SK Group's Chey Tae-won Leads Meeting with Nvidia's Jensen Huang to Strengthen AI and Memory Alliance As Jensen Huang, CEO of Nvidia, visits South Korea and meets with key industry figures, anticipation is building for the "Samsso Meeting" scheduled for the evening of June 5, featuring Korean barbecue and soju. Chey Tae-won, chairman of SK Group and the oldest participant, is expected to play a pivotal role in enhancing collaboration between the business community and Nvidia. According to industry sources, Huang will arrive in South Korea on June 5 and visit T1 Basecamp, operated by T1, a joint venture between SK Group and Comcast, where he will engage with prominent professional gamers, including Lee Sang-hyeok, known as "Faker." Later that evening, he will move to a barbecue restaurant in Hongdae for the Samsso Meeting, joined by Chey, Lee Hae-jin, global investment officer of Naver, and Koo Kwang-mo, chairman of LG Group. During his previous visit to South Korea in October, Huang held a meeting with Samsung Electronics Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Eui-sun at a chicken restaurant, indicating his intent to showcase close ties with major Korean companies through varied gatherings and menus. Nvidia and SK Group are recognized for their strong partnership in the memory sector, particularly with high-bandwidth memory (HBM) and artificial intelligence (AI) data center initiatives. Naver is significantly investing in Nvidia's graphics processing units (GPUs) and supercomputers for its sovereign AI projects, while LG Group is enhancing its collaboration with Nvidia in AI foundation models and physical AI. As the participants of the Samsso Meeting are revealed, attention is focused on who will grill the meat and prepare the "somaek," a mix of soju and beer. In South Korean corporate culture, it is customary for the youngest member to take on these tasks. Given that Chey, born in 1960, is the oldest among the attendees, he is likely to be exempt from these duties. Huang, born in 1963, is the second oldest, followed by Lee, born in 1967, and Koo, the youngest at 1978. This has led to speculation among netizens and online communities about the amusing sight of Koo, leading the country's fourth-largest conglomerate, grilling meat and making somaek. However, industry insiders suggest that the restaurant may provide special service for grilling to ensure a smooth meeting, as it typically does not offer this service. This would be a special accommodation for an event attracting national attention. Moreover, given the mutual respect among the business leaders, it is likely that the preparation of somaek will be a collaborative effort. There are also suggestions that Huang, who has a good understanding of Korean culture from his frequent visits, might take the initiative to prepare somaek himself. Following the Samsso Meeting, Huang is not expected to visit SK Group separately, as Chey has already met with him twice in Taiwan earlier this month to focus on strengthening the partnership between SK Group and Nvidia. On June 1, Chey attended the "GTC Taipei 2026" event with SK Hynix President Kwon Oh-jung, where they listened to Huang's keynote speech and held a private meeting with Nvidia executives. They discussed new AI memory technologies, including HBM, and strategies for expanding supply. The next day, Chey met Huang at the "Computex 2026" venue, where they toured the SK Hynix exhibition together, reviewing key AI memory technologies and products. Huang left a humorous yet urgent message on a wafer of SK Hynix's seventh-generation high-bandwidth memory (HBM4E), saying, "Please make more," and wrote, "I love SoCamm" on a 192GB SoCamm (LPCAMM)2 product, drawing attention. 2026-06-05 10:54:00

KB Financial Hits Intraday Record High Amid Market Decline KB Financial is showing strength, hitting an intraday record high even as the domestic stock market plummets by over 5%. This surge is attributed to improved investor sentiment following expectations that regulatory burdens related to Hong Kong H-index equity-linked securities (ELS) will ease. According to the Korea Exchange, as of 10:34 a.m., KB Financial shares were trading at 168,300 won, up 4,100 won (2.50%) from the previous trading day. The stock began the day at 167,000 won and reached a peak of 175,700 won, setting a new 52-week record. Other bank stocks are also performing well. Shinhan Financial Group shares rose by 5,100 won (5.09%) to 105,200 won, Hana Financial Group increased by 800 won (0.66%) to 121,400 won, and Woori Financial Group gained 650 won (2.14%) to 31,050 won. The strength in bank stocks is seen as a reflection of expectations that the regulatory pressures concerning Hong Kong H-index ELS will be less severe than initially feared. On the previous day, the Financial Supervisory Service decided to adjust the penalties for five banks, including KB Kookmin, Shinhan, Hana, NH Nonghyup, and SC First Bank, which sold Hong Kong H-index ELS, imposing fines totaling approximately 600 billion won. This amount is significantly lower than what the market had anticipated. The final decision on these penalties will be made after approval from the Financial Services Commission. Notably, KB Financial's record high comes amid a sharp decline in the domestic stock market, influenced by a correction in U.S. tech stocks and foreign selling pressure, which even triggered a sell-side circuit breaker in the KOSPI. Analysts maintain a positive outlook based on solid performance and proactive shareholder return policies. Kiwoom Securities has reiterated a 'Buy' rating on KB Financial, setting a target price of 220,000 won. In a recent report, Kiwoom Securities analyst Kim Eun-gap noted, "The company has resolved to retire all 143 million shares of its existing treasury stock, which represents 3.8% of the total issued shares. Additionally, further treasury stock retirements, including 600 billion won worth of shares bought between February and April this year, are expected to continue." He added, "The retirement of treasury stock is increasing the per-share value, and considering the highest shareholder return rate in the banking sector and an ROE of over 10%, KB Financial is well-positioned to deserve a PBR premium."* This article has been translated by AI. 2026-06-05 10:51:00

