NVIDIA CEO Jensen Huang to Meet South Korean Business Leaders Over Dinner NVIDIA CEO Jensen Huang is expected to visit South Korea and hold an informal dinner with business leaders in Seongsu-dong, where pork belly and soju will be served. According to a report from Yonhap News on June 1, during his visit, Huang will meet with domestic business figures for a casual meal featuring pork belly and drinks. Huang is scheduled to arrive in South Korea on the evening of June 4, after attending NVIDIA's annual AI conference, GTC Taipei. He is expected to begin meetings with major corporate leaders the following day, June 5, as part of his official itinerary. Yonhap reported that attendees will include Choi Tae-won, chairman of SK Group; Koo Kwang-mo, chairman of LG Group; and Lee Hae-jin, chairman of Naver. Hyundai Motor Group chairman Chung Eui-sun is also reportedly considering attending and is coordinating details. However, Lee Jae-yong, vice chairman of Samsung Electronics, is unable to attend due to overseas commitments. An employee at the restaurant indicated in a phone call with Yonhap that "NVIDIA has made a preliminary reservation" and that they will confirm the final reservation based on the number of attendees. Industry observers are paying close attention to this meeting, as it may discuss collaboration in AI semiconductors, robotics, and physical AI. There are speculations that this gathering could resemble last October's notable "Kang Boo Meeting." Additionally, Huang is set to throw the first pitch at a Doosan Bears home game at Jamsil Baseball Stadium and is planning a meeting with domestic business leaders at the Shilla Hotel. Before his visit, Huang delivered a keynote speech at GTC Taipei on the afternoon of June 1 and is scheduled to host a "Korea Partner Night" dinner with key business representatives that evening. Attendees at this dinner will include Kim Jae-jun, vice president of Samsung Electronics' Memory Business; Kwak No-jung, CEO of SK Hynix; Jeong Soo-hun, vice president of LG Science Park; and Kim Yoo-won, CEO of Naver Cloud. * This article has been translated by AI. 2026-06-01 16:42:00

Collision Between Private Ambulance and SUV in Incheon Leaves One Dead, Six Injured A private ambulance transporting a patient collided with a sports utility vehicle (SUV) after running a red light at an intersection. The accident resulted in the death of a woman in her 90s who was a passenger in the ambulance. According to Yonhap News and the Incheon Western Police Station, the incident occurred at 11:55 a.m. at an intersection in Cheongna-dong, Incheon. The private ambulance was in transit with a patient when the collision took place as it passed through the intersection. The impact caused the ambulance to tip over. The woman, identified as A, died at the scene. Additionally, the ambulance driver and A's caregiver sustained minor injuries. Three individuals in the SUV also suffered minor injuries and were taken to the hospital for treatment. All injured parties are reported to be in stable condition. The private ambulance was reportedly using its siren while transporting A and her caregiver from a hospital in Incheon to a nursing home in the western district when it violated the traffic signal at the intersection. Police plan to investigate the circumstances surrounding the accident, focusing on the actions of the ambulance driver.* This article has been translated by AI. 2026-06-01 16:42:00

South Korea to launch 24-hour FX trading amid concerns over won stability SEOUL, June 1 (AJP) - As authorities prepare to open South Korea's foreign exchange market full-time on weekdays, expectations are growing that the move could partially ease exchange rate volatility. Experts, however, say longer trading hours alone cannot stabilize the won unless trading volume and global trust in the currency also improve. That came after revisions to the foreign exchange market code of conduct were approved last Friday, paving the way for expanded U.S. dollar–won trading hours from July 6. The current trading hours of 9:00 a.m. to 2:00 a.m. the following day will expand to run from Monday at 7:00 a.m. to Saturday at 7:00 a.m. New York time. During daylight saving time, trading will run from Monday at 6:00 a.m. to Saturday at 6:00 a.m., effectively allowing weekday round-the-clock trading. Foreign exchange authorities also plan to revise related systems, including the methodology for calculating the daily baseline brokerage rate. The current baseline rate is calculated from transactions between 9:00 a.m. and 3:30 p.m., but the full-day trading structure requires changes to intra-day posted rates and the calculation of opening, high and low rates. The measure extends the government's broader roadmap to improve the structure of South Korea’s foreign exchange market. In July last year, authorities extended the Seoul market’s trading hours to 9:00 a.m. to 2:00 a.m. the following day — 10 hours and 30 minutes