Trump and Xi Affirm Commitment to Strengthening US-China Relations U.S. President Donald Trump and Chinese President Xi Jinping held a summit in Beijing, confirming their commitment to stabilizing U.S.-China relations and expanding economic and trade cooperation. However, Xi emphasized that the Taiwan issue remains a critical concern in U.S.-China relations, urging the U.S. to respond cautiously. On May 14, the Chinese Foreign Ministry released details of the summit held at the Great Hall of the People. Xi highlighted the need for both nations to overcome the so-called "Thucydides Trap," which refers to the potential conflict between established and rising powers. He expressed a desire to steer the "great ship of U.S.-China relations" toward making 2026 a historic and symbolic year that builds on the past while opening up the future. Xi stated, "President Trump and I have agreed to establish a 'constructive strategic stable relationship' as a new direction for U.S.-China relations." He added that this would provide strategic guidance for the next three years and beyond, which he believes will be welcomed by both nations' citizens and the international community. He further explained that constructive strategic stability should focus on active cooperation, moderated competition, and manageable differences, emphasizing that it should not just be a slogan but a commitment to action. Regarding economic and trade relations, Xi described the essence of U.S.-China ties as mutually beneficial and win-win, asserting that equal negotiations are the only correct choice when faced with disagreements and friction. He noted that the economic and trade teams from both countries had achieved balanced and positive results, calling it good news for both nations and the world. He affirmed that China's doors to openness would continue to widen and welcomed U.S. companies' deep participation in China's reform and opening-up efforts. Xi Issues Warning on Taiwan Issue However, Xi issued a strong warning regarding Taiwan, stating, "The Taiwan issue is the most important issue in U.S.-China relations. If handled well, it can maintain overall stability in bilateral relations, but if mishandled, it could lead to conflict or even disputes." He emphasized that "Taiwan independence" and peace in the Taiwan Strait cannot coexist, urging the U.S. to handle the Taiwan issue with utmost caution. During the summit, Trump expressed his honor in visiting China, stating, "U.S.-China relations are very good. I have built the longest and best relationship between U.S. and Chinese leaders in history, maintaining friendly communication and resolving many important issues." He praised Xi as a great leader and acknowledged China as a great nation, expressing deep respect for Xi and the Chinese people. Trump described the meeting as significant, stating, "I want to strengthen communication and cooperation with President Xi and properly resolve differences to open the best U.S.-China relationship in history and pave the way for a more beautiful future for both countries." He also mentioned the presence of prominent American business representatives accompanying him, stating, "All of them respect and value China greatly, and I encourage them to actively expand cooperation with China." The Chinese Foreign Ministry reported that the two leaders exchanged views on major international and regional issues, including the situation in the Middle East, the Ukraine crisis, and the Korean Peninsula. They agreed to support each other for the successful hosting of the upcoming Asia-Pacific Economic Cooperation (APEC) summit and the G20 summit.* This article has been translated by AI. 2026-05-14 16:55:46

CJ Olive Young's 'Olive Better' Marks 100 Days of Success, Plans 10 New Stores CJ Olive Young's wellness curation platform, 'Olive Better,' is set to expand its offline presence following a successful 100 days since its launch. The company plans to open 10 new stores in key areas of Seoul, including Myeongdong and Seongsu, capitalizing on strong demand from foreign tourists and the 2030 demographic to take the lead in the K-wellness market. On May 14, Olive Young announced its intention to expand the number of Olive Better stores to 10 by the end of the year. Launched on January 30, Olive Better extends the health category into a broader wellness platform under the value of 'healthy beauty.' It redefined the abstract concept of wellness into intuitive categories such as 'eating well' and 'filling well,' introducing related products to the market. According to a report published by Olive Young at the end of last year titled '2026 Trend Keywords,' consumers in the U.S., U.K., and China all prioritize wellness as a top daily concern. Customers aged 15 to 24 purchasing wellness products at Olive Young have also shown double-digit growth annually