Tensions Rise Over Seoul Mayoral Debate as Candidates Clash Tensions are escalating between Oh Se-hoon, the People Power Party's candidate for Seoul mayor, and Jung Won-o, the Democratic Party's candidate, over a proposed debate. Oh stated on May 15 in Gangdong-gu, "I suggested a debate to discuss how to address citizens' inconveniences, but I received no response from Jung. He is refusing all debates and only willing to engage in press conference-style discussions." He criticized Jung as an "irresponsible candidate who does not consider the public's right to know." Following a meeting with former President Lee Myung-bak, Oh reiterated his stance, saying, "It is contradictory for Jung to advocate for a policy election while avoiding debates." He expressed agreement with Jung's call for a policy-focused campaign but emphasized that debates are essential for such discussions. In response, Jung urged Oh to reflect on his own statements, asserting that he will only participate in legally mandated debates as defined by election law, which requires at least one debate. Jung also pointed out that Oh's shifting positions are more concerning than the debates themselves. After a press conference at the National Assembly, he remarked, "A month ago, Oh claimed that 'TV debates are not everything' and refused to debate his opponents in the primary. Framing the situation differently now is not trustworthy." Meanwhile, Oh continues to propose additional debates. The day before, at a forum hosted by the Korea Chamber of Commerce and Industry, he stated, "I would be willing to participate in a debate moderated by Democratic Party leader Jung Cheong-rae on Kim Eo-jun's program. I hope at least one or two debates can be held, regardless of the time, place, or topic."* This article has been translated by AI. 2026-05-15 23:52:04

Bithumb Reports $869 Million Loss in First Quarter Amid Market Challenges In the first quarter of this year, Bithumb reported a transition to a loss, attributed to external factors such as global economic uncertainty and a downturn in the virtual asset market. On May 15, Bithumb announced that its net loss for the first quarter reached 86.9 billion won (approximately $69 million). The decline in performance is largely due to prolonged investor sentiment dampened by geopolitical instability in the Middle East and rising interest rate pressures, leading to a significant drop in trading volume. Bithumb's average daily trading volume for the first quarter was $647.31 million, a 55% decrease compared to the same period last year. Additionally, losses from asset valuations and costs associated with regulatory actions contributed to the shift to a net loss. Domestic virtual asset exchanges rely heavily on transaction fee revenue, which accounts for 99% of their income, making reduced trading volumes directly correlate with deteriorating financial results. Bithumb plans to focus on optimizing its cost structure and enhancing platform competitiveness to adapt swiftly to market conditions. A Bithumb representative stated, "We will strengthen our internal capabilities while enhancing service competitiveness to establish a foundation for sustainable growth in anticipation of a market rebound."* This article has been translated by AI. 2026-05-15 23:49:52

Labor Ministry Reports Increase in Manufacturing Injuries, Urges Safety Measures Despite a downward trend in industrial accident fatalities in the first quarter of this year, the number of entrapment accidents in the manufacturing sector has increased, prompting labor authorities to conduct inspections. On May 15, the Ministry of Employment and Labor announced that Ryu Hyun-cheol, head of the Industrial Safety and Health Agency, led surprise inspections alongside local officials and safety inspectors to eradicate entrapment accidents in manufacturing. According to the ministry's statistics for the first quarter of 2026, the number of industrial accident fatalities decreased to 113, down 24 (17.5%) from the same period last year. This marks the lowest number of fatalities recorded for the first quarter since the ministry began compiling such data, with 98 deaths reported, a decrease of 31 (24.0%) from 129 fatalities in the first quarter of the previous year. However, fatalities in the manufacturing sector rose sharply to 52, an increase of 23 (79.3%) compared to 29 deaths a year earlier. The number of fatal accidents also rose to 39, up 10 (34.5%) from 29 in the same period last year. A significant factor contributing to this rise was a surge in fatalities from fire, explosion, and rupture incidents, which increased by 14 (700%) to 16 deaths due to a fire incident in March. Other causes of fatalities included entrapment (8 deaths), crushing and overturning (7 deaths), collisions (5 deaths), and being struck by objects (5 deaths). In response, labor authorities are focusing on ensuring compliance with key safety protocols, such as shutting off power during maintenance and inspections, to prevent entrapment accidents in manufacturing. Ryu also conducted an unannounced visit to a metal product manufacturing facility in Gimpo, where entrapment incidents have repeatedly occurred, to assess safety management practices. The inspections revealed several safety hazards, including the absence of protective covers on rotating machinery, lack of safety railings at openings, and inadequate measures to prevent slips due to oil leaks. Immediate improvements were ordered for these risks. Ryu emphasized that slippery conditions caused by oil leaks and mist could lead to major accidents, similar to the recent fire incident, and called for fundamental measures to eliminate these hazards. Ryu Hyun-cheol stated, "Ensuring safety is a fundamental responsibility that companies must fulfill. Workplace safety cannot be compromised or negotiated. To prevent repeated entrapment accidents, it is essential to turn off power during machine maintenance and repairs. This basic principle of power shutdown must be strictly adhered to in the field to save lives."* This article has been translated by AI. 2026-05-15 23:48:00