President Lee Calls for Climate Action and Reduced Use of Disposable Products President Lee Jae-myung urged citizens on June 5 to engage in everyday climate actions for a sustainable South Korea.On social media, President Lee noted that the 'Korea Climate Action Launch Ceremony' is being held in observance of Environment Day. He emphasized the importance of collaboration among religious groups, industries, civil society, and the government in addressing the climate crisis."Simple actions, such as reducing the use of disposable products, turning off unused lights, walking or using public transportation for short distances, and using reusable bags, can collectively become a powerful force for changing the future," he stated.He also promised that the government would strive to create tangible changes that citizens can feel.In a related note, President Lee shared an article highlighting the police's efforts over the past year to combat voice phishing, which resulted in a nearly 43% reduction in incidents. He expressed gratitude for the hard work of public servants, stating, "When public officials work hard, the people become happier. I thank those who are dedicated to their jobs, and I encourage everyone to recognize their efforts."* This article has been translated by AI. 2026-06-05 10:42:00

Celanese Closes Ulsan Plant Amid Middle East Conflict U.S. specialty materials and chemical company Celanese has decided to close its Ulsan plant due to the impact of the ongoing conflict in the Middle East. According to reports from the Financial Times and other outlets on June 4, Celanese announced that it would immediately halt all production and operations at the Ulsan facility. The company plans to transfer production to its plants in Nanjing and Shenzhen, China, as well as to its facility in Silvassa, India. This move is part of Celanese's 'Grow & Fortify' strategy aimed at increasing production flexibility. The decision follows a surge in crude oil prices, which are essential raw materials for chemical products, due to the recent Middle East conflict. Celanese's first-quarter results, released last month, fell short of expectations, contributing to a more than 20% drop in its stock price to date. In response, Celanese announced price increases for key products in April and May. Last month, the company also revealed plans to operate its Singapore plant only until the end of July before closing it. Celanese, which produces key products such as PET (polyethylene terephthalate), PA (polyamide), PBT (polybutylene terephthalate), HTN (high-heat nylon), and polymers, is one of the world's leading chemical manufacturers, employing approximately 11,000 people globally. The company reported revenues of about $9.5 billion in 2025.* This article has been translated by AI. 2026-06-05 10:42:00

Michelle Steel's nomination as US ambassador to S. Korea clears Senate panel SEOUL, June 05 (AJP) - Michelle Steel, U.S. President Donald Trump’s nominee for ambassador to South Korea, has cleared a key Senate committee, leaving only a final confirmation vote before the full Senate. The Senate Committee on Foreign Relations voted 14-8 on Thursday to advance Steel’s nomination, moving her one step closer to taking up the post in Seoul. If confirmed by the Senate, Steel will receive her formal appointment from Trump before assuming the ambassadorial post. Steel was nominated on April 13, and her Senate confirmation hearing was held on May 20. The process has moved relatively quickly, compared with cases in which nominees have waited months for confirmation hearings after being tapped by the president. At her confirmation hearing, Steel emphasized the need for a strong trilateral alliance among South Korea, the U.S. and Japan. Her use of the word “alliance” drew attention, as relations among the three countries are more commonly described as cooperation or coordination, unlike the formal alliances between Seoul and Washington and between Washington and Tokyo. If confirmed, Steel would become the second Korean American to serve as U.S. ambassador to South Korea, following Sung Kim, who served in Seoul from 2011 to 2014. Steel, a Republican, served in the U.S. House of Representatives for four years from 2021 before narrowly losing her reelection bid in November 2024. The ambassadorial post in Seoul has remained vacant since Philip Goldberg, who was appointed under the Biden administration, left the post in January last year. 2026-06-05 10:27:17