longer than the previous 9:00 a.m. to 3:30 p.m. session — before moving toward a full 24-hour system covering New York trading hours. Market participants expect the longer hours to reduce "trading vacuums" and ease exchange rate volatility. Previously, major risk events such as U.S. employment data or Federal Reserve remarks were often absorbed all at once at the next morning's opening, creating sharp gap risks. Kang Hyun-ju, a senior research fellow at the Korea Capital Market Institute, said volatility in the overnight onshore market did not rise significantly after the initial extension of trading hours in July 2024, compared with the offshore non-deliverable forward market in New York. "The stabilization did not occur simply because the hours during which the market was closed overnight were reduced," Kang noted. "Instead, the extension allowed global overnight information to be continuously absorbed into the exchange rate, effectively minimizing the 'gap risk' of sharp fluctuations the following morning," he explained. The shift is also expected to improve currency risk management for investors and companies. Foreign investors will be able to convert won regardless of Korean standard time, while domestic retail investors trading overseas equities can respond to U.S. market moves in real time. Import-export firms can also execute late-night settlements and hedging transactions more flexibly. However, around-the-clock access does not automatically guarantee lower volatility. Experts warn that if actual transaction volume remains thin during dawn hours, a "liquidity vacuum" could emerge and cause the exchange rate to swing even on small orders. "While this is a necessary direction from the perspective of internationalizing the won, managing the exchange rate will inevitably become more difficult than in the past," said Kim Jung-sik, a professor emeritus of economics at Yonsei University. "Countries like Japan can utilize 24-hour trading as a buffer because their currencies are already fully internationalized, but South Korea does not yet possess that cushion." The won's limited role as a global reserve currency remains a structural hurdle. Even if offshore access improves, insufficient commercial and hedging demand during overnight hours could leave the exchange rate overly sensitive to offshore orders or algorithmic trading. The limitations could become clearer during major external shocks. If geopolitical disruptions such as a blockade of the Strait of Hormuz push up oil prices, strengthen the dollar and fuel risk aversion, the dollar-won exchange rate could still move sharply even under a 24-hour system. The dollar-won exchange rate weakened 1.4 percent from 1,471.00 won per dollar on February 27 to a monthly average of 1,491.39 won in May. On a monthly average basis, this marked the third-highest level in history, trailing only January and February of 1998 immediately after the Asian financial crisis. "If the blockade of the Strait of Hormuz extends past June, crude oil prices will climb to at least 130 dollars per barrel," said Park Sang-hyun, a research fellow at iM Securities. "In a worst-case scenario, the exchange rate could plunge to the 1,550 to 1,600 won level," he projected. The burden on financial authorities will also increase. Under the previous structure, authorities focused mainly on Seoul’s regular trading hours, but the new system will require continuous monitoring through the European and New York sessions into the Korean dawn. Experts and market insiders say the long-term focus should be on expanding infrastructure and broadening the underlying user base of the won. "The transition to 24-hour trading is not a policy designed to directly lower the exchange rate, but rather an infrastructural overhaul to ensure uninterrupted price formation," said an foreign exchange market official, on condition of anonymity. "For the system to stabilize, we must expand the base of domestic and foreign participants so that sufficient bid-ask spreads are maintained even at dawn, while simultaneously deepening the derivatives and hedging markets." On Monday, the exchange rate briefly dipped below 1,510 won per dollar after U.S. President Donald Trump rejected a proposed peace accord, but ultimately edged up 3.6 won to close at 1,504.3 won per dollar. 2026-06-01 16:40:01