since 2022. Data analyzed by Olive Young on the 100-day anniversary of Olive Better indicates that 1.8 million members made their first wellness product purchase since the launch. Demand from foreign customers exceeded expectations, with the share of foreign sales at the Gwanghwamun store surging from 7% in the first week of February to nearly 50% by the end of April. Notably, the top five products purchased by foreign customers were all domestic brands, including Rejuran, B.B.Lab, and Nothing Barrel. The product lineup has also proven effective. By selling wellness shots and gummy health products individually, Olive Better lowered the entry barrier, resulting in these two categories accounting for more than half of the top 30 products sold in stores as of the end of last month. The in-house brand 'All the Better' has created a positive cycle, with over 50 products, including gummies, olive oil, and water sticks, offered at competitive prices, leading customers to purchase an average of 3 to 4 additional products from other brands. The initiative has also fostered the growth of small brands. Protein shake brand 'Flymeal' and tea bag brand 'Nothing Barrel' have successfully introduced new product lines, 'Witch Soup' and 'Wellness Shot,' respectively, through Olive Better. Over the 100 days since its launch, more than 560 domestic and international wellness brands and over 13,000 products have been newly introduced. Following the 100-day milestone, Olive Young plans to enhance the curation of Olive Better both online and offline. The online mall will be reorganized to create a tailored shopping environment by categorizing existing items based on specific purposes and functions. An Olive Young representative stated, "We will continue to discover emerging domestic wellness brands and drive market innovation to strengthen the competitiveness of K-wellness."* This article has been translated by AI. 2026-05-14 16:54:26

Largest media expo underway in southern Seoul SEOUL, May 14 (AJP) - The Korea International Broadcasting, Media, Audio & Lighting Show (KOBA), which kicked off on Wednesday, runs until Friday. Under the theme of "The AI-Awakened Media Era: Content Connects, Creation Evolves, Convergence Opens," the four-day expo reflects the rapid spread of artificial intelligence (AI)-driven technologies in the broadcasting and media industry, such as OpenAI's "Sora," Google's "Veo" and Meta's "Emu Video." About 220 domestic and international companies are participating, setting up about 1,000 booths. Organizers expect more than 40,000 visitors. Major Korean broadcasters and global equipment manufacturers, including Blackmagic Design, Canon, Nikon Imaging Korea, Panasonic and Sony are among the participants. 2026-05-14 16:52:35

CJ ENM Vice Chair Im Mi-kyung: K-Content Connects Beyond Korean Culture Im Mi-kyung, Vice Chair of CJ ENM, discussed the growth of the Korean content industry and its global expansion strategy in the CNN documentary "K-Everything." He highlighted the importance of "authentic storytelling" as a key factor in the global spread of Korean culture, stating, "It is crucial not just to promote Korean culture but to connect people worldwide through stories." According to CJ ENM, Im shared these insights during the broadcast of "K-Everything" on May 9, where he addressed the global competitiveness of Korean content and the future vision of the cultural industry. He added, "I hope our experiences and journey can serve as a possibility and inspiration for others." CNN's original series "K-Everything" is a four-part program that explores the evolution of K-culture into a global phenomenon. The documentary identifies CJ's pioneering role in the cultural business as a driving force behind the growth of K-content, covering various sectors including film, drama, and music. Particularly, it emphasizes Im's role as a leader in establishing K-culture as a sustainable global industry. In the documentary, Im reflected on the investment by DreamWorks in 1995, recalling his grandfather, Lee Byung-chul, who often said, "A nation can only gain true competitiveness when the power of culture combines with industry and economic strength." He further noted, "I learned that the entertainment industry is about developing intangible assets into sustainable industries and businesses, and it is vital to build infrastructure and a creative ecosystem that allows creators and artists to continue their storytelling and creative activities." The broadcast also highlighted the journey of CJ's support and investment in films, from Park Chan-wook's "Oldboy," which won the Jury Prize at the Cannes Film Festival in 2004, to Bong Joon-ho's "Parasite," which won four Academy Awards in 2020. When "Parasite" won the Academy Award for Best Picture, Im expressed gratitude to the audience, saying, "What I really want to say is thank you to the viewers who love Korean films. Thank you for cherishing our films and sharing your opinions generously." In the documentary, Im stated, "I realized that our storytelling can resonate with people around the world, beyond Asia." Over the past 30 years, Im has led the globalization of the Korean cultural industry. His contributions have been recognized with several awards, including the Academy Museum Pillar Award in 2022, the International Emmy Directorate Award in 2022, the Gold Crown Cultural Medal in 2023, the Abu Dhabi Festival Award in 2024, the Global Citizen Award in 2024, and the Ellis Island Medal of Honor in 2025.* This article has been translated by AI. 2026-05-14 16:51:37

