Samsung Electronics and Union Reach Tentative Agreement to Avert Strike Samsung Electronics and its labor union have reached a tentative agreement after four rounds of marathon negotiations, successfully averting a strike. According to industry sources on May 21, the two sides finalized the "2026 Wage and Performance Bonus Tentative Agreement" at 10:30 p.m. the previous day, deciding to postpone the union's planned strike. The core of this agreement addresses the contentious issue of institutionalizing performance bonuses through a strategy of "stock payments" and a "10-year written commitment." The performance bonuses for the semiconductor (DS) division, which was the main point of contention, will now include a new "Special Management Performance Bonus" separate from the existing Excess Profit Performance Incentive (OPI), applicable for the next ten years. This compromise balances the union's demand for institutionalizing performance bonuses with the company's concerns about financial burdens. Initially, the union had sought 15% of operating profit but ultimately agreed to a rate of 10.5%, aligning with industry standards. In return, the union successfully eliminated the previously proposed cap on the payment rate. The OPI system will remain unchanged, as the company expressed caution about altering it due to concerns over future investment capacity and potential impacts on the broader industry. Ultimately, they opted to maintain the current system without changes. The allocation ratio for performance bonus funding, which faced last-minute negotiations, was agreed upon at 40% for the entire division and 60% for individual business units. Consequently, 40% of the funds will be evenly distributed among three business units, while 60% will be allocated based on performance. Given the current management situation, a significant portion is expected to favor the memory division. The wage increase rate was settled at a total of 6.2%, combining a base increase of 4.1% with a performance increase of 2.1%. This increase will be retroactively applied to salaries from March of this year. Additionally, improvements in welfare measures were included, such as the introduction of a housing loan system, increased childbirth and family benefits, and enhancements to shift work compensation. Thanks to this dramatic agreement, the worst-case scenario of disruptions in semiconductor production has been avoided. The tentative agreement will be finalized through a vote among union members scheduled from 2 p.m. on May 22 to 10 a.m. on May 27. 2026-05-21 09:39:23

Fuel tax cut to be extended for another two months SEOUL, May 21 (AJP) - The Ministry of Finance and Economy said Thursday it will extend the fuel tax cut for another two months through the end of July, citing mounting inflationary pressure from the prolonged conflict in the Middle East. Finance Minister Koo Yun-cheol said the decision was made after consultations with relevant ministries to help curb price increases. The current 15 percent tax cut on gasoline and the 25 percent cut on diesel, both set to expire at the end of this month, will now remain in effect through July 31, keeping the fuel tax at 698 South Korean won per liter for gasoline and 436 won for diesel. The measure follows an earlier extension in March, as the Middle East conflict continued to disrupt fuel supplies. "We believe the extension will help relieve pressure on consumer prices," a ministry official said. Consumer prices rose 2.6 percent in April from a year ago, the highest in 21 months. Prices of petroleum products, in particular, jumped 21.9 percent, marking the steepest rise since July 2022. Meanwhile, the ministry also pledged to crack down on the hoarding of key products and goods to help keep prices stable and ferret out price-rigging practices and other irregularities. 2026-05-21 09:36:53

Mirae Asset Securities Raises Target Price for Shinsegae International Amid Luxury Growth Mirae Asset Securities announced on May 21 that it has raised its target price for Shinsegae International to 19,000 won, citing expected benefits from the expansion of luxury consumption. The firm maintained its investment recommendation of "buy." Analyst Bae Seung-hoon stated in a report that the company’s main channel, department stores, has entered a phase of structural growth, and he anticipates that the company’s investment points will align with this trend. Bae noted that the high-end fashion segment, which has a significant share in the company's business, saw a 35% increase in growth in the first quarter compared to the same period last year, while imported cosmetics grew by 20%. He highlighted that these categories are contributing significantly to overall sales, with overseas fashion accounting for 37% and imported cosmetics for 30% of total revenue, suggesting even higher contributions in terms of profit. He added that the current economic environment is particularly favorable for luxury goods, and he expects continued performance improvements driven by this sector. Furthermore, Bae projected a significant increase in foreign demand, noting that foreign purchases at department stores are primarily focused on luxury goods and fashion, which overlap substantially with the company's business areas. He anticipates that the trend of benefiting directly from inbound foreign customers will continue alongside department store growth.* This article has been translated by AI. 2026-05-21 09:36:30

