Korea to Announce Sixth Oil Price Cap Amid Inflation Concerns Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol announced that the government will reveal the sixth oil price cap at 7 p.m. on May 21, in response to inflation concerns stemming from the prolonged conflict in the Middle East. He also stated that the government will immediately begin revising the enforcement decree of the Price Stabilization Act. During the ninth meeting of the Special Task Force on Price Management held at the Government Seoul Building, Koo noted, "As uncertainties from the Middle East conflict persist, producer prices continue to rise, and there is increasing upward pressure on consumer prices. The government will do its utmost to stabilize prices and minimize the burden on the public." The sixth oil price cap, which will take effect at midnight on May 22, will be announced based on a comprehensive assessment of international oil price trends and the economic burden on the public. Koo explained, "We will consider various factors, including international oil prices and the burden on households and the government." Additionally, the government will extend the fuel tax reduction measure, originally set to expire at the end of this month, until the end of July. This extension aims to alleviate the financial burden on consumers amid increased volatility in international oil prices due to the ongoing conflict. The meeting also addressed measures to enhance the effectiveness of price stabilization initiatives. The government plans to strengthen penalties and recovery systems for violations of the Price Stabilization Act, including prohibiting hoarding and price collusion. Koo emphasized, "We will revise the Price Stabilization Act to ensure that items facing supply concerns are distributed more swiftly and that illegal profits are thoroughly recovered." The government intends to implement measures that will impose orders and fines on those found violating price stabilization regulations, and in cases requiring urgent supply, confiscated goods may be sold immediately. Furthermore, a new system for imposing fines exceeding unjust profits and a reward system for reporting violations will be established to enhance private monitoring. Koo reiterated, "We will promptly begin revising the enforcement decree of the Price Stabilization Act and push for legislative changes as quickly as possible." The meeting also revealed the results of an investigation into price collusion among seven flour mills. The Fair Trade Commission plans to impose a record fine of 671 billion won for collusion on flour prices. The government will closely monitor any price increases that may exploit the rising costs due to the Middle East conflict.* This article has been translated by AI. 2026-05-21 08:57:00

Korea to Provide $60 Million Financial Aid to Middle Eastern Countries Amid Ongoing Conflict Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol announced plans to provide a total of $60 million in financial aid to Middle Eastern countries facing liquidity challenges due to the prolonged conflict in the region. He stated that the government will respond calmly and consistently to the U.S. Section 301 investigation into trade practices. During the 268th Foreign Economic Ministers' Meeting held at the Government Seoul Building on May 21, Koo noted, "The uncertainty surrounding our economy remains significant due to tensions in the Middle East and changes in the global trade environment. The government will focus its efforts on responses that the market and businesses can feel." The government plans to offer $30 million each through the Export-Import Bank and the Korea Trade Insurance Corporation to major contractors in the Middle East experiencing temporary liquidity crises due to the ongoing war. Koo explained, "As the saying goes, 'A friend in need is a friend indeed,' we are pursuing financial support for countries that have had close ties with the development of the Korean economy." The government also discussed measures to strengthen supply chain responses amid the resurgence of risks in the Middle East. Plans include supporting domestic production linked to production incentive tax systems and subsidies, as well as establishing new stockpiles of essential goods for industry and daily life. For items that cannot be produced domestically, the government will secure overseas production bases and diversify import sources. The goal is to reduce dependence on specific countries for economic security items to below 50% by 2030. Koo emphasized, "It is now time to move beyond a simple efficiency-centered structure and strategically invest in enhancing supply chain resilience." He added that the government will actively consult with the European Union to minimize industry damage following the EU's recent decision to reduce steel import quotas and strengthen tariffs on excess quantities. Regarding the U.S. Section 301 investigation, Koo stated that the government aims to ensure that the existing balance of interests between South Korea and the U.S. is not disrupted. Previously, the government has articulated its position through written comments and public hearings related to investigations into forced labor and overproduction by the U.S. Koo affirmed, "We will calmly respond by actively explaining our position in upcoming bilateral consultations with the U.S. government to ensure that the previously agreed-upon balance of interests is maintained." Additionally, the meeting reviewed the progress of the Comprehensive Economic Partnership Agreement (CEPA) with Serbia. The government plans to accelerate negotiations with China, India, and ASEAN countries while swiftly concluding the agreement with Serbia to strengthen its foothold in Europe.* This article has been translated by AI. 2026-05-21 08:53:06

