Korean Won Rises Above 1510 as Global Oil Prices Surge The won-dollar exchange rate has risen above 1510 won again. As of 10:13 a.m. on June 2, the exchange rate in the Seoul foreign exchange market was 1511.3 won per dollar. The rate opened at 1512.0 won, up 7.7 won from the previous session. This increase is attributed to a surge in international oil prices following reports that the United States and Iran have halted peace negotiations. Overnight, Brent crude oil futures for August delivery rose 4.2% to $94.98 per barrel. Meanwhile, West Texas Intermediate (WTI) crude for July delivery closed at $92.16 per barrel, up 5.5%. Israel's attacks on Lebanon have emerged as a variable in the peace negotiations. Iranian news agency Tasnim reported that Iran's negotiating team has suspended message exchanges with the U.S. regarding a peace agreement in protest of Israel's actions in Lebanon. Strong economic data from the U.S. has also contributed to the dollar's strength. The U.S. manufacturing Purchasing Managers' Index (PMI) for May rose 1.3 points to 54.0, exceeding Dow Jones' forecast of 53.2, marking five consecutive months of expansion. Min Kyung-won, an economist at Woori Bank, stated, "Today, upward pressure is expected to dominate, but as selling pressure from profit-taking emerges later in the session, we anticipate a reduction in the extent of the increase." He added, "The rise in international oil prices has driven the dollar's strength, and with the ISM manufacturing index surpassing expectations, concerns about supply chain disruptions and inflation remain prevalent, supporting the dollar's strength."* This article has been translated by AI. 2026-06-02 10:27:00

Toss Faces 2.1 Billion Won in Duplicate Withdrawals Due to Auto-Transfer Error A system error in Toss's auto-transfer service led to duplicate withdrawals exceeding 2.1 billion won. To minimize customer inconvenience, Toss announced it has compensated affected customers without requiring a separate application process.According to the financial sector on June 2, between 2:02 PM and 2:40 PM on June 1, some customer accounts experienced duplicate withdrawals for the same auto-transfer transaction.Toss reported that it implemented measures to prevent recurrence immediately after identifying the error, which affected approximately 15,000 customers, resulting in a total duplicate withdrawal amount of 2.14 billion won.The company stated that it has completed full compensation for the affected customers, processing reimbursements for all duplicate withdrawals without requiring customers to apply or confirm the return.However, this compensation is a preliminary measure for rapid recovery, and the company will later inform customers about the recovery process for amounts that may need to be returned. Details regarding the recovery targets, amounts, and timelines will be communicated in advance.A Toss representative expressed, "We sincerely apologize for the significant inconvenience caused to our customers and will ensure that all compensation procedures are completed swiftly and accurately."* This article has been translated by AI. 2026-06-02 10:27:00

MyBrown Pet Insurance Surpasses 20,000 Subscribers in Just 10 Months The pet insurance market continues to grow, with products focused on everyday coverage rapidly gaining subscribers.MyBrown Pet Insurance announced on June 2 that it has surpassed 20,000 subscribers just 10 months after its launch.After reaching 10,000 subscribers in its first seven months, the company added another 10,000 in just three months. MyBrown attributed this rapid growth to increasing interest in practical pet insurance products that meet everyday needs.The expansion of coverage benefits has been a significant factor in attracting more subscribers. Recently, pet insurance has evolved beyond just covering surgeries and serious illnesses to include routine care and treatment for minor ailments.Data from insurance claims shows that the most frequently claimed condition was atopic, bacterial, and fungal dermatitis (10.7%). This was followed by otitis externa and otitis media (10.2%) and gastroenteritis (5.5%). Common issues such as foreign bodies in the gastrointestinal tract and vomiting were also among the top claims.In response to these healthcare demands, MyBrown has expanded its coverage to include MRI, CT, and endoscopic examinations, as well as conditions requiring recurrent treatment and management, such as seizures and pancreatitis.Subscriber preferences also indicate a strong inclination toward comprehensive coverage. The 'Black Plan,' which offers the broadest range of benefits, accounts for 58% of total subscriptions.Lee Yong-hwan, CEO of MyBrown, stated, "Many pet owners recognize the need for pet insurance but hesitate to enroll due to a lack of practical experience. We aim to enable more pet owners to utilize pet insurance by offering coverage that reflects common tests and conditions encountered during pet care, along with a convenient insurance experience."* This article has been translated by AI. 2026-06-02 10:27:00