Financial Sector Divided on Inclusive Finance Policies A divide is emerging in the financial sector regarding the government's policies aimed at expanding productive and inclusive finance. While domestic financial holding companies have emphasized the importance of inclusive finance, their business reports filed in the United States indicate that these policies could pose risks to profitability and asset soundness. According to the financial sector on May 14, KB, Shinhan, and Woori Financial Groups included the productive and inclusive finance policies as a new item under "investment risk factors" in their business reports submitted to the U.S. Securities and Exchange Commission (SEC) at the end of last month. This marks the first time that references to productive and inclusive finance have appeared in the investment risk factors section of these reports. KB Financial noted in its report that the implementation of inclusive finance policies may necessitate adjustments in business practices, potentially increasing the risk of customer defaults. Similarly, Shinhan Financial specified the possibility of a decline in soundness as an investment risk associated with its response to inclusive finance policies. Woori Financial mentioned that engaging in productive finance could lead to unintended costs or losses. Industry insiders explained that the inclusion of these risk factors in U.S. reports reflects the need to disclose potential risks that could affect corporate performance, as failing to do so could expose them to class-action lawsuits. However, the troubling aspect is that this information was not included in the domestic business reports submitted to the Financial Supervisory Service. This discrepancy has raised questions about the commitment to policy cooperation domestically while separately acknowledging risks in overseas disclosures. The five major financial groups have actively supported government policies, proposing a total of 70 trillion won in inclusive finance support over the next five years, aiming for 2030. A financial authority official stated, "While it is true that inclusive finance is directly related to the soundness of financial institutions, it is regrettable that such information emerged through foreign disclosures. We hope that the improvements being made to increase the funding capacity of banks will be taken into account." The recent controversy surrounding the private bad debt management company, Sangnoksoo, has also drawn renewed attention in light of the financial sector's inclusive finance initiatives. Sangnoksoo was established in 2003 by major banks and credit card companies to manage a surge in long-term overdue debts during the credit card crisis. However, revelations that it has been collecting on long-term overdue debts for over 20 years have sparked accountability discussions within the financial sector. The controversy intensified as it was reported that Sangnoksoo's shareholders received over 40 billion won in dividends over the past five years, raising concerns about the inconsistency between the push for enhanced financial support for the underprivileged and the practices of debt collection and dividend distribution. In response, President Lee Jae-myung has been delivering strong messages to the financial sector, emphasizing the importance of inclusive finance. On May 14, he stated on his X (formerly Twitter) account, "Finance is a quasi-public business based on national issuance power and monopolistic licensing, and it must fulfill its public responsibilities. We will swiftly and maximally secure financial support for the underprivileged and inclusive finance."* This article has been translated by AI. 2026-05-14 16:50:19

