Proponents of Chinhang Demand Resignation of Leader Jang Dong-hyuk After Election Loss People Power Party lawmakers aligned with the Chinhang faction called on Jang Dong-hyuk to take responsibility for the results of the June 3 local elections and resign.Woo Jae-jun, a senior member of the party, stated on YTN Radio's "Jang Seong-cheol's News Myungdang" that while many candidates lost, the overall results were slightly better than initially feared. He noted, "Although we have a score of 12 to 4, there were also more victories in local government positions, and we narrowly lost in several metropolitan areas." He added, "It is difficult to evaluate that the leadership significantly contributed to this local election. Many candidates are likely aware of this, and the leadership must reflect on it. It is appropriate for them to take responsibility accordingly."Woo pointed out both the strengths and weaknesses of Jang's leadership during the election process. He expressed, "It would be good if he resigned. On one hand, he worked hard. There were areas where he performed well and others where he did not." He specifically criticized Jang for expending too much energy on expelling Han Dong-hoon, which negatively impacted the Busan mayoral election. However, he acknowledged that Jang contributed to resolving some confusion in Daegu and helped achieve some victories in South Chungcheong Province.He concluded, "I believe it would be beneficial for him to step down to help resolve conflicts. If Jang continues to hold on, the conflicts will not be resolved. It would be better for him to step down and hold a formal party convention to receive a proper evaluation, which would help us gather our thoughts on the future direction of our party."Park Jeong-hoon also echoed the call for the entire leadership under Jang Dong-hyuk to resign. Speaking on SBS Radio's "Kim Tae-hyun's Political Show," Park stated, "Ultimately, we suffered a crushing defeat in this election. Almost all the metropolitan leaders were incumbents. Despite the incumbent advantage, eight incumbents lost, which is a significant defeat."He attributed the election difficulties to the decision to expel Han Dong-hoon, which he claimed divided the party. "The reasons for the expulsion were nonsensical and unrelated to him. The individuals most responsible are Jang Dong-hyuk, Shin Dong-wook, and Song Eon-seok," he asserted.Park predicted, "If a confidence vote were held now, I believe Jang would lose. We need to conduct the next general election under this leadership, but can we win with Jang Dong-hyuk's face leading the charge?" He added, "After this experience, it seems that Jang Dong-hyuk's leadership has led to losses. Some have even referred to him as the 'grim reaper of elections.' I believe party members have realized through this election whether Jang's leadership can lead us into the next general election."* This article has been translated by AI. 2026-06-05 10:03:00

South Korea Promotes Economic Growth to European Investors in Paris The South Korean government held an investment briefing in Paris on June 4, aimed at promoting the country's economic growth and capital market reforms to key European investors. Attendees expressed strong interest, noting that they already view the South Korean market as a "core market" on par with the U.S. and Europe. The Ministry of Finance announced that Deputy Minister Heo Jang hosted the briefing, which included senior executives from major French investment firms such as Amundi, BNP Paribas, Crédit Agricole, Natixis, and Société Générale. During the briefing, Heo emphasized the solid fundamentals of the South Korean economy. He reported that exports surged over 40% year-on-year to approximately $390 billion from January to May, driven by a semiconductor supercycle. He also noted that the country's GDP growth rate for the first quarter was 1.7%, the highest among OECD member countries reported to date. Additionally, gross domestic income rose by 7.5% compared to the previous quarter, indicating ongoing growth. Heo highlighted South Korea's external soundness as an attractive investment factor, stating that the current account surplus for the first quarter reached $85 billion, ranking fifth globally and representing a 220% increase from the previous year. He projected that if the current trend continues, the surplus could significantly exceed last year's record of $123 billion. He pointed to capital market reforms as a key factor behind the strong performance of the South Korean stock market. He noted that reforms