Shinhan Financial to Launch $100 Million Venture Fund, Targeting $1 Billion in Startup Investment Shinhan Financial Group said it will launch a private venture fund-of-funds and provide investment support totaling 1 trillion won for youth-led and regional startups. Shinhan said it signed a memorandum of understanding on Thursday with the Financial Services Commission and the Ministry of SMEs and Startups to boost venture investment and will launch a 100 billion won fund-of-funds. The fund is the first project to be carried out under a public-private cooperation framework built with the FSC and the SMEs ministry to expand venture investment. Shinhan said the aim is to help close early-stage funding gaps for youth and regional startups and increase the supply of private risk capital. The Shinhan Venture Innovation Fund of Funds, which is targeting formation in June, will be managed by Shinhan Venture Investment. Key affiliates including Shinhan Bank, Shinhan Card, Shinhan Investment Corp. and Shinhan Capital will participate as investors. Shinhan said it will use 100 billion won of its own money as seed capital to draw private participation and expects leverage from forming sub-funds to expand total assets under management to about 1 trillion won. Investment targets include promising startups and growth-stage companies in advanced industries such as artificial intelligence and semiconductors. Shinhan said it will also invest in early-stage youth startups by participating in Korea Venture Investment Corp.'s LP Growth Fund program. Jin Ok-dong, chairman of Shinhan Financial Group, said the fund is "a starting point for the entire group to help remove the early funding hurdle, the biggest barrier for young founders." He said Shinhan will be "a reliable partner at every stage, from the start to global growth."* This article has been translated by AI. 2026-04-30 16:52:23

Survey: 82.2% of South Korean women-owned firms say Middle East crisis is hurting business As fallout from the Middle East crisis spreads across South Korea’s small-business sector, a new survey found that more than 8 in 10 women-owned companies say their operations are already being hit. Many reported a double squeeze from higher input costs and weaker domestic consumption. According to a survey released Thursday by the Women’s Economic Research Institute under the Women’s Enterprise Comprehensive Support Center, 82.2% of women-owned firms said their business activities are currently being affected. Including those expecting an impact (12.3%), 94.5% said they are feeling risks tied to the Middle East situation. Among firms reporting an impact, 97.2% said the severity was “moderate or higher,” underscoring heightened concern in the field. On the cost and supply side, the most-cited factor was rising raw material prices (49.4%), followed by raw material supply disruptions (12.7%) and higher oil prices (11.8%). On the market and demand side, firms pointed to weaker domestic demand due to subdued consumer sentiment (30.1%) and fewer or canceled orders from clients (28.5%). Profitability indicators also worsened, with 89.5% of women-owned firms expecting sales to decline. For direct support, respondents most often requested emergency management stabilization funds (45.3%) and broader financial support (42.6%). For indirect support, they sought help easing difficulties related to laws, institutions and regulations (38.9%) and consulting on business strategy and crisis response (38.5%). Separately, the number of small and medium-sized enterprises reporting damage linked to the Middle East war has been rising weekly. As of April 29, the Ministry of SMEs and Startups said it had received 733 reports. Of those, 547 were classified as “damage and difficulties,” up 51 from the previous week; 116 were “concerns,” up 3; and 70 were “not applicable,” up 2. Park Chang-sook, chair of the Women’s Enterprise Comprehensive Support Center, said the survey shows how external risks tied to the Middle East are destabilizing the business environment for women-owned firms. She urged the government to move quickly with emergency stabilization funding and easing of financial regulations to build an effective safety net.* This article has been translated by AI. 2026-04-30 16:51:21

