KOSPI Jumps 5.1% to Record Close Near 7,000 on Foreign, Institutional Buying The KOSPI surged Monday on heavy buying by foreign investors and institutions, climbing to just shy of the 7,000 mark and posting a record closing high. The benchmark jumped more than 5% to finish above 6,900. According to the Korea Exchange, the KOSPI closed up 338.12 points, or 5.12%, at 6,936.99. It opened at 6,782.93, up 184.06 points, or 2.79%, and extended gains as foreign and institutional demand strengthened. The index also reset an intraday record. It moved above 6,800 at about 10:16 a.m. and later broke through 6,900 at about 12:57 p.m. as buying accelerated. Lee Kyung-min, an analyst at Daishin Securities, said the KOSPI has continued to rally as stronger earnings momentum and what he called attractive undervaluation have come into focus. He added that local stocks reflected gains in U.S. markets during the May 1 holiday, while foreign net buying expanded ahead of the May 5 holiday, adding to the market’s upward momentum. In the main board market, foreigners were net buyers of 3.9623 trillion won and institutions bought a net 2.5569 trillion won. Retail investors sold a net 6.3364 trillion won. Among top market-cap stocks, Samsung Electronics rose 5.44%, SK hynix gained 12.52%, SK Square jumped 17.84%, LG Energy Solution added 2.50%, Hyundai Motor rose 1.51%, Doosan Enerbility gained 0.08% and Hanwha Aerospace climbed 3.39%. HD Hyundai Heavy Industries fell 0.73%. SK hynix traded as high as 1.45 million won during the session, setting a record. Samsung Electronics, which had slipped on profit-taking after touching 230,000 won on April 30, rebounded in a single session to as high as 232,500 won. The KOSDAQ closed up 21.39 points, or 1.79%, at 1,213.74 after opening at 1,212.28, up 19.93 points, or 1.67%. In the KOSDAQ market, foreigners bought a net 613.9 billion won. Retail investors and institutions sold a net 520.5 billion won and 76.1 billion won, respectively. Among KOSDAQ heavyweights, EcoPro rose 1.90%, EcoPro BM gained 4.61%, Alteogen added 1.22%, Rainbow Robotics rose 3.16%, Lino Industrial gained 1.26%, Kolon TissueGene climbed 2.75% and HLB added 0.16%. Samchundang Pharm fell 1.44% and ABL Bio slipped 1.71%.* This article has been translated by AI. 2026-05-04 15:48:19

South Korea legalizes credit card issuance for minors SEOUL, May 04 (AJP) - South Korea officially authorized the issuance of credit cards to minors aged 12 and older on Monday, institutionalizing a digital payment system that reflects the country’s rapid transition toward a cashless economy. The measure, which took effect May 4, replaces a temporary pilot program with a permanent legal framework under the Specialized Credit Financial Business Act. The regulatory shift aims to eliminate the widespread but technically prohibited practice of children using their parents’ credit cards, so-called "Um-ka (mother's card)" for daily purchases. Financial authorities expect the formalization of youth spending to improve transaction safety, simplify loss-reporting procedures, and foster early financial literacy under parental oversight. Financial Services Commission (FSC) Chairman Lee Eok-weon oversaw the implementation of amendments designed to increase the predictability of financial administration. The commission stated that the change provides a legal basis for "family cards" while expanding the business scope for credit finance companies. Under the new rules, monthly credit limits for minors are set at a default of 100,000 won ($68). Parents may increase this threshold to 500,000 won if they provide explicit consent during the application process. Usage is restricted to essential sectors including convenience stores, stationery shops, cram schools, and hospitals. The cards are strictly blocked at nightlife venues and gambling establishments to ensure funds are used for daily necessities and educational purposes. The update also lowered the age floor for debit card issuance to 7 years old, down from 12. While debit cards were not previously restricted by law, South Korean banks had synchronized issuance with the minimum age for deferred-payment transportation features. To address rising public transit costs, the monthly limit for these deferred transportation payments was doubled to 100,000 won. This allows elementary school students to pay for commutes digitally as cash usage continues to decline across South Korea. "Institutionalizing these services provides higher predictability for administrative actions and expands the business scope for credit finance companies," The FSC head said. The commission also modernized merchant registration by allowing non-face-to-face verification through mobile applications. This replaces the previous requirement for recruiters to visit business sites in person to confirm that a merchant is actively operating. South Korea’s move mirrors international trends such as the "Credit Piggybank" concept in the United States, where some banks allow minors to use cards to build independent credit histories. Unlike the American model, which focuses on building individual scores, the South Korean system bills expenditures directly to the parents’ account and credit records. The FSC intends to continue identifying regulatory tasks that reflect on-site demand to improve convenience for both small business owners and financial consumers. 2026-05-04 15:46:28

