Korean Air Weighs Cutting Captain Promotions by About 17% Amid First Officer Shortage Korean Air is moving to reduce the number of first officers promoted to captain, a step the airline says is aimed at smoother crew operations but one that has drawn growing pushback from pilots who are nearing eligibility. Some in the industry also see it as an effort to adjust cockpit staffing ahead of the planned year-end integration with Asiana Airlines. According to industry officials on Tuesday, Korean Air is reviewing a plan to cut annual captain promotions to 120 from 144, a reduction of about 17%. Under the current system, 12 first officers can be promoted each month; the plan would lower that to 10. The move is tied to a shortage of first officers, according to people familiar with the matter. Airlines typically schedule captains and first officers in equal numbers for flights, and as more first officers move up, gaps in the first-officer pool widen. The airline’s difficulty in securing new first officers has also influenced the decision, the officials said. One key variable has been a decline in the number of military pilots able to move to civilian airlines. For fixed-wing pilot officers who did not graduate from the Air Force Academy — including ROTC and officer-candidate programs — the mandatory service period for those commissioned after July 1, 2015, was extended to 13 years from 10. Starting in the second half of last year, their discharge dates began shifting to the second half of 2028 or later. Airlines say that has tightened the supply of military-experienced pilots this year. An industry official said, “I understand the number of first officers coming in with military experience this year has fallen to about one-third of the usual level.” With a major pipeline for new first officers constrained, Korean Air’s staffing burden has increased. Korean Air pilots have strongly objected to the plan. They say that even if they meet the requirements for promotion, fewer slots would keep them in first-officer roles longer and could worsen a promotion backlog. Asiana has not discussed cutting captain promotions, but adjustments are expected as an integrated airline takes shape. Some observers argue Korean Air is moving early to reorganize cockpit staffing ahead of the integration. They say aircraft and personnel redeployments will be unavoidable before the year-end launch of the combined carrier, and that managing the scale of captain promotions is intended to reduce operational strain after integration. Korean Air has recently been holding job-specific briefings on post-merger human resources integration. For pilots, a central issue is how seniority will be combined and whether that could delay captain upgrades. “Even as more pilots continue to meet the time requirements for captain promotion, the time spent as a first officer can only get longer,” an industry official said. “Combined with the seniority issue ahead of integration, internal dissatisfaction could grow further.”* This article has been translated by AI. 2026-05-07 05:03:00

HMM Begins Towing Fire-Damaged Bulk Carrier Namu; Dubai Arrival Possible as Early as May 7 HMM has begun towing operations for the bulk carrier Namu, which caught fire while anchored in the Strait of Hormuz. HMM said a tugboat left Dubai port in the United Arab Emirates at about 8:30 p.m. on May 6 to assist the vessel. Once the tug reaches the area, it will secure the Namu and begin towing it to Dubai port, where a repair shipyard is located. Based on the distance, the ship is expected to arrive as early as the night of May 7 or early May 8. HMM said it will conduct a detailed inspection after the vessel arrives safely at the shipyard, then move to determine the cause of the fire and begin full repairs. The fire broke out after an explosion at about 8:40 p.m. on May 4 (Korea time) on the port side of the engine room while the Namu was anchored inside the Strait of Hormuz, north of Sharjah in the UAE. The Panama-flagged ship is operated by HMM, South Korea’s largest shipping company. It has 24 crew members on board: six South Koreans and 18 foreign nationals. No injuries were reported. HMM currently has five vessels stuck inside the Persian Gulf: two crude oil and petroleum product carriers, two bulk carriers and one container ship. The Namu is a bulk carrier.* This article has been translated by AI. 2026-05-06 23:24:15

KOSPI Closes Above 7,300 as Chip Stocks Lead Rally; Government, Elections and Fund Updates Semiconductor exports jump 139% while non-chip exports rise 11% South Korea posted its largest-ever first-quarter exports, helped by an artificial intelligence boom and a recovery in the semiconductor cycle. But the surge also deepened concerns about overreliance on a narrow set of items, especially memory chips, raising questions about the stability of the export structure. The Ministry of Trade, Industry and Energy said Tuesday that first-quarter exports rose 37.8% from a year earlier to $219.9 billion, the highest for the period. The ministry cited expanded investment in AI servers and strong semiconductor conditions as factors boosting competitiveness. The concentration risk remains, officials said. First-quarter semiconductor exports rose 139% from a year earlier to $78.5 billion.* This article has been translated by AI. 2026-05-06 21:54:20

