Nami Island turns into an island of fairytales SEOUL, May 11 (AJP) -Under canopies of fresh spring leaves and tree-lined paths washed in soft May sunlight, families wandered through Nami Island this weekend as the 2026 Nami Island International Children’s Book Festival transformed the popular riverside retreat into a sprawling storybook playground. Held under the theme “Romance,” NAMBOOK 2026 opened on May 1 and runs through May 17, blending literature, art and performance across the island’s open-air stages and wooded walkways. The 17-day festival has drawn children clutching picture books, parents pushing strollers and young readers sprawled across lawns with books in hand. At the Eco Stage and Free Stage, the rhythmic sounds of percussion troupe Mulove echoed through the island as children gathered around performers, some swaying to the music while others sat cross-legged on the grass. Nearby, children’s choirs filled the spring air with songs as visitors paused beneath towering metasequoia trees to watch. Inside the UNICEF Lounge, pages of world literature came alive during multilingual reading sessions featuring illustrated books from around the globe. Children listened intently as presenters introduced stories from different cultures before joining hands-on activities inspired by the readings. At the Daloreum Art Playground, one of the festival’s busiest corners, children crowded around a massive community banner for the “Draw a Face—Together, We Connect” program, carefully sketching self-portraits into blank oval spaces. The growing collage of colorful faces stretched across the canvas like a collective portrait of the festival itself. Elsewhere, mime artists entertained passersby along winding footpaths while outdoor reading spaces offered quieter moments away from the crowds. Children leafed through books beneath the shade of trees as ferry arrivals continued to bring waves of visitors onto the island throughout the day. The Nami Book Fair, titled “Some Bookstore,” also featured domestic and overseas publishers showcasing illustrated children’s books, independent titles and art publications, adding to the festival’s atmosphere of literary exploration. Already one of South Korea’s most popular family spring destinations, Nami Island takes on a particularly festive atmosphere during NAMBOOK, where literature blends with performance, nature and play. Admission to the festival is included with regular island entry, while most programs remain free for visitors. 2026-05-11 17:08:48

Eastar Jet joins IATA as full member to strengthen global competitiveness SEOUL, May 11 (AJP) - Eastar Jet has joined the International Air Transport Association as a full member, the airline said Monday, in a move aimed at strengthening its global competitiveness and safety standards. IATA is the world’s largest airline industry association, with 374 member airlines from 129 countries. It plays a central role in the global aviation industry by setting and managing international standards and regulations for air transport, as well as assigning airline designator codes such as Eastar Jet’s “ZE.” Eastar Jet obtained the IATA Operational Safety Audit certification on Dec. 30 last year, a mandatory requirement for full IATA membership. The airline was officially approved as a full member on May 4. Eastar Jet held a ceremony at its headquarters in western Seoul on Friday to mark its IATA membership, with CEO Cho Joong-seok and IATA officials in attendance. Eastar Jet said the membership will help the airline strengthen cooperation with global carriers and further enhance its safety management system in line with international standards. “Joining IATA as a full member is meaningful because it shows that our safety and operational systems have been officially recognized at the international level,” Cho said. “Based on our safety capabilities that meet global standards, we will continue to grow into an airline trusted by our customers.” The airline also received a perfect score of 100 in the safety category of the 2025 Air Transportation Service Evaluation conducted by the Ministry of Land, Infrastructure and Transport and the Korea Transport Institute. Eastar Jet has also been expanding its international network. On May 1, the airline launched its Busan-Almaty route, becoming the first and only carrier to operate the service. The route operates twice a week, on Mondays and Fridays, and the inaugural flight from Busan recorded a load factor of 99 percent, according to the company. 2026-05-11 17:08:09