Xi Urges Chinese Youth to Contribute to Development as ‘Lying Flat’ Trend Spreads Chinese President Xi Jinping urged the country’s young people to play a bigger role in national development, saying it is an ideal time for them to contribute. The remarks were widely seen as a warning amid the spread of the so-called “tangping,” or “lying flat,” attitude among youth as the economy slows and job prospects weaken. According to the Communist Party newspaper People’s Daily, Xi said on May 3, a day ahead of China’s May 4 Youth Day, that this year marks the start of the 15th five-year plan and is “an important time” for young people to contribute to the country’s development. He called on youth to “hold lofty ideals,” work diligently, inspire one another and align personal goals with national development, seeking “new achievements” in their respective fields, the report said. Xi delivered the message in a reply to a letter from recipients of the “China Youth May 4 Medal” and the “New Era Youth Vanguard Award.” He praised the awardees for not forgetting their responsibilities to the Communist Party and for dedicating themselves on the front lines of grassroots work, including scientific and technological innovation, rural revitalization, social service and border defense. Xi said their efforts showed the confidence, self-reliance and positive spirit of Chinese youth in the new era. The message drew attention as “lying flat” has gained traction among young Chinese. The term, which spread on Chinese social media around 2021 during the COVID-19 period, refers to young people worn down by intense competition and employment difficulties who lose motivation, do only minimal work and adopt a passive lifestyle. China’s Ministry of State Security said on April 28 on its official WeChat account that the spread of “lying flat” was fueled by agitation from some influencers allegedly backed by anti-China overseas forces, and urged young people to “keep a clear mind.” * This article has been translated by AI. 2026-05-04 15:42:47

Special Prosecutor Says It Found Signs Military Counterintelligence Prepared for Martial Law The second comprehensive special prosecutor team, led by Special Prosecutor Kwon Chang-young, said it has confirmed indications that the military’s Defense Counterintelligence Command prepared for emergency martial law and is continuing its investigation. The probe has also triggered a dispute with prosecutors over access to records and raised internal management concerns, adding to tensions around the team’s operations. Assistant Special Prosecutor Kim Ji-mi said at a regular briefing Monday at the team’s office in Gwacheon that questioning of command officials confirmed signs that preparations for martial law began in the first half of 2024. Her remarks suggest the possibility that what an earlier insurrection special prosecutor described as suspected “advance planning” may have progressed into concrete preparations. The special prosecutor team is also clashing with the Supreme Prosecutors’ Office over securing materials related to emergency martial law. The team said the office refused to submit records needed for the investigation and that it asked the Ministry of Justice to discipline the acting prosecutor general and senior officials at the Supreme Prosecutors’ Office. The Supreme Prosecutors’ Office, however, was reported to argue that the materials are inspection records that are difficult to provide voluntarily and that handing them over without a warrant could violate the law. The dispute highlights differing views on the scope of cooperation in the investigation. Separately, the special prosecutor team faced criticism after it became known that one of its investigators posted some investigative material and personal reflections on social media. The team said it disciplined the investigator with a one-month pay cut. The team again stressed the need to follow security rules in social media use but said it has no plans for additional steps such as a full review. The comprehensive special prosecutor team said it is focusing its efforts on determining how the martial law preparations unfolded and the roles of those involved, and that the nature of the case could become clearer as the investigation proceeds. 2026-05-04 15:39:16

Raon Savings Bank Exits Regulatory Corrective Action; KBI’s SangSangIn Deal Delayed Some savings banks in South Korea are emerging from prompt corrective action, easing broader concerns about the sector’s financial health, but restructuring is moving at different speeds by institution. Raon Savings Bank, acquired by KBI Group, has exited a management improvement order after key indicators improved. KBI’s planned acquisition of SangSangIn Savings Bank, however, remains unfinished despite agreement on the sale price, with the share-transfer date pushed back again as post-deal capital plans are reviewed. The Financial Services Commission said it notified Raon Savings Bank and Anguk Savings Bank on April 30 that their management improvement recommendations had been lifted. The two banks had been under the measures since December 2024, exiting about 16 months later. Raon Savings Bank is a regional lender acquired in July last year by KBI Kukin Industry, an affiliate of KBI Group. At the time, financial authorities described the deal as the first case showing market-led restructuring working for a regional savings bank. Since then, Raon’s key soundness indicators have improved: its delinquency ratio fell to 10.42% at the end of last year from 19.03% in 2024, and its liquidity ratio rose to 150% from 109%. By contrast, KBI Group’s additional push to acquire SangSangIn Savings Bank has yet to be completed. SangSangIn agreed to sell about 1.35 million shares of the bank for 110.7 billion won, but the closing date—initially set for the end of March—was postponed to the end of April and has now been extended again to Aug. 31. The transaction has not entered the formal stage of regulators’ review of KBI Group’s eligibility as a major shareholder. The group is believed to be continuing pre-consultations with financial authorities on the deal structure and capital-raising plans before applying for approval of the ownership change. While the sale price is said to have been agreed, the need for additional funding after the acquisition—aimed at improving soundness indicators and boosting capital—has been cited as a key variable. Acquiring a troubled savings bank does not end with buying shares, as buyers typically must follow with cleanup of bad assets, improvements in key indicators and stronger capital buffers. SangSangIn Savings Bank’s burden remains heavy: as of the end of last year, its delinquency ratio stood at 16.9%, among the highest for savings banks with more than 1 trillion won in total assets. Its ratio of substandard-or-worse loans was 22.53%, the highest in the industry. A financial industry official said KBI Group may not feel strong pressure to rush the SangSangIn deal after already acquiring Raon. The official added that because SangSangIn’s delinquency and substandard-loan ratios are high, the burden of normalizing the bank after an acquisition would likely be heavier than it was for Raon.* This article has been translated by AI. 2026-05-04 15:28:15

