Pakistani Officials Continue Visits to Tehran as Prime Minister Sharif Heads to China Pakistani officials are making a series of visits to Tehran. Prime Minister Shehbaz Sharif is scheduled to visit China from May 23 to 26. As U.S.-Iran ceasefire negotiations remain stalled, Pakistan's diplomatic efforts are expanding towards Tehran and Beijing. According to the Pakistani daily Dawn on May 21, Interior Minister Mohsin Naqvi traveled to Tehran to deliver an 'important message' to Iranian leaders. This marks Naqvi's second visit to Tehran in less than a week. Dawn reported that "Pakistan is intensifying its diplomatic efforts amid a situation that could jeopardize the U.S.-Iran ceasefire." There are also discussions about a potential visit by Pakistan's military leadership to Iran. Dawn noted that speculation is growing that Army Chief Asim Munir may visit Iran soon. Reuters reported that Munir is considering a trip to Tehran as part of mediation efforts. Iranian news agency ISNA stated that Munir is expected to visit Tehran on May 21 for discussions, although Pakistani authorities have not officially confirmed this. Pakistan is acting as a conduit between Tehran and Washington. During his visit, Naqvi reportedly met with Iranian President Ebrahim Raisi and senior officials from the Islamic Revolutionary Guard Corps. Dawn described this meeting as an attempt by Pakistan to maintain the possibility of resuming negotiations. Pakistan's diplomatic activities are also extending to China. Prime Minister Sharif's official visit to China from May 23 to 26 is aimed at strengthening economic and digital cooperation and attending a business-to-business forum. This visit coincides with Pakistan's involvement in U.S.-Iran mediation efforts. Differences between the U.S. and Iran regarding Iran's nuclear program, sanctions relief, and the opening of the Strait of Hormuz remain significant. U.S. President Donald Trump has indicated that while he is open to the possibility of an agreement, military action could resume if a resolution is not reached. Although Pakistan's mediating role is becoming more prominent, the substantial gap between U.S. and Iranian positions raises uncertainty about the actual resumption of negotiations.* This article has been translated by AI. 2026-05-21 20:43:38

Controversy Over Stamp Expiration After Compose Coffee App Overhaul The Broadcasting and Communications Commission has initiated disciplinary procedures against Compose Coffee after confirming that the company systematically expired user stamps during the operation of its app service and failed to properly notify users of contract terminations. On May 21, the commission announced that it had completed its investigation into violations of the Telecommunications Business Act by Compose Coffee, which operates the Compose Coffee app and kiosk services. The commission has issued a corrective action notice to the company. The investigation revealed that during the app overhaul, Compose Coffee terminated the existing app service and systematically expired the stamps that users had accumulated. These stamps function as points earned with beverage purchases. The commission also found that the company unilaterally terminated user contracts without adequately informing users of the contract completion, which hindered user interests. The commission plans to finalize the corrective orders and any potential fines after consulting with the business and undergoing a review and decision-making process. The commission stated, "We will continuously monitor actions that cause user harm in the telecommunications service sector, which is closely related to the public's daily life, and will respond strictly to any legal violations." In April of last year, Compose Coffee had previously expired less than ten existing stamps that were individually accumulated at each store during the app overhaul.* This article has been translated by AI. 2026-05-21 20:42:00

Lotte Engineering Pays 50 Billion Won Deposit for Seongsu 4 District Redevelopment Lotte Engineering has made a proactive move by paying the full bid deposit of 50 billion won in cash for the redevelopment project of the Seongsu Strategic Maintenance District 4 in Seoul's Seongdong District, just one day before the deposit deadline. According to the construction industry on May 21, Lotte Engineering submitted the entire bid deposit to the Seongsu 4 District Redevelopment Association ahead of the deadline of 11 a.m. on May 22. The main bidding deadline for the project is set for May 26. A representative from Lotte Engineering stated, "We plan to propose differentiated, customized project conditions that prioritize the interests of the association members. Utilizing our unique high-rise construction technology and global partnerships, we aim to create a landmark complex that represents South Korea in every aspect, including design and branding." The Seongsu 4 District redevelopment project involves constructing 1,439 residential units and supporting facilities across a site of 89,828 square meters, with a planned construction cost of approximately 1.36 trillion won, making it one of the largest projects along the Han River this year. This bidding process follows the invalidation of the first round of bidding due to violations of promotional guidelines and procedural flaws in the association's operations. Industry insiders expect a fierce competition between Lotte Engineering and Daewoo Engineering, similar to the first round. Daewoo Engineering is reportedly preparing to complete its deposit payment by the morning of May 22 after conducting internal reviews. A source from the construction industry noted, "Seongsu 4 District is an optimal location for construction companies to enhance their brand image, thanks to the relaxation of high-rise regulations and accessibility to Gangnam via the Yeongdong Bridge. Given the challenges of the first bidding's invalidation, both companies are likely to present aggressive financial terms and high-end design proposals to win over the association members." Meanwhile, the Seongsu 4 District Association plans to conclude the main bidding on May 26 and hold a meeting on June 27 to select the final construction company after internal deliberations.* This article has been translated by AI. 2026-05-21 20:39:23

