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Shinsegae Shares Rise Over 8% Following Upgraded Price Targets Shinsegae is experiencing strong gains in early trading, driven by a series of upgraded price targets from analysts. As of 10:14 a.m. on June 9, Shinsegae shares were trading at 621,000 won, up 49,000 won (8.57%) from the previous session on the Korea Exchange. At one point, the stock price surged to 640,000 won. Analysts are raising their target prices for Shinsegae, reflecting the wealth effect from the recent bullish domestic stock market and expectations for improved department store performance. Korea Investment & Securities raised its target price for Shinsegae from 700,000 won to 900,000 won, an increase of 28.6%, citing anticipated growth in department store sales this year due to the wealth effect. The firm maintained its 'buy' rating. Kim Myung-joo, a researcher at Korea Investment & Securities, stated, "The factors driving domestic sales in the department store industry are the wealth effect and the fear of missing out (FOMO) phenomenon due to rising luxury jewelry prices. I believe Shinsegae will show the most pronounced sales trends among the three major department stores." Previously, IBK Investment & Securities also raised its target price for Shinsegae from 530,000 won to 780,000 won. Meritz Securities introduced a new target price of 770,000 won on the same day. Kim Jeong-wook, a researcher at Meritz Securities, noted, "The renewal effect of the flagship store and increased foreign sales are contributing to robust growth in the department store sector. Considering the improvement in profitability for the duty-free business and the easing of depreciation costs in the second half of the year, we expect the positive performance trend to continue. Shinsegae has the structure to directly absorb inbound demand most effectively."* This article has been translated by AI. 2026-06-09 10:42:00 -
British Museum to showcase collection of late Samsung chairman Lee Kun-hee SEOUL, June 09 (AJP) - The British Museum will stage its first major exhibition dedicated to Korean art in more than four decades this fall, featuring works from the collection donated by the late Samsung chairman Lee Kun-hee and tracing over 2,000 years of Korea's artistic and cultural history. The British Museum said Monday that it will present Korea, an exhibition running from Oct. 1, 2026, to Jan. 31, 2027, bringing together masterpieces from the National Museum of Korea, the National Museum of Modern and Contemporary Art, and the museum's own Korean collection. The exhibition is the third overseas showcase of works donated by Lee Kun-hee, following exhibitions in Washington and Chicago. The museum said the exhibition will provide historical context for modern Korea's growing global influence, as Korean culture continues to gain popularity through Hallyu, or the Korean Wave. "Korean art has evolved through exchanges with other cultures while developing its own distinct identity," museum director Nicholas Cullinan said. "Visitors will see how that identity was shaped through the country’s engagement with the wider world." Key pieces include Celadon Gourd-shaped Ewer with Inlaid Lotus Design, a Goryeo celadon vessel renowned for its jade-green glaze and craftsmanship, and White Porcelain Bottle with Underglaze Bamboo Design, reflecting the understated elegance of Korea's Joseon Dynasty (1392–1910). The exhibition will also feature Inwangjesaekdo (Scene of Mount Inwang After Rain) by 18th-century painter Jeong Seon, one of Korea's most celebrated landscape paintings. Other notable works include pottery decorated with small clay figures from Korea's ancient Three Kingdoms period, Buddhist sculptures and manuscripts, folding screens symbolizing longevity and prosperity, traditional tiger-and-magpie paintings, and royal screens featuring the sun, moon and five mountain peaks, a symbol of the Korean monarchy. “The exhibition presents a new story of Korea to international audiences," said You Hong-june, director of the National Museum of Korea. "Visitors in London will have an opportunity to discover the roots of K-culture." The modern and contemporary section will feature works by Paik Nam-june, one of the world's most influential video artists; Woman in a Red Dress (1965) by Kim In-seung, a leading Korean painter known for his Western-style portraits; and Self-portrait (2019) by Suh Do-ho, a Korean installation artist based in London. The museum said Suh’s work explores themes of identity, migration and memory, reflecting the exhibition's broader focus on the connections between Korea's past and present. 2026-06-09 10:35:25 -
