Blue House Supports Reasonable Adjustments Following Samsung Labor Agreement On May 21, the Blue House stated that it would actively support reasonable adjustments in the wage negotiations between Samsung Electronics and its labor union. Kang Yoo-jung, the chief spokesperson, made this remark during a briefing at the Chunchugwan when asked about the potential impact of the negotiations on the broader industrial sector. "The impact of this conflict on the national economy is significant," she said.Kang acknowledged that while labor issues are primarily decided autonomously by the parties involved, the recent debate surrounding Samsung's management bonuses has escalated into a broader social issue. "This conflict has intensified, and all citizens have witnessed it," she explained.Regarding the recent tentative agreement that averted a total strike, Kang noted, "Although the Central Labor Relations Commission's post-adjustment efforts were unsuccessful, there was considerable public concern. Therefore, both Samsung and the labor union made concessions to reach this tentative agreement. This outcome reflects the efforts of both parties, as well as the active cooperation from the government, including Labor Minister Kim Young-hoon."Kang also addressed President Lee Jae-myung's comments on profit distribution made the previous day, stating, "The President clarified the difference between net income and operating profit, suggesting that this issue requires further social discussion and examination."During a cabinet meeting and emergency economic assessment, President Lee criticized the Samsung labor union, saying, "Before taxes, which can be considered a shared national resource, they are seeking to institutionalize a share of operating profit. This is something investors do not even do. Investors receive dividends after taxes from net income, which I find somewhat difficult to understand."In response to the Samsung minority shareholders' group threatening legal action over the legality of the tentative wage agreement, Kang remarked, "We need to examine the situation regarding the legal actions, including the injunctions, further."* This article has been translated by AI. 2026-05-21 14:45:10

Jang Dong-hyuk Calls for Victory in Local Elections to Resume President Lee's Trial As the local elections approach, Jang Dong-hyuk, leader of the People Power Party, visited Daejeon on May 21 to urge voters, stating, "The People Power Party must win this local election to resume President Lee's trial." He later visited Daejeon Central Market to connect with the public. In the afternoon, he plans to visit Gongju and Asan in South Chungcheong Province to further appeal for voter support. At the 'June 3 Daejeon Citizens' Victory' campaign launch held at Seogwang Square near Daejeon Station, Jang criticized President Lee, saying, "As soon as he took office, he halted five trials and abandoned appeals from the criminals involved in the Daejang-dong scandal, putting 780 billion won into their pockets." He questioned, "Is it human behavior to try to erase one's own crimes?" He added, "The only way to resume President Lee's trial is to win this local election." Jang also contrasted the People Power Party with the Democratic Party, stating, "The Democratic Party can only run in elections after becoming a four-time offender, while the People Power Party has clean and capable candidates." He expressed confidence that a victory in Daejeon would lead to success nationwide. After his speech, Jang bowed deeply, asking for support for the People Power Party. Lee Jang-woo, the People Power Party's candidate for Daejeon mayor, also criticized President Lee and the Democratic Party's dominance. He stated, "The Democratic Party, which controls legislation, is also undermining the judiciary, and now they want to take the last remaining local government." He condemned this as a violation of South Korea's constitutional order and a threat to the separation of powers. Lee also targeted his opponent, Democratic Party candidate Heo Tae-jeong, saying, "Are you going to elect Heo Tae-jeong, who couldn't solve issues like the Yuseong Terminal and lost the Ministry of SMEs and Startups? You should choose Lee Jang-woo, who has brought the Defense Acquisition Program Administration to Daejeon and can resolve the Yuseong Terminal issue quickly." After the campaign launch, Jang and Lee visited the Central Market near Daejeon Station, engaging with vendors and encouraging support for the People Power Party by interacting with the public and even shelling peas. After concluding his schedule in Daejeon, Jang will target voters in Gongju and Asan in South Chungcheong Province in the afternoon.* This article has been translated by AI. 2026-05-21 14:42:47

Choo Mi-ae Calls for Voter Judgment Against 'Insurrection Forces' in Gyeonggi Election Choo Mi-ae, the Democratic Party's candidate for Gyeonggi governor, urged voters to judge "insurrection forces" during her campaign kickoff on May 21. She emphasized that she is not a candidate who has taken the easy path. At a rally near Seohyeon Station, Choo stated, "The People Power Party still acts as the bodyguard for Yoon Suk Yeol, bowing to him even while he is in prison. The 'Yoon Again' forces are dreaming of a revival." She continued, "As the judiciary delays judgment on these insurrection forces, I ask voters to deliver a stern verdict through their ballots for the normalization of South Korea." Choo referenced her time as Minister of Justice, when she pushed for the separation of investigation and prosecution, saying, "At that time, the media portrayed me as someone who was destroying common sense, but ultimately, I completed judicial reform alongside Representative Jeong Cheong-rae. Given this, you can trust me to handle Gyeonggi's pressing administrative issues." She expressed confidence, saying, "I know how to win. Together with you, I will return victoriously and open a new future for Gyeonggi." Additionally, she remarked, "Watch for the 'Suwon-Yongin-Sungnam' I am creating," highlighting that Seongnam is a central city in the K-semiconductor cluster. She described the 'Suwon-Yongin-Sungnam' as a semiconductor industry belt connecting Suwon, Yongin, Seongnam, Hwaseong, Pyeongtaek, Osan, and Icheon. Also present at the rally were Representative Jeong and Kim Byeong-wook, the candidate for Seongnam mayor.* This article has been translated by AI. 2026-05-21 14:40:04