Samsung Electronics' Performance Bonuses Could Lead to High Tax Burden Samsung Electronics and its labor union have agreed to partially pay performance bonuses in company stock, raising concerns about the tax implications of these high bonuses. With the semiconductor supercycle, bonuses could reach up to 600 million won, pushing recipients into the highest income tax bracket of 42%. According to the National Tax Service on May 21, stock received as performance bonuses is classified as earned income under current tax law and is taxed in the same manner as cash bonuses. Taxes are assessed based on the market value at the time of payment, even if the stocks are not sold. The agreement to include company stock in performance bonuses is a first for Samsung Electronics, as the company and its labor union reached a tentative wage and collective bargaining agreement the previous day. A simulation by the National Tax Service indicates that for a family of three, with one spouse and one child over eight years old, a worker earning an annual salary of 100 million won without additional bonuses would face a tax liability of approximately 12.74 million won, with an additional payment of 2.66 million won after withholding taxes. If the same worker receives an additional performance bonus of 600 million won, their total salary would rise to 700 million won, and the taxable income would surge to 675.5 million won. This would place them in the highest tax bracket, resulting in a tax liability of 247.19 million won. After accounting for withholding taxes, they would still owe an additional 7.19 million won. However, this simulation does not include local income taxes. When factoring in local taxes, which are approximately 10% of the calculated tax amount, the total tax burden could approach 2.7 billion won. Analysts warn that since performance bonuses are paid in stock rather than cash, a decline in stock prices could exacerbate the perceived tax burden. Taxes are assessed at the time of payment, meaning that even if stock prices fall afterward, the tax already paid remains unchanged. The recent increase in performance bonuses among semiconductor companies is also impacting income tax revenues. In the first quarter of this year, income tax revenue rose by 4.7 trillion won year-on-year to reach 35 trillion won, largely due to increased bonuses at Samsung Electronics and SK Hynix.* This article has been translated by AI. 2026-05-21 20:37:01

Rising Demand for Health Supplements During Family Month As Family Month and Couples' Day approach, the demand for health supplements aimed at caring for parents and spouses is on the rise. Recently, the consumption of health supplements has expanded beyond simple gifts to focus on health management across generations. According to KGC, during this year's Family Month promotion period from April 23 to May 16, sales of its menopause health brand 'Hwaerak' increased by 1.3 times compared to the previous year. Sales of the men's vitality brand 'RXGIN' also rose by 1.4 times during the same period. Notably, there was a significant increase in sales among consumers in their 20s and those aged 50 and older. Consumers in their 20s showed a strong demand for gifts focused on their parents' health, while those over 50 demonstrated a higher proportion of purchases aimed at their own health management. KGC's women's health brand 'Hwaerak' focuses on products for managing menopause. Since its launch in 2003, it has continued research on women's health and has received recognition from the Ministry of Food and Drug Safety for its effectiveness in menopause health. The brand targets overall women's health based on functions such as immune enhancement, fatigue improvement, and blood circulation and memory enhancement. The flagship product, 'Hwaerak Jin Total Solution,' combines red ginseng with KGC's patented women's health formulation, deer antler extract, saffron extract, and low-molecular collagen peptides. It aims to address the complex health concerns of menopausal women while minimizing calorie content. The RXGIN men's vitality brand has also seen increased sales due to the rising demand for health gifts during Family Month. The recently renewed 'RXGIN Hongcheon-Woong' combines KGC's red ginseng concentrate with Rhodiola extract (SHR-5) and a blend of plant extracts including deer antler, goji berry, black raspberry, and five-flavor fruit, enhancing its formulation for men. Industry experts note that the consumption of health supplements is shifting from traditional 'filial gifts' to a lifestyle focused on meticulous family health management. Consumers in their 20s are seeking practical gifts for their parents' health, while the active senior demographic over 50 is increasingly investing in their current vitality and condition management rather than just preparing for old age. A KGC representative stated, "As Family Month and Couples' Day approach, more consumers are looking to care for the health of their parents and spouses. We plan to strengthen our product competitiveness tailored to health concerns across different life stages." Meanwhile, the Korea Health Supplements Association reported that the domestic health supplements market size reached 5.9626 trillion won last year. The purchase rate of health supplements within the past year hit 83.6%, the highest level recorded in the last five years.* This article has been translated by AI. 2026-05-21 20:34:30