Counterfeit K-ramen Spreads to Nepal with Korean Branding Counterfeit K-ramen Spreads to Nepal with Korean Branding On May 8, in a large supermarket in Pokhara, a popular tourist destination in Nepal, the ramen aisle was filled with products prominently featuring Korean characters. Located about a 10-minute walk from Phewa Lake, this retail giant was bustling with locals and tourists alike. The ramen section immediately caught the eye, with most products displaying Korean writing, creating a familiar atmosphere reminiscent of Korean grocery stores. However, upon closer inspection, a strange dissonance emerged. While the products appeared to be Korean, they were actually from local and foreign brands. The standout was a stir-fried noodle product branded 'HANKOOK.' Its design, featuring a black background with a chicken character breathing fire, closely resembled Samyang Foods' Buldak Bokkeummyeon. The English label 'BULDAK' and the product name 'Buldak Bokkeummyeon' were nearly identical, and the phrase 'Taste of Korea' was misleadingly placed where a 'Made in Korea' mark would typically appear. The original product, along with its pink-packaged variant, was being replicated and sold. As I continued to browse the aisle, I noticed many similar products. The use of Korean characters varied widely. The local ramen brand 'Current' had its name translated as 'Present' prominently displayed on the front, while 'Jackpot' featured the unrelated term 'Joint Fund' next to its product name. These expressions had no relation to the flavor or characteristics of the ramen. Many products emphasized spiciness with Korean phrases such as 'Devil's,' 'Spicy,' and 'Lala Spicy.' A local supermarket employee noted, "The important thing is that it has Korean characters; it increases the perception that it's a Korean ramen, which boosts its popularity." Consumer reactions echoed this sentiment. Robin, a 28-year-old from India, remarked while selecting products, "I had no idea that the HANKOOK product was a knockoff. I assumed it was a Korean ramen because it had Korean writing on it." He added, "I chose it because it was cheaper than the original product." Counterfeit K-Style Spreads Beyond Southeast Asia to Japan This phenomenon is not limited to Nepal. As the popularity of K-food rises, local products across Asia are increasingly adopting Korean-style packaging and Korean characters. This trend has evolved beyond merely importing and selling Korean products to local companies actively mimicking the design and naming conventions of Korean ramen. A notable example is in India, where the large food company ITC sells 'Daebak Ramen' under its instant noodle brand 'Yippee.' The product prominently features the Korean word 'Daebak' and employs a striking black and red color scheme to emphasize the image of spicy Korean ramen. The term 'Korean' is also included to highlight the product's concept. Indonesia is experiencing a similar trend. The local ramen brand Mie Sedaap has introduced a product concept called 'Korean Seasoned Dak Galbi Ramen,' featuring the phrase 'Seasoned Dak Galbi' in Korean on its packaging, emphasizing a spicy flavor with a red-themed design. Even Japan, known as the home of instant ramen, is not exempt. Local brands in Japanese convenience stores and supermarkets offer cup noodles labeled 'Korean Jjamppong' and 'Korean-style ramen.' Many products feature Korean characters more prominently than Japanese and use red and black designs to highlight the image of spicy Korean ramen. Japan's largest ramen company, Nissin Foods, has also faced controversy. Its 2023 release of 'Nissin Yakisoba U.F.O. Stir-fried Noodles Korean-style Sweet and Spicy Carbonara' drew criticism for its pink packaging and product concept, which closely resembled Samyang Foods' 'Carbonara Buldak Bokkeummyeon.' The use of the Korean term 'Stir-fried Noodles' in the product name also sparked discussion. Industry experts attribute this trend to the success of K-ramen, particularly products like Shin Ramyeon and Buldak Bokkeummyeon. According to the Ministry of Agriculture, Food and Rural Affairs, K-food exports reached a record high of $13.62 billion last year, a 5.1% increase from the previous year. Notably, ramen exports surged by 21.9% to exceed $1.52 billion for the first time. The growth trend continues, with ramen exports in the first quarter reaching $435 million, a 26.4% increase from the previous year, setting a new monthly record last month. Food Industry Faces Brand Damage Amid Legal Loopholes The food industry views the recent trend of adopting Korean characters abroad as a significant change rather than a mere fad. In the past, packaging typically featured English and local languages, but now the presence of Korean characters and the label 'KOREA' itself enhance product competitiveness. However, with this increased visibility comes growing concern over brand damage. According to Samyang Foods, the popularity of Buldak Bokkeummyeon has led to a rapid increase in imitation products. While past imitations often copied logos or characters directly, recent trends have evolved to cleverly evade legal regulations. A representative from Samyang Foods stated, "Recently, there have been many cases where the unique color combinations or packaging designs of our brand