KOSPI Surges Past 7700 After Four Days of Decline, Driven by Samsung and SK Hynix Gains The KOSPI index, which fell below 7100 after initially surpassing 8000 on May 15, rebounded sharply after four days of decline, breaking through the 7700 mark. As of 12:49 PM on May 21, the KOSPI was up 7.66% from the previous trading day, reaching 7761.43. Early in the session, the index surged, triggering simultaneous buy-side circuit breakers for both KOSPI and KOSDAQ. Investor sentiment improved following a tentative wage agreement reached between labor and management at Samsung Electronics, coupled with Nvidia's earnings report that exceeded market expectations. Additionally, President Donald Trump indicated that negotiations with Iran were nearing completion, contributing to a decline in international oil prices and U.S. Treasury yields, which positively affected the stock market. In the securities market, institutional investors purchased over 1.4 trillion won in stocks, driving the index higher. Foreign investors sold about 1 trillion won, while individual investors sold around 400 billion won, realizing profits. Samsung Electronics, which resolved its labor negotiations dramatically the previous night, saw its shares soar by over 8%, touching 300,000 won early in the session. SK Hynix's stock rose 11.06% to 1,938,000 won. Samsung Electro-Mechanics also experienced a surge of over 12% after announcing a 1.5 trillion won supply contract for silicon capacitors with a global company. Samsung Life Insurance and Samsung C&T rose by 12% and 11%, respectively. Hyundai Motor Group stocks also performed well, with Hyundai Motor up 9% and Kia up over 11%. Kim Seok-hwan, a researcher at Mirae Asset Securities, noted, "The agreement at Samsung Electronics has led to a broad rally among its affiliates. The Hyundai Motor Group is also showing strength due to expectations surrounding its Atlas business roadmap and vertical integration into mass production." The KOSDAQ index opened 29.23 points (2.77%) higher at 1085.30 and, as of 12:49 PM, was up 5.07% at 1109.61 compared to the previous trading day. In the KOSDAQ market, foreign investors were net buyers of 130 billion won, while institutions bought 160 billion won. Individual investors sold over 280 billion won. Top KOSDAQ stocks also saw gains, including Alteogen (0.70%), EcoProBM (10.58%), EcoPro (10.36%), Rainbow Robotics (15.20%), Kolon TissueGene (3.56%), Samchundang Pharm (2.45%), Lino Biotech (6.15%), Rigakem Bio (3.62%), HLB (2.94%), and ABL Bio (4.70%). MakinaRax, which successfully debuted on the stock market with a "double-up" (quadrupling its initial public offering price), continued to rise by over 30%, reaching its upper limit today.* This article has been translated by AI. 2026-05-21 14:37:07

SC First Bank Hosts Masterclass with Park Se-ri for High-Net-Worth Clients SC First Bank is accelerating its tailored programs for ultra-high-net-worth individuals amid fierce competition in the private banking market. On May 15, SC First Bank successfully held a Masterclass featuring renowned golfer Park Se-ri, the bank announced on May 21. The Masterclass is part of SC First Bank's private banking program, which invites top leaders from various fields to provide lectures and experiences for clients with assets exceeding 1 billion won (approximately $900,000). This session focused on the popular theme of leisure and sports, with Park, the bank's first private banking client, participating directly. A highlight of the event was a personalized 'one-point lesson' session for select clients chosen through a lottery. Park provided tailored coaching to the invited guests. Following the lessons, a signing event and photo session were held for all attendees. In addition, SC First Bank organized events for its high-net-worth clients, including professional golfer lessons, mini-games, and a dinner program. Furthermore, SC First Bank plans to host the '2026 Global Future Leaders Program' from July 31 to August 2 for the children of high-net-worth clients. This program will feature a global mentoring camp with students from Oxford and Cambridge. Recruitment for the program will take place from June 1 to June 30, with 40 students selected from the middle and high school children of clients with assets of 500 million won (approximately $450,000) or more. Sachin Bambani, Deputy Head of High-Net-Worth and Wealth Management at SC First Bank, stated, "This Masterclass was designed to offer a unique experience sharing the success philosophy of leaders, and we will continue to provide differentiated services that closely manage the growth of the next generation."* This article has been translated by AI. 2026-05-21 14:36:00