ITCEN Group to Showcase AI Solutions at Smart Tech Korea 2026 ITCEN Group announced on June 5 that it will participate in Smart Tech Korea 2026 (STK 2026), the country's largest technology exhibition, held from June 10 to 12 at COEX in Seoul. The group will introduce advanced AI governance and infrastructure resilience architecture that breaks down technical barriers among its subsidiaries. The group will showcase its "Enterprise AI Full-Stack Solution," which consolidates the IT architecture and software engineering capabilities of its subsidiaries. This initiative aims to provide strategies for companies considering the implementation of generative AI to address the challenges of soaring costs and infrastructure dependency. During the event, ITCEN Group will present a practical integrated architecture that industry professionals can assess firsthand. The presentation will move away from mere technological optimism or scenario-based demonstrations, instead highlighting the core technological capabilities of its key subsidiaries, including ITCEN CTS, ITCEN Cloud, and CPlatform. The group plans to propose methods for controlling the indiscriminate adoption of agents and rising costs. Many companies currently face financial risks due to the use of "shadow AI," where departments independently call external APIs, and the operational costs of multi-agent systems that exceed control limits. ITCEN Cloud will introduce its enterprise multi-AI agent management platform, "AgentGo 2026," as a practical solution. This platform will demonstrate its ability to prevent resource waste and control data leakage risks through a robust governance dashboard. Additionally, the group will assess whether companies have secured infrastructure sovereignty without dependency on specific global vendors. Changes in exclusive licensing policies from major tech companies and rising total cost of ownership (TCO) for GPU infrastructure pose threats to corporate sustainability. Many companies are considering a shift to open-source solutions, but technical debt and operational overhead remain significant obstacles. CPlatform will highlight its open-source-based enterprise data platform, "EDB Postgres AI." This platform implements a high-performance hybrid architecture that processes real-time transactions (OLTP) and AI analytics (OLAP) through a single engine, enabling companies to secure data sovereignty without vendor dependency and build a safe, cost-effective on-premises sovereign AI environment. The group will also address whether AI services can maintain continuity in complex microservices architecture (MSA) and virtualization environments. As generative AI services become more widespread, the complexity of backend MSA and Kubernetes distributed infrastructure increases, leading to heightened risks of data bottlenecks and service interruptions. ITCEN CTS aims to resolve these issues as an AI infrastructure orchestrator. From designing architectures optimized for high-performance AI workloads to establishing high-speed computing environments for large-scale data processing, the group will coordinate all aspects of AI infrastructure. This includes integrating on-premises, multi-cloud, and high-performance computing (HPC) resources while minimizing operational overhead, allowing companies to focus on creating AI business value. ITCEN Group will avoid simple scenario-based demonstrations at the exhibition, instead proving how its practical architecture can defend against and recover from complex edge cases and system overloads that may arise in real enterprise business settings. An ITCEN Group representative stated, "The current AI market has entered an 'engineering-centric era' where companies must secure verified infrastructure control and financial sustainability. This event will showcase how the technological capabilities of ITCEN Group's subsidiaries can address corporate technical debt while providing the safest and most efficient AI execution pathways." In preparation for the launch of its full-stack solution, ITCEN Group has restructured its business model over the past year. It has established a "Team ITCEN" system where each subsidiary operates as a single entity. To eliminate technical and sales barriers among subsidiaries, ITCEN Group has implemented a "group integrated sales" system, allowing it to propose the unique expertise of each entity—cloud (ITCEN Cloud), data platform (CPlatform), and infrastructure architecture (ITCEN CTS)—through a single point of contact.* This article has been translated by AI. 2026-06-05 10:27:00

Iljin Electric Signs $621 Million High-Voltage Cable Supply Contract in Malaysia Iljin Electric announced that it has signed a contract to supply approximately $621 million worth of 275kV high-voltage cables for data centers in Malaysia, covering a total length of 54 kilometers. This marks Iljin Electric's fifth contract to supply high-voltage cables to data centers in Malaysia and is the largest order since the company entered the Malaysian cable market. An official from Iljin Electric stated, "We are continuously increasing our overseas orders for high-voltage cables and are working hard to secure more international contracts based on projects in the Southeast Asian market. We can supply both high-voltage transformers and circuit breakers, as well as high-voltage cables, which will contribute to our growth." As Malaysia is actively promoting the attraction of data centers as a national policy, significant long-term demand is expected. The Iljin Electric official added, "We plan to use this large order as a stepping stone to pursue ongoing high-voltage cable contracts for data centers." Additionally, Iljin Electric recently signed a contract worth approximately $1.086 billion with the Singapore Power Authority for high-voltage cable supply in May. The company recorded its highest-ever performance last year, and it is anticipated that the momentum will continue this year due to orders for data center-related products.* This article has been translated by AI. 2026-06-05 10:24:00