NVIDIA CEO Jensen Huang Departs After 5-Day Visit to South Korea Jensen Huang, CEO of NVIDIA, concluded his five-day visit to South Korea on June 9, expressing his excitement about building the future together with the country. He stated, "I expect to have many opportunities to visit Korea again."Before departing from the Seoul Gimpo Business Aviation Center around 9 a.m., Huang told reporters, "I had a great time with our partners, and as our business flourishes, we will need more supplies in the future."During his visit, Huang engaged in discussions on artificial intelligence (AI) infrastructure collaboration with major South Korean companies, including SK, LG, Hyundai Motor, Doosan, and Naver.He highlighted the expansion of cooperation with SK Hynix as a significant achievement, saying, "We have established a long-term partnership with SK Hynix to expand our business and diversify our collaboration. I am pleased to announce a win-win contract for both parties."Huang also mentioned collaborations related to AI supercomputers and AI cloud services with Naver and SK Telecom, adding, "Everyone will be very busy moving forward."He expressed hope for NVIDIA to grow the AI ecosystem alongside South Korea, stating, "NVIDIA's greatest contribution has been creating the AI industry and fostering the AI ecosystem. Building AI supercomputers is impossible without Korean technology. Now that we have established a great partnership, we will grow this industry together."Reflecting on his visit, Huang remarked, "The welcome was truly wonderful, and my family and I felt genuinely embraced. I feel gratitude and appreciation, and I am very excited about the announcements made. I feel a strong motivation and excitement to create the future together with Korea."He also praised the global expansion of South Korean companies, noting, "There are tremendous opportunities in robotics and AI infrastructure in Korea. There is also a great chance to expand overseas business through partnerships with Korean companies."Regarding future visits to Korea, he humorously noted, "My barbecue pork and fried chicken friends also need a break," but added, "Business with our partners is very busy, so I look forward to coming back soon."During his visit, Huang met with prominent South Korean business leaders, including Chey Tae-won of SK Group, Chung Eui-sun of Hyundai Motor Group, Koo Kwang-mo of LG Group, and Lee Hae-jin of Naver, as well as Deputy Prime Minister Lee Hae-joon and officials from universities, startups, and platform companies to discuss collaboration across the Korean AI ecosystem. 2026-06-09 10:30:00 -
Iran Expands Control Efforts from Hormuz to the Red Sea, Impacting Global Energy Transport Iran is expanding its pressure on maritime routes in the Middle East, mentioning the Red Sea in addition to the Strait of Hormuz.According to Iran's semi-official Mehr News Agency, Esmail Qaani, commander of the Islamic Revolutionary Guard Corps (IRGC) Quds Force, stated on social media on June 8 that "from the Strait of Hormuz to the Bab-el-Mandeb Strait, a new security belt of resistance will be established from the Persian Gulf to the Red Sea."Qaani emphasized that "the heroic actions of Yemen demonstrate the remarkable capabilities of the resistance front" and warned that "if necessary, others will join in." He added, "Borderless warriors are watching," and cautioned that the "evil actions of the Zionist regime (Israel) and the United States in this region will provoke a unified response from the resistance front."These remarks followed the Houthi declaration of missile attacks against Israel and their intention to block Israeli vessels in the Red Sea. This is interpreted as a warning to expand pressure on key energy transport routes by mobilizing the Houthis, who possess geopolitical advantages that could directly threaten the Red Sea.The Bab-el-Mandeb Strait, identified by Qaani, is considered a critical chokepoint for global maritime transport, alongside the Strait of Hormuz. It connects the Red Sea, Gulf of Aden, and Indian Ocean, with its narrowest point measuring only about 26 kilometers.According to a global supply chain report from the International Monetary Fund (IMF) and the World Bank, approximately 12% of global maritime cargo passes through the Bab-el-Mandeb Strait. The U.S. Energy Information Administration (EIA) estimates that 10% of global energy transport transits this strait.Following the outbreak of war after U.S.-Iran clashes in late February, Iran effectively blocked the Strait of Hormuz. Before the conflict, the EIA reported that 25% of global maritime crude oil trade and 20% of liquefied natural gas (LNG) trade passed through the Strait of Hormuz.Consequently, if both the Bab-el-Mandeb and Hormuz straits are simultaneously threatened, it could impact one-third of global oil and gas maritime transport, according to Euronews.Reuters also noted that Saudi Arabia, the largest oil producer in the Middle East, exports about 70% of its daily crude oil through the Red Sea port of Yanbu. If the Houthis continue to disrupt maritime transport in the Red Sea or attack vessels and ports, it could place significant strain on energy markets. 2026-06-09 10:27:00 -