Socar to Launch 150 Billion Won Self-Driving Unit; Krafton to Invest 65 Billion Won Socar said it is pushing to set up a self-driving-focused subsidiary with planned investment of 150 billion won, a level it described as among the largest in South Korea’s autonomous driving services sector. Video game company Krafton will join the project as a strategic investor. Socar said Thursday the new company is expected to be established in May. Socar CEO Park Jae-wook, who has led the company’s autonomous driving initiatives, will also serve as CEO of the new unit and oversee the business directly, it said. As part of the partnership, Krafton will make a 65 billion won strategic investment in Socar through a third-party allotment paid-in capital increase, Socar said. Krafton will become a major shareholder of Socar and will also make a separate investment in the new subsidiary as a core investor, the company said. Socar said it plans to participate in forming the new unit by contributing cash and data assets, pending board approval. Socar said the project is being viewed as an unprecedented private-sector collaboration aimed at accelerating commercialization of autonomous driving services in South Korea, as well as one of the largest investments of its kind. The company said it will concentrate 15 years of accumulated autonomous driving data and mobility platform operating capabilities into the new unit. It said that through its “Future Mobility TF,” launched earlier this year, it built a centralized data pipeline that collects real-time driving data based on its car-sharing fleet of about 25,000 vehicles, totaling about 1.1 million kilometers of real-world driving per day. Socar said it has also secured a range of edge-case data, including about 220,000 accident records, and processed the data — including anonymization, time synchronization and tag labeling — into a format that can be used immediately for AI training. It said the work is helping speed efforts to commercialize autonomous driving services. Socar said the new unit will pursue a phased commercialization strategy, starting with Level 2 car-sharing services and later expanding into fully autonomous, consumer-facing services such as Level 4 ride-hailing. It said it will work to internalize technology while validating it in real-world services, build independent technical and operational capabilities, and pursue partnerships to compete in both domestic and global markets. “Our goal goes beyond simply developing autonomous driving technology — it is to commercialize it successfully and fundamentally change how users move and their quality of life,” Park said. “Based on the data and operational know-how Socar has built over 15 years, we will create a new standard for the future mobility market.” An industry official said Socar is effectively the only company with large-scale real-world driving data accumulated by everyday users. “This kind of data is a unique competitive advantage that cannot be built in a short period of time,” the official said. * This article has been translated by AI. 2026-04-30 16:49:52

Prosecutors Add Charges in Gangbuk Motel Serial Killing Case, Citing More Victims Prosecutors have filed additional charges against Kim So-young, 20, the suspect in the so-called Gangbuk motel serial killings, after confirming signs of more alleged attacks. Authorities said similar drugging cases involving other men were uncovered beyond the incidents already indicted. According to Yonhap News Agency on the 30th, the Seoul Northern District Prosecutors Office’s Criminal Division 2, led by Chief Prosecutor Kim Ga-ram, additionally indicted Kim on charges of aggravated injury and violating the Narcotics Control Act. Kim was previously arrested and indicted on March 10 on allegations that from mid-December last year through February this year she gave drug-laced drinks to three men in their 20s, killing two and leaving one unconscious. During the investigation, police said they found indications that Kim used the same method — offering a “drugged drink” — to injure three other men. The additional cases were sent to prosecutors on March 19, and prosecutors decided to bring the new indictment after further investigation. At the first trial on April 9 before the Seoul Northern District Court’s Criminal Division 14, presided over by Judge Oh Byeong-hee, Kim’s side said, “She admits giving the victims drinks, but denies the charges of aggravated injury and murder.” The defense argued the purpose was to make the victims fall asleep, not to kill them. The court said intent must be judged from the circumstances and demanded a detailed explanation of how Kim met the victims and how the alleged crimes unfolded. The court also told prosecutors to prove, based on the charges for each victim, how intent to kill was formed. The hearing ended in about 10 minutes after confirming both sides’ basic positions. Kim appeared in a green detention uniform and a white mask and said she did not want a jury trial. The gallery filled before proceedings began, and some bereaved family members strongly objected, calling for the maximum sentence. The next hearing is scheduled for May 7 at 3:30 p.m. 2026-04-30 16:48:18