Doosan Enerbility Secures Contract for Combined Heat and Power Plant in Saudi Arabia Doosan Enerbility has secured a contract for the construction of a combined heat and power plant in Saudi Arabia, valued at approximately 840 billion won. According to a statement released on June 1, Doosan Enerbility signed a contract with a consortium of Korea Electric Power Corporation and Saudi Aramco for the construction of the "Phase 2 of the Jafurah Combined Heat and Power Plant." Korea Electric Power Corporation will participate as the developer responsible for project development and operation. Doosan Enerbility plans to execute the project using an EPC (Engineering, Procurement, and Construction) approach, managing everything from design to equipment supply, installation, construction, and commissioning. The Jafurah Combined Heat and Power Plant Phase 2 will be built near the Jafurah gas field, approximately 400 kilometers east of Riyadh, the Saudi capital. The project aims for completion by 2029. Once operational, it will generate 330 megawatts of electricity and produce 465 tons of steam per hour to supply power and heat to the nearby gas field. The main equipment, including the steam turbine, will be manufactured and supplied by Doosan Enerbility's subsidiary, Doosan Skoda Power. Lee Hyun-ho, head of Plant EPC BG at Doosan Enerbility, stated, "We are pleased to secure this Phase 2 project following the Phase 1 project in 2022. We expect continued demand for large-scale power projects in Saudi Arabia and the Middle East, and we will strengthen our market penetration based on our accumulated technology and experience." Doosan Enerbility has been solidifying its presence in the local market by winning several large projects in Saudi Arabia recently. Last year, it secured contracts for a gas power plant with Qatar Electricity and Water Company worth about 290 billion won (February), a gas combined cycle power plant in Saudi Arabia valued at approximately 2.2 trillion won, and the construction of the PP12 gas combined cycle power plant worth around 890 billion won (March). Additionally, Doosan Enerbility has signed contracts with U.S. companies for the supply of four 370 MW steam turbines and generators. The company is also working to expand its global portfolio by establishing cooperation and supply chain agreements with two subsidiaries of Vietnam's state energy company.* This article has been translated by AI. 2026-06-01 16:39:00

Defense Minister Ahn Gyu-baek Promises Technical Support for Hanwha Aerospace Incident Investigation Defense Minister Ahn Gyu-baek stated on June 1 that he will provide all necessary technical support for the investigation into the explosion at Hanwha Aerospace's Daejeon facility. Ahn made the remarks on X (formerly Twitter), saying, "I will actively cooperate in establishing safety measures for personnel in the defense industry to prevent such tragedies from happening again." He expressed condolences for those who lost their lives in the tragic incident and extended his deepest sympathies to the bereaved families, adding, "I also wish for a swift recovery for those who were injured." The explosion occurred earlier that morning at Hanwha Aerospace's Daejeon facility in the Yuseong District, resulting in the deaths of five individuals, with one person suffering severe burns and another sustaining minor injuries. Fire authorities reported that the explosion, which remains under investigation, occurred during the cleaning process of solid propellant-related equipment.* This article has been translated by AI. 2026-06-01 16:39:00

CBDC Faces 'Triple Dilemma' in Balancing Payments, Credit, and Privacy As central bank digital currencies (CBDCs) and digital payment systems become more widespread, achieving efficiency in payments, credit supply, and privacy simultaneously poses significant challenges. Experts emphasize the need for a balanced approach in the design of digital currencies.Marcus Brunnermeier, a professor at Princeton University, presented these insights during a session at the 2026 BOK International Conference held in Seoul on June 1.Digital payment systems have evolved beyond mere payment methods to become essential financial infrastructures that integrate credit assessment and lending functions. Brunnermeier identified three core values that digital currency systems should pursue: efficient payments, effective credit supply, and privacy protection.However, he noted that the balance among these goals can vary depending on who operates the digital payment systems and how they are managed, leading to a 'triple dilemma' where maximizing all three simultaneously is challenging."If interoperability between public digital payment methods and private platforms increases, payment efficiency may improve, but credit supply could decrease," Brunnermeier explained.The introduction of public digital currencies like CBDCs could lower transaction fees and enhance payment efficiency. However, from the platform's perspective, it may become more difficult to enforce loan repayments, potentially reducing credit supply.Strengthening privacy protection also creates another conflict. While CBDCs that guarantee anonymity are advantageous for privacy, they may increase the risk of defaults, thereby constraining credit supply. Conversely, systems that allow for transaction tracking can facilitate credit expansion but may compromise privacy levels.Consequently, enforcing interoperability between monopolistic platforms and public digital payment methods could enhance payment efficiency but may weaken credit