The group had secured approximately 300 billion won from FIs with the condition of going public by 2030. Given that LS E6 Solutions was originally a Nasdaq-listed company, it may pivot towards the U.S. market. LS MnM, a key affiliate, is also targeting an IPO by 2027, suggesting that LS Group may implement a robust exit strategy linked to the recovery of FI funds starting in the second half of this year.* This article has been translated by AI. 2026-06-05 05:03:00

Turkey's Foreign Minister Calls for Cooperation with South Korea to Stabilize Global Order Hakan Fidan, Turkey's Foreign Minister, urged South Korea and Turkey to actively collaborate to restore the collapsing international cooperation framework and stabilize the fragmented global order. In a keynote address at the 143rd International Policy Forum at Korea University in Seoul on June 4, Fidan diagnosed that the outdated international order centered around major powers has shown its limitations. He emphasized that capable middle powers like South Korea and Turkey, with diverse backgrounds, must step forward to lead new diplomatic agreements to untangle the complex knots of current global issues. Fidan pointed out the structural contradictions facing the international community today. Over the past 80 years, numerous international organizations and treaties have been established, yet in the face of significant crises, the world remains deeply divided and has lost a sense of common purpose. He cautioned against narrowly interpreting the current situation as merely a security crisis. Relying on outdated tactics of military deployment or deterrence cannot resolve fundamental issues; rather, the essence of the crisis lies in the collapse of the international cooperation system itself. A recent example is the armed conflicts spreading in the Gulf region, centered around Iran, which pose significant threats to global economic and strategic stability. Turkey is actively engaging in diplomatic channels with countries like Pakistan and Indonesia to mediate between the United States and Iran to prevent further escalation. The ongoing war in Ukraine, now in its fifth year, starkly illustrates the ineffectiveness of the international community. Fidan criticized recent medium-range missile strikes near the borders of the European Union and NATO as an unacceptable escalation, warning of the risk of the conflict spreading throughout Europe. Ukrainian forces continue to target Russian ground communications, disrupting enemy logistics. As the war shows no signs of ending, European leaders face intense pressure to expedite Ukraine's accession to the European Union as a foundation for future peace agreements. The situation in Gaza starkly reveals the failures of the collapsed international order. The Foreign Minister characterized the international community's inability to prevent the ongoing tragedy as a severe legitimacy crisis. He explained that a system that cannot uphold universal human principles is destined to fail, and even countries that have benefited from the existing order now confront crises at their own doorsteps. In a multipolar world, no single country can bear the burden of global crises alone. Fidan analyzed that the roles of middle powers like South Korea and Turkey have become increasingly important in this dynamic. When two countries with different social and geographical backgrounds transcend the narrow interests of a single power bloc, they can forge solid agreements. To achieve tangible diplomatic outcomes, Fidan argued that regions must take the initiative to reform outdated systems. He also criticized the veto power system of the United Nations Security Council as an outdated monopoly of power by major countries, reiterating that the world is larger than just five nations. Hakan Fidan, who served as the head of Turkey's National Intelligence Organization for 13 years, was appointed Foreign Minister in 2023. In closing, he noted that when the concept of collective security was tested in the Korean Peninsula in the past, South Korea and Turkey stood shoulder to shoulder militarily.* This article has been translated by AI. 2026-06-04 23:51:00

South Korea and Canada Discuss Defense Cooperation Amid Submarine Project Ahn Gyu-baek, South Korea's Minister of National Defense, held a call with David McGuinty, Canada's Minister of National Defense, on June 4 to discuss key defense issues and cooperation between the two nations. According to the Ministry of National Defense, the ministers praised the recent docking of South Korea's 3,000-ton submarine, the Dosan Ahn Chang-ho, at Canada's Victoria base, along with the ongoing joint training exercises between their navies. Both ministers agreed that these exercises enhance interoperability between their navies and reaffirm their shared commitment to maintaining peace and stability in the Indo-Pacific region. Ahn expressed deep gratitude to McGuinty and the Canadian Ministry of National Defense for their generous support in ensuring the success of the training. He also expressed hope for closer collaboration between South Korea and Canada in submarine projects, security, defense industry, and broader industrial cooperation. The ministers recalled the outcomes of the Korea-Canada Foreign Affairs and Defense (2+2) Ministerial Meeting held in February and agreed to continue multilateral cooperation on global security issues and defense and defense industry collaboration. Currently, Hanwha Ocean is competing for the Canadian Submarine Replacement Project (CPSP), valued at 60 trillion won, alongside ThyssenKrupp Marine Systems (TKMS) from Germany, having made it to the shortlist of qualified candidates. 2026-06-04 23:00:00