Candidates Register as Election Campaigns Heat Up Ahead of Local Elections The ruling and opposition parties officially kicked off their election campaigns on May 14, as candidates registered for the June 3 local elections and National Assembly by-elections. The Democratic Party of Korea, which has formed a campaign committee for national normalization, and the People Power Party, which launched a campaign to prevent the cancellation of indictments, are expected to engage in fierce competition. The Democratic Party aims to reclaim local power and secure its positions in the by-elections, while the People Power Party hopes to perform well in the metropolitan areas of Seoul and Busan, as well as in its stronghold of Yeongnam. The National Election Commission is accepting candidate registrations at local election offices from May 14 until 6 p.m. on May 15. Both the Democratic Party and the People Power Party have completed their candidate nominations for the local elections and by-elections, leading to a staggered registration process. In the by-elections, the Democratic Party has nominated candidates for all 14 districts, while the People Power Party has put forward candidates for 13 districts, excluding the difficult-to-fill areas of Gunsan, Gimje, and Buan. Among the districts considered a mini-general election, 13 are currently held by the Democratic Party, with the exception of Daegu Dalseong. On this day, the Democratic Party's candidates for metropolitan mayor included Jeong Won-o (Seoul), Choo Mi-ae (Gyeonggi), Park Chan-dae (Incheon), Kim Boo-kyum (Daegu), Jeon Jae-soo (Busan), Kim Kyung-soo (Gyeongnam), Min Hyung-bae (Jeonnam-Gwangju), Lee Won-taek (Jeonbuk), Park Soo-hyun (Chungnam), and Heo Tae-jeong (Daejeon). The People Power Party's candidates for metropolitan mayor include Oh Se-hoon (Seoul), Yang Hyang-ja (Gyeonggi), Yoo Jeong-bok (Incheon), Choo Kyung-ho (Daegu), Park Hyung-jun (Busan), Park Wan-soo (Gyeongnam), Lee Jeong-hyun (Jeonnam-Gwangju), Kim Tae-heum (Chungnam), Lee Jang-woo (Daejeon), and Choi Min-ho (Sejong). Additionally, Jeong Yi-han, the candidate for Busan Mayor from the Reform Party, has completed his registration, and Jo Eung-cheon, the candidate for Gyeonggi Governor, is expected to submit his application through a representative at 5 p.m. on the same day. Kwon Young-guk, the Justice Party's candidate for Seoul Mayor, also proceeded with the registration process. Furthermore, Kim Kwan-young, who was expelled from the Democratic Party due to allegations of distributing money envelopes, has registered as an independent candidate. He is set to face off against Lee Won-taek, who has been implicated in allegations of covering meal expenses. Among the Democratic Party's candidates for the by-elections are Song Young-gil (Incheon Yeonsu-gap), Ha Jung-woo (Busan Buk-gu-gap), Kim Yong-nam (Gyeonggi Pyeongtaek-eul), and Kim Nam-jun (Incheon Gyeyang-eul). The People Power Party's candidates Park Jong-jin (Incheon Yeonsu-gap), Park Min-sik (Busan Buk-gu-gap), Lee Jin-sook (Daegu Dalseong-gun), and Yoo Ui-dong (Gyeonggi Pyeongtaek-eul) have also completed their registrations. In Pyeongtaek-eul, Jo Guk, the leader of the Jo Guk Innovation Party, and Kim Jae-yeon, the permanent representative of the Progressive Party, have finalized their candidate registrations. Han Dong-hoon, a former leader of the People Power Party running as an independent in Busan Buk-gu-gap, is scheduled to register on May 15. Meanwhile, even after completing candidate registration, only preliminary campaign activities such as distributing business cards and wearing uniforms are allowed until May 20. Official campaigning will take place from May 21 to June 2, during which candidates can conduct street rallies and distribute campaign materials. Early voting is scheduled for May 29 and will last for two days. 2026-05-14 16:47:58

China Insight: What the rain-soaked Temple of Heaven revealed about Trump-Xi summit President Donald Trump and President Xi Jinping met once again in Beijing on May 14. A summit between the leader of the world’s foremost superpower and the head of the world’s second-largest economy invariably carries global significance. Yet this meeting possessed an unusually heavy symbolism and strategic gravity. The wars in Ukraine and the Middle East, the intensifying contest for artificial intelligence supremacy, the semiconductor conflict, the Taiwan question, rare-earth export controls, supply-chain restructuring, the future of dollar dominance, and the internationalization of the yuan have all converged at the same historical moment. This summit was therefore far more than a routine diplomatic engagement. In many respects, it amounted to a grand strategic exploration of who will shape the architecture of the mid-21st century world order — and how that order will ultimately be constructed. The United States seeks to preserve the existing framework of global primacy. China, meanwhile, seeks to accelerate the emergence of a multipolar order. Between those two ambitions, the world watches with equal measures of anxiety and expectation. The two leaders met for more than two hours at the Great Hall of the People in Beijing. Following the formal talks, they moved together to the Temple of