Iran Establishes 'Controlled Area' in Strait of Hormuz, Requires Pre-Approval for All Vessels The Iranian government has announced the establishment of a 'controlled area' in the Strait of Hormuz, managed by the newly formed Persian Gulf Strait Authority (PGSA). On May 20, the PGSA stated via social media platform X (formerly Twitter) that the eastern boundary of the controlled area will be defined by a straight line connecting Iran's Kuhe Mobarak and Fujairah in the southern United Arab Emirates (UAE). The western boundary will connect the tip of Iran's Qeshm Island to Umm al-Quwain in the UAE. The authority emphasized that all vessels intending to transit the Strait of Hormuz through this controlled area must coordinate in advance and obtain official permission. Earlier, on May 18, the PGSA introduced itself on X, stating, "The authority is a regulatory body responsible for managing navigation in the Strait of Hormuz and serves as the legal representative of the Islamic Republic of Iran." It further warned, "Navigation within the designated area of the Strait of Hormuz, as established by Iranian military authorities and government officials, must be coordinated with this agency in advance, and unauthorized passage will be considered illegal." Reports from AP and CNN indicated that the Iranian government aims to formalize its control over the Strait of Hormuz with the establishment of the Persian Gulf Strait Authority, which was announced on May 7. CNN reported that the authority has mandated the completion of a 'Vessel Information Declaration' form for all vessels to ensure safe navigation. According to a document obtained by CNN, the form consists of over 40 items, requiring details such as the vessel's name and identification number, country of departure and destination, owner and operator information, crew nationality, and cargo details. Past names of the vessel must also be included, and this information must be submitted to Iranian authorities via email prior to passing through the Strait of Hormuz.* This article has been translated by AI. 2026-05-21 08:52:07

Samsung Electronics Raises Salary Cap and Agrees to 6.2% Wage Increase Samsung Electronics has reached a tentative agreement on its wage negotiations for 2026, raising the salary cap for managerial positions to 130 million won and increasing the first child birth support payment to 1 million won. According to industry sources on May 21, Samsung's labor and management agreed on a wage increase rate of 6.2% in the previous day's negotiations. This includes a base increase of 4.1% and a performance-based increase of 2.1%. The salary cap for managerial positions has also been unified at 130 million won, regardless of whether the role is in development or non-development. Previously, the cap was set at 122 million won for development roles and 120 million won for non-development roles. For assistant and deputy manager positions (CL3), the cap has been raised from 100 million won to 110 million won. The entry-level salary for new college graduates (CL2) has increased from 76 million won to 80 million won. The agreement also includes significant improvements to welfare benefits and working conditions. To enhance productivity through housing stability for employees without homes, a 'company housing loan system' will be implemented. Details regarding the amount of support, eligibility, and timing will be determined separately by the company. Childbirth support payments have been substantially increased. The payment for the first child has risen from 300,000 won to 1 million won, for the second child from 500,000 won to 2 million won, and for the third child and beyond from 1 million won to 5 million won. Compensation for employees on modified shift schedules has also been improved. If a member working modified shifts chooses to work on a designated holiday, they will receive an additional payment equivalent to four hours of their regular hourly wage, in addition to their usual holiday pay. Separately, the agreement on performance bonuses will be distinct from the collective agreement for 2025 and the wage agreement for 2026, and will remain in effect until February 28 of next year.* This article has been translated by AI. 2026-05-21 08:49:34

ASML CEO: Strong AI Demand Will Keep Semiconductor Supply Short A surge in demand for artificial intelligence (AI) is expected to prolong the global semiconductor supply shortage. The simultaneous growth in semiconductor needs for AI data centers, satellites, and robotics is outpacing production capabilities. On May 20, Christoph Hocke, CEO of ASML, stated at the Imec Technology Forum in Antwerp, Belgium, that "AI demand is extremely strong," and warned that the semiconductor market could remain in a state of supply shortage for a significant period. He projected that the global semiconductor market could grow to $1.5 trillion by 2030, highlighting the potential for bottlenecks throughout the supply chain. ASML is a key player in the advanced semiconductor lithography equipment market, which is essential for etching circuits onto semiconductor wafers. Major semiconductor companies, including TSMC, Samsung Electronics, SK Hynix, Micron, and Intel, utilize ASML's equipment for producing advanced logic chips and high-performance memory. Hocke also pointed to Elon Musk's plans for a large-scale AI semiconductor factory, dubbed 'TerraFab,' and the Starlink satellite project as factors that could further drive semiconductor demand. He mentioned discussions with Musk regarding these projects, stating, "Musk is very serious about these initiatives." If these large AI factories and satellite internet networks translate into actual investments, competition for semiconductor equipment and production capacity could intensify. In response to the strong demand, ASML is enhancing its equipment performance. The company is supplying next-generation high-NA EUV (extreme ultraviolet) lithography equipment capable of creating finer circuits. ASML is also developing related equipment for advanced packaging. Semiconductor products utilizing high-NA EUV technology are expected to be available within months, with companies like Intel, Samsung Electronics, and SK Hynix already in the process of adopting this equipment. The robust demand is reflected in ASML's financial outlook. Last month, the company raised its revenue forecast for 2026 to between €36 billion and €40 billion (approximately $56 billion to $62 billion) due to strong AI demand. Hocke noted, "Even then, semiconductor demand is outpacing supply," adding that clients are accelerating their production capacity expansion plans.* This article has been translated by AI. 2026-05-21 08:46:41

