MachinaRocks Lays Out KOSDAQ IPO Plan, Pitches On-Site AI Operating System MachinaRocks, which is set to list on the KOSDAQ on the 20th, outlined a growth strategy centered on what it calls “on-site AI” at an IPO news conference. The company said it aims to expand its market with an AI operating system designed to run in industrial settings such as manufacturing and defense. CEO Yoon Sung-ho said the company’s core product, the AI operating system “Runway,” will serve as a platform to integrate and manage how companies use foundation models in their own environments. “As the AI market changes rapidly, companies want to use foundation models in ways that fit their own settings,” Yoon said at the event held Tuesday at 63 Square in Seoul. “Runway will take on the role of a platform that can integrate and manage that.” Yoon said a key differentiator is that the operating system can run on closed networks as AI moves beyond computers and into real-world industrial sites. He also drew a line between MachinaRocks and global big tech firms such as Nvidia, Microsoft and OpenAI, emphasizing a focus on field operations. “Global big tech companies are also entering physical AI, but for now they are focused on cloud-based decision support or the research stage,” Yoon said. “MachinaRocks is focused on operating in real time at sites such as factories or battlefields on closed networks where connectivity is cut off.” He said the company’s competitiveness is backed by more than 6,000 references built while meeting high security requirements in manufacturing and defense. MachinaRocks also detailed its overseas strategy, naming Japan as its top priority. The company said it signed contracts with four “1 trillion won club” companies within a year of establishing its Japan unit. “Japan, with a similar manufacturing structure and a large market, is the region where we can deliver results the fastest,” Yoon said. He said the company will focus on Japan and Europe for the time being and raise the share of global sales to about 20% to 30% by 2030. He said North America will be pursued after strengthening fundamentals, while the Middle East will be explored through participation in national strategic projects. The company said proceeds from the IPO will be concentrated on upgrading Runway. It plans to develop a “Dark Factory OS” for autonomous manufacturing and a defense-focused “Defense OS” to strengthen competitiveness and speed global expansion. To companies hesitant to adopt AI, Yoon pointed to references and measurable results. “Customers in manufacturing and defense place the greatest importance on cases where real economic effects have been proven,” he said. “MachinaRocks is competitive in that we can present verified results in numbers, such as cost reductions or productivity gains.” MachinaRocks set an IPO price band of 12,500 won to 15,000 won and plans to take retail subscriptions May 11-12 before listing on the KOSDAQ on the 20th.* This article has been translated by AI. 2026-05-06 15:40:18

Democratic Party Reelects Han Byung-do as Floor Leader, a First for the Party Democratic Party lawmaker Han Byung-do, who ran unopposed, was elected floor leader on May 6. He is the first floor leader in the party to win a second consecutive term. The party held a lawmakers’ meeting at the National Assembly and conducted a confidence vote on Han. He won a majority under the party’s rules, which combine 80% of lawmakers’ votes and 20% of votes from dues-paying party members. The exact vote totals were not released under election regulations. Party leader Jung Cheong-rae called it a “clean election” without negative campaigning and described Han as “a leader with a gentle temperament, flexible leadership and strong attention to detail.” Election committee chair So Byeong-hoon said the party debated how to handle an uncontested race but decided to hold a vote because party members participate in the process. Ahead of the vote, Han said “this is the golden time,” pledging to “maximize the governing momentum of the Lee Jae-myung government” with bold leadership and to be a floor leader who shares lawmakers’ legislative work and concerns. In his acceptance speech, he said he would finish all legislation tied to the government’s policy agenda by the end of the year. Han began his duties immediately. With a National Assembly plenary vote on a constitutional amendment bill scheduled for May 7, he is expected to take a leading role. With National Assembly Speaker Woo Won-shik holding a surprise meeting ahead of the lawmakers’ session with Jang Dong-hyuk of the People Power Party, there is also talk that Han and PPP floor leader Song Eon-seok could coordinate positions before the plenary session. Han is also expected to negotiate the content and timing of a controversial special counsel bill on alleged fabricated prosecutions. President Lee Jae-myung said on May 4 that the bill requires public input and deliberation. With disagreements emerging within the party over timing, Han said immediately after his election that it would be handled after the local elections. Another major task is whether to allow prosecutors to retain supplementary