KB Insurance Launches Drone Insurance for Hobbyists, Offering Coverage Up to 500 Million Won As the number of hobbyist and recreational drone users increases, the market for personal drone insurance is expanding. On June 2, KB Insurance announced the launch of its "KB Drone Liability Insurance (Personal Use)," developed with input from members of the country's largest drone community, DronePlay.This new product is aimed at individual users, distinguishing it from existing drone insurance options that primarily cater to commercial and corporate users.In the product development process, KB Insurance conducted a survey of 413 DronePlay members, revealing that 98.5% of respondents recognized the need for personal drone insurance, while 76.0% expressed interest in purchasing it.Key factors considered by potential policyholders included reasonable premiums and coverage limits. In response, KB Insurance designed the product to lower premium costs while ensuring adequate coverage limits.The insurance offers coverage for up to 500 million won, with daily premiums around 10,000 won. Annual plans range from 50,000 to 130,000 won, depending on the selected coverage level.Jae-geun Jeong, Executive Director of KB Insurance's General Products Division, stated, "This product is significant as it is a user-participation insurance developed by listening to actual customer voices. We will continue to develop products that cover various risks and contribute to strengthening the social safety net." 2026-06-02 10:27:00

Labor Minister Kim Young-hoon: No Safe Workplaces in Arms Manufacturing Kim Young-hoon, the Minister of Employment and Labor, stated on June 2 that "there are no less dangerous workplaces in arms manufacturing" in response to the recent explosion at Hanwha Aerospace in Daejeon. He emphasized the need for a thorough investigation to fulfill the duty to protect the living. In a post on his social media, Minister Kim recalled a saying from his days as a train engineer: "Even a slight mistake can be fatal." He noted that a joint on-site investigation would begin shortly. According to the Labor Ministry, a joint investigation involving the ministry, the Korea Occupational Safety and Health Agency, and the National Forensic Service commenced at 10 a.m. on the same day. During a second meeting of the Central Industrial Accident Response Headquarters, Kim directed that the investigation be conducted safely and that the causes of the accident be thoroughly identified. He also instructed that necessary follow-up measures for accident prevention be implemented based on the findings. As this incident falls under the Serious Accident Punishment Act, the minister ordered a swift and strict investigation into violations of relevant laws, including the Industrial Safety and Health Act and the Serious Accident Punishment Act, with severe penalties for any infractions. Additionally, he called for comprehensive emergency safety inspections across booming sectors, such as semiconductor and defense manufacturing. Investigations into Hanwha Aerospace revealed a significant increase in contract volumes recently. This follows a fluorine leak incident at SK Hynix the previous day, which resulted in multiple injuries. Minister Kim plans to hold a national meeting with agency heads on June 4 to encourage local authorities to actively guide and inspect workplaces to enhance safety awareness. Earlier, at 10:59 a.m. on June 1, a fire caused by an explosion occurred in the cleaning room of the Hanwha Aerospace Daejeon plant, resulting in five fatalities, one serious injury, and one minor injury. This facility had previously experienced explosion incidents in 2018 and 2019, which resulted in the deaths of five and three individuals, respectively. It was revealed that safety management was inadequate at that time, leading to convictions for responsible parties on charges of negligent homicide. 2026-06-02 10:24:00