supply. Strengthening transaction anonymity could also hinder the enforcement of loan repayments, further diminishing credit availability.Brunnermeier stated, "Expanding credit supply and promoting competition to lower transaction costs, while ensuring transaction anonymity, are all socio-economically important values, but they exist in conflict with one another. It is crucial to consider these factors when designing CBDCs and public digital payment systems, as well as when establishing regulations for private payment services."He added, "Excluding people from digital systems can lead to higher interest rates in a general equilibrium state, making it more advantageous to hold digital currency than cash. If excluded, individuals will be unable to make future payments or save. An accommodative monetary policy benefits the digital payment ecosystem."The discussion also featured Todd Keister, head of the Payments and Market Infrastructure Research at the Federal Reserve Bank of New York, and Vincenzo Quadrini, a professor at the University of Southern California.Keister noted, "Individuals without assets find it difficult to secure loans, and small businesses also face challenges in having lenders assess their repayment capabilities. Digital ledgers can help alleviate these issues, as payment and transaction records remain on the platform and ledger, allowing for a more accurate assessment of borrowers' creditworthiness."He further stated, "Payment systems exemplify the trade-off between privacy and credit transactions, showing that low-cost payments and privacy protection can coexist."Professor Quadrini highlighted the additional benefits of digital ledgers. He explained, "The key point of this paper is that sacrificing privacy incurs a cost, as it requires identifying the counterparty in a contract."He added, "Financial ledgers can also help mitigate timing mismatch issues, as financial contracts often require renegotiation of terms in the future. Ledger-based systems can handle this more efficiently. In particular, smart contracts can automate contract execution while increasing the potential for renegotiation, thereby improving the efficiency of financial transactions." 2026-06-01 16:39:00

SH Revamps Purchase Rental Housing Program to Enhance Fairness The Seoul Housing and Communities Corporation (SH) is overhauling its purchase rental housing program to enhance transparency and fairness in the review process while expanding support for businesses. These reforms aim to stabilize project conditions and strengthen the foundation for tailored housing supply. On June 1, SH announced the completion of improvements to the purchase rental housing program's review procedures, which will take effect with the '2026 First New Construction Agreement Purchase Rental Housing Announcement' publicized on May 15. The core of this reform is the enhancement of the review system. SH has replaced the previous qualitative comprehensive review with a 'three-stage cut-off review' that evaluates suitability in phases. Additionally, the three-stage suitability evaluation criteria will be made public to increase predictability. Independence in the purchase review process has also been strengthened. All evaluators will be external members, and the pool of review committee members has been expanded. Notably, sellers will now directly draw lots to select review committee members, and SH's integrity ombudsman will attend the review process to ensure objectivity. Support measures for businesses have also been established. Starting in the fourth quarter of this year, SH will introduce the 'HUG Urban Housing Special Guarantee Loan' system and plans to expand pre-consultation services to include electrical and mechanical sectors in addition to construction. Regular meetings will be held to enhance communication with stakeholders. A demand-centered housing supply system will also be established. New evaluation criteria reflecting the characteristics of different housing types and the supply status and demand in various districts will be created to assess location and convenience. External experts, including architects, will evaluate construction plans, and a 'non-apartment standard plan for purchase rental housing' will be developed and distributed to improve housing quality. On May 29, SH held a briefing at its main auditorium to explain the improved purchase rental housing system and announcements to businesses, designers, and construction companies. SH President Hwang Sang-ha expressed hope that these reforms would enhance fairness in the purchase rental housing program and invigorate the initiative. He stated, "We will continue to refine related systems to ensure the swift and stable provision of quality public housing to Seoul residents." The purchase rental housing program allows public institutions to buy privately built homes and rent them at below-market rates to low-income individuals, youth, newlyweds, and the elderly. Notably, the new construction agreement purchase rental housing involves pre-agreements with SH before construction begins, rather than after the buildings are completed.* This article has been translated by AI. 2026-06-01 16:33:00

