Deputy Prime Minister Baek Kyung-hoon Prioritizes Mission-Centric Reform Over Consolidation of Research Institutes The Ministry of Science and ICT has announced that it will prioritize mission-centric reform over the consolidation of government-funded research institutes under the National Science and Technology Council (NST). During a press briefing on May 29 at the Seoul Central Post Office, Deputy Prime Minister and Minister of Science and ICT Baek Kyung-hoon stated, "Rather than first discussing the reorganization of research institutes, we need to set mission-centric tasks first. Once a mission-centric system centered around the K-Moonshot Project is established, discussions on organizational restructuring can follow, but for now, setting mission-centric tasks is the priority." In response to concerns that there are more support staff than researchers at these institutes, First Vice Minister Koo Hyuk-chae noted that it is difficult to make uniform judgments across institutions. He explained, "Each institution has different circumstances, and we need to approach them according to their specific characteristics." According to the Ministry of Science and ICT, the current support for research personnel at NST-affiliated institutions is about 17% of the actual work support standard. The ministry also plans to continue improving the treatment of researchers at government-funded institutes. Deputy Prime Minister Baek remarked, "The disparity in treatment between private companies and research institutes is always a concern, and we are discussing how to improve it." Vice Minister Koo added, "It is necessary to continuously improve the treatment of experienced researchers, and we are considering expanding the budget for science and engineering research institutes in the next fiscal budget process." On the same day, the Ministry of Science and ICT announced plans to reform the evaluation system to support challenging research and development (R&D). Vice Minister Koo stated, "The R&D environment is changing rapidly, and the existing evaluation methods have limitations. We are reviewing a transition to a diagnostic and excellence evaluation system centered around experts." He further mentioned, "We aim to present evaluation directions as early as this year or by early next year."* This article has been translated by AI. 2026-05-31 12:03:00

24-Hour Trading for Won-Dollar Exchange Begins July 6 Starting July 6, trading hours for the won-dollar foreign exchange will be extended to a continuous 24-hour format. This change is seen as a crucial step for South Korea as it aims to be included in the MSCI developed markets index. The Seoul Foreign Exchange Market Operations Committee announced on May 31 that it had approved significant changes regarding trading hours and days for the won-dollar exchange during a meeting held on May 29. Currently limited to 9 a.m. to 2 a.m. the following day, trading hours will be expanded to 6 a.m. Monday to 6 a.m. Saturday during New York's daylight saving time. At other times, trading will run from 7 a.m. Monday to 7 a.m. Saturday. Trading will also be available on holidays, except for weekends and January 1. Settlements will continue to be processed only on banking business days. The committee stated, "This measure will eliminate gaps in trading hours and enhance convenience for domestic and foreign investors, as well as importers and exporters, while reducing transaction costs." With the 24-hour trading, a time-weighted average price (TWAP) will be provided every hour. Opening, high, and low exchange rates will be reported based on the period from 6 a.m. to 6 a.m. the following day. The current closing exchange rate at 3:30 p.m. and the market average rate (MAR) will remain unchanged. The foreign exchange authorities plan to provide statistics based on these rates for the time being. The authorities intend to revise related foreign exchange trading regulations, including changing the market average rate from MAR to TWAP, based on feedback from market participants gathered during the committee meeting in June. Since the launch of the 'Foreign Exchange Market Modernization Plan' in 2023, the government has been gradually extending trading hours and easing restrictions on foreign transactions. In January, it officially announced that the foreign exchange market would be open 24 hours starting in July as part of its '2026 Economic Growth Strategy.' This initiative is part of a broader trend toward liberalizing the foreign exchange market in pursuit of inclusion in the Morgan Stanley Capital International (MSCI) developed markets index. MSCI has previously assessed that South Korea's foreign exchange market does not meet the standards for developed currencies due to its limited accessibility for 24-hour trading through offshore markets. However, some concerns have been raised about increased exchange rate volatility due to limited liquidity during nighttime trading. Kang Hyun-joo, a senior researcher at the Capital Market Research Institute, commented, "The expansion of trading hours is expected to alleviate gap risks and enhance the price discovery function of the regional market, representing an improvement in market microstructure."* This article has been translated by AI. 2026-05-31 12:03:00