Eastar Jet Reports Over 1 Million Foreign Passengers, Half from Greater China Eastar Jet announced on June 2 that it surpassed 1 million foreign passengers last year, primarily on its Greater China routes. According to the airline industry, Eastar Jet recorded approximately 1.02 million foreign passengers in the previous year, with around 500,000 of them traveling on Greater China routes, accounting for half of all foreign passengers. In the first quarter of this year, 130,000 of the approximately 300,000 foreign customers also utilized Greater China routes. The proportion of foreign passengers on the Taipei-Songshan route has steadily increased from 57% in 2024 to 67% in 2025, reaching 69% in the first quarter of this year. Similarly, the Incheon-Zhengzhou route grew from 55% to 73% during the same period. The Incheon-Hong Kong route, which launched in March, is maintaining a passenger share of around 90%. Among domestic routes, demand for travel to Jeju is the highest. The foreign passenger share on the Jeju-Taipei route has consistently risen, reaching 86% in 2024, 94% in 2025, and 96% in the first quarter of this year. The Jeju-Shanghai route recorded a foreign passenger share of 98% in the first quarter. The number of foreign tourists visiting Busan is also on the rise. The foreign passenger share on the Busan-Taipei route increased from 79% in January to 86% in February and 92% in March this year. To strengthen its presence in the local market, Eastar Jet is deploying experienced sales staff as local branch managers and expanding its network with travel agencies and corporations. The airline is also actively scheduling night flights to enhance convenience for local customers. An Eastar Jet official stated, "We will continue to attract foreign passengers through localized strategies for each country and strengthen our route competitiveness by expanding local demand, contributing to the revitalization of the domestic tourism industry."* This article has been translated by AI. 2026-06-02 10:21:00

Samsung Electro-Mechanics Shares Plunge Over 12% Amid Profit-Taking Samsung Electro-Mechanics shares fell more than 12% in early trading, attributed to profit-taking following a recent surge in stock prices. According to the Korea Exchange, as of 10:06 a.m., Samsung Electro-Mechanics shares were trading at 1,756,000 won, down 249,000 won (12.42%) from the previous trading day. This marks a second consecutive day of decline after a 5.74% drop the day before. From April 1 to May 29, the company's stock skyrocketed approximately 422%, climbing from 407,500 won to 2,127,000 won, the highest increase among listed companies on the KOSPI during that period. The surge was driven by heightened expectations for growth in the semiconductor substrate and multilayer ceramic capacitor (MLCC) sectors, fueled by increased investment in artificial intelligence (AI) infrastructure. However, the rapid rise has led to increased pressure, resulting in concentrated profit-taking. Analysts continue to view Samsung Electro-Mechanics' long-term growth potential positively. They anticipate an increase in average selling prices (ASP) due to rising demand for flip chip ball grid array (FCBGA) and MLCC products, alongside the potential for sustained favorable market conditions based on long-term supply contracts (LTA). This month, brokerage firms have also been raising their target prices for the company. Mirae Asset Securities raised its target price to 2,800,000 won on June 1, while DB Securities set a target of 3,000,000 won. Jo Hyun-ji, a researcher at DB Securities, stated, "The investment point for Samsung Electro-Mechanics lies in its large-scale expansion amid a shortage situation and the demand secured post-expansion. We expect FCBGA sales to rise sharply to 1.9 trillion won in 2026, 2.8 trillion won in 2027, and 4.6 trillion won in 2028." She added, "Both FCBGA and MLCC have entered an unprecedented boom phase, and Samsung Electro-Mechanics possesses irreplaceable technological competitiveness among global component manufacturers."* This article has been translated by AI. 2026-06-02 10:21:00

