Korea Export-Import Bank Signs $3 Billion Financial Deal with Aramco Korea Export-Import Bank (KEXIM) has entered into a financial agreement with Saudi Arabia's state-owned oil company, Aramco, to support domestic companies. This initiative aims to enhance competitiveness in securing contracts in the Middle East and stabilize supply chains for essential resources like crude oil.KEXIM announced on May 22 that it has signed a $3 billion individual loan financial contract based on a master credit agreement with Aramco.The master credit agreement establishes pre-defined financial support limits and conditions for overseas prime contractors, allowing for rapid financing when Korean companies secure contracts or engage in joint ventures.KEXIM has previously provided financial support for large projects led by Aramco, including the Amiral petrochemical facility project and the Jafurah combined heat and power project, assisting local companies in securing contracts in the region.With this new agreement, KEXIM plans to mobilize various policy financing tools to support Korean companies participating in Aramco's infrastructure restoration projects and new gas and energy ventures once the situation in the Middle East stabilizes.A survey conducted by KEXIM among 505 export companies revealed that 73.5% of respondents reported negative impacts from the ongoing conflict in the Middle East. The most cited issue, affecting 69.6% of respondents, was fluctuations in raw material prices.Hwang Gi-yeon stated, "The signing of this $3 billion financial contract marks a significant milestone in elevating the strategic financial cooperation between our two institutions. I hope to see increased participation of Korean companies in future large-scale projects initiated by Aramco, and we will serve as the most reliable and swift bridge for this purpose."* This article has been translated by AI. 2026-05-23 15:24:52

K-Beauty Surpasses $10 Billion Trade Surplus, Overtakes U.S. Cosmetics Market South Korea's cosmetics industry has achieved a historic milestone, surpassing a $10 billion trade surplus for the first time. Once heavily reliant on China, the industry has diversified its export markets to include the United States, Europe, and the Middle East, marking a significant transformation. K-Beauty is now recognized as a leading surplus industry beyond just a trend in consumer goods. On May 22, the Ministry of Food and Drug Safety reported that last year, the trade surplus for domestic cosmetics reached $10.1 billion, a 13.5% increase from the previous year, marking the first time it exceeded $10 billion. Cosmetics exports totaled $11.4 billion, the highest ever recorded, while imports slightly decreased to $1.29 billion. Cosmetics accounted for 12.9% of the total trade surplus of $78 billion. Notably, the diversification of export markets has been significant. The United States has become the largest export destination for South Korean cosmetics, with exports reaching $2.2 billion, surpassing China, which recorded $2 billion. Although exports to China have declined, the growth in the U.S., Europe, and the Middle East has driven overall expansion. The number of export destinations increased from 172 to 202 countries, effectively broadening the global market reach. Regionally, growth in Europe and the Middle East has been particularly pronounced. Exports to Poland surged by 115% year-on-year, elevating it to the ninth-largest export market, while the United Arab Emirates saw an increase of over 70%, ranking eighth. Industry experts suggest that K-Beauty is not merely a passing trend but has entered a phase of establishment in the expansive U.S. and European markets. Production figures also reached record highs. Last year, domestic cosmetics production amounted to 17.9382 trillion won, a 2.3% increase from the previous year. LG Household & Health Care and Amorepacific maintained their positions as the top two producers, followed by Aekyung Industrial. However, the ranking changes among smaller brands were more pronounced. APR jumped from 21st to 4th place, while Gudai Global and Binau also rapidly ascended the rankings. In the ODM sector, Cosmax and Korea Kolmar continued to dominate. The government plans to support the growth of K-Beauty through regulatory reforms. The Ministry of Food and Drug Safety stated, "In line with the strengthening of safety evaluations in major countries like the U.S. and China, we will gradually implement domestic regulations and provide guidelines and consulting to help the industry respond effectively." Additionally, a meeting of regulatory agency heads is scheduled for September to expand global cooperation. With the launch of halal certification support initiatives, K-Beauty is expected to further expand its presence in the Middle East and Islamic markets.* This article has been translated by AI. 2026-05-23 15:22:11