Fire in Daejeon Apartment Claims Life of Elderly Man, Injures Daughter A fire in a Daejeon apartment resulted in the death of an elderly man in his 80s and serious injuries to his daughter, a woman in her 60s. According to Yonhap News, the fire broke out on the first floor of the apartment in Jung-gu at approximately 7:37 PM on May 20. Fire authorities received reports of the blaze and quickly dispatched fire trucks and personnel to the scene for firefighting and rescue operations. The fire spread within the apartment, but firefighters managed to extinguish it completely in about 30 minutes. During the rescue efforts, emergency responders found the elderly man, identified as Mr. A, and transported him to a nearby hospital, where he was pronounced dead. Mr. A's daughter was also rescued from the scene. She sustained serious injuries and is currently receiving treatment at a hospital. The exact extent of her injuries and the circumstances surrounding the fire have yet to be confirmed. As the fire erupted, some residents in the building hurriedly evacuated. However, no additional residents have been reported as needing transport due to smoke inhalation. Fire authorities have completed safety measures at the site following the fire suppression. They are working with police to investigate the cause of the fire. A joint inspection is scheduled for the morning of May 21 to determine the ignition source and assess the extent of the damage.* This article has been translated by AI. 2026-05-21 08:44:07

Domestic Banks Earn 2.4 Trillion Won from Overseas Branches Last Year Last year, domestic banks earned approximately 2.4 trillion won (about $16.5 billion) from their overseas branches. The number of overseas branches increased to 211, and total assets surpassed 330 trillion won.According to a report released by the Financial Supervisory Service on May 21, the net profit of domestic banks' overseas branches reached $1.651 billion (approximately 2.4 trillion won), a 2.3% increase from the previous year. This figure represents 9.8% of the total net profit of domestic banks, which was 24.1 trillion won.Interest income rose to $380.1 million, up 4.5% from 2024, driving overall net profit growth. However, non-interest income fell to $610 million, a decrease of 8.3% compared to the previous year. The return on assets (ROA) for total assets was 0.71%, down 0.03 percentage points.While net profits increased in countries like Indonesia ($10.5 million) and the United Kingdom ($6.5 million), they declined in China ($8.6 million).As of the end of last year, domestic banks had a total of 211 overseas branches in 41 countries, an increase of four from the previous year (207 branches in 41 countries). Five new branches opened, while one branch was closed.IBK Industrial Bank established a new local subsidiary in Warsaw, Poland, while Hana Bank opened branches in Devanahalli and Mumbai, India. Korea Development Bank also opened a new branch in Frankfurt, Germany. NH Nonghyup Bank converted an office in London, UK, into a branch.By country, India had the highest number of overseas branches at 22, followed by Vietnam (20), the United States (17), China (16), and Myanmar (14). In total, Asian branches accounted for 67.3% of all overseas branches, with 142 branches.The total assets of overseas branches reached $233.13 billion (334.5 trillion won), an increase of $16.05 billion (7.4%) from the previous year.The overall evaluation grade for localization indicators remained at '2+', the same as the previous year. The Financial Supervisory Service assesses the level of localization of overseas branches and the level of internationalization of the headquarters, reflecting both at a 50% rate in a 15-grade system.A Financial Supervisory Service official stated, "The management status of domestic banks' overseas branches remains generally sound. However, due to the prolonged conflict in the Middle East and external uncertainties, we plan to encourage enhanced risk management for overseas branches and strengthen internal controls at the headquarters level."* This article has been translated by AI. 2026-05-21 08:42:39