Kim Woo-seok of Samsung Asset Management: From Top Asset Manager to Standard in Wealth Management Kim Woo-seok, the CEO of Samsung Asset Management, embodies a financial entrepreneurial spirit focused more on stable growth than flashy victories. He is recognized as a seasoned financial professional with extensive experience in insurance, asset management, and risk management. Having built his expertise at Samsung Fire & Marine Insurance and Samsung Life Insurance, he now leads Samsung Asset Management, the largest asset management firm in South Korea.His management philosophy is straightforward: protect client assets while ensuring continuous growth. This approach drives his efforts to enhance the competitiveness of the KODEX ETF brand and to innovate in pension, OCIO, and AI-based management. The essence of Kim's leadership lies not in aggressive expansion but in 'long-term compounding management based on trust.'Understanding Risk in Asset ManagementKim's competitive edge stems from his background outside traditional asset management. He has worked in management, actuarial, and risk management at Samsung Fire & Marine Insurance and served as the head of asset management at Samsung Life Insurance, overseeing more than 200 trillion won in assets. Typically, insurance companies prioritize stability over profitability, as risk management is crucial due to the long-term nature of contracts. Kim applies this insurance philosophy to asset management.Today's financial markets are far more complex than in the past, with interest rates, exchange rates, and geopolitical risks moving simultaneously. Investors seek high returns but dislike volatility. The role of asset management firms is not just to present high yields but to manage risks while achieving long-term performance. Kim emphasizes this point repeatedly.He has stated, "A sustainable management system is more important than short-term results." This principle is reflected in the actual management strategy. In the competitive ETF market, Samsung Asset Management emphasizes product diversity and a long-term investment culture over reckless risk-taking. Advocating for the expansion of long-term investments centered on pensions and ISAs aligns with this philosophy.Kim believes the essence of investing lies in time and compounding. He stresses unwavering investment principles, even during market surges or declines. His philosophy is that the role of asset management firms is not to predict the market but to help clients outperform it, which has become a distinctive competitive advantage in the fiercely competitive financial industry.KODEX ETF: Achieving a Competitive EdgeSince Kim's appointment, Samsung Asset Management has strengthened its unparalleled competitiveness in the domestic ETF market. The firm's assets under management have surpassed 500 trillion won, and the KODEX ETF brand maintains about 40% market share, solidifying its position as the industry leader. Notably, KODEX 200 has surpassed 20 trillion won in net assets, establishing itself as a leading ETF in South Korea.Interestingly, Kim is not content with merely expanding market share. He emphasizes that creating a standard for wealth management that adds real value to customers' lives is more important than holding the title of the top firm.In fact, Samsung Asset Management is evolving ETFs from simple investment products into comprehensive wealth management platforms. The firm has expanded its product range to include U.S. and Chinese ETFs, bonds, gold, and thematic ETFs, facilitating easier portfolio construction for investors. As the ETF market grows, the number of products has surged, making choices more challenging for investors. Kim is committed to addressing this issue through both product and service innovation.The competition in the ETF space is no longer just about fees; it is about who can provide a better investment experience. Samsung Asset Management is broadening its investor engagement by expanding its ETF information platform and asset allocation services, aiming to transform from a company that sells ETFs into one that offers investment solutions.Notably, even amid fierce competition with Mirae Asset Global Investments, Samsung has managed to widen its market share gap, a significant achievement attributed to its operational capabilities and organizational execution.Pensions and AI: Setting Future Standards in Wealth ManagementKim's primary focus for the future market is pensions. He believes the future of the Korean capital market lies in long-term, accumulation-based investments rather than short-term trading. Samsung Asset Management is accelerating its efforts in the retirement pension market by expanding target date funds (TDF) and ETF-based pension products.This strategy is not merely about selling new products; it is a response to the rapidly growing demand for retirement asset management as Korean society ages. In the future, a financial company's competitiveness will likely be determined more by how long it can manage customer assets than by how many clients it has.Kim views pensions as a key growth area for the future, alongside AI. He envisions transforming Samsung Asset Management into a company that operates with AI rather than just utilizing it.Indeed, Samsung Asset Management is expanding its use of AI through its ETF information platform, FunETF, and asset allocation service, PortRabbit. Customers can compare and analyze numerous ETF products and receive portfolio recommendations tailored to their investment preferences.Additionally, the firm continues to excel in the OCIO market, having maintained its position as the primary manager for the public pension investment pool, establishing itself as a standard for public fund management. This recognition reflects not just the scale of its operations but also the trust and stability it has earned.Ultimately, Kim's leadership direction is clear. It is not just about maintaining the top position in the ETF market; it is about creating standards in the wealth management industry based on pensions, AI, and a long-term investment culture. Financial entrepreneurship does not solely mean risk and aggression; sometimes, safeguarding client assets and fostering long-term wealth can represent a greater innovation.SWOT Analysis:Strength: Kim Woo-seok's greatest strength is his risk management capability, having experience in both insurance and asset management. His proven ability in long-term investment and risk management, along with the KODEX brand and over 500 trillion won in assets under management, provides a strong competitive edge.Weakness: A management focus on stability may weaken aggressive growth momentum in a rapidly changing market. Additionally, global ETF competitiveness is seen as an area needing improvement compared to some competitors.Opportunity: The expansion of the retirement pension market, the popularization of ETFs, and the proliferation of AI-based asset management services present significant opportunities for Samsung Asset Management. The pension market is expected to be one of the fastest-growing financial sectors over the next decade.Threat: Ongoing challenges include global ETF competition from firms like Mirae Asset, fee reduction pressures, and increased volatility in capital markets. Managing profitability amid expanding operational scale remains a critical issue.* This article has been translated by AI. 2026-06-02 10:18:00