Heaven, the sacred imperial site where Chinese emperors once prayed for peace, prosperity, and abundant harvests under the Mandate of Heaven. A state banquet followed later that evening. China’s decision to include the Temple of Heaven in the summit itinerary was no accident. The site is far more than a tourist destination. It is one of the great symbolic spaces of Chinese civilization itself — a place where the emperors of the Ming and Qing dynasties affirmed what traditional China regarded as heavenly legitimacy and cosmic order. It represents continuity, historical consciousness, and civilizational permanence. The image of Trump and Xi walking together along the rain-darkened stone paths of the Temple of Heaven therefore carried extraordinary symbolic weight. Trump reportedly remarked only briefly that the scene was “beautiful.” More notable was his unusual restraint regarding Taiwan, a subject on which he has often spoken bluntly in the past. The silence itself was revealing. It reflected the complicated strategic reality now confronting the United States. America remains the world’s most powerful nation. Yet it no longer possesses the effortless strategic dominance that defined the immediate post-Cold War era. The war in Ukraine drags on. Conflict between Iran and Israel threatens to widen across the Middle East. Inside the United States, fiscal deficits, high interest rates, industrial hollowing, and deepening social polarization continue to intensify. Washington seeks to contain China’s rise in artificial intelligence and advanced semiconductors. Yet it also understands an uncomfortable reality: the global supply chain itself cannot easily function without China. Beijing faces its own profound vulnerabilities. China’s property crisis, local-government debt burdens, youth unemployment, and weak domestic consumption have created structural strains throughout the economy. Nevertheless, China remains the world’s largest manufacturing power and continues to dominate critical sectors ranging from rare earths and batteries to solar panels and electric vehicles. Above all, Beijing sought through this summit to project an unmistakable message to the world: China considers itself not merely a modern nation-state, but a civilization-state standing as an equal to the United States. That is precisely why the Temple of Heaven mattered. The United States is a relatively young republic, barely 250 years old. China sees itself as the inheritor of a civilization stretching back five millennia. Xi Jinping’s decision to host Trump at the Temple of Heaven was therefore not simply ceremonial diplomacy. It was an assertion that China is not a temporary geopolitical actor, but an enduring civilization shaped by history, philosophy, and cultural continuity. The summit itself revolved around six principal themes. The first was trade and tariffs. Trump, acutely aware of American farmers and industrial workers as a crucial political constituency, is believed to have pressed strongly for expanded Chinese purchases of American soybeans, grain, and agricultural products, while continuing to raise concerns about trade imbalances. China, facing slowing economic momentum, likewise requires a degree of stability in access to American markets. The second issue was semiconductors and artificial intelligence. The United States has tightened restrictions on exports of advanced AI chips and semiconductor technologies in an effort to slow China’s technological ascent. China, meanwhile, has accelerated domestic substitution efforts centered around companies such as Huawei. This is no longer merely a technological competition. It is increasingly a struggle over who will shape the operating system of the future global civilization. The third issue concerned rare earths and supply chains. China has increasingly employed rare-earth export controls as a strategic instrument. Because critical sectors — electric vehicles, semiconductors, defense systems, and renewable energy infrastructure — remain deeply dependent upon Chinese-controlled supply chains, Washington’s efforts to diversify away from China face immense practical limitations. The fourth issue was Taiwan. It was perhaps the most sensitive topic of the summit and also the one approached with the greatest caution. Xi reportedly warned that mishandling the Taiwan issue could dangerously increase the possibility of direct confrontation between the two powers. The United States cannot easily abandon Taiwan, yet neither can it afford a full-scale military conflict with China. As a result, the Taiwan Strait is increasingly emerging as one of the world’s most dangerous geopolitical flashpoints. The fifth issue involved the Middle East. As tensions between Iran and Israel intensify, Washington increasingly recognizes the importance of China’s relationship with Tehran. China has