Hana Bank Supports K-Robot Development with HD Hyundai Robotics and Credit Guarantee Fund Hana Bank is set to provide 9 billion won ($7 million) in financial support to enhance the global competitiveness of South Korea's robot industry. The initiative aims to support not only the technological development of robotics companies but also their overseas exports.On May 21, Hana Bank announced that it has signed a memorandum of understanding (MOU) with HD Hyundai Robotics and the Credit Guarantee Fund to promote the development of next-generation robotic solutions and facilitate entry into international markets.This MOU is part of Hana Financial Group's 'Hana All Growth Project,' which aims to inject a total of 100 trillion won ($75 billion) over five years, including 84 trillion won ($63 billion) in productive finance, by 2030.HD Hyundai Robotics, a leader in the domestic industrial robot market, is accelerating the development and mass production of physical artificial intelligence (AI)-based collaborative robot technology.Under the agreement, Hana Bank and HD Hyundai Robotics will each contribute 4.8 billion won ($3.6 million) and 12 billion won ($9 million) to the Credit Guarantee Fund. The fund will use these resources to provide a total of 9 billion won in guarantee support.The beneficiaries will be outstanding partner companies participating in joint projects with HD Hyundai Robotics. Hana Bank and the Credit Guarantee Fund plan to provide these companies with working capital (short-term liquidity funds).Additionally, the Credit Guarantee Fund will offer preferential benefits for five years after the initial guarantee, including a 100% guarantee rate and fixed guarantee fee rates.A Hana Bank representative stated, "We will continue to provide comprehensive support as a reliable global partner for small and medium-sized enterprises."* This article has been translated by AI. 2026-05-21 09:33:59

U.S. Aircraft Carrier Group Deploys Near Cuba Amid Military Intervention Speculation As speculation grows regarding the possibility of U.S. military intervention in Cuba, a U.S. aircraft carrier group has been deployed to the Caribbean Sea near the island. The U.S. Southern Command announced on May 20 via X (formerly Twitter) that the Nimitz aircraft carrier, along with the destroyer USS Gridley (DDG 101) and the supply ship USNS Patuxent (T-AO 201), has been positioned in the region. The Southern Command described the Nimitz strike group as a "model of readiness, presence, unmatched operational range and lethality, and strategic advantage," noting that the Nimitz has demonstrated combat capabilities worldwide, contributing to regional stability and the defense of democracy from the Taiwan Strait to the Arabian Gulf. Commissioned in 1975, the Nimitz is the longest-serving active aircraft carrier in the U.S. Navy. Initially scheduled for retirement this year due to aging, its decommissioning has been postponed amid increased operational demands on U.S. forces, particularly due to the conflict with Iran. This deployment coincides with the announcement of charges against former Cuban President Raúl Castro, a key figure in the Cuban Revolution. On the same day, the U.S. Department of Justice charged Castro with involvement in the 1996 incident where two aircraft operated by the Miami-based Cuban exile group Brothers to the Rescue were shot down by Cuban military forces, resulting in the deaths of four individuals. Earlier this year, the U.S. captured former Venezuelan President Nicolás Maduro on drug terrorism charges, also deploying an aircraft carrier group to the Caribbean at that time. The deployment of the carrier group follows reports that President Donald Trump is seriously considering military intervention in Cuba. Politico reported on May 18 that Trump believes energy supply chain disruptions and economic sanctions alone will not lead to regime change in Cuba, prompting a review of military options. U.S. military leadership is reportedly exploring various military scenarios beyond just capture and extradition operations. Since taking office, Trump has labeled Cuba a failed communist state, applying pressure through sanctions and energy supply chain disruptions. He has also indicated that Cuba could be the next target for military action following Venezuela, warning that Cuba could become a military target after the conflict with Iran.* This article has been translated by AI. 2026-05-21 09:31:26

KB Securities Sets Target Price of 440,000 Won for NC Following Successful Game Launches KB Securities announced on May 21 that it has initiated coverage of NC with a target price of 440,000 won, citing expectations for continued success of new game launches, improved profitability, and momentum for global market expansion. Lee Ji-eun, a researcher at KB Securities, stated, "We present NC as our top pick in the gaming sector, highlighting key investment points such as performance growth driven by consecutive successful game launches, profitability improvements through cost efficiency, global market expansion momentum, and attractive valuation compared to competitors." KB Securities forecasts NC's operating profit for this year to reach 500.6 billion won, a staggering 3,012% increase from the previous year. The firm believes that the sustained success of 'Aion 2' and 'Lineage Classic' indicates that NC is entering a significant phase of performance improvement. Both games are expected to maintain stable traffic and revenue streams, suggesting strong results for the second quarter following a solid first quarter. Particularly, 'Aion 2' is noted not only for its commercial success but also for significant changes in user perception. The development team's ongoing communication broadcasts have successfully restored user trust, fostering a positive community atmosphere. The increase in the proportion of in-game purchases for mobile games is also seen as contributing to profitability improvements. KB Securities estimates that the in-game purchase ratio for 'Aion 2' is about 80%, while the three 'Lineage' mobile games are around 30%. Notably, the in-game purchase ratios for the 'Lineage' mobile games are gradually rising. Additionally, the upcoming global launch of 'Aion 2' in September is identified as a key momentum factor. Given that the current publishing regions are primarily South Korea and Taiwan, a successful global launch could lead to a reevaluation of NC's valuation. The researcher concluded, "Despite possessing both performance and new game momentum, NC is undervalued compared to competitors lacking such momentum. We strongly recommend buying and maintain our top pick status."* This article has been translated by AI. 2026-05-21 09:30:00

