Pan Ocean Q1 Operating Profit Rises 24.4% on Strong LNG, Tanker Business Pan Ocean posted strong first-quarter results on solid performance in its liquefied natural gas (LNG) and tanker businesses. The company said in a regulatory filing on the 4th that its consolidated operating profit for the first quarter totaled 140.9 billion won, up 24.4% from a year earlier on a preliminary basis. Revenue rose 8.3% to 1.5089 trillion won, and net profit increased 31.3% to 94.5 billion won. By segment, the tanker business reported operating profit of 28.1 billion won, up 41.5% from a year earlier, as market conditions strengthened for medium-range (MR) petrochemical product carriers. The LNG business posted operating profit of 47.2 billion won, up 49.7%, after deliveries were completed for all vessels. The bulk segment posted operating profit of 54.7 billion won, down 10.3% from the previous quarter, which the company attributed in part to geopolitical risks stemming from the Middle East. The container segment recorded operating profit of 9.0 billion won, down 42.9% from a year earlier, as freight rates fell amid oversupply. Pan Ocean said profitability improved despite a traditional seasonal slowdown, citing gains from expanding its portfolio, including LNG. The company has been accelerating efforts to diversify beyond its bulk-focused business structure. To that end, it previously announced plans to invest up to about 1.6 trillion won in non-dry bulk businesses centered on LNG. To fund investment in LNG and other areas outside its core bulk segment, it set capital expenditures at about 816.0 billion won in 2025, about 407.9 billion won in 2026 and about 136.0 billion won in 2027. A Pan Ocean official said the company will continue efforts to strengthen its ability to respond to market changes and expand its business portfolio to secure competitiveness and stable profitability. The official added that Pan Ocean will also pursue environmental, social and governance (ESG) management to reinforce its standing as a “sustainable company.”* This article has been translated by AI. 2026-05-04 16:35:54

Mirae Asset’s Covered-Call Assets Top 10 Trillion Won, an Industry First Mirae Asset Global Investments said its covered-call products have surpassed 10 trillion won ($) in net assets, the first such milestone in the industry, as demand grows for income-focused strategies during periods of heightened market volatility. The firm said Monday that as of April 27, net assets in its covered-call series totaled 10.4484 trillion won, including 3.4416 trillion won in public mutual funds and 7.0068 trillion won in exchange-traded funds. The combined covered-call assets across mutual funds and ETFs are among the largest in South Korea, it said. A covered-call strategy sells call options on stocks already held to collect option premiums. The approach aims to generate steadier cash flow by combining dividends with option income, and premiums can rise when volatility increases, helping drive recent investor interest. Mirae Asset Global Investments said it introduced covered-call strategies in 2012 and has built a long operating track record. Its flagship public fund, the Mirae Asset Dividend Covered Call Active, has posted cumulative returns of more than 357% since inception. Growth has been led recently by ETFs. The TIGER Dividend Covered Call Active ETF, listed in 2023, quickly surpassed 1 trillion won in net assets after listing and drew retail money with a monthly distribution structure. The addition of the TIGER Semiconductor TOP10 Covered Call Active ETF has broadened the strategy beyond dividend-focused products toward combining covered calls with investments in growth industries. The firm attributed the expansion to running both mutual funds and ETFs: mutual funds provide stability based on long-term performance, while ETFs broaden access through easier trading and liquidity. Market conditions have also supported the strategy, it said, as volatility tied to interest rates and geopolitical factors has reinforced investor preference for steady cash flow over directional bets. Demand for distribution-based investing has also been rising, particularly in pension accounts. Jeong Ui-hyeon, head of ETF management at Mirae Asset Global Investments, said rapid asset growth from the early days of listing reflected both expectations for semiconductor growth and demand for monthly payouts. He said investor interest has also been driven by what he described as South Korea’s first covered-call structure using single-stock options, which can secure distribution resources differentiated from index-based approaches. Jeong said the semiconductor covered-call ETF plans to begin its first distribution payment in mid-May, adding that the strategy aims to increase participation in upside during an improving semiconductor cycle while providing steadier cash flow when volatility rises.* This article has been translated by AI. 2026-05-04 16:34:40