U.S.-Iran Peace Talks Boost Market Confidence as Won-Dollar Exchange Rate Declines The won-dollar exchange rate opened lower as optimism surrounding U.S.-Iran peace negotiations continued. As of 9:42 a.m. on May 22, the exchange rate in the Seoul foreign exchange market was 1,507.3 won per U.S. dollar. The rate opened at 1,504.7 won, down 1.4 won from the previous session. International oil prices fell for the third consecutive day amid expectations of progress in U.S.-Iran negotiations. Brent crude for July delivery dropped 2.32% to $102.58 per barrel. West Texas Intermediate (WTI) crude for July delivery closed at $96.35, down 1.94% from the previous trading day. The New York stock market closed slightly higher, with the Dow Jones Industrial Average rising 276.31 points (0.55%) to close at 50,285.66, marking a new record high. The Standard & Poor's 500 index increased by 12.75 points (0.17%) to finish at 7,445.72, while the Nasdaq Composite rose by 22.74 points (0.09%) to close at 26,293.10. Minkyoung Won, an economist at Woori Bank, stated, "Today, the won-dollar exchange rate is expected to decline as the market calms down following the optimism surrounding a Middle East peace agreement and financial market concerns over interest rates. Additionally, the risk appetite in the Asian market is likely to continue, leading to a reversal in foreign investment in the KOSPI and attracting offshore long stops."* This article has been translated by AI. 2026-05-23 15:19:15

KOSDAQ Surges Over 5%, Trading Halts Triggered for Second Consecutive Day The KOSDAQ market experienced a second consecutive day of trading halts due to a temporary suspension of buy orders, known as a sidecar. According to the Korea Exchange, the buy sidecar was triggered at 9:33:06 AM on May 22. At the time of the halt, the KOSDAQ 150 futures price had risen by 114.20 points (6.12%) to 1979.20, while the KOSDAQ 150 index was up 103.72 points (5.53%) at 1979.24. The buy sidecar is activated when the KOSPI 150 futures price increases by 6% or the KOSDAQ 150 index rises by more than 3% and sustains that level for one minute. During a buy sidecar activation, all program buy orders are suspended for five minutes. The recent surge in the KOSDAQ is attributed to the launch of a public participation growth fund, which is expected to enhance capital inflow into the KOSDAQ. As of 9:57 AM, the KOSDAQ index was trading at 1162.55, up 56.58 points (5.12%) from the previous day. The index opened at 1119.43, up 13.46 points (1.22%), and continued to rise due to strong buying from foreign investors. Foreign and institutional investors were net buyers, purchasing 410.1 billion won and 181.4 billion won, respectively, while individual investors sold a net 563.5 billion won. Among the top market capitalization stocks, EcoProBM (up 11.03%), Alteogen (up 8.96%), and EcoPro (up 14.64%) showed strong performance.* This article has been translated by AI. 2026-05-23 15:18:00

Samsung Electronics Confirms Schedule for SAFE Forum 2026 in South Korea Samsung Electronics has confirmed the schedule for the 'SAFE (Samsung Advanced Foundry Ecosystem) Forum 2026' in South Korea, aimed at strengthening the global semiconductor collaboration ecosystem. According to Samsung Electronics on May 22, this year's domestic SAFE Forum will take place on July 1 at the multipurpose hall of Samsung's Seocho headquarters. The SAFE Forum is an annual technology event hosted by Samsung's foundry division since 2019, where it shares the latest semiconductor technology trends and collaboration strategies with foundry partners and industry experts. This year's event is expected to highlight Samsung's advanced technology and stable mass production capabilities in its 4-nanometer (nm) process, reinforcing trust among domestic and international clients while accelerating the expansion of the ecosystem into next-generation fine processes. Before the event in South Korea, Samsung will kick off the global SAFE Forum in the United States, specifically in San Jose, California, on May 28. This U.S. event will focus on the role of foundries in the age of artificial intelligence (AI). Notably, the U.S. forum will showcase the second-generation 2-nm (SF2P) process technology, along with the current mass production yields and process achievements, drawing significant attention from global tech companies. Additionally, plans for the third-generation process (SF2P+), set to begin mass production next year, are expected to be revealed, unveiling a roadmap targeting the AI and high-performance computing (HPC) markets. The SAFE Forums in both the U.S. and South Korea are anticipated to serve as key platforms for strengthening ties with domestic semiconductor startups and design house partners. An industry insider stated, "By solidifying the next-generation fine process roadmap and fabless customer support system, we aim to gain an edge in the fine process competition against global rivals and further strengthen our leadership in the foundry ecosystem."* This article has been translated by AI. 2026-05-23 15:15:21