Hanon Systems Q1 Operating Profit Jumps 361% to 97.2 Billion Won Hanon Systems, an automotive thermal energy management solutions company under the Hankook & Company Group, posted sharply improved results. In a regulatory filing on the 30th, Hanon Systems said its first-quarter operating profit on a consolidated basis was 97.2 billion won, up 361.1% from a year earlier on a preliminary tally. Revenue rose 5% to 2.7482 trillion won. Net profit was 67.5 billion won, returning to the black. The company said the performance reflects companywide restructuring efforts pursued since its acquisition by the Hankook & Company Group. Hanon Systems has maintained an operating margin in the 3% range since the second half of last year and posted a 3.5% margin in the first quarter, citing improved cost ratios and greater operating efficiency. Electrification, a key growth area, accounted for 29% of revenue, putting it close to surpassing 30% of total sales. The company said it responded flexibly to demand for internal-combustion and hybrid models, as well as the impact of new electric-vehicle launches. It said further revenue growth is expected this year, driven by European customers expanding electrification and rising demand for hybrids. Based on a full-line portfolio spanning internal-combustion vehicles to hydrogen fuel-cell electric vehicles, the company said it plans to introduce intelligent solutions that apply artificial intelligence to maximize energy efficiency. Vice Chairman and CEO Lee Soo-il said, "Based on our accumulated thermal management capabilities, we will accelerate qualitative growth by pursuing future new businesses such as AI-based integrated thermal management solutions, secure long-term financial soundness, and strengthen our technology leadership in the global market."* This article has been translated by AI. 2026-04-30 16:45:19

CNN: U.S. Iran War Costs Could Reach $50 Billion, Double Pentagon Figure The cost of the U.S. war with Iran could reach $50 billion, CNN reported, about double the $25 billion the Pentagon has publicly cited. CNN and Reuters reported on the 30th that the Defense Department told Congress the previous day that the war had cost $25 billion so far. CNN, citing multiple sources, said the actual total could be $40 billion to $50 billion. Reuters said most of the Pentagon’s $25 billion estimate was for munitions, and it was not specifically confirmed whether the figure included rebuilding and repair costs for U.S. bases in the Middle East. Officials cited by CNN said the higher estimate reflects restoration costs for U.S. facilities in Bahrain, Kuwait, Iraq, the United Arab Emirates and Qatar. Reuters reported that Jules Hurst, the acting Pentagon comptroller, told Congress that most of the $25 billion was for munitions. Reuters previously reported that in the first six days after the war began, U.S. costs alone were estimated at at least $11.3 billion. CNN’s latest report again highlights that the financial burden could exceed the official figure.* This article has been translated by AI. 2026-04-30 16:33:55

Samsung Heavy Industries Q1 2026 Operating Profit Jumps 122% to 273.1 Billion Won Samsung Heavy Industries said it extended its first-quarter earnings improvement on a larger share of higher-margin vessels. The company on Wednesday reported preliminary first-quarter 2026 results of 2.9023 trillion won ($2.9 trillion won) in revenue and 273.1 billion won in operating profit, according to a regulatory filing. Revenue rose 16% from a year earlier, while operating profit surged 122%. In shipbuilding, a higher proportion of construction for high-margin vessels such as LNG carriers, along with a strategy to diversify global production, supported results, the company said. In offshore operations, revenue also increased as work accelerated on FLNG projects including Malaysia’s ZLNG, Canada’s Cedar and Mozambique’s Coral. On that trend, Samsung Heavy said it expects to meet its annual revenue target of 12.8 trillion won. A company official said revenue is expected to rise further starting in the second quarter as production volumes increase. The official added the company will strengthen a stable profit structure based on an order backlog secured for more than three years.* This article has been translated by AI. 2026-04-30 16:27:46