Voting Ballots Blocked for 19 Hours Amid Allegations of Election Fraud Protesters Gather at Jamsil Polling Station Over Ballot Shortage Supporters of individuals alleging election fraud have gathered at a polling station in Jamsil 7-dong, Songpa District, Seoul, where a ballot shortage has occurred. They have been protesting for two days, blocking the removal of ballot boxes. According to Yonhap News Agency, as of 7 p.m. on June 4, approximately 600 people, including conservative YouTubers and citizens, were gathered around the polling station set up at the Wuseong Apartment community center. They are demanding the preservation of two ballot boxes containing around 2,000 ballots. Elected Officials Prepare for Terms After Local Elections Following the nationwide local elections on June 3, newly elected regional leaders are beginning preparations for their terms. On June 4, they received their certificates of election, formalizing their status as elected officials, with some starting to form transition teams. The National Election Commission reported that local election offices across the country issued certificates to the newly elected officials on this day. Choo Mi-ae, the newly elected governor of Gyeonggi Province and the first woman to hold such a position in South Korea, paid her respects at the Hyeonchung Tower in Suwon in the morning and received her certificate from the Gyeonggi Election Commission in the afternoon. Park Chan-dae, the newly elected mayor of Incheon, also attended the certificate presentation at the Incheon Election Commission. Lee Cheol-woo, the newly elected governor of North Gyeongsang Province, and Park Wan-soo, the newly elected governor of South Gyeongsang Province, received their certificates and returned to their respective offices. Korea's Tariff Burden Drops from 3rd to 6th Place in U.S. Trade Since the announcement of the U.S. mutual tariff policy in April last year, South Korea's effective tariff rate ranking for exports to the U.S. has improved. In the second quarter of 2025, South Korea ranked third among the top ten exporting countries to the U.S., but by the first quarter of this year, it had dropped to sixth place, indicating a reduction in tariff burdens. According to an analysis of customs statistics by the Korea Chamber of Commerce and Industry, South Korea's exports to the U.S. in the first quarter of this year amounted to $36.74 billion, with a tariff amount of $3.2 billion and an effective tariff rate of 8.7%. This is significantly lower than China's rate of 26.4%. South Korea ranked sixth among the top ten exporting countries to the U.S., following India (14.1%), Japan (11.2%), Germany (10.3%), and Vietnam (9.9%). In the first quarter of this year, South Korea's tariff amount for exports to the U.S. was $3.2 billion, ranking seventh among the top ten exporting countries. The implementation of a 10% general tariff on U.S. imports in April last year and the introduction of item-specific tariffs on automobiles and parts (25%) and steel and aluminum (50%) peaked in the third quarter. However, it is believed that the reduction in tariffs resulted from the conclusion of tariff negotiations between South Korea and the U.S., which led to a decrease in automobile tariffs to 15% starting in November last year. Compared to China's tariff amount of $16.58 billion, South Korea's performance is considered satisfactory. Samsung Union Leader Warns of Government Mediation During Strike Choi Seung-ho, chairman of the Samsung Electronics labor union, has faced criticism for not taking responsibility even after a wage negotiation agreement was reached for the next year. He has attributed internal dissatisfaction with the agreement to 'government pressure' and is accused of avoiding conflict with the DX division. On June 4, industry sources reported that Choi stated in a recent internal message, "If there is a strike, the government will intervene within 30 minutes, and adjustments reflecting operating profit will not be possible." This suggests that the possibility of urgent government mediation influenced the Samsung Electronics union's decision to accept the tentative wage agreement for 2026. Choi also mentioned that regarding the deferral of performance bonuses for loss-making divisions, "A one-year deferral was tentatively agreed upon as the bottom line by the joint action headquarters." He added, "I would like to provide more explanation about the tentative agreement, but there was a request to do so within a day." Potential Presidential Candidates Emerge Following Local Elections With the results of the June 3 local elections and the by-elections for the National Assembly confirmed on June 4, potential presidential candidates are beginning to emerge. Among the ruling party, Jeong Cheong-rae, leader of the Democratic Party, and Choo Mi-ae, the newly elected governor of Gyeonggi Province, are being mentioned as contenders. From the opposition, Oh Se-hoon, the newly elected mayor of Seoul, and Han Dong-hoon, the newly elected representative of Busan's Buk-gu, are also being discussed as potential candidates. Jeong demonstrated his leadership by leading the Democratic Party to victory in this election. Although the party lost the highly contested Seoul area, it achieved significant success by winning 12 out of 16 regional governor elections. The party also retained nine seats in the by-elections. Notably, Jeong successfully defended Jeollabuk-do, a region previously classified as a weak area for the party. The election in Jeollabuk-do was marred by allegations of bribery against independent candidate Kim Kwan-young and controversies surrounding the meal expenses of elected official Lee Won-taek, leading to a hunger strike by lawmaker Ahn Ho-young, who was later hospitalized after demanding a re-investigation of Lee. * This article has been translated by AI. 2026-06-04 21:45:00