investigative powers, a key flashpoint in prosecutorial reform. The party previously passed bills to create a Major Crimes Investigation Agency and a Prosecution Service, but delayed further action after internal conflict over supplementary investigative authority. Lee has said prosecutors need such powers in exceptional cases, while hard-liners in the party argue they should not be allowed at all. Han also holds authority over the makeup of standing committees for the second half of the term. He has warned that if committees chaired by People Power Party lawmakers fail to function and obstruct state affairs, the Democratic Party could consider taking all chair posts. Han was elected in a January by-election and led the parliamentary caucus for 101 days before resigning on April 21 to run again. He has been credited with stabilizing the caucus after former floor leader Kim Byung-ki resigned abruptly amid various allegations. * This article has been translated by AI. 2026-05-06 15:39:14

Taihan targets North American grid investment with HVDC and subsea cables Taihan Electric Wire said it is stepping up its push into the North American power-infrastructure market, highlighting high-voltage direct current (HVDC) and subsea cable technologies. The company said Tuesday it is taking part in the 2026 IEEE PES T&D exhibition in Chicago from May 4 to 7. The event is the largest U.S. gathering in the transmission and distribution sector, bringing together power-equipment makers, utilities and related organizations. Taihan said it is featuring HVDC cables, subsea cables and technologies for replacing aging power grids, focusing on areas where it sees strong project potential as electricity demand rises, renewable energy expands and existing grids age across North America. HVDC was the main focus. Citing its experience supplying 320kV-class HVDC cables in the United States, Taihan introduced solutions for 525kV-class underground and subsea HVDC cables. It also put forward a 525kV-class HVDC subsea cable that it said could be applied to South Korea’s “West Coast Energy Highway” project, underscoring its ability to serve long-distance, large-capacity transmission needs. The company also outlined plans to expand its subsea cable business. Taihan shared its domestic and overseas order track record and provided an update on construction of its second subsea cable plant in Dangjin, which it is pursuing with a target completion in 2027. It also introduced the “Palos” cable-laying vessel dedicated to offshore wind projects and its subsea cable installation subsidiary, Daehan Ocean Works, emphasizing end-to-end capabilities from manufacturing to installation. Solutions for replacing aging grids were also highlighted. Taihan said the technology can increase transmission capacity while using existing conduits, making it suitable for the U.S. market, where demand for grid reinforcement is high. The industry expects demand for related equipment to rise quickly as AI data centers expand and electrification increases pressure to add grid capacity in the United States. Industry observers also say regional transmission bottlenecks are worsening as AI data centers concentrate in areas including Virginia and Texas, potentially accelerating demand for extra-high-voltage cables and substation equipment replacements. For Taihan, securing U.S. references could serve not only to win orders but also as a prequalification factor for future utility tenders, the company said. Song Jong-min, Taihan’s vice chairman, visited the exhibition and met with major North American utilities and business partners. The company said Song reviewed ongoing business with local subsidiary staff and discussed ways to expand cooperation. “North America is seeing rapid market growth as grid investment expands and renewable energy spreads at the same time,” Song said. “Based on the experience and references we have built in the United States, we will continue to expand results in key areas such as HVDC, subsea cables and solutions for aging power grids.”* This article has been translated by AI. 2026-05-06 15:34:09

South Korea launches joint task force to support victims of digital sex crimes The Ministry of Gender Equality and Family, the Korea Communications Commission and the National Police Agency have launched a joint government task force to strengthen a unified response to digital sex crimes. The ministry said it held a plaque-hanging ceremony on May 6 at the Government Complex Seoul, attended by Gender Equality and Family Minister Won Min-kyung, Korea Communications Commission Chairman Kim Jong-cheol, acting National Police Agency Commissioner Yoo Jae-sung and Jeong Jeong-ok, senior presidential secretary for gender equality and family. The task force will be led by the ministry’s director general for safety and human rights policy, serving concurrently as chief. It will include one deputy chief (a ministry director-level official) and seven members, for a total of eight. The Central Digital Sex Crime Victim Support Center will cooperate by conducting initial analysis of platforms where collected illegal filming materials are distributed. Authorities have