Court Recognizes Workplace Dispute as Cause of Employee's Death from Brain Hemorrhage A South Korean court has recognized the death of a factory manager from a brain hemorrhage, which occurred shortly after a heated argument with a colleague, as a work-related injury. The ruling emphasized that even with pre-existing conditions, significant stress experienced during work can establish a causal link to such medical events. On May 31, legal sources reported that the Seoul Administrative Court's 13th Division, led by Judge Jin Hyun-seob, ruled in favor of the family of the deceased manager, identified as A, in a lawsuit against the Korea Workers' Compensation and Welfare Service. The family sought compensation for bereavement and funeral expenses, which had been denied by the agency. In March 2024, A, who was overseeing production, engaged in a fierce argument with a colleague over the receipt of work orders. The dispute continued for about ten minutes even after they moved to the break room. Shortly after the argument, A complained of sudden fatigue and lay down, only to be found unconscious by factory staff. He was later diagnosed with a brain hemorrhage and died a month later. The family claimed that A's death was a work-related injury and requested compensation, but the Korea Workers' Compensation and Welfare Service rejected their claim. The agency argued that the argument did not constitute acute stress severe enough to cause a brain hemorrhage and attributed the cause of death to A's personal health factors, including hypertension and a history of smoking. Consequently, the family filed a lawsuit against the agency. After the trial, the court ruled in favor of the family. The judges noted, "Given that A collapsed immediately after the argument, there is a significant causal relationship between his work and his death," and overturned the agency's decision. They determined that A was in an unusually agitated state during the dispute, which could not be dismissed as a mere disagreement. The court also highlighted that A had no prior history of cerebrovascular disease, suggesting that the mental stress from the conflict with his colleague could have interacted with any underlying conditions to trigger a sudden change in his vascular health.* This article has been translated by AI. 2026-05-31 12:00:00

Samsung Bioepis Launches Ophthalmology Biosimilar 'Ofuviz' in Europe Samsung Bioepis is accelerating its entry into the European market with the launch of its ophthalmology treatment 'Ofuviz' (active ingredient: Aflibercept). This move marks a strategic expansion beyond its existing biosimilar business focused on autoimmune and rare diseases into the ophthalmology sector.On May 31, Samsung Bioepis announced the launch of the low-concentration formulation (40mg/mL) of 'Ofuviz' in Europe. Ofuviz is a biosimilar to Regeneron's blockbuster ophthalmology drug 'Eylea,' used for treating eye diseases such as wet age-related macular degeneration. It works by binding to vascular endothelial growth factor (VEGF) to inhibit the formation of abnormal blood vessels.This launch is seen as a significant step in strengthening Samsung Bioepis's presence in the European ophthalmology market. Earlier this year, the company introduced the biosimilar 'Byooviz' (active ingredient: Ranibizumab) in Europe, further expanding its portfolio of ophthalmology treatments.Market analysts view Samsung Bioepis as having evolved into a biopharmaceutical company capable of managing the entire cycle of development, clinical trials, approval, and sales.The company's performance supports this trend. In the first quarter of this year, Samsung Bioepis reported revenues of 454.9 billion won and an operating profit of 144 billion won, representing increases of 14% and 13%, respectively, compared to the same period last year. This growth is attributed to the expansion of global biosimilar sales, which has led to improved revenue and profitability.The first results since the establishment of its holding company have also been positive. Samsung Epise Holdings recorded consolidated revenues of 453.9 billion won and an operating profit of 90.5 billion won in the first quarter, successfully turning a profit. Samsung Epise Holdings was established in November of last year through the spin-off of Samsung Biologics and operates Samsung Bioepis as a wholly-owned subsidiary while pursuing biotechnological platforms and future new businesses through a newly created subsidiary.Linda Choi, Vice President of Samsung Bioepis's Commercial Division, stated, "With the launch of Ofuviz in Europe, we can provide various treatment opportunities for patients with ophthalmic diseases. We will continue to address unmet needs through biosimilars and contribute to enhancing social value, including reducing health insurance costs."* This article has been translated by AI. 2026-05-31 11:39:00