sought to present itself as a stabilizing diplomatic force in the region, particularly after previously helping facilitate rapprochement between Saudi Arabia and Iran. The sixth issue concerned the deeper structure of the global financial system itself. Beneath the formal agenda lay an invisible but highly consequential competition between dollar dominance and the internationalization of the Chinese yuan. Should the yuan continue expanding its role in energy settlements and global trade, the foundations of the postwar financial order could gradually begin to shift. Yet perhaps the summit’s most important message was this: even amid rivalry, dialogue continues. The United States and China compete fiercely, but they also remain deeply dependent upon one another. China cannot easily thrive without the American market and financial system. Nor can the United States fully disentangle itself from the manufacturing and supply-chain infrastructure centered in China. The global economy itself would struggle to survive a complete rupture between the two powers. For Northeast Asia, the summit may mark the beginning of a new strategic phase. China will likely intensify efforts to limit American involvement in Taiwan. The United States, meanwhile, is expected to deepen security coordination with Japan and South Korea. Japan may continue accelerating military normalization, while North Korea will closely monitor every shift in the relationship between Washington and Beijing. In that sense, Northeast Asia is increasingly becoming the principal front line of great-power competition. The original Cold War was centered largely upon military confrontation between the United States and the Soviet Union. The emerging strategic rivalry of the 21st century, however, is likely to be far more complex — an intertwined contest involving artificial intelligence, semiconductors, energy systems, maritime power, finance, and supply chains. What, then, should South Korea understand from all this? Seoul must look not through the lens of emotion, but through the lens of structure. The United States remains South Korea’s indispensable security ally. China remains one of its most important economic partners. Korea cannot survive by choosing only one side in absolute terms. Its challenge is therefore not blind alignment, but the cultivation of strategic balance grounded in technological strength, industrial competitiveness, and diplomatic sophistication. South Korea already possesses globally competitive capabilities in semiconductors, artificial intelligence, shipbuilding, nuclear energy, batteries, and defense manufacturing. The essential task is not to think of Korea merely as a “middle power,” but as a genuine strategic state capable of exercising meaningful influence within a rapidly changing Northeast Asian order. The rain falling over the Temple of Heaven was more than weather. It may well have been a signal that the world itself is entering a new season. And along those rain-soaked paths, America and China — two powers moving according to profoundly different historical clocks — were quietly calculating the future of the same world. *The author is a senior columnist of AJP. 2026-05-14 16:47:17

How Korea's jogging craze became Samsung's Asian health gambit SEOUL, May 14 (AJP) - South Koreans are lacing up in record numbers — and they're taking their smartwatches with them. Walk through Seoul on any weekend morning and the evidence is everywhere: colour-coordinated running crews streaming through Han River parks, Strava segments being contested with the intensity of corporate quarterly targets, and, at every major sports retailer, empty shelves. "During marathon season, running attire and gear are completely sold out on and offline," a Lululemon Korea representative told AJP. "High-performance gear across all major brands becomes nearly impossible to find, even for those willing to pay a premium." The numbers behind the scene are striking. South Korea's running participation rate jumped from 4.8 percent in 2024 to 7.7 percent in 2025. One in three Korean adults now wears a smartwatch. The domestic running gear market has surpassed 1 trillion won ($730 million). What began during the COVID-19 pandemic as an escape from shuttered gyms has evolved into something far more elaborate: a data-intensive, socially networked lifestyle sport with its own aesthetic codes, digital rituals, and — inevitably — growing pains. The phenomenon even has its own villain arc. "Nuisance running," or minpye — where large organised crews block pedestrian pathways — has become a fixture of local media debate. Korea's running boom, it turns out, is social enough to cause traffic. Samsung is paying close attention to all of it. At a media briefing in Seoul on Thursday, the company revealed that its Samsung Health platform has reached 77 