aespa maps emotional journey on upcoming album 'LEMONADE' SEOUL, May 21 (AJP) - K-pop girl band aespa has introduced additional tracks from its upcoming second full-length album "LEMONADE," highlighting an emotional arc that moves through freedom, self-protection, desire and connection, SM Entertainment said Thursday. The 11-track album is set for release at 1 p.m. (0400 GMT) on May 29 through major streaming platforms and will also be available as a physical album. “LEMONADE” marks aespa’s first full-length album in roughly two years group's first studio album "Armageddon," which was released in May 2024. Among the newly introduced tracks, "Can’t Help Myself" is a rock song driven by rough guitar sounds and the members’ clear vocals. The lyrics carry a message of choosing to live freely even in the face of rejection or criticism. "Camouflage" is a hyperpop song with dreamy synth textures. The track uses the image of camouflage to describe hiding one’s true feelings and presenting another version of oneself as a form of self-defense. “My Plan” is a mid-tempo R&B track about pursuing someone with a playful sense of confidence, while “‘Til We Die” is a pop-rock song about staying together with those who have offered strength and support. The album also includes the title track "LEMONADE," prerelease single "WDA (Whole Different Animal)," "Switchblade" featuring Ty Dolla $ign, and dance tracks "SHAKIN’," "Bite" and "Roll." Preorders are available through online and offline music retailers. 2026-05-21 14:34:01

AMCHAM invites former White House acting chief of staff Mulvaney SEOUL, May 21 (AJP) - The American Chamber of Commerce in Korea hosted a special luncheon seminar at Grand Hyatt Seoul on Wednesday, inviting former White House Acting Chief of Staff Mick Mulvaney to discuss the future direction of U.S. policy under a possible second Donald Trump administration. The event, titled “The Return of America First: What Trump 2.0 Means for Business and Geopolitics,” focused on shifting U.S. policy priorities, global trade realignment and the broader implications for international business and South Korea-U.S. economic relations. During the luncheon session, Mulvaney shared insights into policymaking processes inside the Trump administration and discussed strategic priorities expected to shape the evolving geopolitical and economic landscape. The discussion also explored potential impacts of “America First” policies on global supply chains, trade and investment, and the changing regulatory environment affecting multinational businesses. 2026-05-21 14:33:28

Korea's Fair Trade Commission Eliminates Cap on Whistleblower Rewards for Reporting Unfair Trade Practices The Fair Trade Commission (FTC) of South Korea has announced the elimination of the cap on rewards for whistleblowers who report unfair trade practices, including collusion. Whistleblowers will now receive up to 10% of the total fines imposed for violations.On May 21, the FTC stated that it will conduct a 20-day public notice period until June 10 for a proposed amendment to the regulations governing rewards for whistleblowers reporting violations of the Fair Trade Act.The amendment aims to encourage insiders to report unfair trade practices, such as collusion, to enhance the detection and correction of legal violations. Ultimately, it seeks to strengthen deterrence against corporate misconduct and establish a fair market economy.The current reward limits range from 100 million won to 3 billion won, which the FTC believes have deterred potential whistleblowers due to insufficient compensation relative to the risks involved in reporting. The amendment reflects the understanding that collusion among companies often occurs secretly, making it difficult to detect or prove violations without insider reports.To address these issues, the FTC plans to simplify the reward calculation method, setting the reward at 10% of the total fines imposed, while also considering the whistleblower's contribution. The FTC believes that larger rewards will incentivize more active reporting of significant legal violations.Additionally, the timing of reward payments will be adjusted. Under the current system, rewards are paid within three months of a legal ruling on the violation, which can lead to issues when the final legal status of the fines is not yet determined.Moving forward, the FTC will pay a basic reward once the fines are initially paid into the national treasury, with the remaining rewards distributed after the final determination of the fines.An FTC official stated, "Through the improvement of the whistleblower reward system, we aim to reinforce our strict response to collusion and other unfair practices, while encouraging active reporting from both insiders and outsiders. We expect this will further strengthen the deterrent effect against legal violations."* This article has been translated by AI. 2026-05-21 14:30:44