Son Heung-min Scores Twice as South Korea Leads Trinidad and Tobago 2-0 The South Korean national football team finished the first half leading 2-0 against Trinidad and Tobago, thanks to a brace from captain Son Heung-min. Under the guidance of coach Hong Myung-bo, South Korea concluded the first half at South Field, Brigham Young University in Salt Lake City, Utah, on May 31. In the first match of their final warm-up ahead of the North and Central America World Cup qualifiers, Coach Hong employed a three-back formation. Son played as the lone striker, supported by Bae Jun-ho and Lee Dong-kyung in the attacking midfield. Kim Jin-kyu and Baek Seung-ho controlled the midfield, while Jens Castrop and Kim Moon-hwan operated as wing-backs. The defense was composed of Lee Gi-hyuk, Jo Yu-min, and Lee Han-beom, with Jo Hyun-woo in goal. Despite a sluggish start, South Korea broke the deadlock thanks to Son. In the 40th minute, Kim Jin-kyu delivered a through ball to Kim Moon-hwan, who sent a low cross into the box, allowing Son to score the opening goal. Son quickly added a second goal. In the 42nd minute, after receiving a pass from Son, Bae Jun-ho was fouled inside the penalty area. Son stepped up to take the penalty and scored with a powerful shot to the left side of the goal, marking his 56th career international goal. With Son's two goals, South Korea ended the first half with a comfortable two-goal lead. * This article has been translated by AI. 2026-05-31 11:39:00

Democratic Party Criticizes People Power Party's Election Concerns The Democratic Party stated on May 31 that the People Power Party's critical stance toward the election is "distressing." This comment came after the People Power Party raised allegations of government interference and election manipulation regarding President Lee Jae-myung's inspection of the ballot stamp during early voting. Kang Jun-hyun, the party's chief spokesperson, held a press conference at the National Assembly, asserting, "Despite the Election Commission confirming that there are no legal issues, the People Power Party continues its baseless attacks." Kang emphasized that there are still factions within the People Power Party promoting conspiracy theories about election fraud and undermining the significance of early voting. He added, "Such behavior is a threat to democracy," urging the party not to fall into contradictions while trying to tarnish the president's image. In response to the People Power Party's claim that President Lee's message encouraging early voting constitutes election interference, Kang explained, "The government and the president have the right to encourage voting. A statement like 'It would be good if you vote' does not refer to any specific individual or party and is therefore permissible."* This article has been translated by AI. 2026-05-31 11:39:00

NH Nonghyup Financial Group Strengthens Retirement Pension Focus with 107% Cumulative Return NH Nonghyup Financial Group is transitioning to a retirement pension financial group focused on returns. According to Nonghyup Financial on May 31, Nonghyup Bank's principal and interest non-guaranteed products have achieved the highest comprehensive weighted average return among the five major commercial banks for four consecutive quarters. Another product, the NH All Wonderful Happy Together savings account, which is tailored for pension recipients, is seeing increased demand due to enhanced benefits and transaction convenience for pension customers. NH Investment & Securities has introduced digital and AI-based pension asset management services, earning recognition in the retirement pension sector with various awards. Notably, the NH-DNA retirement pension EcoNex, managed by a robo-advisor, has recorded a cumulative return of 106.5%, marking it as one of the industry's top performers. Nonghyup Financial plans to expand its customized products and services for pension customers, centered around its senior brand, NH All Wonderful, launched in November last year. A representative from Nonghyup Financial stated, "As we respond to the expansion of the retirement pension market and the entry into a super-aged society, it is essential to strengthen our group’s competitiveness in retirement pensions. We will enhance our unique synergy by providing differentiated services that combine health, lifestyle, and finance based on our senior-focused brand, NH All Wonderful."* This article has been translated by AI. 2026-05-31 11:15:00