AI startup Upstage acquires multi-platform company to diversify business SEOUL, June 9 (AJP) - Artificial intelligence (AI)-related unicorn Upstage has acquired multi-platform company Timely, it said on Tuesday. The acquisition follows Upstage's earlier acquisition of AXZ, the operator of web portal Daum, as the startup seeks to secure generative AI capabilities and expand its reach across industries. Timely is a generative AI-powered solutions company that operates TimelyAI, formerly TimelyGPT, a platform that allows users to build AI agents for work without coding. The platform offers various solutions used by local governments, public agencies, and educational institutions by integrating AI functions needed for business tasks including generating images and videos and converting documents using various large language models. Upstage said it plans to expand its AI agent business by integrating its in-house large language model Solar into TimelyAI. It added that its earlier AXZ acquisition broadened channels for distributing its own AI models, and that Timely will help accelerate its AI ecosystem strategy by connecting more users. "The competition in the AI industry will be decided by how quickly and deeply models are deployed in real workplaces to get the job done," Upstage CEO Kim Sung-hoon said at a signing ceremony for the acquisition at its office in southern Seoul. He also expects that Timely's proven know-how, combined with Upstage's technology, will enable not only developers but anyone to implement customized work automation with AI. "With the collaboration of Upstage and Timely, the breadth and depth of real-world AI use in South Korea will take a leap forward," said Timely's CEO Kim Dae-hwan. "We will lead an era of easy-to-use AI agents so anyone can access all the AI they need in one place." 2026-06-09 10:25:27 -
Shinhan Bank Expands Inclusive Finance with Increased Preferential Rates 정부가 중·저신용자와 취약 차주에 대한 포용금융 강화를 주문한 가운데 신한은행이 새희망홀씨대출 우대금리를 확대한다. 상환기간도 기존 60개월에서 84개월로 늘려 부담을 낮춘다는 계획이다. On June 9, the financial sector reported that Shinhan Bank has increased the preferential rate for its New Hope Loan installment repayment from 0.3 percentage points to 1.1 percentage points as of June 5. As a result, the new minimum interest rate for the New Hope Loan will be around 4% annually. To further ease the repayment burden for borrowers, the maximum repayment period has been extended from 60 months to 84 months. Additionally, since February, Shinhan Bank has been implementing the "New Hope Loan Circular Inclusive Finance Program," allowing customers to convert high-interest credit loans into a long-term installment repayment structure under the New Hope Loan. After the conversion, borrowers will benefit from a fixed interest rate of 6.9% and a loan term of up to 10 years. Shinhan Bank is also preparing to launch a "Savings Bank Refinancing Loan" aimed at reducing financial costs for mid- to low-credit borrowers currently using savings bank credit loans. Since January, the bank has been operating a support program for low-credit individual business owners, allowing them to use excess interest burdens to repay the principal of their loans. A Shinhan Bank official stated, "We are pursuing inclusive finance that provides practical help for long-term credit recovery, rather than just one-time support. We will continue to offer interest burden relief and improved repayment structures to help our customers establish a foundation for recovery."* This article has been translated by AI. 2026-06-09 10:24:00 -
Lending Industry Forgives Record 79.7 Billion Won in Debt for Financially Vulnerable The lending industry has forgiven 79.7 billion won in debt for over 8,000 financially vulnerable individuals last year, marking the largest amount since the introduction of the voluntary debt adjustment system in 2012. The Korea Credit Finance Association announced on June 9 that 52 member companies participating in the "Voluntary Debt Adjustment Agreement" provided debt relief to 8,335 financially vulnerable individuals, an increase of approximately 28% from the previous year’s 62.4 billion won. The average debt reduction rate was 72.0%. Among these, the debt relief rate for deceased individuals was 98.4%, while those facing repayment difficulties had a relief rate of 66.0%. By category, 2,055 debtors who lost their repayment ability due to accidents or illnesses received a total of 21.2 billion won, equivalent to 96.4% of their principal and interest. Additionally, 6,280 debtors experiencing economic hardships, such as income loss or unemployment, benefited from a total of 58.5 billion won in debt relief. Since 2012, the Korea Credit Finance Association has operated the voluntary debt adjustment system in collaboration with its member companies. This program supports debtors who are unable to repay due to illness or accidents by providing repayment deferrals and principal and interest reductions. In cases of death, it alleviates the debt burden on heirs by waiving some or all debts. It also assists borrowers facing repayment difficulties due to unemployment or income reduction with repayment deferrals or debt adjustments. Jung Sung-woong, chairman of the Korea Credit Finance Association, stated, "The lending industry has played a safety net role through voluntary debt adjustments to support the financially vulnerable and prevent them from being driven into illegal lending. It is essential to establish a legal and institutional foundation to activate a regulated lending system that the financially vulnerable can use with peace of mind."* This article has been translated by AI. 2026-06-09 10:24:00 -