Ruling Reverses Initial Denial of User Status for Jungheung Construction The Central Labor Commission has overturned a previous ruling by a local labor committee that denied user status to Jungheung Construction and Jungheung Engineering, marking the first reversal since the implementation of the Yellow Envelope Law. The commission determined that the companies must negotiate with subcontractor unions on issues related to industrial safety. On June 4, the Central Labor Commission canceled the Jeonnam Regional Labor Committee's decision to dismiss a request by the Korean Tower Crane Operators Union, affiliated with the Korean Confederation of Trade Unions, for a correction regarding the obligation to announce negotiation demands. The commission recognized the primary user's obligation to make such announcements. This case is significant as it represents the first determination of user status following the enactment of the Yellow Envelope Law, which amended Articles 2 and 3 of the Labor Union Act on March 10. The Jeonnam committee had previously denied user status, but the Central Labor Commission reversed that decision. The commission acknowledged the primary user's responsibility regarding industrial safety and working conditions, stating, "It is difficult for subcontractors, such as tower crane rental companies, to independently eliminate all harmful and dangerous factors related to tower crane operations and to implement structural improvements like safety equipment installation and dismantling." It further asserted that the primary user has a substantial and concrete position to control and determine safety-related issues, thus requiring them to announce the subcontractor union's negotiation demands. However, the commission did not recognize user status concerning wage-related issues. It concluded that while labor and management can negotiate autonomously to improve wage systems, the primary user does not have a substantial and concrete position to control and determine these matters. The union has argued that tower crane operators receive direct instructions and oversight from the primary user, seeking recognition of user status. In contrast, Jungheung maintains that operators have significant autonomy during their work and that the primary user does not provide direct instructions or management. Previously, the union requested collective bargaining with Jungheung Engineering and Jungheung Construction, but after the companies did not respond, the union filed a request for a correction with the Jeonnam committee on March 24. The committee dismissed the request on April 10, stating it could not recognize the companies' user status, prompting the union to appeal to the Central Labor Commission. Should Jungheung Construction and Jungheung Engineering contest this decision, they may file an administrative lawsuit within 15 days of receiving the ruling. This determination is expected to set an important precedent for future labor committee and court decisions regarding the scope of user status under the Yellow Envelope Law. In contrast, the Gyeongbuk Regional Labor Committee has accepted a similar request from the National Construction Workers Union against POSCO E&C, recognizing the primary user's status in that case.* This article has been translated by AI. 2026-06-04 21:42:00

NVIDIA's Jensen Huang to Meet with NCSoft's Kim Taek-jin and Krafton's Chang Byung-kyu to Discuss AI Collaboration Jensen Huang, CEO of NVIDIA, is set to meet with leaders from South Korea's gaming industry to discuss potential collaborations in artificial intelligence (AI) during his visit to the country. The partnership between NVIDIA and local gaming companies, which has primarily focused on graphics processing units (GPUs) and game development, is now expanding into the realms of physical AI and robotics. According to the gaming and information technology sectors on June 4, Huang is scheduled to meet with NCSoft CEO Kim Taek-jin and Krafton Chairman Chang Byung-kyu starting June 5. It is expected that key AI leaders from both companies will also attend the meeting. For Krafton, this includes Chief AI Officer Lee Kang-wook and Chang Tae-seok, who oversees the 'PUBG' intellectual property franchise. NCSoft is also likely to have AI executives present. The discussions are anticipated to center on collaborations based on physical AI. NVIDIA and South Korean gaming companies have maintained a long-standing partnership centered around graphics cards, which is now evolving into cooperation on AI infrastructure and robotics technology. Huang is expected to meet with Kim on June 7 in Seoul to discuss collaborative opportunities in gaming and AI. During Huang's visit last October, NCSoft showcased games like 'Aion 2' at the NVIDIA GeForce Gamer Festival held in Seoul. NCSoft's AI subsidiary, NC AI, may serve as a key link in the physical AI collaboration. Earlier this year, NC AI formed a consortium with Samsung SDS and C-MAS to develop a robot foundation model (RFM). Krafton is also expected to hold a separate meeting with NVIDIA, although specific details regarding the date and location have not been disclosed. Krafton's newly established physical AI subsidiary, Ludo Robotics, is likely to be a focal point for discussions, particularly around humanoid robots and physical AI. Lee Kang-wook, who has been appointed as the representative of the Korean branch of Ludo Robotics, is leading the development of robot AI. Krafton previously visited NVIDIA's headquarters in California last April to discuss next-generation technology collaboration, including robotics. In the gaming sector, collaborations between Krafton and NVIDIA are ongoing with titles such as 'PUBG: Battlegrounds' and the simulation game 'inZOI.' In 'inZOI,' game characters utilize a 'smart joy' feature that allows them to think independently, while 'PUBG: Battlegrounds' features 'PUBG Ally,' which plays the game using NVIDIA's AI technology called 'Ace.' Additionally, Huang is reportedly discussing a meeting with Lee Sang-hyeok, known as 'Faker,' a player from the T1 League of Legends team. Last October, Huang introduced Faker via video message at the NVIDIA GeForce Gamer Festival, where the audience chanted his name. An industry insider noted, "While the relationship between NVIDIA and South Korean gaming companies was previously centered around GPUs, it is now expanding based on AI technology. If this meeting leads to collaboration in both in-game AI and physical AI, it could positively impact the technological competitiveness of the domestic gaming industry." * This article has been translated by AI. 2026-06-04 21:12:00