faced limits in responding quickly because even clearly illegal filming materials generally required review procedures before access could be blocked. Officials have also pointed to persistent harm from overseas server-based illegal sites, where administrative sanctions are difficult and operators refuse to delete content or repost it repeatedly. According to the “2025 Digital Sex Crime Victim Support Report” published by the ministry and the Korea Women’s Human Rights Institute, 10,637 victims received support last year, up 3.2% from 10,305 the year before. New victims fell 10.3%, while the number of victims receiving continued support rose 26.3%. To build a victim-centered, cross-government response, the government decided to establish the task force within the ministry under a directive issued by the prime minister. The task force plans to conduct in-depth analysis of distribution routes for illegal filming materials, as well as the operating methods and revenue structures of sites where content is repeatedly reposted. Based on that work, it will coordinate with relevant agencies on requests for investigations, fines, rapid blocking and international cooperation. For cases involving clearly illegal filming materials, it will seek swift access blocks through telecommunications operators. It will also directly handle urgent or serious cases — including mass victimization — that frontline support agencies have difficulty managing. The government also plans to work with information and communications service providers to prevent further spread, encourage reporting by the public and businesses, and pursue legal and institutional improvements to cut off criminal proceeds. Won said more fundamental measures are needed to stop the “endless copying and spread” of sexual exploitation materials that threaten daily life. She said the government will go beyond deletion support by quickly cutting distribution routes and using all available means to hold offenders accountable for repeated distribution and refusal to delete content. Kim said the communications commission will thoroughly inspect and manage compliance with obligations to prevent distribution of illegal filming materials, strengthening accountability for businesses. He said the commission will work closely with the ministry and police to eradicate digital sex crimes. Yoo said digital sex crimes are serious offenses that leave lasting pain, and police will track down perpetrators who hide behind technology and bring them to justice. He said the task force will help combine advanced investigative techniques with the blocking capabilities of related agencies to uproot the “distribution-circulation-consumption” crime ecosystem under a zero-tolerance approach.* This article has been translated by AI. 2026-05-06 15:30:18

Korea Football Association to Appeal Ruling Upholding Ministry’s Call to Discipline Chung Mong-gyu The Korea Football Association has decided to appeal a court ruling that found the Ministry of Culture, Sports and Tourism’s request to discipline KFA President Chung Mong-gyu was lawful. The KFA said it made the decision at its fourth board meeting of 2026, held Tuesday at the association’s headquarters in Seoul’s Jongno district, and will file an appeal of the first-instance administrative ruling tied to the ministry’s special audit. On April 23, the Seoul Administrative Court’s Administrative Division 5, led by Presiding Judge Lee Jeong-won, ruled against the KFA in its lawsuit seeking to overturn the ministry’s notice of audit findings and its demand for corrective measures. The court said the ministry’s findings were supported, including violations in the process of appointing a national team head coach, improper management of subsidies for the national football center construction project, and the handling of what the ministry described as unjustified pardons for soccer figures. “While some of the pointed-out matters were improper, that alone did not make the (ministry’s) demand for measures unfair or unlawful,” the court said, adding that the level of disciplinary request fell “within the scope of discretionary authority.” The court also said that under the Public Audit Act, the association is not obligated to comply unconditionally with the ministry’s demands, and that even if it does not comply, the ministry can only conduct another audit and has no direct means to impose discipline or force implementation. The KFA board said it still needs an appellate court’s judgment on both fact-finding and legal interpretation. Chung did not take part in the discussion because he is an interested party. Lee Yong-soo, a KFA vice president who led the meeting in Chung’s place, said, “Despite the decision to appeal, we take the court’s first ruling seriously and feel a deep sense of responsibility to meet the stern demands of soccer fans.” He added that the appeal was not intended to use the World Cup as a shield or to delay matters, but was a difficult decision aimed at seeking further review within legal procedures. The KFA said it will continue work to strengthen administrative transparency and pursue internal reforms, and will also do its best to support the World Cup with about a month remaining.* This article has been translated by AI. 2026-05-06 15:28:14