Intense Competition in New Town Housing Market This Year This year, the Seoul housing market is witnessing a surge in new developments within New Towns as aging residential areas undergo significant renovations. The New Town projects are attracting attention due to the high demand for new apartments in Seoul. New Towns refer to areas designated for systematic redevelopment of aging residential neighborhoods. Unlike simple housing construction, these projects also enhance infrastructure such as roads, parks, schools, and commercial facilities. As the overall living environment improves, interest from potential buyers in new apartments remains high. According to the real estate industry on June 9, SK Eco Plant plans to launch the "DeFine Artia" project in the Noryangjin New Town redevelopment area in June. Noryangjin New Town is recognized as a key redevelopment site in southwestern Seoul, with approximately 9,000 housing units under redevelopment across eight zones. "DeFine Artia" will be located near the Jangseungbaegi Station on Subway Line 7, with Noryangjin Station on Lines 1 and 9 within walking distance. Schools such as Noryangjin Elementary, Yeonghwa Elementary, Yeongdeungpo Middle, and Yeongdeungpo High School are also accessible on foot. The development will feature a 45-story high-rise design, with some units on the upper floors offering views of the Han River and Namsan. The exterior will incorporate a curtain wall design, with ceiling heights of 2.5 meters for units and 2.6 meters for vaulted ceilings. A sky lounge with views of the Han River and downtown, along with community facilities featuring the "Club DeFine" program, will also be included. Daewoo Engineering & Construction is set to launch the "Jangwi Prugio Mark One" in the Jangwi New Town area of Seongbuk-gu in June. This project will consist of 23 buildings ranging from five underground to 35 above-ground floors, with a total of 1,931 units, including 1,032 available for general sale. Jangwi New Town is known as the largest redevelopment site in Seoul aimed at improving the aging residential environment in the Jangwi-dong area. Raon Construction will also offer "Jungnang Station Raon Private Centro" in the Jungnang-gu Junghwa 3 redevelopment area. This development will consist of three buildings with three underground and 26 above-ground floors, featuring 176 apartments ranging from 45 to 126 square meters and 74 officetels ranging from 20 to 59 square meters, totaling 250 units. The Junghwa New Town is expected to develop into a residential area with approximately 14,000 units, alongside the nearby Sangbong redevelopment area. Prices in major New Town areas continue to rise. According to the Ministry of Land, Infrastructure and Transport, the "DMC Central Xi" in the Susaekjeongsan New Town in Eunpyeong-gu sold for 1.75 billion won (approximately $1.5 million) for an 84-square-meter unit at the end of April, marking a record high. This is an increase of over 200 million won compared to the 1.54 billion won price from May of last year. In Seongdong-gu, the "Tenz Hill" sold for 2.12 billion won for an 84-square-meter unit in March, setting a new record. The price was 1.74 billion won a year earlier, reflecting an increase of nearly 300 million won within a year. The Wangsimni New Town, located in the Sangwangsimni and Hwangsimni areas, offers excellent transportation options through Wangsimni Station on Subway Line 2, allowing transfers to multiple lines. The demand for New Town projects is also evident in the subscription market. According to the Korea Real Estate Agency, the "La Clache Zai DeFine" redevelopment project in the Noryangjin New Town area received 4,843 applications for 180 units available for general sale in April, resulting in an average competition ratio of 26.9 to 1. In March, the "Raemian Elavine" project in the Banghwa New Town area of Gangseo-gu attracted 3,426 applicants for 137 units available for general sale, achieving an average competition ratio of 25 to 1. In May, a non-priority subscription for 56 units drew over 1,200 applicants, resulting in a competition ratio of 21.6 to 1. The decline in housing supply in Seoul is also contributing to the heightened interest in New Town developments. According to the Ministry of Land, Infrastructure and Transport, the number of housing permits in Seoul dropped to 1,815 in March, a 75.3% decrease from 7,339 in the same month last year. The number of apartment permits fell to 1,005, down 85.5% from 6,909 in the previous year. The completion figures also dropped to 1,861, down 46.4% from 3,469 in the same month last year.* This article has been translated by AI. 2026-06-09 10:18:00 -