NVIDIA CEO Jensen Huang to Arrive in Seoul for Business Meeting Jensen Huang, CEO of NVIDIA, will arrive in South Korea on June 5 at 1 p.m. According to Yonhap News on June 4, an NVIDIA representative confirmed that Huang will enter the country through Gimpo Airport. Huang is expected to briefly share his thoughts upon arrival at the airport. This visit marks his first trip to South Korea in about seven months, following his last visit in late October of the previous year. After leaving the airport, Huang will head to a popular restaurant in Seoul for a dinner meeting with key executives from major domestic companies, where they will enjoy samgyeopsal (grilled pork belly) and soju. While the restaurant in Seongsu-dong was initially considered, there is a possibility that the location may change to a restaurant in Hongdae or Euljiro due to safety concerns and proximity to the airport. Attendees are expected to include Chey Tae-won, chairman of SK Group; Chung Eui-sun, chairman of Hyundai Motor Group; Koo Kwang-mo, chairman of LG Group; and Lee Hae-jin, chairman of Naver. Previously, in the last year, Jensen Huang held a notable "chicken and beer" meeting with Lee Jae-yong, chairman of Samsung, and Chung Eui-sun in Gangnam, which attracted significant attention. Following that meeting, Kkanbu Chicken franchises experienced a surge in visitors. Huang's visit comes amid expanding discussions on collaboration with domestic companies in the fields of AI semiconductors, physical AI, robotics, and cloud infrastructure. During his stay, he is expected to meet with major business leaders as well as startups to discuss potential partnerships in semiconductors, AI, and robotics.* This article has been translated by AI. 2026-06-04 21:09:00

Protests Continue Over Ballot Box Delays in Seoul Protests are ongoing at the Jamsil 7-dong polling station in Songpa-gu, Seoul, where supporters of election fraud allegations are blocking the removal of ballot boxes amid a ballot shortage. According to Yonhap News, as of 7 p.m. on June 4, approximately 600 people, including conservative YouTubers and citizens, gathered around the polling station set up at the Wuseong Apartment community center. They are demanding the preservation of two ballot boxes containing about 2,000 ballots. Unlike the previous day, the protest was calmer, with participants sitting in front of the polling station and listening to speakers. This contrasted with the heightened tension over the possibility of forced entry. Hwang Kyo-ahn, leader of the Liberty and Innovation Party, encouraged supporters to gather from the morning. When YouTuber Jeon Han-gil (real name Jeon Yu-gwan), a former history instructor, arrived, participants chanted his name. At around 6:45 p.m., Jeon took the microphone and stated, "A re-election must be conducted without fail. This location is more important than the National Election Commission in Gwacheon. We must protect the ballot boxes at all costs." However, he emphasized the need to avoid extreme actions, warning that noise from the protesters could provide justification for police intervention due to complaints from nearby residents. Douglas Frank, an American member of the 'Korea-U.S. Joint Election Fraud Investigation Team,' also attended the protest, claiming to investigate allegations of election fraud. He arrived in South Korea on May 28 with Professor Moss Tan (Korean name: Dan Hyeon-myeong) from Liberty University, who is under investigation for spreading false information related to President Lee Jae-myung. Earlier, the National Election Commission officially declared the end of voting at 11:50 p.m. the previous day. However, due to the ongoing protests, the ballot boxes have not been transported to the counting center for over 19 hours. Additionally, a constitutional complaint has been filed, claiming that the ballot shortage during the June 3 local elections infringed on fundamental rights, including the right to vote. The Constitutional Court has accepted the case regarding the alleged unconstitutionality of the ballot shortage during the 9th nationwide local elections.* This article has been translated by AI. 2026-06-04 20:54:00