CMA CGM Ship Hit While Transiting Strait of Hormuz; Iran Suspected France’s CMA CGM, the world’s third-largest shipping company, said one of its vessels was attacked while transiting the Strait of Hormuz. According to Yonhap News Agency and Reuters, CMA CGM said in a statement Tuesday that its ship San Antonio was hit, injuring crew members and damaging the vessel. The company said the injured crew were evacuated and are receiving medical care. “We are closely monitoring the situation and are doing everything possible in response alongside our crew,” CMA CGM said. The attacker was not identified, but the ship was reported to have come under an Iranian missile strike. A day earlier, the naval command of Iran’s Revolutionary Guard warned on X that any vessel seeking to pass through the Strait of Hormuz must use routes designated by Iran, and said those that do not would face a military response. Separately, at about 8:40 p.m. on May 4 (Korea time), a fire broke out after an explosion on the port side of the engine room of the HMM Namu while it was anchored north of Sharjah in the United Arab Emirates, inside the Strait of Hormuz. * This article has been translated by AI. 2026-05-06 21:51:15

Lee Calls for Accountability in Review of Illegal Stream and Valley Facilities President Lee Jae-myung said a joint safety inspection by relevant agencies to verify follow-through on a renewed review of illegal occupation facilities along streams and valleys must be conducted thoroughly, warning that any omissions after repeated crackdowns would be a serious problem. Lee made the remarks Tuesday on X, formerly Twitter, while sharing a related post by the Ministry of the Interior and Safety. "We must conduct a thorough inspection and completely restore public trust in the officials in charge," Lee wrote. "If they failed to properly detect and crack down even after being given two chances, then as previously warned, we must strictly hold the responsible public officials accountable for dereliction of duty." Earlier, Lee raised the issue at a Cabinet meeting after Interior and Safety Minister Yoon Ho-jung reported that the number of illegal facilities along streams and valleys exceeded 33,000, calling it "a matter of trust in state administration." Lee said the government must not let the issue slide, warning that people would criticize it as another case of authorities looking the other way. He added that while 880 illegal valley business facilities had been cited when officials were asked to report them, the figure rose to 33,000 once a full effort began. Lee ordered inspectors to focus on which officials allowed the facilities to remain and, if necessary, to have cases investigated for dereliction of duty.* This article has been translated by AI. 2026-05-06 21:09:14

South Korea's Cho Hyun, Jordan foreign minister discuss Middle East reconstruction cooperation South Korean Foreign Minister Cho Hyun spoke by phone on Tuesday with Jordanian Foreign Minister Ayman Hussein al-Safadi at Jordan’s request, exchanging views on bilateral ties and recent developments in the Middle East, the Foreign Ministry said. Cho expressed condolences over damage suffered by Jordan amid the war in the Middle East and said he hoped peace and stability in the region would be restored soon, noting the impact of regional stability on global security and economic conditions, the ministry said. Al-Safadi thanked Cho for the message and asked for South Korea’s continued support and attention toward stability and peace in the Middle East. He also said he hoped the two countries would cooperate on regional reconstruction projects, the ministry said. The ministry said the two ministers agreed to stay in close communication on related issues. * This article has been translated by AI. 2026-05-06 20:36:13

Zelenskyy Vows ‘Same Response’ After Russian Strikes Ahead of Victory Day 러시아의 제2차 세계대전 승리기념일(5월 9일)을 앞두고 러시아와 우크라이나가 공방을 계속 이어가고 있다. 6일 연합뉴스와 AFP통신 등에 따르면 우크라이나 당국은 휴전 발효 시점인 키이우 시간 6일 0시 이후에도 러시아군이 자포리자의 기반 시설을 공격했다고 밝혔다. 이고르 클리멘코 내무부 장관은 이날 공격으로 28명이 사망하고 최소 120명이 다친 것으로 파악됐다고 언급했다. 러시아 국방부는 전술기, 공격용 무인기(드론), 미사일, 포병대 등을 동원해 우크라이나의 고정익 드론 조립공장, 연료 저장소, 우크라이나군 및 외인 용병 주둔지 등을 타격했다고 밝혔다. 앞서 지난 4일 러시아 국방부는 전승절을 맞아 8~9일 휴전하겠다는 계획을 발표했으나, 우크라이나는 러시아가 휴전 발효 이후에도 공격을 이어갔다고 주장했다. 볼로디미르 젤렌스키 우크라이나 대통령은 성명에서 "우크라이나는 러시아가 모스크바 열병식 기간 휴전을 촉구한 것을 고려해 우리도 같은 방식으로 대응할 것임을 분명히 밝힌 바 있다"며 "우리는 러시아가 휴전 체제를 위반했음을 확인하며 군과 정보기관의 저녁 보고를 바탕으로 향후 조치를 결정하겠다"고 말했다.* This article has been translated by AI. 2026-05-06 20:33:16