Candidates Launch Campaigns for Seoul Mayor Election Jung Won-o of the Democratic Party and Oh Se-hoon of the People Power Party officially launched their campaigns for the Seoul mayoral election on May 21. Jung is focusing on his political hometown of Seongdong, while Oh is reaching out to citizens in Gangbuk, where his elementary school is located. On the first day of the campaign, Jung visited the Dong Seoul Postal Center in Gwangjin-gu at midnight to encourage workers and personally moved packages in the sorting area. He was accompanied by Jung Cheong-rae, the Democratic Party leader, who also participated in the postal work. After completing his initial campaign schedule, Jung shared on Facebook, "I wanted to deliver the future of Seoul to the citizens and our descendants through this local election while experiencing their lives. I will do my best to ensure that Seoul stands on a safe foundation." Later that morning at 10:30 a.m., Jung held an official campaign launch at Wangsimni Station in Seongdong-gu, which is considered his political hometown. Jung previously served three terms as the district chief there. The launch event is expected to showcase the strength of the Democratic Party, with Jung and numerous officials from 25 autonomous districts and 48 regional committees in attendance. Meanwhile, Oh began his campaign at midnight by visiting the Garak Agricultural and Fishery Wholesale Market in Songpa-gu, greeting merchants and assisting with loading cabbages onto trucks. He stated, "Thanks to the self-employed individuals who quietly work in difficult circumstances, the economy of Seoul continues to thrive. I will work hard alongside those who are building a bright future for Seoul." At 9:30 a.m., Oh delivered his campaign message in the alley near his elementary school in Gangbuk, where he grew up in a makeshift village. Oh then plans to meet voters in the districts of Seodaemun, Yeongdeungpo, Guro, and Seongbuk before holding his official campaign launch at Cheonggye Plaza at 7 p.m. Both candidates will conclude their first official campaign schedules in Gangnam. Jung will revisit the construction site of the GTX-A line at Samsung Station, where issues with missing rebar have arisen, at 2:50 p.m. He will then engage in a focused campaign and greet citizens during rush hour at Gangnam Square at 6 p.m. Oh will also wrap up his day in Gangnam, greeting citizens near Gangnam Station at 8 p.m. to solicit their support. 2026-05-21 09:27:00

KT Establishes Privacy Protection Advisory Committee with External Experts KT announced on May 21 that it will establish a "Privacy Protection Advisory Committee" to address changes in the privacy management landscape resulting from advancements in artificial intelligence (AI) technology and the expansion of data-driven services. The committee aims to strengthen governance focused on proactive privacy management. It seeks to establish privacy protection standards and measures that align with customer expectations, ensuring objectivity and reliability. To achieve this, KT has invited privacy protection experts from various fields, including policy and law, technology and security, industry and services, and ethics and user protection, to serve as advisory committee members. The company plans to continue expanding the committee in the future. Committee members include Yeom Heung-yeol (Professor Emeritus, Soonchunhyang University), Lee Hee-jung (Professor, Korea University Law School), Ryu Jae-cheol (Professor, Chungnam National University Department of Computer Convergence), Son Ki-wook (Professor, Seoul National University of Science and Technology Department of Computer Engineering), Shim Sang-hyun (Secretary General, Korea CPO Forum), and Kim Kyung-ha (CEO, J&Security). The committee will provide advice on enhancing compliance and accountability as data processors, ensuring the safety of personal information and the appropriateness of data usage, and improving systems to prevent and mitigate personal data breaches. KT plans to launch the committee within this month and begin full operations. KT CEO Park Yoon-young will attend the launch ceremony to present certificates to the advisory members and discuss the direction for enhancing the privacy protection system. Kim Chang-o, KT's Chief Privacy Officer, stated, "In the AI era, securing customer trust in privacy protection is as crucial as the innovation in data utilization. We will work closely with external experts to establish a global-level privacy protection system and create a trustworthy data environment for our customers." Meanwhile, LG Uplus established an "Information Security Advisory Committee" composed of external experts in the cybersecurity field in 2023. SK Telecom is receiving advice from the Information Security Innovation Special Committee established by the SK Group last year.* This article has been translated by AI. 2026-05-21 09:24:55