million monthly active users globally. The pitch from Samsung's MX Business Digital Health Team was pointed: the winner of Asia's health technology war will not be the brand that tracks the fastest kilometre split. It will be the one that understands the runner's entire life. "Running is merely one component of our broader goal," said Choi Jun-il, Vice President at Samsung's Digital Health Team. "Because we manage everything from sleep and diet to mental health, stress measurement, and heart health, we believe we have a clear point of differentiation from competitors like Apple or Garmin." The strategy is anchored in holistic data rather than athletic performance alone — a distinction that matters in a market where elite runners have shifted their priorities accordingly. Eun-ju Kwon, a former national marathon record holder and Samsung Health ambassador, put it plainly: "Instead of just focusing on my pace, what matters most to me now is whether I slept well. I check my sleep and energy scores every morning." Korea, in Samsung's view, is the testbed. The rest of Asia is the market. And that market is vast and wildly varied. China has over 150 million active fitness app users, where marathon participation has become a premier status symbol among the urban professional class. Indonesia is experiencing something closer to an explosion: regional e-commerce data shows running gear consumption surged more than 500 percent year-on-year, driven by a growing middle class and a distinctive "night runner" culture shaped by the country's tropical climate. Samsung's Galaxy Watch BioActive sensor — tracking six advanced running metrics including ground contact time and vertical oscillation — is designed to adapt to each of these local cultures rather than impose a single template. The logic extends well beyond sport. Biometric data from hundreds of millions of daily users, aggregated and analysed at scale, is among the most valuable datasets an AI-era technology company can hold. Samsung's running play is, at its core, a data accumulation strategy dressed in moisture-wicking fabric. Korea exported its pop culture. It exported its cinema. Now it is attempting to export its running culture — and the digital infrastructure that comes with it. The shoes may be Korean. The ambition is continental. 2026-05-14 16:46:27

South Korea's Foreign Minister Condemns Attack on HMM Cargo Ship Namwoo Cho Hyun, South Korea's Foreign Minister, stated on May 14 that the attack on the HMM cargo ship Namwoo and other civilian vessels is "unjustifiable and unacceptable under any circumstances." He emphasized the government's commitment to ongoing consultations with relevant countries regarding the incident. During a press briefing at the Ministry of Foreign Affairs in Jongno-gu, Seoul, Cho announced that the government will conduct a further investigation into the attack on the Namwoo and take necessary measures based on the findings. A senior official from the Foreign Ministry noted that the wreckage of the vessel was initially at the South Korean consulate in Dubai but has since been moved to the South Korean embassy in Abu Dhabi. The official stated, "We expect to bring the wreckage to Korea as soon as possible. Once it arrives, we believe that the specialized investigation agency at the Ministry of National Defense will conduct a thorough examination to uncover various details." In addition to analyzing the wreckage of the aircraft engine, the investigation will also accelerate on-site assessments. The Ministry of National Defense dispatched a technical analysis team consisting of over ten experts from the Agency for Defense Development (ADD) and other institutions to Dubai on May 13. The team plans to conduct a detailed investigation and analyze various pieces of evidence while collaborating with relevant countries to establish accurate facts. Closed-circuit television (CCTV) footage is also a critical factor in the investigation. The senior official mentioned that the shipowner has cited various reasons for not releasing the CCTV footage that captured the aircraft. "I have not seen it yet, but there are currently differing opinions. However, we hope to persuade them to release the footage, which could become part of the investigation process," the official said. Cho added, "We will closely monitor the developments of the war in the Middle East and changes in the international order following the conflict, particularly in terms of their impact on our citizens and national interests. We will make agile and multifaceted efforts to turn various crises into opportunities." Meanwhile, the Foreign Ministry warned against overinterpreting comments made by a senior official who stated that while the possibility of an attack from entities other than Iran is currently unknown, it is not likely based on common sense, as there were no pirates in the vicinity. During a regular briefing in the afternoon, Foreign Ministry spokesperson Park Il emphasized, "The government will work to identify the cause of the incident and the perpetrator through the analysis of the recovered aircraft engine wreckage and the dispatch of the technical analysis team for further investigation. We wish to refrain from mentioning specific countries at this time, as the perpetrator has not yet been identified, and we will take necessary measures based on confirmed facts from the investigation."* This article has been translated by AI. 2026-05-14 16:44:56