Democratic Party rules out national-level candidate unity talks ahead of June 3 local elections Cho Seung-rae, secretary-general of the Democratic Party of Korea, said May 4 that there would be no party-led candidate unification at the national level for the June 3 local elections, while leaving open the possibility of local coordination in Ulsan based on public sentiment. At a news briefing held 30 days before the vote, Cho said there had been “various things being said” about unification. He added that there would be no central party-to-party negotiations, saying such talks could distort voters’ will. Cho said, however, that “in special regions like Ulsan,” decisions would be made independently. He said there had been substantial calls in Ulsan for unification covering the mayoral race, five district chief races and seats on the metropolitan council. In the Ulsan mayoral contest, Democratic Party candidate Kim Sang-wook, Progressive Party candidate Kim Jong-hoon and Rebuilding Korea Party candidate Hwang Myeong-pil have agreed on the need for unification. On the broader outlook for the election, Cho said it would be inappropriate to label the vote a failure simply because opinion polls show a gap and the party does not win by a wide margin. He said the goal is to win “even one more seat,” including in basic council races, rather than focusing on numerical targets. Cho also addressed recent controversy over remarks by party leader Jeong Cheong-rae, including his use of the term “oppa.” Cho said the party must not let down its guard and that while it would be best to avoid any mistakes, it is more important to acknowledge errors, apologize and show sincerity.* This article has been translated by AI. 2026-05-04 16:33:06

Han Dong-hoon Registers as Preliminary Candidate in Busan Buk-gu Gap By-election, Vows to Win Han Dong-hoon, former leader of the People Power Party, registered on May 4 as a preliminary candidate in the parliamentary by-election in Busan’s Buk-gu Gap district, vowing to win and “check the runaway Lee Jae-myung administration.” After completing his filing at the Buk-gu Election Commission office in Busan that afternoon, Han told reporters he would “win this by-election” and “change Busan’s future and South Korea’s future to the end.” He said he would push Buk-gu Gap to “the next stage” and rebuild a conservative camp he described as having lost its direction. Han said his victory would help restore a conservative bloc capable of properly checking the Lee administration. He also argued it would “normalize” what he called deviations by a People Power Party leadership faction led by Jang Dong-hyeok. He said Buk-gu Gap has ranked low among Busan’s 18 constituencies for 20 years, and pledged to change that, saying he would make the district “Busan’s No. 1 priority” and “South Korea’s No. 1 priority.” Criticizing Democratic Party candidate Ha Jung-woo, Han said Ha talks about physical artificial intelligence and port systems, but “Is there a port in Busan’s Buk-gu?” Han added that introducing physical AI in Buk-gu would cost workers their jobs, and said politicians should tailor policies to residents rather than forcing their own specialties onto a district. On possible unification with the People Power Party candidate, Han said he wanted to question what he called a mindset of trying to block him even if it means losing to the Democratic Party. He said President Lee Jae-myung is pushing to cancel the prosecution in his own case, and accused the Jang-led faction of focusing only on stopping Han instead of checking Lee. “That is not proper politics,” he said. Han added that Lee’s move to cancel the prosecution in his own case is “a clear ground for impeachment,” and said he would work with the public to stop it.* This article has been translated by AI. 2026-05-04 16:31:38