Seoul mayoral candidate Oh Se-hoon vows 130,000 public homes by 2031, expands long-term lease housing Oh Se-hoon, the People Power Party’s candidate for Seoul mayor, said he would supply about 130,000 public housing units by 2031 and expand long-term lease housing designed to reduce fears of jeonse fraud. Oh announced the pledge Tuesday as part of what his campaign called a comprehensive plan to strengthen a “housing mobility safety net.” The plan focuses on three pillars — expanding housing supply, boosting financial support and lowering housing costs — to stabilize housing for residents without homes, his camp said. It is aimed at countering rising jeonse prices and a shrinking number of listings through more supply and financing support. Under the slogan “the answer to the housing problem is overwhelming supply,” Oh said he would provide 123,000 public rental units and 6,500 public for-sale units by 2031. For the public for-sale portion, he pledged to introduce a “Baro Nae Jip” model that includes land-lease apartments priced at about half of nearby market levels and installment-plan apartments requiring a 20% upfront payment, to lower barriers to homeownership. He also said long-term lease housing would expand to 106,000 units by 2031 from 37,000 now. Oh also pledged to restore what he called Seoul residents’ “sovereignty” over housing funds. His campaign said Seoul residents have contributed about 25 trillion won to the national Housing and Urban Fund through subscription savings, but only about 10 trillion won has been invested in housing projects in Seoul. Oh said he would seek to expand the fund and strengthen support for private-sector housing supply, including land purchases and construction costs. “Seoul has been building a housing promotion fund for the past year and now holds about 5 trillion won,” Oh said. “If I become mayor, I will press the government more strongly to increase it to 10 trillion won.” The plan also calls for life-stage housing cost support. Oh said the city would raise the ceiling for interest-free deposit loans under the Long-term Relief Housing program to up to 70 million won, and subsidize loan interest for newlywed couples living in public rental housing for up to 12 years. He pledged to extend youth rent support to 12 months from 10 and broaden eligibility to include single-parent families and victims of jeonse fraud. For middle-aged residents without homes, he proposed a new “matching savings account” program that would combine rent support with city-backed savings to help participants build a 10 million won nest egg. Oh also pledged a three-step protection system to prevent jeonse fraud. It would include a pre-contract risk screening service, an “safety manager” with a licensed real estate agent credential to accompany tenants when signing contracts, and post-contract support such as subsidies for jeonse deposit return guarantee insurance. For vulnerable groups including young people, he said the city would guarantee 100% coverage through deposit return guarantees. Oh on Tuesday also formally launched the “Real Estate Hell” civic task force. “I will go deeper into the field and step up efforts to deliver, in citizens’ own voices, the hardships faced by residents without homes, including turmoil in the monthly and jeonse rental markets,” he said. 2026-05-06 15:23:42

BBQ Sales Jump 34% in Seoul Tourist Districts as Foreign Visitors Boost K-Chicken Demand As more foreign tourists visit South Korea, demand for Korean-style fried chicken is helping boost sales for major chains. Genesis BBQ Group, which operates the BBQ chicken franchise, said Tuesday that it posted sales growth in key Seoul commercial districts that draw large numbers of overseas visitors. The company said cumulative first-quarter sales this year in major areas such as Myeongdong and Hongdae rose 34.4% from a year earlier. By district, Hongdae sales climbed 61.8%, the fastest growth, while Myeongdong sales increased 25.8%. Sales also rose in other tourist-heavy areas including Seongsu, Gangnam and Jamsil. BBQ said the expansion of larger stores of 30 to 40 pyeong or more in major districts contributed to the increase, and it also cited a recent rise in tourist traffic to Seoul’s main shopping areas. The Ministry of Culture, Sports and Tourism said 4.76 million foreign visitors entered South Korea in the first quarter, up 23% from the same period last year. In a 2025 global survey on Korean food consumption released by the Ministry of Agriculture, Food and Rural Affairs and the Korean Food Promotion Institute, “Korean-style fried chicken” ranked as the most preferred Korean dish among overseas consumers. “We will continue to strengthen our space and menu competitiveness, focusing on core districts with strong access to global customers,” a BBQ official said. BBQ is also expanding overseas. The company operates about 700 stores in 57 countries, including the United States, Europe, China and Southeast Asia. In March, it opened a store in China’s Hunan province as part of a push into inland markets in central China. * This article has been translated by AI. 2026-05-06 15:22:44