Final Roster Announcement for World Cup Approaches: Will Hong Myung-bo Surprise Us? The final roster announcement for the South Korean national team, led by coach Hong Myung-bo, is imminent as they prepare for the 2026 FIFA World Cup in North and Central America. There is growing anticipation about whether a surprising selection will emerge ahead of the tournament. Coach Hong will unveil the 26-man roster on June 16 at the KT Gwanghwamun Building in Jongno, Seoul. Since taking charge of the national team in 2024, Hong has reportedly finalized over 80% of the squad that will compete in the World Cup through Asian qualifiers and various friendly matches. Key players such as captain Son Heung-min (Los Angeles FC), Lee Kang-in (Paris Saint-Germain), Kim Min-jae (Bayern Munich), and Lee Jae-sung (Mainz) are expected to be included. The remaining question is which new faces will fill the gaps. Historically, South Korean football has seen surprising selections just before the World Cup, injecting energy and competition into the squad. In the 2018 Russia tournament, Lee Seung-woo (then of Hellas Verona) made the final roster despite lacking international match experience, while in the 2022 Qatar tournament, promising player Oh Hyun-kyu (then of Suwon Samsung) joined as the 27th reserve player. As the roster announcement approaches, the position most likely to see a surprise selection is the defense. The absence of key central defender Kim Joo-sung (Sanfrecce Hiroshima), who suffered a knee injury during the March international break, has created a need for replacements. Young talents such as Jo Wi-je (Jeonbuk) and Lee Gi-hyeok (Gangwon FC) have emerged in the K League 1. Additionally, potential wing-back options include Jo Hyun-taek (Ulsan Hyundai), Choi Jun (FC Seoul), and Kim Ryun-sung (Jeju United). Jens Castro, a mixed-race player performing as a wing-back for Borussia Mönchengladbach in the Bundesliga, is also a player to watch. He has scored three goals and provided one assist in 26 league matches this season. If selected, Castro would become the first foreign-born mixed-race player to compete in a World Cup for South Korea. In the attacking line, Lee Seung-woo (Jeonbuk Hyundai) is once again drawing attention. He has scored three goals and provided one assist this season, showcasing his ability to change the game's momentum. Kim Dae-won (Gangwon) is also a candidate, having contributed three goals and two assists in his last five matches. However, he faces stiff competition for starting positions in the midfield. After the final roster is announced, Hong's team will depart for Salt Lake City, Utah, via Incheon International Airport on June 18 for a two-week training camp. This is part of their preparation to adapt to the high-altitude conditions in Mexico, where the group stage matches will be held. Overseas players will join the team as soon as they finish their club commitments. While in Salt Lake City, Hong's team will play two friendly matches against Trinidad and Tobago on June 31 and El Salvador on June 4, both at 10 a.m. (Korean time), as they finalize their preparations. They will submit their final 26-man roster to FIFA on June 1 and arrive at their base camp in Guadalajara, Mexico, on June 5. South Korea will kick off its group stage matches in Group A against the Czech Republic on June 12, followed by matches against host nation Mexico on June 19 and South Africa on June 25.* This article has been translated by AI. 2026-05-15 23:45:31