Hanwha Energy, Korea East-West Power Sign MOU on Distributed Power Projects Hanwha Energy Co. and Korea East-West Power Co. said April 30 they signed a memorandum of understanding to jointly cooperate on power development projects, including distributed energy. The agreement is aimed at expanding cooperation in power projects tied to industrial complexes and distributed energy, drawing on both companies’ experience and capabilities in power generation development. Under the MOU, the companies said they plan to work together on power development projects at major domestic industrial complexes and in distributed energy; cooperate on government policy programs such as RE100 industrial complexes and clean hydrogen power generation; identify and attract new energy-intensive demand, including from AI-related advanced industries; and coordinate on permitting for new power projects. They also said they will jointly review ways to build a distributed energy model centered on industrial complexes, based on a structure in which energy is consumed where it is produced. In addition, the companies said they will continue cooperation on energy operations linking renewable energy, distributed power sources and combined heat and power, and on the potential application of low-carbon generation technologies such as hydrogen co-firing. Hanwha Energy will handle project development, including fuel supply, securing demand and sites, and planning business models, the companies said. Korea East-West Power will provide technical support and operational cooperation based on its operating experience and technical capabilities. “This cooperation will serve as an opportunity to lay the groundwork for collaboration on power development projects centered on industrial complexes,” Hanwha Energy CEO Lee Jae-gyu said. “Through cooperation with Korea East-West Power, we will continue to identify new business opportunities.” Korea East-West Power President Kwon Myung-ho said it was meaningful to build a cooperative relationship with Hanwha Energy to develop the distributed energy market. “Based on the two companies’ expertise and experience, we will strengthen competitiveness and continue to identify new opportunities in future energy markets, including distributed energy,” he said.* This article has been translated by AI. 2026-04-30 16:26:36

Shinsegae Duty Free marks 10th anniversary with 50% off beauty brands for early May holidays With early May holidays in South Korea, China and Japan overlapping, Shinsegae Duty Free is rolling out a large-scale beauty promotion aimed at capturing rising shopping demand from domestic and overseas travelers. Shinsegae Duty Free said on the 30th it will offer 50% discounts on beauty brands from May 1 to 10 through its online mall and its Myeongdong store to mark its 10th anniversary. Participating brands include Yunjac, VDL, Amuse, Swiss Perfection, Dewy Some and The A Effect. Yunjac sales at Shinsegae Duty Free rose 123% year over year among Chinese customers and 83% among Japanese customers, while April sales jumped 150% from the previous month. At the Myeongdong store, customers who spend $300 or more will also receive a “lucky package” made up of beauty-brand products. A Shinsegae Duty Free official said the promotion was designed to introduce “brands guaranteed by Shinsegae” to customers worldwide and encourage repeat purchases through product use. Retailers are stepping up efforts to attract foreign visitors as Japan’s Golden Week (April 29 to May 6) and the Labor Day holidays in China and Taiwan (May 1 to 5) begin at the same time. The Ministry of Culture, Sports and Tourism and the Korea Tourism Organization forecast 80,000 to 90,000 Japanese tourists and 100,000 to 110,000 Chinese tourists will visit South Korea during the holiday period. In the first quarter, arrivals from Japan and China totaled 940,000 and 1.45 million, respectively, the highest levels on record. In South Korea, a stretch of holidays is also expected to lift demand for spring outings and shopping, starting with Labor Day on May 1, newly designated as a statutory holiday this year, through Children’s Day on May 5.* This article has been translated by AI. 2026-04-30 16:25:39

Industry Minister Kim Jeong-gwan calls for wider eco-friendly consumer culture at Beautiful Store Kim Jeong-gwan, South Korea’s minister of trade, industry and energy, visited the Beautiful Store in Seoul’s Anguk-dong on Wednesday and said expanding an eco-friendly consumer culture is “a very important task for the future of our economy and industry.” He added that the government would provide policy support, citing its potential as a future growth sector. Kim met with major distribution industry groups — including the Korea Chain Store Association, the Korea Department Store Association, the Korea Convenience Store Industry Association and the Korea Online Shopping Association — to discuss ways to broaden eco-friendly consumption. The Beautiful Store operates about 100 locations nationwide, selling donated goods from individuals and companies. It uses the proceeds for public-interest programs, including support for low-income people and assistance for young adults preparing for independent living. Kim and industry representatives agreed that recent instability in petrochemical feedstocks linked to the war in the Middle East should be used as an opportunity to shift toward eco-friendly consumption, including greener packaging and expanded recycling. The Beautiful Store and the distribution groups also signed an agreement to promote eco-friendly consumption and distribution practices, pledging closer cooperation on corporate social responsibility. The ministry said it expects the pact to create a formal cooperation framework beyond one-off company efforts and to encourage more social contribution activities. Kim said he hopes the agreement will serve as a model platform for cooperation between the distribution industry and social enterprises, adding that he expects eco-friendly consumption and sharing to continue to grow.* This article has been translated by AI. 2026-04-30 16:24:26