Honda Freezes Canada EV Plant Plan Indefinitely as North America Outlook Shifts Honda has decided to freeze indefinitely its plan to build an electric vehicle and battery manufacturing complex in Canada, as uncertainty grows in North America amid slowing U.S. EV demand and a policy shift by President Donald Trump’s administration. Nikkei reported Tuesday that Honda has effectively halted the project in Ontario and has begun talks with the Canadian government. The company is also said to be considering scrapping the plan altogether depending on the policy environment in North America. The project, which includes an EV plant and a battery plant, was valued at 15 billion Canadian dollars (about 16 trillion won). It was planned to have annual capacity of about 240,000 vehicles, and land acquisition and discussions on government support were largely underway. Honda had aimed to start operations in 2028, but delayed the start by about two years in May last year as EV growth fell short of expectations. It has now opted for an open-ended freeze. The move signals a broader reset of Honda’s North American EV strategy. In March, Honda announced it would stop developing a flagship EV for the U.S. market and said it planned to book losses of up to 2.5 trillion yen (about 22 trillion won), while formally shifting emphasis away from EVs and toward hybrid vehicles. This time, the pullback extends to production-site investment. The shift is also affecting partnerships. Sony Group’s EV joint venture with Honda, Sony Honda Mobility, announced in March that it would halt development of its standalone EV, the Afeela. On April 21, it decided to reassign about 400 employees back to the two parent companies. Nikkei said the venture judged profitability would be difficult as Honda revised its EV strategy, describing the effort as a reorganization that is effectively “starting over.” Disappearing U.S. IRA benefits Nikkei pointed to U.S. policy changes as a key factor. The previous Joe Biden administration spurred North American EV investment competition after introducing EV purchase tax credits under the 2022 Inflation Reduction Act. But President Trump abolished the EV tax credit and, late last year, eased average fuel economy rules for automakers. With less pressure to expand EV output, automakers are adjusting strategies. U.S. sales data show the slowdown. Cox Automotive said U.S. EV sales last year fell 2% from a year earlier to 1.27 million vehicles, and fourth-quarter sales plunged 36% from the same period a year earlier. Hybrids have gained ground: Nikkei said hybrids accounted for a record 19% of U.S. new-vehicle sales in the fourth quarter. Honda has already formalized its pivot toward hybrids and plans to end production of its North America EV, the Prologue, in the second half of 2026. That would temporarily leave Honda without an EV in its U.S. lineup. The decision is expected to ripple into South Korea’s battery industry. Honda has been building an EV-only battery plant with LG Energy Solution, but is reported to be considering converting it for hybrid vehicles and energy storage systems. Honda is not alone. Nissan Motor has halted plans to produce two EV models in Mississippi, and Ford has announced it would stop producing a key pickup-truck EV while planning to reflect special losses of up to $19.5 billion. General Motors also decided last year to cut about 3,300 jobs at its U.S. EV and battery plants. Still, some analysts say the EV market overall has not turned down. MarkLines said global sales of EVs and plug-in hybrids last year rose 18% from a year earlier to 18.12 million vehicles. In China, more than half of new-car sales are EVs, reflecting continued growth. Nikkei said North America’s EV market has entered a stagnant phase, but the global market is still expanding, adding that how Honda rebuilds its EV competitiveness will be a key challenge.* This article has been translated by AI. 2026-05-06 15:21:17

North Korea Revises Constitution to Define Territory, Drop Unification Clause North Korea has revised its constitution to reflect the “two states” line advanced by State Affairs Commission Chairman Kim Jong Un, adding a new territorial clause that defines only the North as its territory and deleting provisions on national reunification. The revision also defines the commission chairman as “head of state” and, for the first time, specifies authority over the use of nuclear weapons. According to the text of the revised constitution disclosed at a briefing for reporters covering the Unification Ministry on Tuesday, the territorial clause was added as Kim declared in late 2023 that inter-Korean relations had become those of “two hostile states,” and as he signaled in January 2024. Article 2, newly added alongside Article 1 on the country’s name, states that the territory includes land bordering China and the Russian Federation to the north and South Korea to the south, as well as territorial waters and airspace set on that basis. Terms and concepts tied to ethnic kinship and reunification, including “the northern