LG CNS Signs Contract with Anthropic for 'Claude' Implementation LG CNS is embarking on an artificial intelligence (AI) transformation with the introduction of Anthropic's 'Claude'. On June 9, LG CNS announced that it has signed a contract with Anthropic for the implementation of 'Claude Enterprise'. This initiative aims to drive innovation in AI transformation (AX) for domestic companies. Notably, this contract is structured as a comprehensive agreement applicable to all affiliates of the LG Group, with LG CNS planning to accelerate AX at the group level. Claude is a corporate AI model gaining traction in the global market, known for its advanced reasoning capabilities, robust security, and ability to handle lengthy documents. LG CNS has evaluated it as a model that supports AX by focusing on enhancing work efficiency through AI agents integrated with internal systems, coding, and collaboration. Through this contract, LG CNS will make Claude accessible to all employees. The company also plans to actively promote AI-driven productivity innovations across various tasks, supporting the entire process of implementing and utilizing Claude for both LG Group companies and external firms as it expands its AX business. In 2023, LG CNS made an equity investment in Anthropic through LG Technology Ventures. The partnership has continued with efforts to provide Claude in a form optimized for domestic corporate clients. Moving forward, LG CNS aims to deepen its collaboration with Anthropic to continuously enhance AX services tailored to corporate environments. Currently, LG CNS is applying various generative AI technologies internally, refining its customized AI utilization framework. In February, the company introduced enterprise services in collaboration with OpenAI and established a reseller partner agreement to support the domestic supply and operation of 'ChatGPT Enterprise'. A reseller partner is an official collaborator authorized to sell AI services in the market. Additionally, LG CNS is strengthening its multi-AI system by implementing various AIs based on the purpose and usage environment, including the recent contract for Claude. Kim Tae-hoon, Vice President of LG CNS's AI Cloud Business Division, stated, "Collaboration with Anthropic marks a significant opportunity to launch an AX innovation model optimized for the domestic corporate environment. We will actively support the AX transformation of domestic corporate clients by combining LG CNS's AX capabilities with Anthropic's AI technology." Choi Gi-young, head of Anthropic's Korea branch, expressed, "Through our collaboration with LG CNS, we expect domestic corporate clients to apply safer and more reliable AI in their actual work environments. We will actively cooperate to establish Claude as an AI platform that supports corporate productivity and innovation."* This article has been translated by AI. 2026-06-09 10:15:00 -
Samsung and SK Hynix Consider New Semiconductor Plants in Honam Region Samsung Electronics and SK Hynix are reportedly exploring plans to establish semiconductor plants in the Honam region, drawing significant industry attention. According to a report by Hankyoreh on June 8, the proposal for new semiconductor facilities by Samsung and SK Hynix is a key topic in discussions among the government and major corporations regarding investment outside the capital region. The report indicates potential investment sites include Gwangju, where a military airport relocation is underway, and Jangseong in Jeollanam-do, which is developing a large-scale data center. If realized, this plan could lead to new investments worth trillions of won in the Honam area. Currently, Samsung's major semiconductor production bases are located in Pyeongtaek, Hwaseong, and Giheung in Gyeonggi Province. SK Hynix operates its production facilities primarily in Icheon and Cheongju, also in Gyeonggi Province. Many semiconductor backend processing and packaging facilities are concentrated in the Chungcheong region. As a result, industry experts are paying close attention to the possibility that the new investments could focus on advanced packaging plants or semiconductor backend processing facilities. With the recent expansion of the artificial intelligence (AI) semiconductor market, the importance of advanced packaging technology has surged, increasing the likelihood of attracting related facilities. Some analysts suggest that this review aligns with the regional balanced development policy of the Lee Jae-myung administration. Indeed, voices within the ruling party have consistently called for the decentralization of semiconductor industry infrastructure, which has been concentrated in the capital region since last year. President Lee Jae-myung also stated at a press conference marking his first anniversary, "I will soon unveil a large-scale investment project that will bring about a significant transformation in our growth strategy," adding, "There is a need to balance the issues between Yeongnam and Honam by investing more in Honam." However, as of now, both Samsung Electronics and SK Hynix have not issued any official statements regarding the establishment of semiconductor plants in Honam. The government has also not disclosed specific details about the investment scale or timeline. Meanwhile, the semiconductor industry anticipates that the increasing demand for AI semiconductors and the ongoing global supply chain restructuring could lead to significant changes in the domestic semiconductor landscape, influenced by government industrial policies and corporate investment strategies. On the same day, Newsis reported that representatives from both companies downplayed the establishment of semiconductor plants. A Samsung Electronics official told Newsis, "We are unaware of this matter and have no knowledge of it." Similarly, an SK Hynix official stated, "We are not aware of this issue." 2026-06-09 10:15:00