U.S. Defense Secretary Says Iran Has Sufficient Capacity to Resume War Pete Hegseth, U.S. Secretary of Defense, emphasized the need to counter China and increase defense spending among allies during the Shangri-La Dialogue in Singapore. He warned that the U.S. could resume military intervention if negotiations with Iran fail, while maintaining maritime blockades. On May 30, local time, Hegseth held a press conference at the U.S. embassy in Singapore after the Shangri-La Dialogue, stating, "We have the capability to resume military action if necessary, and our stockpiles are more than adequate both there and globally." He added, "This reflects how we balance precision weapons with ample ammunition." Hegseth also noted that the blockade operations against Iran are firmly in place, mentioning that the issue of the Strait of Hormuz was frequently discussed during bilateral meetings. He asserted, "The Strait of Hormuz will remain open, accessible to all, and free of tolls, as it should be." U.S. Defense Secretary Pressures Allies to Increase Defense Spending In his earlier speech at the Shangri-La Dialogue, Hegseth highlighted the importance of countering China and the necessity for allies to boost their defense budgets. He stated, "No nation, including China, can undermine the security of the U.S. and its allies through hegemonic actions," expressing justified concerns over China's military expansion in the Asia-Pacific region and beyond. He warned that if a hegemonic power dominates the Pacific, it would disrupt the regional balance of power, emphasizing, "What we seek is a truly stable equilibrium that benefits both the American people and our allies." However, he also showed a desire to avoid direct confrontation with China, saying, "We do not want unnecessary conflict in this region." He noted that U.S.-China relations are at their highest level in years since the Trump administration, and that military-to-military communication channels are open and more frequent. Hegseth stressed the need for allies to increase their defense spending, stating, "Regional security has relied too heavily on U.S. military power. Everyone must take responsibility to build a strong alliance. There will be no free riders." He added, "The era of the U.S. subsidizing defense spending for wealthy nations is over; we need partners, not dependents." He reiterated the U.S. commitment to a $1.5 trillion military investment, urging allies and partners to raise their defense budgets to 3.5% of their GDP. South Korea Receives Praise Hegseth particularly commended South Korea for pledging to increase its defense spending to 3.5% of GDP, saying, "I applaud the pragmatism and leadership shown by South Korea." He described it as "a breath of fresh air" that allies like South Korea are taking the lead in military operations. Regarding Taiwan, he reaffirmed that there is no change in the U.S. position, stating, "The core of the U.S. approach in the Pacific is to deny access across the First Island Chain (a hypothetical line connecting Japan, Okinawa, Taiwan, the Philippines, and the Malacca Strait)." He reiterated the necessity of defending Taiwan, but noted that future sales of U.S. weapons to Taiwan depend on decisions made by President Donald Trump. Meanwhile, China delivered a relatively restrained message at the conference. According to the Global Times, a state-run English newspaper, Meng Xiangqing, head of the Chinese delegation, stated during a session on "Managing Threats to Strategic Stability" that "hegemonism threatens regional security." He expressed hope that "China and the U.S. can move closer together" and that military relations between the two countries develop in a healthy, stable, and sustainable direction. In contrast, China strongly criticized Japan's military rearmament efforts. Meng warned, "The lessons of history remain vivid, and the world stands at a crossroads again," urging vigilance against the resurgence of militaristic thinking and the need to uphold the achievements of World War II and the post-war international order. He noted that this year marks the 80th anniversary of the Tokyo Trials and claimed, "Some forces are glorifying war crimes and distorting the history of World War II while trying to whitewash their history of aggression." On the Taiwan issue, he stated, "Taiwan independence forces cannot coexist with peace across the Taiwan Strait."* This article has been translated by AI. 2026-05-31 11:09:00