Korean Scholarship Foundation and Labor Welfare Corporation Join New Leap Fund The Korean Scholarship Foundation and the Labor Welfare Corporation have expressed their intention to join the New Leap Fund, confirming their commitment to financial authorities. Following the controversy surrounding the private bad bank, Sangnoksoo SPC, the review of long-term delinquent loans has expanded, prompting discussions about including policy-related bonds held by public institutions into the New Leap Fund. The New Leap Fund is a program designed to purchase unsecured loans under 50 million won that have been delinquent for over seven years, supporting debt restructuring or loan cancellation. Its aim is to assist borrowers who are struggling to return to normal financial life due to long-term delinquencies. As of May 14, there are a total of 2,735 financial institutions holding long-term delinquent loans. Of these, 2,718 have joined the New Leap Fund, while 17 have not. Among the non-participating institutions, 15 are lending companies, and the remaining two are the Korean Scholarship Foundation and the Labor Welfare Corporation. Both agencies recently communicated their intent to join the New Leap Fund to the Financial Services Commission. The estimated total of long-term delinquent loans held by the two institutions is around 60 billion won. The Korean Scholarship Foundation's long-term delinquent loans exceed 25 billion won and include debts from young borrowers who have failed to repay their student loans on time. The Labor Welfare Corporation's long-term delinquent loans are estimated at about 37 billion won, primarily consisting of policy loans such as worker stabilization funds. These loans are significant as they differ from typical financial institution loans, being policy-related loans like student loans and worker stabilization funds. A high proportion of long-term delinquents in student loans are young individuals, while the Labor Welfare Corporation's loans are mainly used by low-wage workers in need of living expenses. Despite aligning with the New Leap Fund's goal of supporting vulnerable borrowers, these institutions had previously been excluded from the program. Notably, long-term delinquents on student loans can utilize the existing debt restructuring system of the Credit Recovery Commission, but the benefits are more limited compared to the New Leap Fund. The maximum principal reduction rate under the Credit Recovery Commission is around 70%, while the New Leap Fund allows for reductions of up to 80%. The delay in the Korean Scholarship Foundation's inclusion in the New Leap Fund has meant that long-term student loan delinquents have not been able to access relatively favorable debt restructuring benefits. The delay in joining the fund has been attributed to legal grounds and internal procedural issues rather than a lack of willingness to participate. Public institutions manage loan claims according to relevant laws, so selling claims to the Korea Asset Management Corporation requires separate legal grounds and decision-making processes. The Korean Scholarship Foundation lacks clear legal grounds under current law to sell student loan claims to KAMCO, necessitating legal adjustments. The Labor Welfare Corporation has also been reviewing the feasibility and procedures for selling policy loan claims. The atmosphere has changed following the Sangnoksoo SPC controversy. Concerns were raised that Sangnoksoo SPC had not transferred long-term delinquent loans incurred during the card crisis to the New Leap Fund, prompting the Financial Services Commission to strengthen its review of institutions holding long-term delinquent loans. KB Kookmin Bank's long-term personal credit delinquent loans, which were transferred to KB Star Asset Securitization Company, are also set to be sold to the New Leap Fund. A financial industry official stated, "The intention of the two institutions to join the fund is significant in reducing the blind spots of the New Leap Fund. However, for the actual sale of claims and debt restructuring to proceed after the agreement is signed, legal adjustments and institutional procedures must be expedited."* This article has been translated by AI. 2026-05-14 16:42:50