Special counsel team docks investigator one month’s pay for posting case records on SNS The second comprehensive special counsel team, led by special counsel Kwon Chang-young, has disciplined a special investigator with a one-month pay cut for posting investigation-related materials on social media. Assistant special counsel Kim Ji-mi said at a regular briefing on May 4 that the investigator was found to have posted materials filmed during the investigation along with personal reflections on SNS. She said the team decided on discipline after convening a rewards and discipline committee, conducting a fact-finding review and hearing the investigator’s statement. The investigator was reported to have uploaded parts of a suspect’s interrogation record and a photo of an appointment letter, along with a post suggesting the investigation experience could help build professional expertise. The posts have since been deleted. Kim said the special counsel team had already asked staff to refrain from using SNS as part of internal security management, and had previously notified personnel to avoid posting work-related content whenever possible. She said the team plans to use the incident to again stress the need to follow security rules. The team, however, ruled out a separate plan to broadly inspect investigators’ personal SNS accounts. It said it is not considering measures such as checking individual accounts across the board.* This article has been translated by AI. 2026-05-04 15:27:25

Special Counsel Says Military Counterintelligence Showed Signs of Martial Law Planning in Early 2024 The second special counsel team said it has confirmed indications that the Republic of Korea Army Counterintelligence Command began preparing for martial law in the first half of 2024. The disclosure adds to an earlier insurrection special counsel probe that viewed a martial law declaration as planned in advance, and it suggests preparations may have moved beyond planning toward implementation. Assistant Special Counsel Kim Ji-mi said at a regular briefing Monday afternoon at the special counsel office in Gwacheon, south of Seoul, that the team "confirmed indications of preparations for martial law" during interviews with Counterintelligence Command officials. The earlier insurrection special counsel team has investigated on the premise that a martial law declaration was not an improvised step but was planned beforehand. It cited, among other points, that military personnel-related notes in a notebook kept by Noh Sang-won, a former commander of the Korea Defense Intelligence Command, were reflected in actual personnel decisions, concluding the idea of martial law had been discussed over a considerable period. The second special counsel team’s latest findings are being read as signs that concrete preparations may have followed that planning stage. Investigators are now focusing on how the military’s internal chain of command operated during the alleged preparations. The team is continuing to question related figures to verify the facts surrounding the overall preparation process, officials said.* This article has been translated by AI. 2026-05-04 15:22:23

GameStop makes $56 billion bid for eBay, WSJ reports GameStop has made a $56 billion offer to buy eBay, a deal that would pit the smaller video game retailer against the larger e-commerce company and could turn hostile. According to The Wall Street Journal, GameStop CEO Ryan Cohen offered $125 a share for eBay, with consideration split 50% cash and 50% GameStop stock. The bid is about 20% above eBay’s closing price on the previous trading day. Cohen said GameStop began buying eBay shares on Feb. 4 and now holds about 5%. Cohen also signaled he could take his case directly to shareholders if eBay’s board rejects the proposal. He argued that combining GameStop’s physical store network with eBay’s online marketplace could cut costs and improve profitability. He also cited both companies’ strength in collectibles such as trading cards as a source of potential synergy. Cohen said he would serve as CEO of the combined company and take no salary, receiving compensation tied to performance. Financing remains a key hurdle. Reuters reported Cohen has secured a debt commitment letter for $20 billion from TD Bank. As of late January, GameStop had about $9 billion in cash, cash equivalents and marketable securities. That suggests additional funding, including from outside investors, would be needed to complete a $56 billion transaction. The size gap is also significant. GameStop’s market capitalization is about $12 billion, far below eBay’s roughly $46 billion. eBay’s improving results could further complicate the bid. The company recently reported first-quarter revenue of $3.089 billion and gross merchandise volume of $22.2 billion, with GMV up 18% from a year earlier. It also issued a second-quarter revenue outlook above market expectations, raising questions about whether shareholders will readily back a sale. GameStop has improved profitability through restructuring, but growth in its core business remains weak. Fiscal 2025 fourth-quarter revenue was $1.104 billion, down from a year earlier. While its cash position has strengthened, analysts said the proposed deal is still too large for GameStop to shoulder on its own. Some in the market view the offer as more than a takeover attempt, saying it reflects Cohen’s ambition to expand GameStop beyond video game retail into a major e-commerce platform. Others cautioned that without firm financing and shareholder support, the proposal could end up as little more than a statement of intent.* This article has been translated by AI. 2026-05-04 15:21:24