Samsung Electronics union quits joint labor front, citing internal conflict A rift among labor unions at Samsung Electronics has become official after a union based in the company’s Device Experience (DX) division decided to leave the joint labor front. Samsung Electronics Union Donghaeng, known as the Donghaeng Union, said May 4 it had formally notified the National Samsung Electronics Union and the Samsung Electronics branch of a cross-company union that their joint bargaining group for 2026 wage talks had ended. Donghaeng said the decision was driven by deepening conflict and a breakdown of trust among the unions. “Our union proposed and requested agenda items for the rights and interests of all members, not just those in a specific area, but your unions have not responded at all,” Donghaeng said in a statement. “You have not even shown a willingness to consult, and our views for the benefit of all members have not been reflected.” According to Samsung’s labor unions, the three unions — the cross-company union, the National Samsung Electronics Union and Donghaeng — formed a joint bargaining group in November to negotiate 2026 wages. After final talks broke down, the group shifted in March into a joint struggle headquarters and announced plans for a general strike on the 21st to press demands including improvements to performance bonuses. Donghaeng is the company’s third union, with about 2,300 members, most of them in the DX division, which handles businesses such as home appliances, smartphones and TVs. Donghaeng said it had faced “continuous attacks and disparagement” and that mutual respect and trust had been “seriously damaged,” citing what it called excessive and malicious language, including being labeled a “company-friendly union.” The union said it had repeatedly sought corrections over disparaging remarks and what it described as one-sided decision-making within the joint struggle headquarters, but saw no improvement and chose to end its participation. The withdrawal is expected to open a new phase in labor-management relations at Samsung Electronics. The joint front had aimed to unify union voices to pressure management, but its cohesion has weakened ahead of the planned strike. The joint struggle headquarters has not issued a separate official response and plans to proceed with the general strike on the 21st. Donghaeng said it will formally notify management of its withdrawal on the 6th and then seek separate bargaining.* This article has been translated by AI. 2026-05-04 16:30:12

Presidential Chief of Staff Kang Hoon-sik orders steps to curb favoritism in highway rest stops Kang Hoon-sik, the presidential chief of staff, on Monday ordered steps to recover improper gains and refer suspected violations for investigation following controversy over a group of retired Korea Expressway Corp. employees operating highway rest stops. He also instructed the Ministry of Land, Infrastructure and Transport to conduct a comprehensive inspection of all public institutions and draw up measures to prevent preferential treatment for former officials. Kang made the remarks during a senior aides meeting at Cheong Wa Dae on Monday, according to a written briefing by deputy spokesperson Ahn Gwi-ryeong. Citing cases in which the retirees’ group, Doseonghoe, operated highway rest stops unrelated to its founding purpose and distributed what he described as excessive profits, Kang called it “an act that abandoned the responsibilities of a public institution.” He also directed the Ministry of Economy and Finance to check all public institutions for similar cases and prepare measures to prevent a recurrence. Kang separately ordered stronger measures against illegal online gambling by youths. Citing a 2025 survey by the Korea Center on Gambling Problems, he said about 157,000 youths — 4% of all adolescents — had experienced illegal gambling. He warned it was a “threat to social safety” that could go beyond addiction to lead to dropping out of school, family conflict and secondary crimes. Kang said a “youth gambling self-reporting system” being run by eight provincial and metropolitan police agencies, including the Daejeon Metropolitan Police Agency, was judged to significantly reduce repeat gambling. He asked the National Police Agency to actively review expanding the program nationwide. He also instructed the National Police Agency, the Education Ministry and other related agencies to devise specific steps to raise self-reporting, including reduced penalties or lighter school discipline.* This article has been translated by AI. 2026-05-04 16:27:18

Hyundai Motor April Global Sales Fall 8% to 325,589 Vehicles Hyundai Motor said Sunday that its global vehicle sales in April totaled 325,589 units, down 8% from a year earlier. Domestic sales fell 19.9% to 54,051 vehicles, while overseas sales slipped 5.1% to 271,538, the company said. In South Korea, Hyundai sold 18,326 sedans, including 6,622 Grandeurs, 5,754 Sonatas and 5,475 Avantes. Sales of recreational vehicles totaled 19,284, led by the Santa Fe at 3,902, the Tucson at 3,858, the Palisade at 3,422, the Kona at 2,559 and the Casper at 1,142. The Porter sold 4,843 units and the Staria 3,039. Sales of mid- to large-size buses and trucks totaled 1,562, Hyundai said. Genesis, the company’s luxury brand, sold 6,868 vehicles, including 2,523 G80s, 2,068 GV70s and 1,693 GV80s. A Hyundai official said April sales were hurt by disruptions in parts supplies from partner companies, which reduced production of key models such as the Palisade and G80, and by demand from customers waiting for new models. The official said Hyundai plans to expand sales by rolling out a large number of new models this year, starting with a facelifted Grandeur.* This article has been translated by AI. 2026-05-04 16:26:26