Dunamu Reports Q1 Profit of 69.5 Billion Won Amid Declining Trading Volume Dunamu reported a significant decline in its financial performance, with a nearly 80% drop compared to last year. This downturn is attributed to a decrease in trading volume in the virtual asset market amid global economic slowdown.In the first quarter of this year, Dunamu recorded a net profit of 69.5 billion won, marking a 78.3% decrease from the same period last year.The decline in performance is largely influenced by global risks, including the conflict between the United States and Iran, which have led to reduced trading volumes in the virtual asset market. Since the major liquidation crisis in October of last year, the downturn in the virtual asset market has persisted. Upbit's cumulative trading volume for the first quarter of this year was $141 billion, down 62.3% from the previous year. The influx of investment funds into the domestic stock market, driven by a booming stock market, has also contributed to the contraction of the virtual asset market.Domestic virtual asset exchanges rely heavily on transaction fee revenue, with dependence reaching 99%, making the reduction in trading volume directly linked to deteriorating financial results. Dunamu plans to seek a rebound through service enhancements, expanding partnerships, and exploring new business opportunities.* This article has been translated by AI. 2026-05-15 23:42:28

Lotte Insurance Reports Improved Q1 Operating Profit Amid Temporary Investment Losses 롯데손해보험이 올해 1분기 보험영업이익 흑자전환과 보험계약마진(CSM) 성장 등 본업 지표 개선세를 보였다. 다만 중동 전쟁과 유가 상승 등 글로벌 불확실성으로 금리가 급등하면서 투자손익은 일시적으로 악화됐다. Lotte Insurance reported a net loss of 19.8 billion won and an operating loss of 28.5 billion won for the first quarter of this year, reflecting the impact of interest rate hikes on the valuation of interest-bearing assets. The company recorded an investment operating loss of 55.7 billion won in Q1. Officials noted that this loss is primarily a temporary valuation loss on safe assets that guarantee principal at maturity. They expect that as market volatility decreases with the end of the war and normalization of conditions, these losses could be recovered. They also indicated that most of the temporary losses on certain foreign assets could be recouped, excluding hedge costs. In contrast, the core insurance business showed improvement. Lotte Insurance's operating profit for Q1 reached 27.2 billion won, a turnaround from a loss of 11.2 billion won in the same period last year. The improvement was attributed to growth in premiums from long-term protection insurance and enhanced operational efficiency. The future profit base, known as the Contractual Service Margin (CSM), also increased. At the end of Q1, the CSM stood at 2.509 trillion won, up 250.9 billion won, or 11.1%, from the previous year. The CSM amortization amount was 58.7 billion won, an increase of 6.4 billion won, or 12.3%, compared to Q1 last year. The key long-term protection insurance premiums continued to grow, reaching 641 billion won. Lotte Insurance is strengthening its profit base by improving cost efficiency in long-term insurance indirect costs and reducing expenses in auto and general insurance. Capital soundness also exceeded regulatory recommendations. As of the end of Q1 2026, the preliminary solvency ratio (K-ICS) was 164.4%. Lotte Insurance aims to manage its capital soundness stably based on the growth of operating profit and improvements in asset structure.* This article has been translated by AI. 2026-05-15 23:37:56

Samsung Electronics and SK Hynix Shares Plummet Amid Foreign Selling Shares of South Korea's semiconductor giants, Samsung Electronics and SK Hynix, closed sharply lower. Analysts attribute the decline to a combination of rising market interest rates, profit-taking, and concerns over labor issues at Samsung, which have dampened investor sentiment. On May 15, the Korea Exchange reported that Samsung Electronics fell by 25,500 won (-8.61%) to close at 270,500 won. SK Hynix also dropped 15,000 won (-7.66%) to finish at 1,819,000 won. Samsung started the day steady but quickly expanded its losses in the morning, dipping below 260,000 won at one point. SK Hynix initially rose to 1,995,000 won but reversed course and increased its losses. The downturn in the two leading semiconductor stocks contributed to a sharp decline in the KOSPI index, which had briefly surpassed the 8,000 mark earlier in the day. The KOSPI closed down 488.23 points (-6.12%) at 7,493.18, marking a decline after three consecutive days of gains. Foreign investors sold a net 5.6195 trillion won worth of stocks on the main bourse. Market analysts noted that the rise in U.S. 10-year Treasury yields above 4.5% and the won-dollar exchange rate surpassing 1,500 won prompted foreign profit-taking. In the Seoul foreign exchange market, the dollar-won exchange rate rose by 9.8 won to close at 1,500.8 won. Lee Kyung-min, a researcher at Daishin Securities, stated, "The overheating from short-term surges and accumulated fatigue from rising prices, combined with concerns over interest rate hikes and higher bond yields, triggered the expanded losses." He added, "The weakness in the semiconductor sector was pronounced, as major memory chip stocks like Micron and SanDisk fell in the U.S. market, further dampening investor sentiment." Concerns over a potential strike by Samsung's labor union have also contributed to the negative sentiment. The Samsung branch of the Federation of Korean Trade Unions has announced plans for an 18-day strike from May 21 to June 7. Analysts predict that additional time may be needed for the KOSPI to stabilize above the 8,000 level. Lee noted, "It may take time for the KOSPI to break through and settle at the 8,000 index level, and whether financial investments will reverse to buying will determine the extent and duration of the corrections."* This article has been translated by AI. 2026-05-15 23:32:25