such as amendments to corporate law, enhanced shareholder protections, and separate taxation of dividend income are being implemented. He stated that the stock market is transitioning from a "Korea Discount" to a "Korea Premium," particularly in light of the semiconductor and artificial intelligence supercycles. He also mentioned that since the inclusion in the World Government Bond Index (WGBI) in April, foreign investment in government bonds has reached approximately $18.7 billion. The government actively promoted its foreign exchange market modernization policies, including 24-hour market operations, the establishment of an offshore won payment system, and improvements to account opening and settlement procedures for foreign investors. Currently, 80 foreign financial institutions are registered as foreign exchange business operators in South Korea, and nighttime trading is gradually increasing. European investors attending the briefing showed keen interest in strategies to address the prolonged Middle Eastern conflict, the recent surge in the South Korean stock market, and the outcomes of foreign exchange market reforms. They particularly praised the growth trajectory of the South Korean economy and the government's commitment to market reforms, stating, "The South Korean market is already recognized as a core market comparable to European and U.S. markets."* This article has been translated by AI. 2026-06-05 10:03:00

KB Kookmin Bank Launches 'KB Veterans Benefit Remittance Check' Service with No Fees KB Kookmin Bank announced on June 5 that it will launch the 'KB Veterans Benefit Remittance Check' service in honor of National Defense and Veterans Month.This service is designed to assist veterans living abroad who do not have local bank accounts, allowing them to receive and use foreign currency remittance checks directly.The Ministry of Veterans Affairs plans to transition to a remittance payment method for veterans living overseas starting in 2027 to enhance the convenience of benefit receipt. However, to minimize the inconvenience for some beneficiaries who find it difficult to open and use overseas accounts, KB Kookmin Bank has collaborated with the ministry to introduce the KB Veterans Benefit Remittance Check service.To reduce the burden on customers using this service, KB Kookmin Bank will waive all fees associated with issuing remittance checks. This initiative aims to make it easier for national merit recipients and their families living abroad to receive their benefits.A representative from KB Kookmin Bank stated, "This service has been established to ensure that veterans living abroad can receive their benefits more conveniently and securely. We will continue to contribute to creating social value through various inclusive financial practices for those who have dedicated themselves to the nation."In addition to launching this new service, KB Kookmin Bank is also participating in volunteer activities at the National Cemetery in Seoul to commemorate National Defense and Veterans Month. 2026-06-05 10:03:00

Goldman Sachs Projects SpaceX AI Revenue to Surge 100-Fold by 2030 Goldman Sachs has projected that SpaceX's artificial intelligence (AI) revenue will increase nearly 100-fold by 2030, ahead of the company's anticipated initial public offering (IPO) next week. According to the Financial Times on June 4, Goldman Sachs, the lead underwriter for SpaceX's IPO, forecasts that the company's AI revenue will rise from $3.2 billion in 2025 to approximately $322 billion by 2030. The overall revenue for SpaceX is also expected to grow from $18.7 billion in 2025 to $474 billion in 2030. These projections reflect the recent surge in aggressive AI investments by major tech companies. Goldman Sachs conveyed this information verbally to key investors during SpaceX's IPO roadshow, the Financial Times reported. In February, SpaceX merged with xAI, an AI startup founded by Elon Musk, CEO of Tesla. The majority of the former xAI team is now part of SpaceX's AI division. According to SpaceX's investment prospectus, xAI recorded a loss of $6.4 billion last year but is expected to tap into a total addressable market (TAM) of $26.5 trillion in the future. This marks a significant shift, as the TAM for SpaceX's original core business, the satellite internet service Starlink, was only projected at $2 trillion. Goldman Sachs estimates that Starlink's revenue will reach $144 billion by 2030, which would be less than half of the projected AI revenue. Additionally, the revenue from SpaceX's rocket division is expected to increase from $4.1 billion last year to $8.3 billion by 2030. However, for SpaceX's AI division to achieve these ambitious targets, its proprietary AI model, Grok, must compete effectively with leading models from companies like Google, OpenAI, and Anthropic. The Financial Times also noted that Musk has recently dismissed all ten co-founders of xAI due to performance issues, raising concerns about the rapid organizational changes. SpaceX plans to finalize its offering price on June 11, with trading on the Nasdaq set to begin on June 12. The proposed share price is $135, which could allow SpaceX to raise $75 billion and achieve a valuation of $1.75 trillion.