Generative AI's Impact on Media Discussed at Global News Conference in Marseille Leaders from newsrooms and tech companies around the world are gathering in Marseille, France, to discuss the use of generative artificial intelligence (AI) in the media industry. The 77th World News Media Conference (WNMC) kicked off on June 1 in the southern French port city of Marseille. Organized by the World Association of News Publishers (WAN-IFRA), the conference has attracted over 1,000 media professionals from more than 80 countries. This year's main topic is undoubtedly 'Generative AI.' On the first day, discussions focused on the changes generative AI could bring to news production, editing, search, content distribution, and revenue models, as well as survival strategies for media organizations in the AI era. The session titled 'AI: What the Latest Developments Mean for Publishers and Newsrooms' featured presentations on the direction of generative AI and its applications in newsrooms. Speakers included Florent Daudens, co-founder and CEO of the Canadian AI startup Mizal AI, and Christophe Israël, an AI and digital strategy consultant from Switzerland. Daudens has led AI innovations at the open-source AI platform Hugging Face and previously served as the editor-in-chief of the prominent Canadian daily Le Devoir and as the head of international, political, and reporting departments at CBC/Radio-Canada. He is currently researching the impact of AI on the media industry and continues to lecture and consult with global media organizations and universities. Israël has been involved in designing and mentoring programs such as the 'Newsroom AI Catalyst' and 'AI Frontier,' co-operated by WAN-IFRA and OpenAI. He has held positions as the digital director at France Inter and deputy editor at the daily Libération, as well as the head of digital and development at Swiss media group Tamedia. Currently, he runs OK Lab, a consulting firm focused on digital transformation and growth strategies for various companies, including media organizations. The conference will continue until June 3. On the second day, sessions will examine key technological changes surrounding generative AI and their implications for media companies' strategies and business models. Media executives are expected to discuss strategies for adapting to the AI era. 2026-06-01 16:33:00

NVIDIA CEO Jensen Huang's Upcoming Visit to South Korea Jensen Huang, CEO of NVIDIA, is set to visit South Korea, drawing significant attention from the business community. Known for his preference for informal meetings, Huang is expected to engage in unique gatherings with leaders of major South Korean corporations in prominent districts of Seoul. According to industry sources, Huang will arrive in South Korea on the evening of June 4, after concluding his schedule at Computex 2026 in Taiwan. He will begin his official engagements the following day, marking his first visit since attending the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju last October. The most anticipated aspect of his visit is a series of meetings with top executives from major companies. Huang is reportedly coordinating details for meetings with Koo Kwang-mo, chairman of LG Group; Chung Eui-sun, chairman of Hyundai Motor Group; Park Jeong-won, chairman of Doosan Group; and Lee Hae-jin, chairman of Naver. Notably, Lee Jae-yong, chairman of Samsung Electronics and a key figure in last year’s informal gathering, will not attend this time due to a scheduling conflict with an overseas trip. A focal point of interest is the potential meeting location. The leading candidates for the venue are pork belly restaurants in Hongdae or Seongsu-dong, popular areas among the youth in Seoul. If this meeting occurs, it is likely to be dubbed the "pork belly and soju gathering." This would continue the informal style of last year’s gathering in a chicken restaurant in Samsung-dong, which attracted significant public attention. Additionally, Huang is expected to make a surprise appearance in the sports arena. Known for his love of sports, he is likely to throw the first pitch at a Korean Baseball Organization (KBO) game during his visit. He is anticipated to take the mound at the Doosan Bears' home game at Jamsil Baseball Stadium on July 7. Previously, Huang made headlines by wearing a jersey with the number "93," representing the year NVIDIA was founded, while throwing the first pitch at Major League Baseball (MLB) and Taiwanese professional baseball games. On the business front, Huang will also visit Naver's second headquarters, "1784," in Bundang, Seongnam, on June 8. This facility showcases future technologies such as robotics, cloud computing, and digital twins. During his visit, Huang is expected to explore Naver's unique AI capabilities and robotic control systems, discussing advanced collaboration strategies in AI development and cloud technology. 2026-06-01 16:30:00