HD Hyundai Robotics Launches $9 Million Cooperative Support Program HD Hyundai Robotics, a subsidiary of HD Hyundai's robotics division, is establishing a cooperative financial support program to assist its partners. On May 21, the company announced that it signed a memorandum of understanding (MOU) with Hana Bank and the Korea Credit Guarantee Fund on May 20 at its headquarters in Daegu. The agreement aims to secure new growth engines for the domestic robotics industry and enhance competitiveness in the global market through collaboration between businesses and financial and public institutions. Under the agreement, HD Hyundai Robotics and Hana Bank will jointly contribute 600 million won (approximately $450,000), while the Korea Credit Guarantee Fund will provide guarantees worth 9 billion won (about $6.75 million) to partner companies in need of loans. The support will be available to domestic mid-sized and small partners engaged in joint production, research and development, and procurement with HD Hyundai Robotics. These companies will benefit from a 100% guarantee rate and fixed guarantee fee rates, significantly easing their financial burden for future business initiatives. A representative from HD Hyundai Robotics stated, "This agreement lays the foundation for financial support, enabling our partners to operate more stably and encouraging research and development (R&D) and investment expansion. We will continue to promote mutual growth with our partners through various support programs." Additionally, HD Hyundai Robotics is accelerating the development of humanoid robots based on physical artificial intelligence (AI) to leverage synergies with HD Hyundai Group's shipbuilding business. The company is collaborating with AI specialists to develop bipedal humanoid robots for shipyard welding and is pushing for the commercialization of automation technologies tailored to shipyard environments. This initiative aims to accelerate the establishment of 'smart shipyards' where robots can replace hazardous and precise tasks.* This article has been translated by AI. 2026-05-21 09:22:20

HD Hyundai Partners with TerraPower to Target Next-Generation Nuclear Market Jung Ki-sun, chairman of HD Hyundai, is accelerating efforts to target the global market for next-generation small modular reactors (SMRs) as a key growth area. The company is expanding its business portfolio, traditionally focused on shipbuilding and marine industries, into the nuclear equipment sector to strengthen its energy value chain. On May 21, HD Hyundai announced that its shipbuilding subsidiary, HD Hyundai Heavy Industries, has signed a basic agreement with TerraPower for the supply of sodium reactors in the United States. The signing ceremony was attended by Won Kwang-sik, head of HD Hyundai Heavy Industries' Marine Energy Division, and Chris Levesque, CEO of TerraPower, among other officials. Under the agreement, HD Hyundai Heavy Industries has become the preferred negotiation partner for manufacturing and supplying key equipment for TerraPower's sodium reactor systems (RES), leveraging its strong manufacturing capabilities and extensive track record. This collaboration is seen as a strategic move for HD Hyundai to establish itself as a key player in the global SMR supply chain, going beyond mere equipment supply. The two companies have been jointly researching manufacturing feasibility, cost competitiveness, and supply schedules since signing a strategic agreement in March 2025 to expand the manufacturing supply chain for sodium reactors. Notably, Chairman Jung previously met with Bill Gates, founder of TerraPower, in the U.S. last year to discuss expanding cooperation on SMRs, marking a significant push for the nuclear power business. At that time, HD Hyundai also participated in supplying key equipment for TerraPower's next-generation sodium reactor, gaining recognition for its technological capabilities. Won Kwang-sik stated, "The signing of this agreement will strengthen our strategic partnership with TerraPower and serve as a crucial foundation for entering the global SMR market. We will strive to ensure timely supply of sodium reactor equipment and establish a continuous production base through our joint research, enhancing our global competitiveness." Additionally, on the same day, HD Hyundai signed a tripartite memorandum of understanding with TerraPower and Hyundai Engineering & Construction to collaborate on the next-generation sodium reactor business. This agreement will enable HD Hyundai and Hyundai Engineering & Construction to establish a foundation for design, procurement, and construction execution, as well as major equipment supply, to actively respond to the next-generation nuclear power market in the U.S. and globally.* This article has been translated by AI. 2026-05-21 09:20:22