Korea's Fair Trade Commission Discovers $15 Billion Price-Fixing Scheme The Fair Trade Commission (FTC) highlighted its detection of a $15 billion price-fixing scheme as a key achievement in the first year of President Lee Jae-myung's administration.During a cabinet meeting on May 20, FTC Chairman Joo Byeong-ki presented the administration's major accomplishments over the past year.The fines imposed for significant price-fixing cases include: 396 billion won for sugar, 3.16 billion won for pork, 338.3 billion won for printing paper, and 590 million won for eggs. Joo emphasized that "serious unfair practices by monopolistic businesses threaten the survival of companies, and establishing market rules that promote fair competition and innovation is the only way for businesses to grow."The FTC also revamped its fine structure to combat price-fixing, raising the minimum fine by 20 times and increasing the maximum by 1.5 times.Another notable achievement is the price reductions resulting from voluntary corrections by companies involved in price-fixing. Joo noted that since February, price reductions of up to 26% have occurred for sugar, flour, and starch due to these voluntary measures, leading to lower prices for food items such as bread, ramen, and ice cream.Improvements to strengthen the bargaining power of economically vulnerable groups were also highlighted. Specifically, amendments to the Franchise Business Act have been completed to ensure collective bargaining rights for 380,000 franchise owners, and a three-tier safety mechanism has been established to ensure timely and stable payments for 1.2 million subcontractors.The FTC achieved over a 50% improvement in corrective measures through proactive investigations into technology theft compared to the previous year. Additionally, a bill has been prepared to amend the Fair Trade Act, enabling 8.29 million small and medium-sized enterprises and small business owners to negotiate on equal footing with large and mid-sized companies through collective action.Joo stated, "The FTC will continue to fulfill its role in establishing a fair market order to ensure that the principles of sustainable and fair growth take root in the market."* This article has been translated by AI. 2026-05-31 11:06:00

Oh Se-hoon Calls for Housing Regulation Relief from President Oh Se-hoon, the People Power Party's candidate for Seoul mayor, stated on May 31 that he plans to present three urgent housing policy improvements and two proposals for restoring the economy and democracy to the president during the first cabinet meeting after his election. Speaking at a press conference titled 'Five Major Commands from Seoul Citizens' at his campaign office in Jongno-gu, Oh emphasized that if elected, he would immediately fulfill the serious mandate from the citizens. The five major commands from Seoul citizens include: normalizing conditions for redevelopment and reconstruction projects, increasing the supply of private rental housing to address the rental crisis, establishing measures to prevent excessive property taxes, easing regulations in the metropolitan area to boost the local economy, and safeguarding democratic values by preventing the dismissal of charges. Oh pointed out that the only significant new housing supply measure in Seoul is redevelopment, which has become difficult under the current 10-15 policy. He pledged to lift restrictions on relocation loans for redevelopment projects, allow the transfer of membership status in housing cooperatives, and promote the relaxation of floor area ratios for public redevelopment projects. He also addressed the worsening rental crisis under the Lee Jae-myung administration, proposing the easing of regulations on registered rental businesses and corporate private rental projects to ensure the supply of safe and reasonably priced housing. Oh promised to advocate strongly for maintaining the long-term holding tax exemption for single-homeowners and adjusting tax brackets. He stated, "If the exemption for single-homeowners is abolished, it would cause significant losses. Therefore, we must maintain the current exemption and work with the government to find reasonable adjustments to the tax brackets." He emphasized that policies conflicting with the direction of government policy, including the maintenance of the tax exemption, would be unfeasible for Jung Won-oh, the Democratic Party's candidate for Seoul mayor. Oh remarked, "A Democratic mayor in Seoul would be nothing more than a puppet, unable to even mention the urgent and serious five commands from citizens. I believe that Jung, who was chosen as a candidate by the president, will have to act at the level of a nominal appointee." He urged Seoul citizens for strong support, stating, "What we need now is not a puppet but a guardian of citizens' rights." While vowing to speak candidly to the government, Oh addressed concerns about ongoing conflicts with the Lee administration, asserting, "I have never caused extreme conflicts with a president from a different party or engaged in unnecessary showy politics." He added, "Why can't I meet the president separately to discuss matters? I did so when I was elected in 2021, meeting with President Moon Jae-in. If I sincerely explain the market situation and convey the urgent issues, there should be no reason to reject stabilizing the housing market, which would also contribute to government stability." Oh concluded, "I have never backed down from doing what is right, and all the proposals I mentioned today are essential for a necessary future change. I question whether Jung, who is hesitant to speak out against the president, can truly take such actions." 2026-05-31 11:03:00