Jeju Dream Tower tops 60 billion won in April revenue as casino net sales hit record In April, typically a slow month, Jeju Dream Tower posted its strongest monthly performance yet, topping 60 billion won in combined casino and hotel revenue for the first time. The resort extended the momentum seen in the first quarter, with the casino driving results as profitability moved closer to levels seen in Macau, analysts said. ◆ Drop holds above 200 billion won; what a 22.6% hold rate shows Lotte Tour Development said Monday that its casino and hotel businesses generated a combined 63.492 billion won in revenue last month. The casino led the gains: April casino net sales totaled 48.842 billion won, up 48.5% from a year earlier. Key indicators for casino performance include visitor numbers, drop (the amount customers exchange for chips) and the hold rate. The casino logged 58,534 visitors in April, averaging 1,951 a day, underscoring a steady mass-market customer base. Table drop came to 205.339 billion won, remaining firmly in the 200 billion won range. Industry attention has focused on the 22.6% hold rate, which reflects the share of chip exchanges retained as revenue. The figure is approaching the average hold rate of nine large integrated resorts in Macau’s Cotai area (26.1% as of 2025), suggesting improved table efficiency and that VIP marketing is gaining traction. ◆ Foreign guests top 77%; casino-hotel cycle strengthens Casino growth has been supported by the hotel business at Grand Hyatt Jeju. Hotel revenue was 14.65 billion won, and occupancy rose to 87.6%. The share of foreign guests climbed to a record 77.3%, up from 65.7% in April last year. With more flights and more independent travelers, foreign hotel guests have increasingly flowed into the casino, reinforcing the resort’s stay-and-play model. ◆ After losses, operating leverage comes into view Lotte Tour Development opened during the pandemic in late 2020 and faced heavy fixed costs, including interest and operating expenses, as travel routes were restricted. The company has since entered a clearer turnaround, following first-quarter revenue of 156.7 billion won and cumulative revenue of 220.2 billion won from January through April. Casinos and hotels require large upfront investment and carry high fixed costs, but once they pass break-even, much of additional revenue can flow to operating profit through operating leverage. Experts say Jeju Dream Tower has moved into that phase. A company official said demand tied to the Labor Day holiday began to be reflected from late April. During the May Labor Day holiday period, the resort sold as many as 1,550 rooms a day out of 1,600, effectively running near full occupancy, the official said. The official added that the strong run is expected to continue through midmonth even after the golden holidays in South Korea, China and Japan end, raising expectations for another earnings surprise.* This article has been translated by AI. 2026-05-04 16:25:04

Finance Ministry Refers Three Online Sellers of High-Strength Nicotine Solution for Investigation The Ministry of Economy and Finance said it has identified three companies that sold high-strength nicotine solution online and has asked investigators to look into the cases. The ministry said Monday it requested investigations by the Daejeon Metropolitan Police Agency and the Gyeonggi Nambu Provincial Police Agency into three firms that advertised and sold high-concentration nicotine solution through online sites after the revised Tobacco Business Act took effect April 24. Officials said they confirmed indications the companies sold nicotine solution and flavorings for making e-liquid on the same sites and encouraged customers to mix them for use in e-cigarettes. Under the revised law, the definition of tobacco ingredients was expanded from “tobacco leaves” to “tobacco or nicotine.” As a result, products made for inhalation using nicotine as an ingredient are treated as tobacco, and manufacturers must obtain government approval. The law also makes it punishable to sell tobacco to consumers without being designated as a tobacco retailer, and it bars even authorized retailers from selling tobacco online or by mail. The ministry said the move aims to stop online distribution of high-strength nicotine solution that consumers can easily use for e-cigarettes. It warned that handling high-concentration nicotine solution without protective equipment poses a high risk of accidents, including skin contact or accidental ingestion. The ministry said it will continue to monitor online distribution with relevant agencies and will take strict action, including filing complaints with investigative authorities when violations are suspected.* This article has been translated by AI. 2026-05-04 16:21:09