Will Steel Plate Reinforcement Ensure Safety at GTX Samsung Station? Concerns are growing over the structural safety of the GTX-A Samsung Station after it was revealed that rebar was missing from the construction site. Hyundai Engineering & Construction has proposed a "steel plate reinforcement method" to address the issue, but experts are questioning whether this approach can ensure safety. While adding steel plates to the exterior of concrete columns is being considered a practical solution, it must undergo comprehensive verification due to the unique characteristics of deep underground railway structures, including repeated train vibrations, fire resistance, and long-term maintenance. On May 20, the National Assembly's Land and Transport Committee held an urgent inquiry regarding the substandard construction at GTX-A Samsung Station. Minister of Land, Infrastructure and Transport Kim Yoon-deok stated, "We will conduct a comprehensive investigation of all columns and evaluate the reinforcement plan proposed by the Seoul City through accredited institutions to determine the optimal reinforcement method." The issue arose in the underground level five of the GTX platform at the Yeongdong-daero underground space complex development project. Out of 80 columns in this section, 50 were classified as not meeting structural standards. The design required two strands of 29-32 mm main rebar to be bundled together, but only one strand was placed during the concrete pouring process. Approximately 2,500 pieces of rebar, totaling 178 tons, were reported missing. As an alternative, Hyundai Engineering & Construction suggested wrapping the concrete columns with structural steel plates to enhance strength, a method estimated to cost around 3 billion won. The key question is whether this method can withstand the long-term usage conditions of the Samsung Station structure. Unlike ordinary buildings, the GTX Samsung Station is a deep underground railway transfer facility, which requires stricter scrutiny regarding load, vibration, and fire response standards. The Ministry of Land believes that the reinforcement plan proposed by Seoul City needs verification by accredited institutions. The effectiveness of the steel plate reinforcement method depends on the steel plates and concrete columns functioning as a single structure, necessitating verification of adhesive durability, bonding strength, connection quality, and fire resistance performance. Experts acknowledge the structural benefits of steel plate reinforcement but emphasize the importance of long-term maintenance and verification processes. Professor Gong Jeong-sik from Korea University, who chairs the Structural Division of the Korean Society of Civil Engineers, stated, "Reinforcing with steel plates could significantly increase strength depending on the method used. However, additional measures may be necessary to address fire risks, and the stability of the connection method will be crucial." Professor Park Chang-geun from Kwandong University noted that redoing the construction could be an option, but the Ministry of Land should comprehensively assess various alternatives for safety and feasibility. Conversely, some experts argue that redoing the construction may not be practical. Shin Young-cheol, head of the Economic Justice Action Citizens' Coalition's National Project Monitoring Team, explained, "If the slab has already been poured on top of the columns, demolition is practically impossible. Realistically, there may not have been many options other than steel plate reinforcement." Shin also pointed out issues related to subcontracting and inadequate oversight. He stated, "It appears that both the construction company and the supervisory team delegated responsibilities to subcontractors without proper verification, and the failure to check the rebar placement before pouring concrete is the biggest issue." A representative from Hyundai Engineering & Construction remarked, "After reviewing various structural analysis methods, the opinion from Seoul City is that there are no structural problems. We are focusing on how to safely repair and reinforce the structure."* This article has been translated by AI. 2026-05-21 20:33:00

