Chunmoo Rocket System Secures Additional Export Deal with Estonia On May 11, the Korea Trade-Investment Promotion Agency (KOTRA) announced that it has signed a government-to-government (G2G) export contract with Estonia's Defense Investment Agency (ECDI) for the additional supply of the Chunmoo multiple launch rocket system. Under this contract, Hanwha Aerospace is set to deliver three Chunmoo launchers and associated equipment to Estonia by the end of 2027. The Chunmoo is a wheeled multiple launch rocket system developed independently by South Korea. It is a key asset in South Korea's preemptive strike system, known as the Kill Chain, capable of precision strikes with up to 12 rounds at a range of 80 kilometers. In comparison, the U.S. High Mobility Artillery Rocket System (HIMARS) can launch a maximum of six rounds at a range of 70 kilometers. Previously, KOTRA signed a comprehensive contract with Estonia in December of last year to ensure long-term supply of the Chunmoo system over the next decade, establishing a sustainable export foundation for medium and long-range artillery. This initial G2G export contract involved the supply of six Chunmoo launchers and three types of missiles, valued at approximately 300 million euros (about 500 billion won). This additional order comes just five months after the initial contract was signed. Since 2020, Estonia has successfully operated South Korea's K9 self-propelled howitzers, particularly praising the performance and durability of South Korean weapon systems in the harsh climatic conditions of Northern Europe, which is close to the Arctic. KOTRA President Kang Kyung-seong stated, "The swift conclusion of this additional contract reflects not only the superior performance of our weapon systems but also the deep trust the Estonian government has in South Korean defense technology. We will strengthen our collaboration as 'Team Korea' and focus our efforts on expanding K-defense exports."* This article has been translated by AI. 2026-05-11 09:06:00

Hana Securities Maintains Target Price of 80,000 Won for Hankook Tire Amid Temporary Profit Decline Hana Securities reported on May 11 that Hankook Tire & Technology (Hankook Tire) is expected to experience a temporary decline in profitability due to rising raw material and shipping costs driven by increasing oil prices. However, the firm stated that the impact will not be significant and maintained its target price at 80,000 won with an investment recommendation of 'buy.' Song Seon-jae, a researcher at Hana Securities, noted, "Historically, we have seen a cycle of 'cost increase - profitability decline - price increase - profitability recovery,' and this time will be no different. We expect Hankook Tire to maintain high profitability in its tire segment through excellent cost control, price increases, and improved product mix." He also highlighted that the performance of its subsidiary, Hanon Systems, which had previously burdened the company's financials, is improving, and shareholder returns are expected to increase. Song projected that the rise in raw material costs due to the recent conflict in the Middle East will be reflected in contracts starting in the second quarter, with actual costs being incurred three months later and profit and loss impacts expected to be seen four to six months afterward. He added, "While the related impacts will be reflected in the second half of the year, they are not expected to be very significant." He further explained that diversifying the sources of raw materials will help mitigate the impact of rising costs, and price increases are being prepared regionally. Although there are factors that could increase shipping costs due to rising oil prices, he anticipates that overall shipping demand will decline, leading to contracts in the second half of the year being similar to or more favorable than those in the first half. Additionally, he stated, "Production increases at the Tennessee plant in the U.S. are proceeding as planned, and we expect profitability to rise to average tire margins once full capacity production is achieved in the second half of the year."* This article has been translated by AI. 2026-05-11 08:58:03