Kim Keon Hee case heads to Supreme Court as special counsel appeals partial acquittals Special Counsel Min Jung-gi’s team has taken to the Supreme Court the case of Kim Keon Hee, who was sentenced on appeal to four years in prison over allegations including Deutsche Motors stock manipulation and receiving valuables tied to the Unification Church. The special counsel said the appeals court misunderstood key legal issues in acquitting Kim on parts of the case. Kim’s side has also appealed, setting up a final round of arguments over guilt and sentencing. According to the legal community on Monday, the special counsel filed its appeal with the Seoul High Court’s Criminal Division 15-2, which heard Kim’s second trial. Kim’s attorneys filed their appeal on April 30. In a separate notice, the special counsel said it is challenging the court’s not-guilty ruling on parts of the Capital Markets Act charge, where the panel said some counts could not be proven because illicit profits could not be calculated. It also disputed the acquittal on the Political Funds Act charge, saying the court erred in its factual and legal assessment of Myung Tae-kyun’s provision of opinion polls. The special counsel said the ruling contained violations that affected the judgment, including a misunderstanding of legal principles and breaches of evidentiary rules and common experience. On April 28, the appeals court sentenced Kim to four years in prison and fined her 50 million won on charges under the Capital Markets Act, the Political Funds Act and influence-peddling bribery under the Act on the Aggravated Punishment of Specific Crimes. The court ordered the forfeiture of one seized Graff diamond necklace and imposed an additional 20.94 million won in collection. The prison term was increased by two years and four months from the first trial’s sentence of one year and eight months. A central point in the appeals ruling was partially overturning the first court’s acquittal on the Deutsche Motors stock-manipulation allegation. The panel found Kim provided Black Pearl Invest with a securities account holding 2 billion won in October and November 2010 and sold 180,000 Deutsche Motors shares, concluding those acts amounted to participation in price manipulation. It also said she had at least accepted the possibility the account could be used for manipulation. The court also expanded the scope of guilt on the Unification Church-related influence-peddling bribery charge. It found Kim guilty of receiving, from April to July 2022, two Chanel bags, a Graff necklace and Cheonsusam concentrated tea along with requests to support church-related issues. However, the court again acquitted Kim of violating the Political Funds Act over allegations she received opinion polls worth 270 million won for free from Myung and used influence over nominations. The panel said it was difficult to conclude she gained a property benefit, noting Myung provided polls to multiple people. That acquittal is expected to be a key issue at the Supreme Court. The special counsel is contesting the Political Funds Act acquittal and the partial acquittal under the Capital Markets Act, while Kim’s side is expected to deny the findings that she took part in stock manipulation and accepted valuables. The appropriateness of the sentence will also be reviewed. The special counsel has also appealed in related cases. An appeal was filed April 30 in the case of Yoon Young-ho, a former Unification Church world headquarters chief, who was indicted on allegations including providing valuables while seeking favors on church issues involving Kim and People Power Party lawmaker Kwon Seong-dong. Yoon was sentenced on appeal to one year and six months in prison. In addition, the case of Kim Ye-seong, described as a key figure in the so-called “butler gate,” will also go to the Supreme Court. The appeals court acquitted Kim and dismissed part of the prosecution, and the special counsel appealed that ruling.* This article has been translated by AI. 2026-05-04 16:19:39