U.S. Embassy in Ukraine Faces Leadership Gap as Acting Envoy Plans Departure, FT Reports Julie Davis, the acting U.S. ambassador who has led the American Embassy in Ukraine, is expected to leave Kyiv soon, the Financial Times reported April 28 (local time). Citing multiple sources, the FT said Davis recently told the State Department she intends to step down and plans to leave Kyiv in June, ending a 30-year diplomatic career. Davis has served as chargé d’affaires at the U.S. Embassy in Ukraine since May last year. According to the FT, Davis has grown increasingly dissatisfied with the Trump administration’s reduced support for Ukraine and with circumstances surrounding her role. The State Department rejected that interpretation, saying Davis will continue to carry out Trump administration policy until her official departure. Before Davis, Bridget Brink, the U.S. ambassador to Ukraine, resigned in April last year. The FT reported Brink solidified her decision after a clash between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskyy in the White House Oval Office in February 2025. The timing is a concern. The FT said the U.S. administration has pushed to end the war in Ukraine, but talks have stalled amid Russia’s lack of cooperation and the fallout from the U.S. war with Iran. Ukrainian intelligence officials told the FT that Russia is preparing a new offensive this summer. If a prolonged diplomatic gap emerges in Kyiv, concerns are growing that pressure on Ukraine could intensify during a Russian summer offensive. In Washington, some diplomats argue that key conflict posts such as Ukraine require a Senate-confirmed ambassador rather than an acting envoy. Sen. Jeanne Shaheen, the top Democrat on the Senate Foreign Relations Committee, told the FT, “We need a Senate-confirmed ambassador.”* This article has been translated by AI. 2026-04-29 10:45:18

Cabinet Approves Bill to Add Three Local Council Seats in Incheon A bill to add three local council seats in Incheon cleared a Cabinet meeting on April 29. Prime Minister Kim Min-seok chaired an emergency Cabinet meeting and emergency economic task force meeting at the Government Complex Seoul that morning, where the government reviewed and approved a partial revision to the Public Official Election Act. The revision is a follow-up to Yeongjong Island being newly included as Yeongjong-gu, a basic local government unit, in Incheon. Incheon Metropolitan City will reorganize its administrative system on July 1. Because the statutory number of basic local council members is seven, the ruling and opposition parties agreed to increase the total by three through a legal revision to keep Yeongjong-gu’s council at seven members. The bill would raise the number of Incheon’s local council members to 128 from 125 and increase the nationwide total for district, city and county councils to 3,006 from 3,003. In opening remarks, Kim said the June 3 local elections are approaching and urged relevant ministries to step up efforts to ensure fair election management, including responding to fake news and supporting legally mandated election operations, now that redistricting has been completed.* This article has been translated by AI. 2026-04-29 10:42:16

Samsung SDI Shares Hit Intraday Record on Profit-Turnaround Hopes Samsung SDI shares rose on Tuesday as expectations grew for a recovery in the second half of the year and a return to profit. As of 10:27 a.m., the stock was up 17,000 won, or 2.65%, from the previous session at 698,000 won, according to the Korea Exchange. It climbed as high as 706,000 won early in the session, setting a new intraday record. KB Securities cited improving results in maintaining its “buy” rating and raising its target price 60.4% to 850,000 won from 530,000 won. Kiwoom Securities also kept a “buy” rating and lifted its target price 70.8% to 820,000 won from 480,000 won. Shinhan Securities maintained “buy” and raised its target price 37.9% to 800,000 won from 580,000 won. Analysts also pointed to expanded shipments of mid- to large-size batteries as Samsung SDI supplies P6 high-nickel batteries for Hyundai Motor and Kia models including the Ioniq 3 and EV2, a factor expected to support a return to profit in the second half. Lee Hyun-wook, an analyst at IBK Investment & Securities, said North American energy storage system volumes appear to be fully booked through 2028, and that steady shipments combined with a recovery in the electric-vehicle market should drive a clearer earnings improvement. He said Samsung SDI could return to profit in the fourth quarter, its first in nine quarters.* This article has been translated by AI. 2026-04-29 10:41:12