KOSPI breaks 8,700 on Samsung-led rally as Nikkei also hits high SEOUL, June 01 (AJP) - South Korea's benchmark KOSPI surged 3.7 percent to close at a record 8,788.38, breaking above the 8,700 level for the first time in its history in a session driven by two simultaneous re-ratings at the heart of the artificial intelligence (AI) trade. Samsung Electronics said it has begun shipping samples of its next-generation HBM4E memory, the industry's first 12-layer high-bandwidth chip and a generational step up in the AI memory hierarchy, sending its shares up 10.9 percent to 351,500 won (US$233.6) and pushing the company's market capitalization above 2,000 trillion won for the first time. Goldman Sachs responded by raising its price target on Samsung to 480,000 won, framing the memory business as no longer a cyclical commodity but a piece of permanent AI infrastructure. SK Hynix added 2.5 percent to 2,363,000 won, consolidating near all-time highs as its own HBM line remains substantially booked through year-end. The day's second engine was a group-wide rerating of LG affiliates on expectations of a formal physical AI and robotics partnership with Nvidia, whose chief executive Jensen Huang is confirmed to visit Seoul this week. LG Electronics surged 29.9 percent to 380,500 won, LG CNS climbed 26.3 percent to 143,700 won, LG Corporation rose 13.9 percent to 167,000 won, and Doosan Robotics advanced 30.0 percent to 138,400 won. Naver jumped 15.8 percent to 271,000 won as AI infrastructure appetite spread into the software and platform layer. The electronics products sector led all industry groups at 29.5 percent, with IT services up 11.5 percent and machinery up 8.4 percent, the widest single-session sector breadth of the current bull run and the first sign of the rally extending beyond the semiconductor core that has carried the index for most of the year. Foreign investors remained net sellers, unloading 2.67 trillion won and extending their selling streak to a sixteenth consecutive session. They have now offloaded more than 50 trillion won since early May, a cumulative figure that dwarfs any comparable episode in South Korea's market history, including the panic during the 2020 coronavirus pandemic. The decisive development came from domestic institutions, which turned net buyers of 2.62 trillion won, nearly matching the foreign outflow won for won in a scale of institutional conviction absent through most of May's run, while retail investors added a further 81.1 billion won. The South Korean won strengthened to 1,504.5 against the dollar, recovering 5.6 won from Friday's close near 1,510.1, the first meaningful currency relief since the Bank of Korea flagged won weakness as an inflation transmission channel in last Thursday's rate decision. The junior KOSDAQ diverged sharply, closing down 2.3 percent at 1,050.03 as flows concentrated in large-cap names on the main board. Meanwhile, Japan's Nikkei 225 closed up 1.0 percent at 67,022.29, crossing 67,000 intraday for the first time in history, led by SoftBank Group's 14.9 percent surge to around 8,605 yen after founder Masayoshi Son announced plans to invest up to 75 billion euros, roughly 87 billion dollars, over five years to build AI data centers across France. The commitment pushed SoftBank's market capitalization past Toyota's for the first time, marking a symbolic passing of leadership from Japan's industrial economy to its AI economy. Toyota Motor fell more than 4 percent to around 2,908 yen as investors rotated out of the traditional export bellwether. China moved the other way, the Shanghai Composite slipping 0.3 percent to 4,055.09 with CATL down just over 1 percent and BYD off more than 2 percent, as mainland investors stayed cautious ahead of the July Politburo meeting. CNOOC bucked the trend with a gain of more than 1 percent, the clearest regional beneficiary of advancing Iran-Hormuz negotiations, in which a draft memorandum of understanding has reportedly been sent to both governments for final approval. Monday's session told a single story in three chapters, Samsung's HBM4E shipment, SoftBank's French data center bet, and the advancing Hormuz framework, each an expression of the same reality, that the infrastructure buildout of the AI economy is now moving fast enough to set records across multiple time zones in a single session. For South Korea, the question is whether Samsung's crossing of 2,000 trillion won marks the beginning of a sustained rerating or its culmination, a distinction that depends on whether HBM4E shipments convert from samples to volume orders, and on whether a won that strengthened for the first time in weeks can hold its ground if foreign selling extends into a seventeenth session on Tuesday. 2026-06-01 16:27:49