Israel Continues Airstrikes Despite Ceasefire Agreement with Lebanon Israel and Lebanon have reached a new ceasefire agreement mediated by the United States, but Israel has announced it will continue military operations while maintaining troops in southern Lebanon. On June 4, Israeli Defense Minister Yoav Gallant stated that the Israel Defense Forces (IDF) would remain deployed in the so-called "buffer zone" in southern Lebanon to protect residents near the northern border. Gallant added, "The return of hundreds of thousands of southern Lebanese residents who left their homes after the fighting in March will not be permitted for the time being." He also asserted that Israel would continue to eliminate Hezbollah's military infrastructure within Lebanon, claiming, "Israel retains the freedom to act against attacks on its communities and territory, including striking Beirut." On the same day, the IDF urged residents of southern Lebanon to evacuate as airstrikes targeting Hezbollah facilities continued. Avichai Adraee, the IDF's Arabic spokesperson, warned in a statement, "The fighting in southern Lebanon targeting Hezbollah around you is ongoing," urging residents to evacuate. Lebanon's National News Agency reported that several areas in the south were bombarded by Israeli forces earlier that morning. Previously, Israel and Lebanon had agreed to a new ceasefire under U.S. mediation. According to the agreement, Hezbollah, which did not directly participate in the talks, is to cease attacks on Israel and withdraw its forces from areas south of the Litani River in southern Lebanon. The agreement also stipulates that the Lebanese Armed Forces will exercise exclusive control over the areas in southern Lebanon where Hezbollah has been active. The conflict escalated in early March when Hezbollah launched artillery fire across the Israeli border under the pretext of supporting Iran. In response, Israel conducted large-scale airstrikes and deployed ground troops. Meanwhile, President Donald Trump, after signing an executive order at the White House, commented on the prospects of the agreement, stating, "It may not happen, but if it does, it could happen over the weekend."* This article has been translated by AI. 2026-06-04 20:36:00

U.S. and Iran Struggle Over Financial Compensation in Peace Talks The United States and Iran are in a tug-of-war over a memorandum of understanding (MOU) regarding peace negotiations, with financial compensation emerging as a key sticking point. Iran demands immediate financial support upon agreement, while the U.S. maintains that compensation is not feasible until further negotiations on Iran's nuclear program are completed. According to CNN on June 3, negotiators from both sides have been unable to reconcile their differences regarding the timing and method of financial compensation. Sources indicate that Iran insists on receiving some form of financial compensation as soon as the MOU is signed. In contrast, the Trump administration is concerned that offering financial compensation early in the negotiations could weaken its bargaining position in future nuclear talks. The MOU under discussion reportedly includes a declarative commitment from Iran not to develop nuclear weapons. However, specific technical issues, such as the handling of Iran's highly enriched uranium (HEU), will be addressed in subsequent negotiations. The Trump administration has reiterated its stance that no financial support will be provided until Iran relinquishes its HEU. During a congressional hearing, Secretary of State Marco Rubio stated, "Sanctions directly related to the nuclear program can be discussed if Iran complies with all U.S. demands, but that is part of the negotiations and not an issue for the early stages." There are significant differences in perspectives on the method of compensation as well. Sources report that President Trump has instructed his aides that he will not sign an agreement that involves direct financial support to Iran, mindful of the Iran nuclear deal established during the Obama administration. Iran is reportedly unlikely to agree to any deal without substantial compensation. Consequently, the Trump administration is exploring options for third countries, such as Qatar, to provide financial support to Iran. Another alternative under discussion involves unfreezing some of Iran's assets but restricting their use to humanitarian purposes only. Sources also mentioned that once the MOU is signed and the final peace agreement phase is reached, there are plans for a multi-billion dollar reconstruction investment fund involving Gulf countries. However, it is expected that the U.S. will not contribute directly, with most funding anticipated to come from Gulf nations, according to CNN.* This article has been translated by AI. 2026-06-04 20:21:00