Korea Tourism Organization Targets Russian, Kazakh Medical Tourists, Expects 5.8 Billion Won in Deals The Korea Tourism Organization said April 29 that its large-scale local sales push targeting high-spending medical tourists from Russia and Central Asia has concluded, generating 346 contracts and an expected 5.8 billion won in sales. ◆ Central Asia emerges as a key target in Korea’s medical tourism market The number of foreign medical tourists visiting South Korea topped 2 million for the first time last year, reaching 2.01 million. Among them, visitors from Russia and Kazakhstan totaled 35,450, up about 14% from a year earlier. Their average spending per person was about 40% higher than the overall average, making them a high-value market, the organization said. To capture demand, the organization held “2026 Korea Medical Tourism Promotion Briefings” on April 17 and 20 in Moscow and St. Petersburg. Twenty-four South Korean medical institutions and agencies joined the events, which drew about 330 local industry participants for business consultations. Product sales training was also offered to help local partners better understand the offerings. ◆ From trade fair to one-on-one sessions, 346 contracts signed In Almaty, Kazakhstan, the organization took part in the region’s largest tourism fair, the International Tourism Fair (KITF), held April 22-25. With 24 South Korean organizations, it operated a Korea tourism promotion pavilion highlighting medical and wellness travel products. On April 22, it hosted a tourism exchange event with 40 local agencies. On April 25, it staged a consumer-focused promotion at a major shopping mall linking K-beauty and K-food, drawing about 50,000 visitors. That day, it also held tailored one-on-one consultations at the InterContinental hotel with eight South Korean specialist doctors to showcase Korea’s advanced medical services. Across the roadshow, the organization reported 4,397 B2B and B2C consultations and said it expects 346 contracts and about 5.8 billion won in sales. Lee Dong-seok, head of the Korea Tourism Organization’s medical and wellness team, said the group will use the local networks built through the campaign to position South Korea as a tourism destination combining advanced medical technology with K-wellness. The organization said it has pursued a more segmented medical tourism strategy since last year, including building a networking club for affluent Chinese visitors, holding Japan’s first large-scale medical tourism event, and developing a new market in Erdenet, a mining city in Mongolia.* This article has been translated by AI. 2026-04-29 10:40:08

EV Charging Firm Chaevi Jumps 132% in KOSDAQ Debut Chaevi, an electric-vehicle charging infrastructure company, surged in its KOSDAQ debut as buying poured in after trading opened. Shares were trading at 28,550 won as of 10:21 a.m. on Tuesday, up 132.11% from the IPO price of 12,300 won, according to the Korea Exchange. The exchange approved Chaevi’s KOSDAQ listing on April 27 and began trading on Tuesday. Newly listed shares are not subject to the volatility interruption mechanism, known as VI, on the first day, which can lead to larger price swings. Founded in 2016, Chaevi operates an EV charging infrastructure business based on electric motors and generators and electric conversion, supply and control equipment. It is known as the first domestic EV charging infrastructure company to pursue an initial public offering. In institutional demand forecasting held April 10-16, 751 institutions participated, posting a 55-to-1 competition ratio. In the retail subscription held April 20-21, the competition ratio was 302-to-1. The IPO price was set at 12,300 won, the bottom of the indicated range of 12,300 won to 15,300 won.* This article has been translated by AI. 2026-04-29 10:36:14

Hyundai Steel Extends Rally to Five Sessions on Steel Price Rebound, China Output Cut Hopes Hyundai Steel extended its gains for a fifth straight session in early trading, supported by a rebound in steel prices and expectations of higher product prices. As of 10:25 a.m. on April 29, Hyundai Steel shares were trading at 45,950 won, up 1,850 won, or 4.20%, from the previous session. The stock has risen for five consecutive sessions since April 23, gaining more than 10% over that period. The advance was attributed to growing expectations for an industry upturn as China, the world’s largest steel producer, has recently reduced output. According to the World Steel Association, China’s crude steel production last month totaled 87 million tons, down 6.3% from 92.8 million tons a year earlier. China has signaled output cuts, citing carbon-emissions reductions and industrial restructuring. Market participants say that if China-driven supply tightening continues, steel prices could firm further and lift earnings expectations for South Korean steelmakers. Global steel price trends have also been supportive, analysts said, as easing geopolitical risks in the Middle East, expectations for steadier interest rates and a weaker dollar have reduced some pressure on the sector. Brokerages are also focusing on the possibility of near-term earnings improvement. Kim Yun-sang, an analyst at iM Securities, said inflation and high interest rates remain a burden, but recent steel price moves and stabilizing macroeconomic variables are a positive shift. He added that while the price rise is partly tied to supply disruptions, higher prices themselves are supportive for earnings. * This article has been translated by AI. 2026-04-29 10:35:32