Hyundai Targets Japan and China for Global Expansion Hyundai Motor Group is set to re-enter the Japanese and Chinese markets. In Japan, facing severe labor shortages due to an aging population, the company will introduce purpose-built vehicles (PBVs). In China, where competition among local electric vehicle manufacturers is fierce, Hyundai plans to launch thoroughly localized electric vehicles under its "In China, For China" strategy. Unlike its successful foothold in the U.S. and Europe, and its emerging growth in India and Southeast Asia, Japan and China are considered challenging markets due to strong patriotic consumer culture, often referred to as the "graveyard of imported cars." Hyundai aims to strengthen its presence in Asia to become a global top-tier company. According to industry sources, Kia announced the launch of its first dedicated PBV model, the "PV5," on May 13 at its Tokyo-based Kia PBV Japan showroom. The PV5, tailored to meet the diverse business environments and lifestyles of local customers, features a customized vehicle structure and advanced technologies. Japan is grappling with various social issues, including labor shortages, logistics challenges, and increased gaps in regional transportation due to rapid aging. The PV5 aims to provide a new alternative in Japan's limited electric commercial vehicle market while addressing these social issues. The PV5 is equipped with V2L (Vehicle-to-Load) and V2H (Vehicle-to-Home) specifications, allowing it to serve as an emergency power source during disasters like earthquakes. It also incorporates the CHAdeMO charging method, enhancing usability for the Japanese market. The Japanese government plans for 30% of new car sales to be electric vehicles by 2030. In response to the growing demand for small and medium-sized electric vans, Kia will first launch passenger and cargo models of the PV5, followed by a wheelchair-accessible version (PV5 WAV), with plans to introduce a successor model, the PV7, by 2028 to boost local sales. To effectively penetrate the Japanese market, Kia has established a partnership with Sojitz Corporation, a prominent general trading company. As part of this collaboration, Kia PBV Japan was launched in April last year to develop PBV operations in Japan. Kia PBV Japan currently operates seven dealerships, including the Tokyo-based showroom, and 52 service centers, with plans to expand to 11 dealerships and 100 service centers by the end of the year. Kim Sang-dae, Vice President of Kia PBV Business Division, stated, "The launch of the PV5 in Japan is a significant milestone that showcases Kia's product competitiveness and brand trust. We aim to build long-term trust with Japanese customers and establish ourselves as a reliable partner supporting their transition to electrification." In China, Hyundai will introduce the Ioniq V, the first model developed specifically for the Chinese market. Moving away from the previous strategy of selling global models, the Ioniq V has been designed with a focus on local consumer preferences, featuring batteries from China's CATL, advanced driver-assistance systems (ADAS) from Momentus, AI voice recognition based on Baidu, and infotainment systems that reflect the lifestyle of Chinese consumers. Hyundai is also preparing to launch an extended-range electric vehicle (EREV) to cater to the rapidly growing market in China, which has been traditionally focused on pure electric vehicles. EREVs utilize an internal combustion engine to charge the battery, significantly extending driving range, which is expected to attract consumers in China's less developed regions where charging infrastructure is limited. Hyundai aims to complete a lineup of over 20 models, including six electric vehicles, by 2030, targeting annual sales of 500,000 units in China. Both China and Japan present significant challenges for Hyundai Motor Group due to high brand loyalty towards domestic manufacturers, including BYD, Xiaopeng, and Toyota, which have become global automotive leaders. China, in particular, is the world's largest automotive market, with an annual volume exceeding 30 million vehicles, more than double that of the U.S. It is also a battleground for electric vehicle battery and software technology development, making it essential for Hyundai to establish a foothold in this market. Japan is known as one of the most demanding automotive markets globally, and success there is seen as a testament to winning in quality and detail. If Korean cars, once viewed as alternatives to Japanese vehicles, gain acceptance among Japanese consumers, they could elevate to true premium brands in the global market, according to industry assessments. An industry insider remarked, "If Hyundai secures an advantage in the fiercely competitive local market in China and achieves success in Japan, which is the home ground of global leader Toyota, it would be as symbolic as its achievements in the U.S. or Europe. China and Japan are the final pieces of the puzzle for Hyundai to reach global leadership."* This article has been translated by AI. 2026-05-15 23:25:06