Kakao Faces First Joint Strike Threat Amid Prolonged Labor Dispute Kakao is facing a potential strike as prolonged labor negotiations over bonuses and job security continue. The Kakao Union, part of the Korean Chemical Fiber and Food Industry Workers' Union, escalated pressure by approving a strike vote on May 20, while Kakao aims to reach a consensus during the mediation period. According to the IT industry on May 21, a total of five Kakao entities, including Kakao Corp, Kakao Pay, Kakao Entertainment, DK Tech, and XL Games, held a rally on May 20 to support the strike vote, which passed in favor of a strike. The two sides extended the mediation period after their first meeting on May 18, with the next session scheduled for May 27. If mediation fails, the union at Kakao Corp will gain the right to strike. Previously, four subsidiaries had sought mediation from the Gyeonggi Provincial Labor Relations Commission due to stalled wage negotiations, but mediation was halted during the first meeting, granting them strike rights. The Kakao Union has been unable to reach an agreement on the compensation structure, including bonuses, during previous wage negotiations. Concerns about job security have also arisen amid ongoing restructuring within Kakao's subsidiaries. During the rally on May 20, the union presented four key demands: 1) management reform and accountability, 2) job security and community safety nets, 3) fair performance compensation and profit distribution, and 4) the establishment of universal labor conditions and welfare systems. The union believes that the difficulties in wage negotiations stem not only from the compensation system but also from job insecurity and a management-centered performance distribution structure. They plan to continue discussions on their collective demands separately from wage negotiations. Industry sources indicate that the Kakao Union requested bonuses amounting to 13-15% of Kakao's operating profit last year. However, the union clarified on May 20 that their collective demands are separate from the wage negotiations and that they have not demanded bonuses based on operating profit. There is a divergence in perspectives between the union and management regarding Kakao's performance improvement. The union argues that the efforts of employees during the restructuring and cost-efficiency measures have contributed to profitability, warranting discussions on profit distribution. Conversely, Kakao is cautious about expanding compensation due to uncertainties surrounding AI investments. Recent analyses suggest that Kakao's profitability improvements are largely due to restructuring and cost adjustments rather than aggressive business expansion. Kakao has been accelerating its restructuring efforts, including transferring shares and management rights of subsidiaries such as Kakao Games, Kakao Healthcare, and AXZ, the operator of the portal Daum. As a result, the number of Kakao's subsidiaries has decreased from 142 in September 2023 to approximately 93 currently. The outcome of the upcoming mediation session on May 27 is expected to be a critical turning point for the potential strike. If a strike occurs, it could impact Kakao's ongoing services, including KakaoTalk, as well as its planned AI projects and schedules for the second half of the year. Kakao is currently working on a project to integrate AI agents into its core messaging service, KakaoTalk, which encompasses conversation, search, recommendations, and payments. A strike could pose challenges for the advancement of these new business initiatives. The four subsidiaries outside of Kakao Corp are involved in finance and gaming sectors. A Kakao representative stated, "Since both parties agreed to extend the mediation period on May 18, the company will continue to strive for a smooth agreement during the remaining time. We will also work to ensure that there are no disruptions to our ongoing services and project plans." Meanwhile, the potential for Kakao's strike to influence labor relations in other IT companies is being closely watched. The IT Committee of the Korean Chemical Fiber and Food Industry Workers' Union, which includes companies like Naver, Nexon, and Neople, also participated in the rally on May 20. Given that Neople's union previously conducted a strike over bonus distribution issues, the ongoing labor disputes surrounding compensation structures in the IT industry may resurface.* This article has been translated by AI. 2026-05-21 14:28:04

Korea's Fair Trade Commission to Investigate AI Service Market On May 21, the Fair Trade Commission (FTC) announced it will conduct a survey of major domestic and international companies participating in South Korea's artificial intelligence (AI) service market. The aim is to analyze and assess the current trading practices and competitive conditions within the domestic AI service sector.The FTC noted that while the integration of AI services is driving innovation and competition in related products and services, it is also contributing to increased market concentration among a few companies. This concern is echoed by major global competition authorities in the UK, France, and Australia, which are focusing on the AI service market within the entire AI value chain.To proactively address potential competition and consumer issues, the FTC will conduct this survey under Article 87, Section 1 of the Monopoly Regulation and Fair Trade Act, aiming to understand the structure and competitive landscape of the domestic AI service market.In the first phase of the survey, the FTC plans to target 17 key providers of AI service-enabled products, whether they are offering their own or third-party AI services.Key areas of investigation will include: the current status of AI service businesses and related transactions, the competitive landscape within the AI service market, the methods of AI service provision to consumers, and any experiences of anti-competitive or unfair trading practices.The second phase of the survey will focus on consumer perceptions and behaviors regarding AI services and products, set to begin in July.An FTC official stated, "We will closely analyze the results of the survey and maintain ongoing communication with market participants and experts in academia. We plan to publish a policy report on 'Competition in the Downstream AI Market' later this year to foster a fair competitive environment in the AI market."* This article has been translated by AI. 2026-05-21 14:24:37