Foreign Films Dominate Box Office After Holiday Weekend Despite the end of the holiday weekend, foreign films continued to perform strongly at the box office. During the weekend of May 8 to 10, "The Devil Wears Prada 2" and "Super Mario Galaxy" secured the top two spots, while the Korean horror film "Salmon" ranked third, maintaining its long-term success.According to the Korean Film Council's integrated ticketing system, "The Devil Wears Prada 2" was the top film of the weekend, attracting 195,514 viewers and bringing its total audience to 1,221,632.The sequel features the legendary fashion magazine editor Miranda and her former assistant Andy, who returns as a creative editor after 20 years. The film explores their reunion and the changing media landscape as they vie for dominance in the fashion industry. It has also been performing well internationally, having topped the North American box office for two consecutive weeks, with worldwide earnings exceeding $433.24 million, surpassing the first film's total of $326.58 million.In second place was "Super Mario Galaxy," which drew 184,014 viewers during the same period, bringing its cumulative audience to over 1.31 million. The film's success continued from the holiday weekend, appealing particularly to family audiences."Super Mario Galaxy" tells the story of brothers Mario and Luigi, who have grown from Brooklyn plumbers to heroes saving the world. In this installment, they embark on a new adventure to rescue Yoshi, who gets lost while on a mission in the Sand Kingdom. The film's family-friendly appeal has contributed to its steady audience flow during May, a month dedicated to families.Among Korean films, "Salmon" secured the third position, attracting 147,323 viewers from May 8 to 10, with a total audience of 3,022,847. Despite the strong performance of foreign films, it has consistently drawn viewers and continues to thrive at the box office."Salmon" is a horror film about a film crew that encounters something mysterious in a dark reservoir after capturing an unidentified shape on a road view. Directed by Lee Sang-min, it stars Kim Hye-yoon, Lee Jong-won, Kim Jun-han, Kim Young-sung, Oh Dong-min, Yoon Jae-chan, and Jang Da-ah. After surpassing the break-even point of 800,000 viewers shortly after its release, it crossed the 1 million mark within ten days and has since reached 3 million, thanks to positive word-of-mouth.This weekend's box office results reflect the continued momentum in theaters following the holiday season. "Super Mario Galaxy" and "The Devil Wears Prada 2" led the foreign film charge, while "Salmon" maintained its presence through strong word-of-mouth and sustained success.* This article has been translated by AI. 2026-05-11 08:56:39

Jeon Hyun-hee Appointed Head of Seoul Campaign for Local Elections The Democratic Party announced the appointment of Jeon Hyun-hee, a former Supreme Council member, as the head of its Seoul campaign committee under the central election committee for the upcoming June 3 local elections. Jeon, who currently serves as the chief campaign officer for the party's Seoul mayoral candidate Jeong Won-o, will oversee election strategies and organizational operations across Seoul following her appointment on May 11. In her remarks, Jeon stated, "Seoul is the site of the citizens' 'Revolution of Light' that safeguarded democracy," expressing her determination to achieve victory in Seoul to completely resolve internal strife and ensure the triumph of democracy. She added, "I will work vigorously with the citizens of Seoul to ensure that the wave of change that began in the alleys leads to the realization of a 'true Republic of Korea' where the people are the masters." Previously, on May 10, the Democratic Party launched a party-wide election committee named 'Normalization of the Republic of Korea' in preparation for the local elections, transitioning into an election system. At that time, Jeon joined the alley campaign committee, taking a frontline role in the party's election efforts in Seoul, where she is expected to drive the party's success in the local elections.* This article has been translated by AI. 2026-05-11 08:55:11