* This article has been translated by AI. 2026-06-05 09:57:00

Ruling Party Faces Internal Strife After Local Election Wins and Seoul Loss The Democratic Party achieved a significant victory in the June 3 local elections, winning 12 out of 16 regional leadership positions. However, the party's failure to reclaim the crucial Seoul mayoralty has sparked discussions among some lawmakers about accountability within the leadership. With the party's national convention approaching in August, competition for future leadership roles is intensifying. Park Soo-hyun, the newly elected governor of Chungcheongnam-do and a former party spokesperson, cautioned on Facebook that failing to reflect on the election results and linking them to the upcoming leadership struggle could alienate public sentiment. "What we need to do now is to sincerely reflect on ourselves. Is demanding the leadership's resignation the best course of action?" he asked, emphasizing the need for personal accountability within the party. Following the June 4 mayoral election, where Democratic candidate Jung Won-oh lost to Oh Se-hoon of the People Power Party, some party members expressed their dissatisfaction with party leader Jung Cheong-rae. Lawmaker Yoon Jun-byeong stated, "While the appearance of victory in the local elections is impressive, we cannot claim a complete win if we lost in Seoul." He pressed the party leader for accountability. Similarly, fellow lawmaker Park Beom-gye remarked, "It may not be a defeat, but it certainly feels like a failure. Despite overall positive election results, it is embarrassing to call it a victory. Yet, there has been no acknowledgment of responsibility from the leadership." Kang Deuk-gu, a lawmaker aligned with the pro-Lee Jae-myung faction, also noted, "There were areas where we could have won but ended up with disappointing results. Looking back, there were shortcomings from the nomination process to managing the election period. The leadership failed to capture the urgency felt on the ground." Meanwhile, Jung Cheong-rae expressed gratitude to the public for their support, stating, "I am thankful to the people for giving the Democratic Party a significant victory, but it hurts that we could not reclaim Seoul." Party Secretary-General Cho Seung-rae acknowledged the mixed feelings about the election results, saying, "While there are regrets, I believe this local election was a victory for the Democratic Party. I will remember the warm interest, affection, criticism, and encouragement shown during this election."* This article has been translated by AI. 2026-06-05 09:54:00

KOSPI opens sharply lower after Wall Street chip sell-off, prompting sidecar halt SEOUL, June 5 (AJP) - South Korean stocks plunged in early trading on Friday, prompting a temporary halt on program sell orders as investors dumped semiconductor shares following an overnight sell-off in U.S. chipmakers. Just 30 minutes into Friday's trading session, the benchmark KOSPI was down 5.65 percent at 8,151.63, while the junior KOSDAQ shed 3.67 percent to 1,011.25. According to the Korea Exchange, a sell-side sidecar was activated at 9:08:25 a.m. after a sharp decline in KOSPI 200 futures. The sharp decline followed heavy losses in U.S. semiconductor stocks overnight, with investors taking profits after a months-long rally in artificial intelligence (AI)-related shares. 2026-06-05 09:46:25