Government to Supply 90,000 Rental Homes in Greater Seoul Over Two Years The South Korean government is exploring various measures to increase the supply of non-apartment housing in response to rising apartment prices in Seoul and instability in the housing market. Non-apartment options, such as officetels, can be supplied more quickly than apartments, providing a rapid response to housing needs. On May 22, Deputy Prime Minister and Minister of Finance Koo Yun-cheol stated during a meeting of real estate ministers at the Government Complex in Seoul, "Today’s meeting will review housing market trends and discuss plans for a crackdown on illegal real estate activities." The government plans to supply 90,000 rental homes in the greater Seoul area over the next two years, from 2026 to 2027, with 66,000 of those units concentrated in regulated areas. This initiative aims to alleviate housing difficulties for young people and stabilize the market in the short term. Koo noted that the increase in apartment sale prices in Seoul has accelerated for two consecutive weeks. He explained that the number of properties for sale has significantly decreased and that rental listings have shown slight recovery. The government is committed to closely monitoring price fluctuations and property availability. Koo emphasized, "We will keep a vigilant eye on price changes and property trends to ensure market stability." The immediate focus is on expanding the supply of non-apartment housing. With rising prices primarily affecting apartments, the government aims to increase the availability of housing that can be occupied quickly to distribute demand more evenly. Koo stated, "The government is exploring various ways to expand the supply of non-apartment housing, which is a crucial part of the housing ladder." He added that non-apartment options like officetels can be supplied relatively quickly, with visible increases expected within one to two years. Expanding non-apartment housing supply is also linked to stabilizing housing for young people. As the burden of apartment prices and rental costs increases, options for young people and newlyweds become limited. The government plans to use non-apartment housing to alleviate these challenges. To facilitate this, the government will focus on increasing the supply of rental non-apartment units in regulated areas. Rental housing involves the government purchasing existing or newly built homes and leasing them, which is faster than direct construction and serves as a short-term supply solution. Koo confirmed, "We plan to supply 90,000 rental homes in the greater Seoul area from 2026 to 2027, with 66,000 units designated for regulated areas." The government is also implementing measures to accelerate the supply process. By applying modular construction methods, it aims to shorten construction time and reduce costs for developers, encouraging early project commencement. Modular construction involves pre-fabricating major structural components in factories and assembling them on-site, which can significantly reduce construction time. For housing projects that have received permits but have not yet started construction, the government will provide close management on a project-by-project basis. This includes promptly addressing on-site challenges and ensuring that financially viable projects do not encounter funding issues. Koo stated, "We will thoroughly manage housing projects that have received permits but have not yet begun construction, addressing on-site challenges immediately and ensuring that financially sound projects do not face funding difficulties." The government also reaffirmed its strict stance against market disruption. It believes that alongside increasing supply, blocking speculative demand and illegal transactions is essential for achieving market stability. Koo emphasized, "We will not tolerate any actions that disrupt market order."* This article has been translated by AI. 2026-05-23 15:13:08