SK Innovation to Foster Startups Addressing Energy and Social Issues Using AI SK Innovation is launching an initiative to support startups that address energy and social issues, guided by the management philosophy of SK Chairman Chey Tae-won, which emphasizes the pursuit of both economic and social value. The program will leverage artificial intelligence technology. On May 11, SK Innovation announced the recruitment of participants for its new social contribution program, 'AI Impact Solution.' This initiative aims to discover and nurture startup teams that develop AI-based solutions to tackle energy and social challenges. The program is hosted and sponsored by SK Innovation, with operations managed by Qunesty, a foundation specializing in impact investment and acceleration. SK Holdings, the holding company of the SK Group, is setting a direction for creating social value at the group level. It measures and publicly discloses the outcomes of corporate activities in areas such as employment, environment, and social contributions in monetary terms. The group also invests in social ventures that generate profits while addressing social issues and provides incentives based on the achievements of social enterprises, contributing to the establishment of a sustainable ecosystem. As SK Innovation transitions from a refining and chemicals-focused company to an eco-friendly energy enterprise, it is intensifying its efforts to address environmental issues. The company aims to achieve net-zero emissions by 2050, actively reducing carbon emissions while expanding its circular economy initiatives, such as the pyrolysis of waste plastics and the recovery of metals from used batteries. Additionally, it collaborates with startups in the environmental sector on projects involving seaweed-based biodegradable plastics and coffee grounds recycling to help solve problems related to carbon emissions, waste, and resource depletion. The program is designed to provide comprehensive support beyond just idea solicitation, encompassing nurturing, commercialization, and investment linkage. Ten selected teams will receive funding for proof-of-concept development, along with mentoring from experts in AI technology, business, and impact fields, as well as support for commercialization and follow-up investment. Outstanding teams will be eligible for additional funding of up to 20 million won for subsequent commercialization and enhancement efforts. In its second year, the program will continue to provide additional support to top teams through the Ministry of SMEs and Startups' TIPS program for discovering and nurturing entrepreneurs, as well as impact investment connections. The recruitment focuses on two tracks: 'AI for Energy' and 'AI for Social Issues.' The 'AI for Energy' track seeks solutions addressing energy accessibility, efficiency, and carbon reduction, while the 'AI for Social Issues' track invites ideas for solving social challenges related to care, safety, environment, mobility, and education. Individuals or teams of five or fewer can apply, provided that businesses and social economy organizations are within three years of establishment. Teams that include socially disadvantaged members will be given preference. The application period runs from May 11 to June 12, and applications can be submitted through the official website. An SK Innovation representative stated, "AI technology is driving change not only in industrial innovation but also in addressing various social issues. We plan to provide practical support from idea validation to commercialization."* This article has been translated by AI. 2026-05-11 08:51:08

Shinhan Investment Raises Target Price for Kolmar Korea Amid Strong Growth Shinhan Investment Corp. announced on May 11 that it has raised its target price for Kolmar Korea from 95,000 won to 123,000 won, citing robust growth driven by strong skincare export performance from its Korean subsidiary. The investment opinion remains at 'buy.' Park Hyun-jin, an analyst at Shinhan Investment, noted, "The strong demand for skincare exports from the Korean subsidiary is enhancing profit leverage," adding that the consolidated operating profit for the first quarter reached 78.9 billion won, a 32% increase compared to the same period last year, exceeding market expectations by more than 14%. He further stated, "The operating profit from the Korean subsidiary surged by 51% to 51.2 billion won, driving the overall performance. The sales from luxury brand skincare contract manufacturing (ODM) are now being fully reflected, alongside strong demand for indie brand exports." Park also highlighted that the proportion of skincare sales in the domestic market is increasing, and revenue contributions from new clients in China are expected to grow. He emphasized that improved profitability for the Chinese subsidiary is anticipated due to increased orders for sun care products. While the U.S. subsidiary recorded a loss due to decreased orders from major clients, Park noted that the loss has been narrowing. He projected that the performance improvement trend will continue, considering the influx of new clients at the U.S. second factory and the base effect in the second half of the year.* This article has been translated by AI. 2026-05-11 08:50:04