Samyang's Buldak tops 10 billion units, unveils new mascot Peppo SEOUL, June 05 (AJP) - South Korea's Samyang Foods announced that cumulative sales of its Buldak instant noodle brand had surpassed 10 billion units, a milestone the company is marking by rolling out a next-generation character, Peppo, to anchor an aggressive push into licensing and digital content. The fiery brand, which turns 14 this year, crossed the threshold at the end of May after generating about 7 trillion won ($4.54 billion) in cumulative revenue, the company said Friday. Buldak now sells in some 100 countries, churning out 2 billion units a year, or roughly 63 packets every second worldwide. Growth has accelerated sharply since the brand passed 1 billion units in 2017, hitting 4 billion in 2022 and 9 billion in 2025 before vaulting past 10 billion in barely half a year. Buoyed by the surge, Samyang became the first Korean food maker to top $900 million in exports last year and now accounts for more than 60 percent of the country's ramen shipments abroad. To capitalize on the momentum, Samyang is making Peppo, a chick hatched from an egg laid by predecessor mascot Hochi, the new face of the Buldak universe. Developed by affiliate Samyang Anni, the digital-native character has drawn 1.06 million subscribers on YouTube since its 2024 debut and has already featured on packaging for products such as Buldak Mac & Cheese in North America. "In the food industry a character usually serves as a tool to promote a product's flavor, but we questioned that formula and decided to raise ours as a global brand with a life of its own," said a Samyang Anni spokesperson. New domestic packaging featuring Peppo begins rolling out this month, starting with Buldak sauce, while branded merchandise and an official website are slated to follow, part of what Samyang calls its "eatertainment" vision first unveiled in 2023. 2026-06-05 09:42:08

KOSPI Plummets Over 4% Amid U.S. Tech Stock Correction and Foreign Selling The South Korean stock market opened sharply lower, dropping over 4% due to a correction in U.S. tech stocks and significant foreign selling. The early trading session saw the activation of a sell-side circuit breaker, indicating a marked decline in investor sentiment. As of 9:04 a.m. KST, the KOSPI index was down 355.50 points (-4.11%) at 8,283.91. The index opened at 8,323.20, down 316.21 points (-3.66%), before extending its losses. At 9:08:25 a.m., a sell-side circuit breaker was triggered due to a sharp drop in the KOSPI 200 futures index, pausing program sell orders for five minutes. This circuit breaker activates when the KOSPI 200 futures index falls more than 5% for one minute. In the U.S. markets overnight, the three major indices closed mixed. The Dow Jones Industrial Average and the S&P 500 rose by 1.73% and 0.41%, respectively, while the tech-heavy Nasdaq Composite fell by 0.09%. Notably, Broadcom saw a significant drop of 12.59%, while other memory-related stocks like Micron Technology (-7.74%), SanDisk (-3.92%), and Western Digital (-3.13%) also experienced declines. Market analysts suggest that this correction is more about profit-taking than a deterioration in fundamentals. Han Ji-young, a researcher at Kiwoom Securities, stated, "The adjustment in leading stocks is not due to worsening fundamentals or macroeconomic issues, such as an impending memory down cycle or increased discount rate pressure from rising interest rates. Rather, it appears to be a temporary surge of investors looking to realize profits following consecutive record highs, leading to a brief influx of selling after specific events." In terms of market supply and demand, foreign investors are engaging in large-scale net selling. In the securities market, individual and institutional investors have net bought 447.2 billion won and 75.7 billion won, respectively, while foreign investors have net sold 550.8 billion won. Most of the top market capitalization stocks are also in decline. Samsung Electronics (-5.97%), SK Hynix (-7.57%), SK Square (-9.04%), Hyundai Motor (-4.00%), Samsung Electro-Mechanics (-3.85%), LG Energy Solution (-1.66%), Samsung Life Insurance (-6.74%), and Samsung C&T (-12.34%) are all experiencing losses, with only HD Hyundai Heavy Industries showing an increase of 3.53%. The KOSDAQ index is also down. At the same time, the KOSDAQ index recorded a decline of 25.27 points (2.41%) to 1,024.46. The index opened at 1,035.22, down 14.51 points (1.38%), and continued to widen its losses. In the KOSDAQ market, individuals have net bought 28.8 billion won, while foreign and institutional investors have net sold 27.2 billion won and 1.8 billion won, respectively. Most of the top KOSDAQ stocks are also declining. EcoPro BM (-4.00%), Alteogen (-0.43%), EcoPro (-3.96%), Rainbow Robotics (-4.62%), Juseong Engineering (-10.53%), Kolon TissueGene (-0.18%), Rino Industry (-2.71%), Samchundang Pharmaceutical (-2.42%), HLB (-0.57%), and Peptron (-0.19%) are all showing downward trends. Meanwhile, analysts suggest that the upcoming visit of Jensen Huang, CEO of NVIDIA, and discussions on collaboration with domestic companies could impact related stocks. Seo Sang-young, a researcher at Mirae Asset Securities, noted, "While there are still concerns about the dollar/won exchange rate and ongoing foreign selling, the CEO's visit and expectations for collaboration with major companies could lead to concentrated interest in specific stocks rather than overall market indices."* This article has been translated by AI. 2026-06-05 09:33:00