Election Commission Faces Trust Issues Amid Surge in Leave Requests The National Election Commission (NEC) is once again at the center of public distrust. With the upcoming 9th nationwide local elections scheduled for June 3, it has been revealed that 176 employees are currently on leave, marking the second-highest number in the past decade. This surge in leave requests, particularly before major elections such as presidential and general elections, raises concerns beyond mere personnel issues, pointing to a broader crisis of confidence in the election management system. Elections are the foundation of democracy, and the organization responsible for managing them is expected to uphold a high level of accountability and public service. However, the recurring pattern of large-scale leaves during peak election periods leads to questions about how the public perceives the NEC. It is difficult to comprehend that an organization tasked with conducting elections is consistently facing staffing shortages during critical times. While parental and medical leaves are legally protected rights that cannot be arbitrarily restricted, the issue lies in the concentrated timing of these requests. Data shows that during non-election years, the number of employees on leave decreases, only to spike again ahead of major elections. For instance, during the 2022 presidential and local elections, the number of leave requests rose to 218, and a similar trend is evident this year as local elections approach. This phenomenon cannot simply be attributed to coincidence or individual choices. There are suspicions that a culture of avoiding work during election periods has taken root within the organization. In fact, the NEC issued a directive last year urging local election commissions to refrain from unnecessary leaves. This year, they even hinted at the possibility of transfers after returning from leave, yet the trend of increasing leave requests has not been curtailed. This indicates that the organization itself acknowledges the seriousness of the issue. More concerning is the link between this trend and the declining trust in the NEC as a whole. The commission has faced scrutiny over allegations of preferential hiring and mismanagement. During audits, issues regarding the hiring of some executives' children were uncovered, leading to calls for the introduction of a special auditor. In this context, the public is left questioning whether the NEC is truly committed to effective election management when large-scale leaves recur during election seasons. Trust in the election management organization is not merely an issue of institutional image; it is directly connected to public acceptance of election results and the stability of democracy. When voters begin to distrust the electoral process itself, the repercussions ultimately affect democracy as a whole. In times of heightened political polarization, even minor mistakes by the NEC can escalate into significant political controversies. Therefore, the NEC must maintain a level of morality and accountability that is stricter than any other organization. The NEC has stated its intention to fill staffing gaps through expanded public recruitment, and the scale of such hiring has indeed increased in recent years. However, the complexities of election operations cannot be resolved simply by deploying temporary staff. Experience and expertise are crucial for managing election systems and responding to on-the-ground challenges. Conducting elections with key personnel absent inherently carries structural risks. Now is the time for fundamental solutions. The recurring issue of leave requests during election seasons should not be viewed solely as individual circumstances but as a systemic problem within organizational operations and personnel management. A comprehensive review is needed to assess whether there is an excessive concentration of workload during specific periods, whether staffing practices are reasonable, and whether accountability and reward systems are functioning properly. Elections are the last bastion of trust in the national system. If the NEC falters, democracy itself is at risk. The recurring surge in leave requests during election seasons is no longer a trivial matter. The NEC must seriously consider that what the public sees is not just the number 176, but the level of accountability and trust in South Korea's electoral system. * This article has been translated by AI. 2026-05-23 15:10:24

Doosan Fuel Cell Shares Surge to Record High Following $529 Million Supply Contract Doosan Fuel Cell saw its shares soar more than 25% during trading, reaching an all-time high, following the announcement of a 529 billion won ($429 million) supply contract for fuel cell systems. The surge in stock price is attributed to growing expectations for increased power demand from artificial intelligence (AI) data centers, coupled with the re-emergence of previously postponed large-scale orders, which has boosted investor sentiment. According to the Korea Exchange, at 9:46 a.m. on May 22, Doosan Fuel Cell's shares rose by 29,000 won (25.03%) to 104,400 won, marking a new record high. The strong performance in the stock market appears to reflect the impact of the recently disclosed 529 billion won supply contract. According to the Financial Supervisory Service's electronic disclosure system, Doosan Fuel Cell confirmed it has signed a supply contract for fuel cell systems with Samchully ES. The contract amount represents approximately 20.28% of its recent revenue of 260.9 billion won. This contract involves supplying approximately 17 megawatts (MW) of fuel cell systems to domestic fuel cell power plants, with the contract period extending until June 8, 2026. Previously, when the contract was first announced in November 2024, the amount was not disclosed due to business confidentiality. The release of this information has now clarified the scale of the order. Market analysts believe that this announcement has contributed to the rising stock price, coinciding with increasing optimism regarding fuel cells for data centers. Doosan Fuel Cell has previously supplied products for a 39.6 MW fuel cell project in Incheon, in which Samchully ES participated. Analysts are also focusing on the potential for expansion in the U.S. market. Jeong Yeon-seung, a researcher at NH Investment & Securities, noted in a report that discussions are underway for orders of phosphoric acid fuel cells (PAFC) through Hy-Axiom, Doosan's U.S. fuel cell subsidiary. Expectations are building that production capacity could expand to around 300 MW annually. The increasing power demand from AI data centers is seen as a significant factor driving growth in the fuel cell market, as hydrogen fuel cells are gaining attention as an alternative power source due to the need for stable power supply in data centers. However, concerns about valuation pressures and intensified competition are considered variables. Jeong raised the target price from 36,000 won to 80,000 won but maintained a 'hold' investment rating. He stated, "Even with optimistic assumptions, the current stock price already reflects a valuation on par with the average of global fuel cell companies. For further increases, substantial and continuous orders that exceed market expectations are necessary." He added that not only solid oxide fuel cells (SOFC) but also competing technologies such as medium-speed engines for ships are entering the data center power generation market, emphasizing the importance of securing meaningful market share and track record in the U.S.* This article has been translated by AI. 2026-05-23 15:07:31