U.S., Iran Near One-Page MOU on Nuclear Enrichment Pause and Steps to End War The United States and Iran are said to be close to a one-page memorandum of understanding outlining positions on the nuclear issue as part of efforts to end the war. According to Yonhap News Agency and U.S. online outlet Axios on the 6th, the draft MOU contains 14 items setting basic principles for ending the war and for detailed nuclear talks. The White House is waiting for Iran’s response on key issues within 48 hours. While a final agreement has not been reached, the two sides are reported to have come to terms since the war began in February. The MOU includes a temporary moratorium on Iran’s nuclear enrichment; U.S. relief from sanctions on Iran and the partial release of frozen funds; a gradual easing of Iran’s restrictions on passage through the Strait of Hormuz; and a gradual easing of the U.S. maritime blockade of Iran. The talks are seen as gaining momentum after President Donald Trump abruptly suspended the “liberation project” in the Strait of Hormuz. Trump said on his social media platform Truth Social on the 5th that he would temporarily halt the project, citing “requests from Pakistan and other countries,” what he called “tremendous military achievements” during operations against Iran, and “big progress” toward a “complete and final agreement” with an Iranian delegation.* This article has been translated by AI. 2026-05-06 19:39:14

KOSPI Tops 7,000, Extends Record Run Over Past Year A level once dismissed as out of reach became reality as South Korea’s benchmark KOSPI pushed past 7,000, extending a streak of record-setting gains despite external headwinds including war in the Middle East and worries about a global slowdown. According to the Korea Exchange, the KOSPI opened on May 6 at 7,093.01, up 156.02 points (2.25%) from the previous session, marking the first time it crossed 7,000. The move came just 47 trading sessions after it first topped 6,000 intraday on Feb. 25. The index has been breaking through higher levels faster as it climbs. It took 18 years and four months for the KOSPI to rise from 1,000 to 2,000 (March 1989 to July 2007). It then took 13 years and five months to move from 2,000 to 3,000 (July 2007 to January 2021), and four years and nine months to reach 4,000 (January 2021 to October 2025). By contrast, it cleared 5,000 in three months and 6,000 in about a month. The KOSPI’s gains also outpaced major global markets. Investing.com data showed the KOSPI posted a 186.39% return over the past year, the highest among major global indexes. Taiwan’s TAIEX rose 98.11%, South Korea’s KOSDAQ gained 66.21%, and Japan’s Nikkei 225 advanced 61.81%. The market’s size has surged as well. The KOSPI’s market capitalization reached a record 6,058 trillion won on May 6, nearly triple the roughly 2,107 trillion won level a year earlier. Large-cap chipmakers dominated: Samsung Electronics was valued at 1,555 trillion won and SK hynix at 1,141 trillion won, for a combined 2,696 trillion won — about 44.3% of the KOSPI’s total market cap. Exchange-traded funds, another driver of the rally, expanded quickly. The number of ETFs listed on the KOSPI rose to 1,099 from 973 a year earlier, and their market value climbed to 452 trillion won, topping 450 trillion won for the first time. That was more than double the 192 trillion won recorded a year earlier. More stocks have been setting new highs. As of the May 4 close, 76 stocks — including preferred shares — had hit 52-week highs over the past year based on closing prices. On a trade-price basis, 55 stocks did so. Investor money has also flowed in. The Korea Financial Investment Association said the number of active stock-trading accounts stood at 105.22 million as of May 4, up about 17% from 89.92 million a year earlier. Investor deposits, a measure of cash waiting to enter the market, jumped to 125 trillion won from 56 trillion won over the same period. * This article has been translated by AI. 2026-05-06 19:03:17