[[Video]] Police Clash with Citizens Over Voting Issues in Seoul The aftermath of the "ballot shortage" incident during the June 3 local elections continues to unfold. Tensions escalated as clashes between citizens protesting at polling stations in Songpa District, Seoul, and police were widely shared online, sparking controversy. On June 5, images and videos reportedly taken near the second polling station in Jamsil 7-dong circulated on social media. The footage shows police engaging in physical confrontations with some residents, including a shocking moment where an elderly man appears to be forcibly taken away by officers. One user who shared the images claimed, "They forcibly removed citizens protesting against the deprivation of voting rights," adding, "This is unacceptable in a democratic society." Another user, identifying as a resident of the apartment complex, stated, "Many citizens were forcibly dispersed at the scene," and mentioned hearing reports of injuries among some residents. As a result, political debates surrounding issues of "voting rights deprivation," "evidence destruction," and "forced suppression" have emerged online. Some users expressed sentiments such as, "This is a matter that should be reported by foreign media," and "This is a scene that belongs in a history book," highlighting the involvement of public authority in citizens' protests against voting rights violations. One user remarked, "During Yoon Suk Yeol's martial law, ordinary citizens were not harmed," expressing dismay at the current situation. Earlier, on the day of the June 3 local elections, some areas, including Songpa District, experienced delays and temporary suspensions of voting due to a shortage of ballots. This led to claims that voters had to wait for extended periods or even gave up on voting, further intensifying concerns over election management failures. Meanwhile, police and the National Election Commission are reportedly investigating the circumstances surrounding the ballot shortage and the overall situation at polling stations. 2026-06-05 09:33:00

Can Gyeonggi Province Compete in the Global AI Semiconductor Arena? "Governor, Gyeonggi Province is the world's largest semiconductor production base. However, in the age of AI, the winners will not be the producers but the regions that create ecosystems. Will you have Gyeonggi remembered as a 'semiconductor factory' or as the 'heart of AI innovation'?" (ABC AI Era's Question) Where is the heart of South Korea's economy in the 21st century?In the past, it was Ulsan, known for its automotive and shipbuilding industries. In the 1990s, it was Yeouido in Seoul, the hub of finance and home to major corporations. But now, the world has entered a completely different competition. It is no longer about how many cars are produced, but how well AI is utilized. It is no longer about how many factories are built, but how much data is secured. The AI revolution is redrawing the industrial map, with Gyeonggi Province at its center. Samsung Electronics is located in Pyeongtaek, and SK Hynix is in Icheon. Yongin hosts the world's largest semiconductor cluster, while Pangyo is home to South Korea's top digital companies. Gyeonggi Province is where the seeds of the country's AI industry have been most widely sown. The 'Gyeonggi Transformation' proposed by newly elected Governor Choo Mi-ae ultimately leads to the same question: Can Gyeonggi Province become the heart of South Korea's AI industry, beyond just being part of the metropolitan area?Semiconductor power and AI power are not the same. South Korea is a global semiconductor powerhouse. Samsung Electronics and SK Hynix lead the global market and maintain unmatched competitiveness in the memory semiconductor sector. However, it must be acknowledged that being a semiconductor powerhouse is not the same as being an AI powerhouse.In the 20th century, industrial competition was about production volume. The country that produced more and cheaper won. But competition in the AI era is different. The outcome is determined by who secures more data, who