KOSPI Hits Record Highs as Derivatives Investments Surge ◆Ajou Economic Major News ▷- As global markets continue to rally, particularly in the IT sector, the KOSPI has risen to the 7,500 level, and with the surge in KOSPI 200 night futures, domestic markets are expected to start strong early in the week. - During the U.S. first-quarter earnings season, the surprise rates for EPS and revenue among S&P 500 companies significantly exceeded long-term averages, indicating a positive earnings trend, while the sensitivity of domestic markets to earnings is expected to gradually decrease after this week. - The upcoming U.S.-China summit on May 14-15 is likely to address major issues such as the end of the Iran conflict, tariffs, and regulations on semiconductors and AI, with the market reflecting both optimism and caution. - The domestic market is experiencing a stark disparity in returns between the KOSPI and KOSDAQ, with funds increasingly concentrated in large-cap semiconductor stocks like Samsung Electronics and SK Hynix, exacerbating the trend toward large-cap stock dominance. - While concerns about overheating and technical pressures due to the market surge are growing, the upward revisions in earnings estimates for the semiconductor sector and maintained low valuations suggest that the existing strategy focused on leading stocks remains valid. ◆Major Announcements After Market Close (May 8) ▷Dongwon Industries reports first-quarter operating profit of 146.2 billion won, up 17.1% year-on-year. ▷SK Chemicals reports first-quarter operating profit of 21.2 billion won, down 42.6% year-on-year. ▷CJ Freshway reports first-quarter operating profit of 11 billion won, up 3.8% year-on-year. ▷Pumtech Korea reports first-quarter consolidated operating profit of 12.9 billion won, down 3.5% year-on-year. ▷Megastudy Education reports first-quarter operating profit of 26 billion won, down 0.8% year-on-year. ▷Inglewood Lab reports first-quarter consolidated operating profit of 5.6 billion won, up 22% year-on-year. ▷Korea Electric Power Technology reports first-quarter operating profit of 14.1 billion won, up 194.8% year-on-year. ◆Fund Trends (as of May 7, excluding ETFs) ▷Domestic equity funds: -93 billion won ▷Overseas equity funds: -29.8 billion won ◆Today's Schedule (May 11) ▷China: Consumer Price Index (April), Producer Price Index (April) ▷United States: Existing Home Sales (April)* This article has been translated by AI. 2026-05-11 08:48:33

Fire in Bucheon Apartment Claims Life of 39-Year-Old Man A fire broke out late at night in an apartment in Bucheon, South Korea, resulting in the death of a 39-year-old man. According to Yonhap News Agency, the fire was reported at 11:52 PM on May 10 at a five-story apartment building in the Goean-dong area of Bucheon. Firefighters responded with 94 personnel and 37 vehicles, managing to extinguish the blaze by 12:16 AM. The victim, identified as A, was found in cardiac arrest inside his apartment. He received CPR at the scene before being transported to a hospital, where he later died. The fire caused significant damage, with the Bucheon Fire Department estimating property losses at approximately 33.77 million won. Most of the apartment's interior was destroyed, including furniture and appliances. Fifteen residents evacuated the building to escape the flames and smoke. The initial caller, a resident from another unit, reported the fire after noticing a burning smell and seeing flames outside their window. Authorities suspect that the fire started due to an electrical issue from an outlet inside the apartment. Police and fire officials are investigating the exact cause and circumstances surrounding the incident. 2026-05-11 08:47:20