Police disperse protesters, secure ballot boxes after election day disruption in Seoul SEOUL, June 5 (AJP) - Police on Friday dispersed protesters from a polling station in southern Seoul after a days-long standoff over the removal of ballot boxes following shortages in ballot papers that disrupted voting during Wednesday's local elections. More than 1,000 police officers were mobilized to the polling station in Jamsil, Seoul's Songpa district, from around 7:30 a.m. to secure two ballot boxes that had remained inside the polling station for more than 35 hours after voting ended, leaving roughly 2,000 ballots uncounted. The standoff stemmed from a shortage of ballot papers at several polling stations in southern Seoul on election day, which extended voting beyond closing time and left some voters unable to cast their ballots. The ballot boxes could not be transferred to a counting center after protesters gathered outside the polling station, demanding an investigation into the ballot shortage and accountability from election officials. Some demonstrators also raised allegations of election fraud. These protesters initially consisted largely of affected voters and local residents seeking an explanation for the disruption, but the crowd swelled as politicians and YouTubers raising allegations of election fraud joined in. Police estimated that as many as 1,300 people had gathered at the site by Thursday night. As protesters ignored repeated orders to disperse and blocked the removal of ballot boxes, police forcefully entered the polling station and secured the boxes. Minor clashes were reported during the operation, and authorities warned that interfering with election officials or police could lead to criminal punishment. Minor clashes were reported between the two sides, while authorities warned that interfering with election officials or police could result in criminal charges. The NEC said the secured ballot boxes would be moved to a counting location to finalize results in the affected districts. 2026-06-05 10:22:29

Won-Dollar Exchange Rate Surges to 1540 Won Amid Foreign Stock Sell-Off The won-dollar exchange rate continues to show strength in the 1500 won range. As of 10:08 a.m. on June 5, the exchange rate in the Seoul foreign exchange market stood at 1543.8 won per dollar, down 0.7 won from the previous session's close of 1529.0 won. This marks the first time the rate has exceeded 1540 won during trading since March 10, 2009, when it reached 1561.0 won. The rate hit the 1540 won mark during overnight trading, reaching its highest level since the global financial crisis. Although it opened lower today, ongoing foreign net selling in the domestic stock market appears to be exerting upward pressure on the exchange rate. At the same time, foreign investors sold a net 15.21 trillion won in the securities market, contributing to a decline in the index. In the previous night’s trading, U.S. stocks showed mixed results. The Dow Jones Industrial Average closed up 874.86 points, or 1.73%, at 51,561.93. The S&P 500 index rose by 30.63 points, or 0.41%, to close at 7,584.31, while the Nasdaq Composite Index fell by 23.02 points, or 0.09%, ending at 26,830.96. International oil prices declined after Israel and Lebanon agreed to implement a ceasefire. August futures for Brent crude settled at $95.03 per barrel, down 2.8%, while July futures for West Texas Intermediate (WTI) crude closed at $93.04 per barrel, a decrease of 3.1%. Min Kyung-won, an economist at Woori Bank, stated, "Today, the won-dollar exchange rate is expected to attempt to stabilize in the 1530 won range, driven by foreign net selling triggered by profit-taking in semiconductor stocks. The semiconductor rally has shown signs of slowing following Broadcom's earnings report, which could lead to continued outflows of foreign capital from the domestic market known as memory trades." He added, "This selling is more than just profit-taking; it has a strong rebalancing nature, which is increasing demand for foreign remittances in the foreign exchange market, causing ongoing upward pressure on the exchange rate. If the symbolic level of 1530 won is breached, speculative buying could further contribute to a weakening of the won."* This article has been translated by AI. 2026-06-05 10:15:00

Shin Young Securities Shares Surge Over 9% Following Buyback Announcement Shin Young Securities has seen its shares rise by over 9% in early trading following the announcement of a significant share buyback plan. According to the Korea Exchange, as of 9:58 a.m., Shin Young Securities shares were trading at 206,500 won, up 18,100 won (9.61%) from the previous trading day. Investor sentiment has been buoyed by expectations that the large-scale buyback will enhance earnings per share (EPS) and shareholder value. The company announced on June 4 that it will hold its 72nd annual general meeting on June 19, where it will discuss plans for the buyback and utilization of 8.42 million shares currently held. Of these, 5,262,283 shares will be retired within the timeframe stipulated by corporate law. This represents 32.01% of the total issued shares and 62.48% of the treasury shares. Based on the previous day's closing price, the buyback is valued at approximately 999 billion won. The remaining 3.16 million shares will be retained for future shareholder returns and employee performance compensation. Additionally, the company plans to increase its dividend. For the current fiscal year, Shin Young Securities has set the dividend for common stock at 7,500 won per share, an increase of 2,500 won from the previous year. The total dividend payout will exceed 20 billion won, meeting the criteria for high-dividend companies, allowing shareholders to benefit from separate taxation on dividend income. 2026-06-05 10:15:00