creates stronger algorithms, and who attracts more talent. NVIDIA is not a company with many factories. OpenAI is not a manufacturing company either. They dominate the world because they control the AI ecosystem. This presents an opportunity for Gyeonggi Province.Gyeonggi is already South Korea's top semiconductor production base. The question is whether it will remain just a production base or become the center of the AI ecosystem.If the Yongin semiconductor cluster is merely an industrial complex, its significance is limited. However, if it evolves into an innovation city where AI researchers, startups, investors, and universities come together, the narrative changes. The world is currently competing for AI supremacy. Gyeonggi Province must lay the foundation for an AI civilization. Can Pangyo become South Korea's Silicon Valley? The strength of Silicon Valley is not in its buildings.It is in its people.The world's top engineers gather there, along with the best investors. There is a culture that encourages retrying after failure. Universities and companies are interconnected, as are research institutes and markets. Pangyo is the closest place in South Korea to Silicon Valley.Naver and Kakao are located there, along with thousands of startups. The gaming and platform industries have flourished, and recently, AI companies have been rapidly increasing.However, there is still something lacking. Global reach. Silicon Valley attracts talent from around the world. Pangyo still primarily attracts talent from South Korea. Silicon Valley draws global capital, while Pangyo is still centered on domestic investment. Silicon Valley aims to solve global market issues, while Pangyo has yet to fully break away from a domestic market mindset. For Gyeonggi Province to become the heart of AI, Pangyo must be developed into a global innovation city. Pangyo, Seongnam, Suwon, Yongin, Icheon, and Pyeongtaek must be connected into a single AI belt. Only when the semiconductor production base meets the startup ecosystem and universities connect with research institutes can new innovations emerge. Competitiveness in the AI era lies in connectivity. Who connects more talent? Who connects more data? Who connects more ideas? That will determine the future. Gyeonggi Province's competitor is not Seoul. Many people view Gyeonggi Province as a satellite city of Seoul. However, such thinking is outdated in the AI era. Gyeonggi's competitor is not Seoul; it is Silicon Valley. AI is ushering in an era of urban competition. The strength of the United States lies in Silicon Valley. The strength of China lies in Shenzhen. For South Korea to become an AI powerhouse, Gyeonggi Province must be at the forefront. Gyeonggi must become the center of industry and technology. If Seoul and Gyeonggi can be united into a single AI mega-cluster, South Korea can establish the strongest AI ecosystem in Asia. This is where the role of Governor Choo Mi-ae becomes crucial.In this election, Choo presented semiconductors and AI as key growth engines.What matters now is not the promises made, but their execution. The AI industry thrives on speed. Five years from now may be too late. Ten years from now, opportunities may vanish.This is why Choo must act now. : SWOT Analysis :StrengthGyeonggi Province has a world-class semiconductor production base. Pyeongtaek's Samsung Electronics, Icheon's SK Hynix, and the Yongin semiconductor cluster form a strong axis. Pangyo and Seongnam host the largest IT and AI ecosystems in the country. A massive market of 14 million people, along with excellent universities and research institutions, is also a strength. WeaknessDespite its semiconductor production capacity, there is a lack of global AI platform companies. While Pangyo is among the best domestically, it has not achieved the international stature of Silicon Valley. The north-south gap and transportation issues remain burdensome. OpportunityThe AI revolution presents a historic opportunity for Gyeonggi Province. As AI and semiconductors converge, Gyeonggi can leap from a manufacturing-centered economy to an AI-centered economy. The Lee Jae-myung government's AI national strategy is also a favorable factor. ThreatThe United States has companies like NVIDIA and OpenAI. China is expanding its national-level AI investments. Global competition is extremely fierce. The reorganization of the semiconductor supply chain and the competition for technological supremacy also pose ongoing risks. ABC asks Governor Choo Mi-ae * This article has been translated by AI. 2026-06-05 09:30:00