KOSPI Nears 7,400 as Analysts See Room for 8,000 to 9,000 on AI, Chip Boom The KOSPI’s ceiling appeared to give way as the benchmark surged to just below 7,400. The index was up nearly 450 points from the previous session, extending a rally that has accelerated since it closed above 6,000 on Feb. 25. That move came about 50 trading days ago. Despite headwinds cited by the market — war in the Middle East, a weakening real economy and concerns about an AI bubble — brokerage research chiefs said the rally could continue into the second half, with some projecting the KOSPI could move beyond 8,000 and even approach 9,000. "KOSPI could go as high as 9,000" On the 6th, Ajou Economy conducted an emergency survey of research heads at seven brokerages: Korea Investment & Securities, NH Investment & Securities, Samsung Securities, Kiwoom Securities, Shinyoung Securities, Yuanta Securities and SangSangIn Securities. Several respondents said further upward revisions were likely, and some said a top-end scenario could reach 9,000. Choi Hyun-jae, head of research at Yuanta Securities, said, “Under the best-case scenario, there is room up to 8,100,” adding, “In terms of market capitalization, above 9,000 is also possible.” Yoon Seok-mo, head of research at Samsung Securities, said he raised his previous annual band top to 8,400 from 7,200, based on “a 12-month expected ROE of 19.6% and an appropriate P/B of 2.2 times.” Baek Young-chan, head of research at SangSangIn Securities, said he plans to raise his forecast from 7,540 and that 8,000 is possible, citing profit growth at Samsung Electronics and SK hynix as “the key driver.” Others said they also need to revisit forecasts after the unprecedented run-up. Lee Jong-hyeong, head of research at Kiwoom Securities, said that while the firm previously suggested a 5,200 to 7,300 range, “given the current price level and earnings momentum, an upward revision is needed,” adding that a trend in which semiconductor demand overwhelms supply “will continue for some time.” Yoo Jong-woo, head of research at Korea Investment & Securities, said the firm is presenting 7,250 as the upper end but could raise it further in the second half, explaining that rising EPS is driving the index higher. Kim Hak-kyun, head of research at Shinyoung Securities, said it is difficult to set a ceiling and argued the market remains undervalued. “This is a phase where the power of semiconductors is showing up dramatically,” he said, adding that the market is hard to view as a bubble. He said Samsung Electronics and SK hynix are trading at about six times earnings, while the overall KOSPI is below eight times. Kim said it is better to keep an open mind “until upward revisions to earnings estimates start to fade.” AI value chain and the power of semiconductors Research chiefs broadly pointed to AI and semiconductors as the main reasons they expect the rally to persist. They said the KOSPI is in a phase of restructuring its earnings base around AI and chips, prompting a reassessment of index levels. Cho Soo-hong, head of research at NH Investment & Securities, said, “More than the number itself, the AI cycle is key,” adding that the semiconductor industry is being reshaped from consumer-led demand to infrastructure-led demand. Choi said that next year Samsung Electronics could post the largest profit in the global semiconductor industry, adding that a profit structure “similar to Nvidia’s, or even higher,” is possible. Baek said the second-half outlook should consider conditions and Middle East variables, but added that next year the index could reach the mid-8,000s. For the second half, most respondents said leadership is likely to remain concentrated in the AI value chain centered on semiconductors. Some also cited brokerage and defense sectors as potential gainers. Lee said the AI value chain, along with power equipment, brokerages and defense, would lead. Choi said earnings estimates are barely rising outside semiconductors and IT, adding, “In a major uptrend, market leadership does not change.” He also cited power equipment, nuclear power and materials tied to data centers. Yoo said industrials such as energy, power machinery and robots, along with the AI value chain, are key. Yoon said that with global liquidity expanding, Samsung Securities is maintaining a preference for the AI value chain — including semiconductors, power equipment, nuclear power and robots — and also holds a positive view on industrials and financials. Baek cited solar power, secondary batteries, brokerages, construction and optical communications and fiber as leading groups. Cho said the rally is spreading from semiconductors to AI infrastructure, power equipment, nuclear power, defense and brokerages. * This article has been translated by AI. 2026-05-06 18:34:42