Shinhan Investment Corp. Projects Continued Profitability for Kyungdong Navien Shinhan Investment Corp. stated on May 21 that considering changes in tariff rates and related non-operating income, Kyungdong Navien's profitability is expected to improve continuously in the second quarter and throughout the year. The firm maintained its target stock price at 89,000 won and its investment recommendation at 'Buy.' Research analyst Heo Seong-kyu noted, "The strong performance in the first quarter of this year is different from the favorable results due to advance orders in the second quarter of last year. The primary reason for the increase in performance is attributed to the decline in the general tariff rate." He added, "In the second quarter of this year, a change in the implementation of tariffs on steel and aluminum is expected to result in an additional decrease of about 2-3% in tariff rates. The tariff changes are currently undergoing refund procedures for last year's implementation amounts, and additional contributions to non-operating income are anticipated." He emphasized that the company is expanding its residential HVAC (heating, ventilation, and air conditioning) product line, with significant sales activities underway in the second quarter. Heo explained, "The product lineup includes hydro furnaces, heat pumps, air conditioners, and air handlers. The average price of these products is similar to that of existing condensing water heaters, which means that the expanded product mix will positively impact consolidated profitability in the medium to long term." He also noted, "This gradual change is expected to reduce the seasonal volatility of quarterly performance associated with existing water heaters concentrated in winter." Additionally, Heo assessed that Kyungdong Navien is undervalued both relatively and absolutely. He stated, "There is no reason for a discount compared to competitors and historical figures, indicating that both relative and absolute valuations are low. There are factors that could lead to performance increases depending on profitability in the second half of the year."* This article has been translated by AI. 2026-05-21 08:39:28

Gong Seung-yeon Discusses TWICE's Jeongyeon and Her Battle with Cushing's Syndrome Actress Gong Seung-yeon expressed her affection for her younger sister, Jeongyeon, a member of the popular girl group TWICE. During an appearance on the tvN variety show "You Quiz on the Block" on May 20, Jeongyeon reflected on her difficult battle with Cushing's syndrome, recalling, "It was a mentally challenging time, and I don't remember much because it was so hard. I relied heavily on my sister during that period." She added, "My sister noticed something was wrong with my health and suggested I see a doctor, which led to my diagnosis of Cushing's syndrome at a major hospital." Jeongyeon noted that despite her sister's usual dislike for physical activity, she began exercising alongside her. "Thanks to my sister, I was able to receive proper treatment and recover healthily," she said. In response, Gong Seung-yeon shared, "At that time, Jeongyeon was really struggling. I felt anxious about leaving her alone, so I suggested we live together. I was terrified that my sister might just disappear or give up completely." She explained, "I couldn't fully understand what Jeongyeon was going through, so I tried various approaches. I would scold her, comfort her, and even cry with her. But I found that just being there for her was the best way to support her." Jeongyeon expressed her gratitude, saying, "I'm thankful that my sister is my real sister, and I'm sorry for the trouble I caused her. I love you." * This article has been translated by AI. 2026-05-21 08:37:26

Financial Authorities File Criminal Charges Against NH Investment & Securities for Insider Trading Financial authorities have imposed sanctions on executives and associates of NH Investment & Securities for alleged insider trading related to tender offers. The Securities and Futures Commission (SFC), under the Financial Services Commission, has filed criminal charges and imposed the maximum administrative fines as part of a strong response to actions that undermine the capital market order. On May 21, the SFC announced that during its 10th regular meeting on May 20, it reported eight individuals, including executives and their spouses and acquaintances, to prosecutors for violating the Capital Markets Act by using undisclosed important information. Additionally, it decided to impose fines on eight others who received and traded on this information for violating market disruption regulations. This action follows a joint investigation by the Financial Services Commission, the Financial Supervisory Service, and the Korea Exchange. Authorities believe that undisclosed information obtained during the tender offer process was leaked and used for stock trading. According to the SFC, the suspects allegedly used undisclosed information acquired while conducting tender offer-related work from May 2023 to September 2025 to make concentrated purchases of stocks from 15 listed companies. They are accused of selling their shares for illicit profits after the stock prices rose following the announcement of the tender offers. Authorities view the use of proxy accounts by executives and their spouses to conceal trades as a serious matter. Investigations revealed that spouses mimicked their husbands' trading methods by using accounts in the names of other acquaintances. The joint response team confirmed the actual ownership of multiple accounts and collusion through fund tracking and searches. In addition to the criminal charges, authorities stated that the eight individuals who traded based on insider information would face the highest possible fines under the law to raise market awareness. Furthermore, depending on the results of the prosecutors' investigation, authorities plan to impose additional fines of up to twice the amount of illicit profits on those accused of using insider information. Previously, NH Investment & Securities established a task force to strengthen internal controls immediately after becoming aware of the situation in October of last year. The company has implemented comprehensive measures, including requiring all executives to submit compliance pledges, banning new stock purchases, introducing a registration management system for employees handling undisclosed important information, expanding monitoring of accounts held in family members' names, and formalizing a 'one-strike-out' principle.* This article has been translated by AI. 2026-05-21 08:34:39