Foreign Tourists Shift Spending to Local Pharmacies in South Korea On May 4, tourists from Japan at a pharmacy in Myeongdong were seen carrying bags emblazoned with the pharmacy's name instead of luxury shopping bags. Inside their bags were acne scar treatment ointments, skin regeneration creams, and high-potency vitamins. They stated, "We came after seeing reviews on TikTok and other social media that Korean pharmacies offer great value and effective health products," adding, "Unlike regular cosmetic stores, we can show our skin condition to the pharmacist and get personalized recommendations, which feels much more trustworthy." The shopping habits of foreign tourists visiting South Korea are undergoing a significant transformation. The days of tourists sweeping up luxury goods and large cosmetic sets at duty-free shops and department stores are becoming rare. Instead, local pharmacies are now frequented by tourists purchasing health supplements, while others line up at pop-up stores in Seongsu-dong alongside locals. On May 11, Orange Square, which operates the foreign-exclusive payment platform WOWPASS, released its "2026 Golden Week and Labor Day Foreign Consumer Report." The report indicates that over the past five years, foreign spending patterns have shifted dramatically from "ownership" to "experience" and from "concentration" to "diversification." ◆ Local Pharmacies Rise as Duty-Free Shops Decline During the recent holiday period from April 29 to May 6, the most notable change was the explosive increase in pharmacy payments. The growth rate for pharmacy payments surged by 156% compared to the previous year, marking three consecutive years of triple-digit growth. This reflects the rapid evolution of shopping trends over the past five years. Until the mid-2010s, the primary shopping destinations for foreign visitors were undoubtedly downtown duty-free shops and Dongdaemun Fashion Town. However, with the rise of individual travelers, particularly among the MZ generation, local shops closely tied to Korean daily life have emerged as new hotspots. The K-beauty craze, once epitomized by brands like Sulwhasoo, has shifted to indie brands at Olive Young, and has now expanded to pharmacy-exclusive cosmetics and health supplements. In fact, the top pharmacies for payments are concentrated in major tourist areas such as Myeongdong, Hongdae, and Seongsu, with an average transaction amount of 47,000 won, indicating a focus on everyday shopping. ◆ Repeat Visitors Surpass New Tourists There is also a clear qualitative change among tourists. During this holiday period, the proportion of repeat users of WOWPASS (previous year’s issuers) reached 57%, surpassing new users for the first time. This marks a complete reversal from 2024, when new users accounted for 65%. As repeat visitors increase, their spending activities have also become more active. The average number of transactions per card has risen by 11% compared to two years ago, indicating that those who have visited Korea once are returning to explore more thoroughly and spend more frequently. ◆ Shift from Seoul to Direct Travel to Busan and Jeju The traditional tourist route centered around Seoul is also changing. During this holiday, 38% of payment cards used in Busan and 40% in Jeju had no records of payments made in Seoul. Previously, it was customary for travelers to pass through Seoul before heading to regional destinations, but now, foreign tourists are heading directly to their destinations via regional airports, informed by social media. Distinct regional characteristics are also emerging, with 54% of tourists in Seoul and Busan being Japanese, while 63% of visitors to Jeju are from China, indicating a diversification of target markets. ◆ Myeongdong Remains Unbeaten; Chicken Delivery is a Must The traditional hub of Myeongdong continues to hold its ground, maintaining its status as the top commercial area in Seoul. Analysis of travel routes shows that eight out of the top ten routes include Myeongdong. In regional areas, Busanjin-gu (Seomyeon) has risen to first place, surpassing Haeundae-gu, showcasing the strength of local commerce. In terms of food, the dominance of K-chicken is undeniable. Among food deliveries through the WOWPASS concierge service, chicken ranked first by a wide margin, with Kyochon Chicken and BHC taking the top two spots. An official from Orange Square stated, "Foreign tourists are now enthusiastic about consuming in the same spaces as locals, embracing 'localism.' We will enhance regional tourism payment infrastructure and improve services to ensure that foreigners can enjoy everyday life in Korea without inconvenience, no matter where they are."* This article has been translated by AI. 2026-05-11 08:40:49

Hyundai to Integrate LG OLED Monitors into Racing Simulator LG Electronics is expanding the use of its OLED monitors to include racing simulators that provide a realistic driving experience in virtual environments.On May 11, LG Electronics announced that it is supplying OLED monitors for the Hyundai N Racing Simulator, which showcases the high-performance driving experience of Hyundai's N brand.The Hyundai N Racing Simulator is available in two models: Pro and Racer. The Pro model features a 65-inch LG OLED Pro Monitor, while the Racer model is equipped with a 65-inch LG OLED TV.The LG OLED Pro Monitor, which utilizes a 4K OLED panel, is designed for professionals and offers a stable interface for transmitting high-quality, high-capacity content without compression. It boasts self-color calibration and optimized correction features that ensure uniform brightness and color representation, enhancing the vividness of the display.Last September, LG Electronics launched the second generation of its LG OLED Pro monitor aimed at video content professionals. With a design similar to that of a television, it facilitates easy installation and mobility, making it suitable for both content previews within production companies and real-time monitoring on set.LG Electronics explained that the integration of its monitors into the Hyundai N Racing Simulator further broadens their application areas.Looking ahead, LG Electronics plans to leverage its extensive OLED technology and signage capabilities to expand business opportunities across various fields, from video production sites to different types of simulators.* This article has been translated by AI. 2026-05-11 08:39:22