Song Eon-seok Campaigns for Lee Jang-woo in Daejeon to Target Chungcheong Voters Song Eon-seok, co-chair of the People Power Party's election campaign committee, visited Buyeo and Daejeon on May 15 to rally support in the Chungcheong region. He urged voters to back the party's candidates while emphasizing the need to check the government of President Lee Jae-myung.In the morning, Song attended the opening of the campaign office for Buyeo county mayoral candidate Lee Yong-woo, where he also expressed support for Yoon Yong-geun, a candidate in the upcoming by-election for the National Assembly representing Gongju, Buyeo, and Cheongyang.Regarding Lee, who is seeking a third term as Buyeo county mayor, Song stated, "He has already served for eight years and knows Buyeo better than anyone else, making him a well-prepared candidate." He criticized the opposition candidate, saying, "The opposing candidate has a criminal record and has been fined twice, while our candidate is clean."He described Yoon as "our hope who has strongly resisted the dismantling of the prosecution and fought alongside us," adding that if elected, he would have the capability to hold the current Minister of Justice accountable in the National Assembly's Legislation and Judiciary Committee.In the afternoon, Song shifted his focus to Daejeon, where he supported mayoral candidate Lee Jang-woo. He launched an attack on the previous Democratic Party mayor, Heo Tae-jeong, criticizing the ruling party's push for a special investigation into the cancellation of charges."The competence of this mayor and the incompetence of the former Democratic mayor are clearly reflected in the numbers," Song said, noting that Daejeon's city brand reputation, which was among the lowest in the nation during Heo's tenure, has risen to first place under Lee's leadership. He added, "We must continue to accelerate this positive change and development. The choice is simple: a capable mayor or an incompetent one."He also challenged Heo, stating, "He has not properly explained the reason for his toe amputation, and I suspect it was for evading military service. How can we entrust the governance of Daejeon to someone who cannot even remember why his toe was amputated?"Regarding the ruling party's proposed special investigation law, he warned, "I believe President Lee Jae-myung will push it through after this election. He is trying to erase his crimes through a special prosecutor he appointed, but he is not a king. I urge the citizens of Daejeon to show how powerful public sentiment can be."Lee Jang-woo, the Daejeon mayoral candidate, stated, "This election is a judgment on the incompetence, irresponsibility, and lack of plans of the Heo Tae-jeong administration. We will decisively hold accountable the ineffective administration of the seventh term and ensure a clear vision for Daejeon's future."* This article has been translated by AI. 2026-05-15 23:22:14

SC First Bank Reports Q1 Net Profit of 104.9 Billion Won, Down 6.3% Year-on-Year SC First Bank reported a decline in profits for the first quarter of this year, attributed to rising operating costs. On May 15, the bank announced that its net profit for the first quarter was 104.9 billion won, a decrease of 6.3% compared to the same period last year.Interest income fell due to a decline in the net interest margin (NIM). For the first quarter, interest income was 291.5 billion won, down 5.1% from the previous year. During the same period, NIM decreased by 0.23 percentage points.In contrast, non-interest income increased significantly, driven by improvements in the wealth management (WM) sector, which saw a rise in high-net-worth clients. Non-interest income for the first quarter reached 110.1 billion won, a 25.1% increase year-on-year.The total loan portfolio grew to 43.7363 trillion won, marking a 2.2% increase from the previous year. Asset quality indicators remained stable, with the non-performing loan (NPL) ratio at 0.56% as of the end of March, similar to the end of last year.SC First Bank plans to continue enhancing its WM sector performance by expanding private banking (PB) centers in the metropolitan area and Busan, following the success in Apgujeong.* This article has been translated by AI. 2026-05-15 23:19:47