Jo Eung-cheon Criticizes Jang Dong-hyuk's Leadership as a Disaster for South Korea Jo Eung-cheon, the Reform Party candidate for Gyeonggi governor, strongly criticized the leadership of Jang Dong-hyuk, stating that its continuation would be a disaster for South Korea. During an appearance on CBS Radio's "Park Seong-tae's News Show" on May 22, Jo responded to a question about whether the opposition party's leadership should change to effectively check the ruling party. He remarked, "Jang will try to hold onto power in any way possible." He added that if Yang Hyang-ja, the People Power Party's candidate for Gyeonggi governor, achieves her goals, it could be a factor that allows Jang to maintain his position, stating, "If you vote for Yang, Jang will survive." Jo characterized the relationship between Jang and Yang as a "symbiotic relationship," noting, "Last fall, when Jang met former President Yoon Suk-yeol in prison and cried, Yang said, 'Jang kept his promise.' They are mutually supportive, like each other's lifeline." He criticized the People Power Party for failing to check the ruling Democratic Party and the Lee Jae-myung administration, which he accused of monopolizing all power, including local authority. He emphasized the importance of the first opposition party functioning effectively. Finally, regarding the possibility of conservative unification, Jo stated, "I am someone who is struggling to break the two-party cartel," and clarified, "I will not move toward solidifying the two-party cartel."* This article has been translated by AI. 2026-05-23 15:06:00

Namyang Dairy Reports 10% Increase in Formula Sales in Q1, Accelerates Southeast Asia Expansion Namyang Dairy is achieving success with its premium formula strategy, focusing on ingredient competitiveness. The company reported a 10% increase in formula sales in the first quarter of this year, with exports soaring by 54%, indicating a rapid expansion of its global business. On May 22, Namyang Dairy announced that its formula sales in Q1 rose by 10% compared to the same period last year. Domestic sales increased by 4%, while exports experienced a remarkable 54% surge. The company explained that the growing consumer trend in the infant food market is shifting from brand recognition to prioritizing product competitiveness, such as ingredients and nutritional design, which has contributed to the success of its premium product strategy. Namyang Dairy currently exports formula to major Asian countries, including China, Vietnam, Cambodia, Taiwan, and Mongolia. In Cambodia, the company holds about 90% market share in the Korean formula segment, while in Vietnam, it is expanding local distribution partnerships. Recently, at the Korea-Vietnam Business Forum, Namyang Dairy signed a memorandum of understanding (MOU) worth 70 billion won with Vietnam's largest distribution company, Phu Thai Holdings, for a three-year collaboration. A Namyang Dairy representative stated, "The competitive landscape in the formula market is rapidly shifting from price-based to ingredient-based. We plan to continue expanding our market presence in Asia, including Southeast Asia, based on our quality competitiveness from domestic raw milk and premium nutritional design." Meanwhile, Namyang Dairy has been recovering from poor performance during a legal dispute between former chairman Hong Won-sik, the second-generation founder, and private equity firm Hahn & Company. The company's profitability has improved since last year. In Q1 of this year, operating profit reached 500 million won, a 572% increase compared to the same period last year. Revenue for the same period was 225.2 billion won, up 4.4%.* This article has been translated by AI. 2026-05-23 15:03:24