Democratic Party Demands Resignation of Incheon Mayor Candidate Over Crypto Allegations The Democratic Party on May 21 publicly demanded the resignation of Yoo Jeong-bok, the People Power Party's candidate for Incheon mayor, following the release of recordings that suggest he may have concealed virtual assets. The party also indicated plans to file a complaint against him. During a press conference at the National Assembly, lawmakers representing Incheon, including Heo Jong-sik, Noh Jong-myeon, Park Sun-won, and Lee Hoon-ki, unveiled recordings involving an individual identified as A, who is believed to have managed Yoo's virtual assets, and Yoo's spouse, Choi. According to Noh, the recordings indicate that during Yoo's tenure as mayor in April 2024, A and Choi discussed how to handle asset declarations, including a suggestion to receive virtual assets through the overseas exchange Binance. He further revealed an additional recording, likely made in December 2024, stating, "It is presumed that virtual assets were maintained in an overseas account from April to December. Yoo's claim of 'managing his brother's money' lacks credibility." Lee added, "Despite the obligation to disclose virtual assets for public officials established in 2023, Yoo failed to report accurately and misled the public with flimsy lies. Immediate compulsory investigations should be conducted, and Yoo must apologize and resign from his candidacy." The Democratic Party also mentioned that the campaign for Incheon mayor candidate Park Chan-dae is considering additional legal actions, including a formal complaint. Noh stated, "The campaign's complaint is expected to be filed on May 22. We have been verifying the matter and reviewing legal actions."* This article has been translated by AI. 2026-05-21 20:27:00

Emerging Drugs Transform South Korea's Pharmaceutical Landscape The landscape of South Korea's pharmaceutical industry is changing. The focus has shifted from domestic and wholesale markets to global sales and royalties from new drugs in markets such as the United States, Europe, and Japan. Major companies like Yuhan, GC Green Cross, HK Inno.N, and SK Biopharm are increasingly competing on the international stage.According to the pharmaceutical industry on May 21, the sales performance of new drugs approved in advanced markets and the accompanying licensing and royalty income have become key components of annual results for domestic pharmaceutical companies.Yuhan is a leading example of this trend, having joined the "2 trillion won club" last year. Its non-small cell lung cancer treatment, Lecare (known as 레이저티닙 in Korea), received approval in major markets like the U.S. and Europe, leading to stable overseas sales and royalty income that boosted the company's revenue. Analysts expect Lecare's milestones and royalty income to drive growth, projecting operating profit to exceed 100 billion won this year, following a similar performance last year.In 2018, Yuhan licensed Lecare to Johnson & Johnson's subsidiary Janssen for approximately $950 million, of which it has received about $300 million to date. This agreement also anticipates additional milestones and over 10% in sales royalties as global sales expand.GC Green Cross aims to enter the "2 trillion won club" this year, led by its immunoglobulin product, Aliglo. The company is currently collaborating with local pharmaceutical firms for co-commercialization in major markets, particularly showing strong sales growth in the U.S. Analysts project Aliglo's U.S. sales to reach around $300 million by 2028.SK Biopharm is fundamentally changing its performance structure through its product, Cenobamate. Since its launch, Cenobamate has rapidly gained market share in the U.S., achieving annual sales between $400 million and $600 million, establishing itself as a key product in the global market.In the first quarter of this year, Cenobamate's U.S. sales reached 197.7 billion won, a 48.4% increase compared to the same period last year. As of March, the total monthly prescriptions (TRx) for Cenobamate reached approximately 47,000 and continues to trend upward.HK Inno.N entered the "1 trillion won club" for the first time last year, driven by its gastroesophageal reflux disease treatment, K-Cab. The domestic product, K-Cab, recorded prescription sales of 58.5 billion won in just the first quarter, contributing significantly to its growth.An industry insider stated, "Companies with new drugs targeting global markets are becoming the performance leaders. The structure is such that domestic prescriptions serve as a foundation, while overseas performance creates the premium, indicating a shift in the domestic pharmaceutical industry towards R&D and global commercialization capabilities."* This article has been translated by AI. 2026-05-21 20:24:00