half,” “national reunification” and “the complete victory of socialism,” were removed from the preamble and main text of the previous constitution revised in September 2023. While the “two states” approach is broadly reflected, the revised text does not declare South Korea a “hostile state,” contrary to Kim’s earlier remarks. At the Supreme People’s Assembly in January 2024, Kim said it would be right to write into the relevant article that education and indoctrination should be strengthened so South Korea is regarded “thoroughly as the No. 1 hostile state” and an “unchanging principal enemy.” The revision is also seen as strengthening the commission chairman’s authority and status. In the ordering of state institutions, the commission chairman appears first and is defined as “head of state.” It is the first time the chairman has been placed ahead of the Supreme People’s Assembly in the constitution. The constitution also, for the first time, spells out the chairman’s exclusive command authority over nuclear forces and adds a clause providing a basis for delegation. Yang Moo-jin, a professor at the University of North Korean Studies, said the changes make clear a separation line by stating that the southern half of the Korean Peninsula is South Korean territory and the northern half is the territory of the Democratic People’s Republic of Korea. He said there is no international legislative precedent for defining another country as a hostile state, and that North Korea appeared to have considered the possibility of international isolation if it codified South Korea as such. * This article has been translated by AI. 2026-05-06 15:19:19

Seongnam’s Sangdaewon 2 Redevelopment Sets Member Forum as Builder Dispute Nears Turning Point A court fight over replacing the builder has deepened divisions in the Sangdaewon 2 redevelopment project in Seongnam, south of Seoul, prompting the union to switch from an ouster meeting to a members’ forum. The move comes as a court ruling has cast doubt on both the builder change and the validity of a key vote, forcing the parties to reassess next steps. Industry officials said Tuesday that the Sangdaewon 2 Housing Redevelopment Union notified members it will hold a “members’ forum to normalize the project” on May 9. May 9 had originally been set for an extraordinary general meeting to vote on removing the union head and executives. The change follows a court decision on April 29 granting DL E&C’s request for an injunction to suspend the effect of a union vote, effectively halting the impact of a general meeting held April 11 to pass an agenda item terminating DL E&C’s construction contract. The court said there was room to believe “a significant number” of written consent forms may have been forged. With the injunction granted, DL E&C’s builder rights remain in place for now. On the same day, the court dismissed the union side’s request to block a planned April 30 meeting to remove the union head. The emergency committee then decided to postpone the ouster meeting to May 9. But three days before that date, the union leadership and the emergency committee agreed to hold a forum instead. The shift comes after GS Engineering & Construction participated alone in the first bidding round and gained preferred bidder status, while the court’s ruling that the termination of DL E&C’s contract was invalid further complicated the process. Union leaders, including Chairman Jeong, had pushed through the contract-termination agenda to sign a construction contract with preferred bidder GS E&C. The emergency committee, however, has argued DL E&C should keep the job. Under the earlier plan, if the ouster agenda passed, DL E&C would begin construction as scheduled in June; if it failed, the union leadership would move to hold a general meeting on May 23 to select a builder. As the dispute over the builder change and union management drags on, delays, higher financing burdens and the risk of additional lawsuits appear unavoidable. Separate from the injunction, DL E&C’s main lawsuit seeking to invalidate the general meeting resolution is also underway, leaving legal uncertainty likely to persist. Some members have already faced cases of “self-paid interest,” in which they must pay interest in advance on relocation loans. That has occurred because a gap opened between interest due dates and loan disbursement dates as financing was delayed amid the builder uncertainty. DL E&C and GS E&C are closely watching the union’s internal discussions. “The court found the general meeting result invalid due to procedural flaws, so talks on selecting a builder have returned to square one,” an industry official said. “Only after the union leadership and the emergency committee reach an agreement will a result on the builder follow.” The Sangdaewon 2 redevelopment project calls for building a 5,090-home complex on a 242,000-square-meter site in Sangdaewon-dong, Jungwon-gu, Seongnam. Construction costs are projected at about 1 trillion won. After signing a contract with DL E&C in 2021, the sides clashed over whether to apply the company’s high-end “Acro” brand.* This article has been translated by AI. 2026-05-06 15:18:24