Bank of Korea Projects Inflation Rate to Remain Around 3% The Bank of Korea announced on June 2 that it expects the inflation rate to remain around 3% for the time being. Lee Ji-ho, head of the Bank's Economic Research Department, made the statement during a morning meeting to assess the inflation situation. He noted that the impact of rising oil prices is gradually spreading to other sectors. He added, "While there is significant uncertainty regarding the trajectory of inflation due to developments in the Middle East and the resulting oil price fluctuations, we will closely monitor the situation with vigilance." According to the data released, consumer prices in May rose by 3.1% compared to the same month last year, an increase from the 2.6% rise in April. Oil prices surged by 24.2% year-on-year, while prices for agricultural, livestock, and fishery products increased by 2.2%. Core inflation stood at 2.5%. Lee assessed that the rise in consumer prices in May was significantly influenced by the increased oil prices and higher service costs, particularly in travel-related sectors such as domestic and international airfares. He also projected that the inflation rate in June would remain similar to that of May due to sustained high oil price increases.* This article has been translated by AI. 2026-06-02 10:15:00

Oh Se-hoon: Seoul Needs an Experienced Mayor Ahead of Local Elections Oh Se-hoon, the People Power Party candidate for Seoul mayor, criticized his opponent, Jeong Won-o of the Democratic Party, on June 2, stating, "Labeling all unfavorable issues as 'negative campaigning' shows a fear of scrutiny." He added, "If you are running to manage a megacity like Seoul, you should never avoid verification." During a press conference held near Hyochang Park Station in Yongsan District, Oh pointed out that Jeong had missed the opportunity to convey his vision for Seoul by rejecting debate invitations. "By refusing to engage in discussions, he has completely failed to communicate his mindset or vision for the city," Oh said. Oh emphasized that candidates can clearly express their vision for the future of Seoul and South Korea through repeated debates. He suggested that voters have likely already formed their opinions about Jeong based on his refusal to participate. With just one day to go before the June 3 local elections, Oh launched his final campaign push, stating, "We cannot turn Seoul into a training ground for novice drivers. During this 'golden time' when we need to propel the city into a world-class metropolis, we need a veteran who has weathered numerous crises." Dressed in a white T-shirt emblazoned with the phrase 'Global TOP 3' in red, Oh expressed his commitment to elevate Seoul to one of the world's top three cities in terms of quality of life, global competitiveness, and attractiveness during his term. He also called for a balanced government in South Korea, arguing that with the Democratic Party controlling both the executive and legislative branches, Seoul must serve as a counterbalance to protect the nation's freedoms and rule of law. "A country where one side dominates is less secure than one where both sides check each other," he said, urging that Seoul remain a 'last bastion' against such imbalance. As the election approaches, the race for Seoul mayor remains tight. Recent polls indicate a negligible gap in support, with both the Democratic Party and the People Power Party classified as competitive in the region. Oh remarked, "I see the race as extremely close, and I will approach the final moments with the mindset of being 3-5% behind, giving my all as a challenger." Earlier that morning, Oh began his campaign in Yeouido near Yeouido Station and planned to visit various districts, including Yongsan, Mapo, Jung, Eunpyeong, Gangseo, Yangcheon, Guro, Geumcheon, Gwanak, Dongjak, and Seocho. He will conclude his campaign with a final rally near Sinchon Station in Seodaemun District before moving to Gwanghwamun to engage with citizens until the time when the use of loudspeakers is prohibited. 2026-06-02 10:15:00