Climate, Energy and Environment Minister Visits Doosan Enerbility Plant to Check New Reactor Equipment Kim Sung-hwan, minister of climate, energy and environment, visited a major nuclear equipment manufacturing site to help ensure the smooth rollout of new nuclear power plant construction. The ministry said Kim visited Doosan Enerbility’s Changwon plant in Seongsan-gu, Changwon, South Gyeongsang Province, on Tuesday morning to inspect production of key nuclear power plant components. The visit was part of on-site checks aimed at moving forward, without setbacks, with new reactors included in the 11th Basic Plan for Long-term Electricity Supply and Demand. The Changwon plant is considered the country’s only comprehensive manufacturing base with the capability to produce major components for large nuclear power plants. It has supplied key equipment to major domestic plants including Shin Hanul, Shin Kori and Shin Wolseong. Kim’s tour was scheduled to proceed from the main forging shop to the nuclear plant. Site managers briefed him on ultra-large forging production facilities, manufacturing processes for major nuclear components and the quality-control system. Kim was to review the production status and delivery schedules for key equipment designed to withstand high-temperature and high-pressure conditions. Kim told workers, “Korea has world-class competitiveness in nuclear equipment manufacturing,” adding that the foundation of that strength is “the dedication and effort of workers on the ground.” He also urged them to “do your utmost in quality control” so that Korea’s nuclear power plants can remain trusted and their safety assured.* This article has been translated by AI. 2026-04-29 10:34:44

South Korea Labor Ministry Honors Top Labor Inspectors, Holds Jeon Tae-il Tribute Event The Ministry of Employment and Labor said it awarded ministerial citations to outstanding labor inspectors and held a Jeon Tae-il biography “continuation writing” event on the 29th at the Jeon Tae-il Memorial Hall. The ministry selected 10 teams and nine individuals as outstanding labor inspectors. In workplace inspection, the honorees were the Jungbu Regional Office’s Metropolitan Labor Standards Inspection Division, the Changwon Branch Office’s Labor Standards Inspection Division, the Daegu Regional Office’s Metropolitan Labor Standards Inspection Division, and inspectors Kim Gi-dae (Busan Eastern), Kim Gwang-hyeon (Incheon Northern), Park Ye-seul (Uijeongbu) and Hyeon So-jin (Yeongju). The ministry said they were recognized for responding quickly to social issues with wide-ranging inspections or for contributing to enforcement of labor laws. In complaint cases and rights relief, the list included the Incheon Northern Branch Office’s Labor Standards Investigation Division 1, the Busan Regional Office’s Labor Standards Investigation Division 1, the Seoul Southern Branch Office’s Labor Standards Investigation Division 1, the Ulsan Branch Office’s Labor Standards Investigation Division 1, and inspectors Kim Min-yeong (Tongyeong), Kim Seok-jin (Yangsan) and Park Eun-jeong (Pohang). The ministry cited their work in proactively uncovering and resolving hidden wage arrears beyond reported cases. In active investigations, including forced investigations, the honorees were the Seongnam Branch Office’s Labor Standards Investigation Division 1, the Seoul Northern Branch Office’s Labor Standards Investigation Division 1, the Pohang Branch Office’s Labor Standards Investigation Division 1, and inspectors Kang A-yeong (Changwon) and Jang Yun-hui (Goyang). The ministry said they were credited with arresting and detaining suspects who went into hiding for years after group wage theft cases, or tracking suspects’ locations through communications warrants until they were arrested. After the awards, cited inspectors and newly appointed labor inspectors attended an event titled “Jeon Tae-il’s Dream, Continued Through Copying,” hosted by Jeon Tae-il Civic Action. The event aims to designate Nov. 13, the day Jeon died, as a national commemorative day. Labor Minister Kim Young-hoon said “new employment arrangements designed to evade labor laws, such as fake ‘3.3,’ are increasing, and intentional and habitual wage arrears still threaten workers’ rights at their workplaces.” He added, “This is a time when tighter, more reliable on-site oversight is needed.” Kim said seasoned inspectors and newly appointed inspectors should “communicate and collaborate actively” to carry on Jeon’s spirit and “build a country where all working people can be happy.”* This article has been translated by AI. 2026-04-29 10:34:06