Samsung Names Marketing Chief Lee Won-jin to Lead TV Business in Rare Midyear Shake-Up Samsung Electronics has replaced the head of its TV business in an unusual leadership change outside its typical year-end executive reshuffle. The move comes as global TV demand remains sluggish and profitability continues to weaken, prompting Samsung to push its TV strategy beyond hardware toward content and services. Samsung said on 4일 that Lee Won-jin, president and head of global marketing for its Device eXperience (DX) division, was appointed president and head of the DX division’s Visual Display (VD) Business, while also leading the service business team. Yong Seok-woo, who had led the VD Business, will move to a role as an adviser to the head of the DX division. The reshuffle reflects Samsung’s assessment that the TV business faces more than a temporary earnings slump and that hardware-led growth has reached its limits. Samsung estimated the TV business posted an operating loss in the 600 billion won range in the fourth quarter of last year, then narrowly returned to a 200 billion won profit in the first quarter. Samsung has held the No. 1 spot in the global TV market since 2006, but the company has struggled to translate that lead into strong profits. Samsung has cited intense price competition from Chinese manufacturers as a key factor squeezing margins. Companies such as Hisense and TCL, backed by a large domestic market and government support, have dominated the liquid-crystal display (LCD) market and have recently expanded pressure into large-screen and higher-value segments, including organic light-emitting diode (OLED) TVs. According to market researcher Omdia, Samsung’s global market share stood at 29.1% last year, while TCL and Hisense posted 13.1% and 10.9%, respectively. Samsung has also begun broader restructuring across its home appliance business. The DA Business, which oversees home appliances, recently held a management briefing for employees and outlined future business plans aimed at improving profitability. Since late last month, Samsung has also launched a management review of its Korea business unit, which handles domestic sales and marketing for TVs, home appliances and smartphones. The company is also reported to have decided to exit its China home appliance business, 34 years after entering the market in 1992. First Korean Google vice president signals push to strengthen TV software Lee’s appointment is seen as a sharp break from past leadership in Samsung’s TV unit, as he is a marketing specialist rather than a career engineer. A non-developer leading the VD Business is a rarity, with the last such case dating to Choi Gee-sung in 2007, about 20 years ago. Lee previously served as CEO of Adobe Systems Korea in 2005 and as the first head of Google Korea in 2007. He later became the first Korean to serve as a vice president at Google’s headquarters in 2011, overseeing advertising and services. After joining Samsung in 2014, he was credited as a key figure in expanding the company’s ad-supported free streaming service, Samsung TV Plus, and its Samsung Art Store subscription service for viewing artwork on TV screens. While Samsung’s TV leaders have focused on hardware advances such as higher resolution and larger screens, Lee’s leadership is expected to accelerate a shift toward a platform model that generates recurring revenue through content and service payments on TVs. An industry official said the global TV market has already entered a mature phase, and Samsung is signaling it wants to define the TV not simply as a display device but as a living-room platform centered on content and advertising revenue. The official said the strategy aims to secure sustainable growth by strengthening TV software competitiveness. 2026-05-04 15:13:11

K-pop girl band aespa prepares for second full-length album with pre-release single 'WDA' SEOUL, May 04 (AJP) - South Korean girl group aespa will release a pre-release single titled Whole Different Animal on May 11. The track serves as the initial signal for the rollout of the group's second full-length album. The release strategy replicates a successful formula used during the campaign for their first studio album. The group's previous pre-release track Supernova recorded top positions on major music charts in South Korea and established strong momentum for the subsequent album launch. Whole Different Animal will be available on major music streaming platforms at 6 PM (0900 GMT) on May 11. A music video for the single will premiere simultaneously on the SMTOWN YouTube channel. Promotional teaser images released Monday depict a narrative shift within the group's fictional worldview. The visuals titled The Creature show a new entity born from chaos and the group members in a state of tension. The upcoming second full-length album, titled LEMONADE, features ten tracks spanning various musical genres. According to the group's social media channels, this project marks the beginning of a new chapter for their overarching storytelling narrative. The full version of the album LEMONADE is scheduled for release at 1 PM on May 29. 2026-05-04 15:06:36