Samsung and SK Hynix Labor Disputes Intensify Over Profit-Linked Bonuses Following an agreement between Samsung Electronics and its labor union to link bonuses to operating profits, demands for profit-sharing bonuses based on a percentage of operating income are expected to grow louder. Concerns are rising that escalating labor disputes and feelings of relative deprivation could undermine the competitiveness of South Korea's industries. On May 21, industry sources indicated that the tentative agreement on bonuses at Samsung Electronics could signal a new phase in labor relations. The focus of negotiations has shifted from wage increases and job security to the previously secondary issue of profit-linked bonuses. Professor Hwang Yong-sik of Sejong University expressed concern that the Samsung union's approach, which mirrors that of SK Hynix, may encourage other unions to adopt a similarly hardline stance. He stated, "This has essentially ignited a new spark of labor conflict in the industry." The demand for profit-linked bonuses is already spreading across various sectors. Industries entering a so-called supercycle, such as shipbuilding, power equipment, and defense, are particularly vocal about these demands. The integrated union of HD Hyundai Heavy Industries has proposed that over 30% of operating profits be allocated for bonuses. Similarly, unions at Hyundai Motor and LG Uplus plan to prioritize profit-sharing bonuses in their collective bargaining agreements. The union at Samsung Biologics is requesting 20% of operating profits, while Kakao's subsidiaries are asking for 13-15%. Emeritus Professor Choi Jun-sun of Sungkyunkwan University Law School explained, "The original intent of profit-sharing bonuses was to provide a flexible compensation mechanism that could reduce labor costs during downturns. However, the current discussions lack any consideration of shared responsibility when operating losses occur." Currently, among South Korea's top 30 companies, only Samsung Electronics, SK Hynix, and KT are operating or planning to implement profit-linked bonus systems. SK Hynix agreed in 2021 to allocate 10% of its operating profits for bonuses and decided to distribute the full amount of that percentage last September, coinciding with the onset of a semiconductor supercycle. KT also reached an agreement in 2021 to allocate 10% of its operating profits for bonuses. Experts widely agree that a profit-based bonus system is not suitable for South Korea's manufacturing sector, which is characterized by cyclical booms and busts. A CFO from a mid-sized company remarked, "From a financial perspective, a profit-based bonus system is only applicable in industries like telecommunications, where annual revenue and operating profit can be accurately predicted based on ARPU (average revenue per user). In cyclical industries like semiconductors, automobiles, shipbuilding, steel, petrochemicals, and shipping, this system could severely diminish funds for research and development, mergers and acquisitions, shareholder returns, and crisis management during downturns." Previous implementations of such systems at SK Hynix and KT have faced criticism for lacking sophisticated financial modeling. In fact, SK Hynix introduced its system in response to employee dissatisfaction over lower bonuses during semiconductor downturns, while KT's decision was influenced by employee grievances regarding lower compensation compared to competitors and issues surrounding executive reappointments. In contrast, Samsung Electronics has set a financial safety net, stipulating that bonuses linked to operating profits will only be paid if profits exceed a specific threshold (100 trillion to 200 trillion won). As industries entering a boom period receive bonuses in the hundreds of millions, feelings of deprivation among workers in struggling sectors like steel and petrochemicals are likely to intensify. These sectors have reported little to no bonuses or only minimal consolation payments in the past year due to oversupply issues stemming from China. Employees at Yeocheon NCC, once known for its high salaries, now face large-scale layoffs due to restructuring in its naphtha cracking facility.* This article has been translated by AI. 2026-05-21 20:16:54

Samsung Electronics Faces Internal Strife Despite Wage Agreement Samsung Electronics has narrowly avoided a total strike by reaching a tentative wage agreement, but internal labor conflicts are intensifying. Tensions are rising not only between the Semiconductor (DS) and non-Semiconductor divisions but also within the DS division itself, particularly between memory and non-memory sectors, complicating efforts to stabilize the situation.As of May 21, anonymous posts on Samsung Electronics' internal community have escalated, with employees criticizing the performance bonus criteria outlined in the tentative agreement. Many in the excluded mobile and consumer electronics (DX) division are expressing feelings of betrayal, alienation, and deprivation. The fallout from the negotiations aimed at preventing a total strike is shaking the organization to its core.The conflict between the DS and DX divisions is particularly acute, with employees in these sectors representing a 60-40 ratio. DX employees argue that their contributions helped sustain overall company performance during the semiconductor downturn, and they feel that the recent agreement undermines their efforts. Some are advocating for the establishment of a separate union for the DX division, especially as certain DS sectors, despite posting losses, are expected to receive substantial bonuses.Internal divisions within the DS sector are also significant. Tensions are growing between the memory division, which has driven performance, and the non-memory sectors, such as foundry and system LSI. Expected bonuses for the non-memory division, projected to be around 160 million won, are only a quarter of the 600 million won bonuses anticipated for memory employees. Non-memory staff claim that the union has neglected their interests, while memory employees argue that guaranteeing bonuses for loss-making divisions is unfair.For Samsung Electronics' management, resolving these internal conflicts has become a top priority. Critics point out that the synergy that once characterized the company has dissipated, leaving behind a culture of departmental self-interest. The discord between the DS and DX divisions is likely to persist. Currently, DX union members have filed a court petition to halt collective bargaining, claiming that the leadership of the Samsung Electronics branch of the labor union acted unilaterally without the consent of all members.* This article has been translated by AI. 2026-05-21 20:14:35