South Korea’s Finance Ministry Holds Talks on Creating a Korean-Style Sovereign Wealth Fund The government, which plans to draw up a plan in the first half of this year to launch a Korean-style sovereign wealth fund, convened a meeting Tuesday to gather views from related organizations. Min Gyeong-seol, director general for innovative growth at the Ministry of Finance and Economy, held a roundtable at the Korea Fiscal Information Service with promising companies in strategic industries and officials from the Financial Services Commission, the Korea Development Bank and other agencies to discuss the direction for establishing the fund. Participating companies shared their experiences and difficulties in raising investment during growth stages, saying large-scale, long-term investment conditions are needed for promising strategic-industry firms to develop into globally competitive companies. Participants said the government has helped build a startup ecosystem through various policy funds and policy financing, but noted that most have been structured as funds premised on liquidation, limiting their role as patient capital. They expressed expectations for a sovereign wealth fund that would not require liquidation. The Financial Services Commission, the Korea Development Bank and other agencies agreed that if existing policy financing and investment tools work in a complementary way with a Korean-style sovereign wealth fund, they could generate synergy in fostering strategic industries, supporting overseas expansion and building stable supply chains. They offered a range of policy suggestions on how to set up the fund. Min said the fund would be “a new investment tool” that would grow as a long-term, stable partner through equity investments in promising strategic-industry companies, and “accumulate the resulting gains as national wealth to share with future generations.” He said the ministry will reflect views raised at the meeting to prepare an establishment plan within the first half of the year and proceed with follow-up steps, including submitting legislation to the National Assembly soon.* This article has been translated by AI. 2026-04-29 10:33:21

Patriots and Veterans Affairs Ministry to Hold Public-Private Forum on Future Policy As the number of people eligible for veterans benefits declines and the policy environment shifts rapidly, South Korea’s Ministry of Patriots and Veterans Affairs will hold a forum to discuss the direction of future veterans policy. The ministry, led by Minister Kwon Oeul, said it will host the policy forum, titled “NEXT Patriots and Veterans Affairs: Asking and Answering the Future,” on April 30 afternoon at Park Jeong-mo Hall at the Seoul Regional Office of Patriots and Veterans Affairs. About 30 people are expected to attend, including the ministry’s minister and vice minister, members of its policy advisory committee, private-sector experts, and young participants described as the next generation of leaders in veterans affairs, including the 2030 Advisory Group and Innovation Avengers. The forum will open with a presentation by Kim Jeong-hae of the Korea Institute of Public Administration on “Strategic Measures for Sustainable Veterans Affairs.” Policy proposals will then follow on development plans from five subcommittees of the advisory committee: veterans culture, compensation, medical and welfare, discharged service members, and the future of veterans affairs. After the proposals, a free discussion involving all participants will be held under the moderation of Cho Hyun-jae, chair of the policy advisory committee, on “The Future Direction of Veterans Affairs as the Number of Eligible Recipients Declines.” Kwon said the forum will be “a meaningful time for the public and private sectors to seek policy directions for the future of veterans affairs from a new perspective.” He said the ministry will work to reflect innovative ideas raised at the forum in policy so that “special sacrifice receives special compensation.” * This article has been translated by AI. 2026-04-29 10:31:11