are closely mimicked, leading to consumer confusion. Some products only slightly alter mascot character details or insert phrases like 'Korean-style spicy flavor' to appear authentic." Nongshim has observed similar patterns. A representative noted, "In the past, many cases involved directly copying product names, but now we see an increase in methods that subtly imitate design, color, and atmosphere. Since they do not directly replicate trademarks, legal responses have become more complicated." The industry is monitoring similar products through local distribution networks and consumer reports, while also pursuing legal actions such as sending warning letters and administrative measures. They are also expanding trademark and packaging design copyright registrations in key countries. One industry insider remarked, "While the rising status of K-food is encouraging, the malicious imitation that confuses consumers with Korean products is a serious issue that undermines brand value in the long run."* This article has been translated by AI. 2026-05-11 17:06:57

Major Shakeup in KOSPI Market as 17 of Top 20 Stocks Change There has been a significant shift in the rankings of the top stocks by market capitalization on the KOSPI. Despite geopolitical risks stemming from the Middle East, leading semiconductor companies have maintained their positions based on solid fundamentals, while stocks in the robotics and shipbuilding sectors have surged. In contrast, power equipment stocks, which saw a sharp rise last month, have faced profit-taking, causing them to drop in the rankings. According to the Korea Exchange on May 11, 17 of the top 20 stocks by market capitalization on the KOSPI have changed positions compared to a month ago (April 10). This means that the lineup of the 'Top 20' has been completely reshuffled, excluding Samsung Electronics, SK Hynix, and Samsung Life, which hold the 1st, 2nd, and 13th positions, respectively. The primary drivers of this upheaval are strong semiconductor exports and the rapid rise of the robotics, power equipment, and shipbuilding sectors. Preliminary semiconductor export figures for May have reached record highs, signaling a recovery in the industry, which has led to a broad rally in semiconductor-related stocks. The most notable gain in the KOSPI market was seen by Samsung C&T, which climbed five spots from 12th to 7th, driven by expectations of enhanced shareholder return policies and corporate governance reforms. SK Square, benefiting from a reevaluation of its stake in SK Hynix, rose three spots from 6th to 3rd, securing a place in the top three. Doosan Enerbility moved up two spots from 8th to 6th, capitalizing on momentum from nuclear power, while HD Hyundai Heavy Industries also climbed three spots from 11th to 8th. The shipbuilding sector, in particular, received a boost from the signing of a memorandum of understanding (MOU) related to the MASGA project by Minister of Trade, Industry and Energy Kim Jeong-kwan and U.S. Secretary of Commerce Gina Raimondo. The automotive sector also saw Kia rise one spot from 10th to 9th, driven by ongoing expectations surrounding physical artificial intelligence (AI). Several stocks outside the top 20 made notable gains. LS ELECTRIC surged 16 spots from 35th to 19th, entering the 'Top 20'. Conversely, Hanwha Aerospace, a leader in the defense sector, fell five spots from 5th to 10th after a significant drop. KB Financial also dropped five spots from 9th to 14th, while Samsung Biologics (7th to 11th) and Shinhan Financial Group (14th to 18th) each fell four spots. The KOSDAQ market also experienced significant changes, with 16 of the top 20 stocks changing positions. The standout performer was JUSUNG Engineering, which soared 23 spots from 31st to 8th, riding the momentum from the semiconductor equipment sector. Lee Kyung-min, a researcher at Daishin Securities, stated, "As long as the upward trend in forward earnings per share (EPS) continues, there is ample room for KOSPI to rise. A rotation strategy focusing on undervalued stocks in sectors such as healthcare, hotels and leisure, and software will be effective as the semiconductor surge stabilizes."* This article has been translated by AI. 2026-05-11 17:02:17

Outgoing BOK dove delivers hawkish swan song amid inflation risks SEOUL, May 11 (AJP) — Inflation has become increasingly worrisome and is likely to dominate upcoming monetary policy discussions at the Bank of Korea, outgoing Monetary Policy Board member Shin Sung-hwan said Monday, in a notable hawkish turn from one of the central bank’s most dovish voices. Shin, whose term ends Tuesday, admitted during a press conference that he had previously favored rate cuts, but said that if he were still to remain on the board, he would now be more concerned about inflation risks. Shin had been the sole dissenter advocating a rate cut when the BOK held its benchmark interest rate steady in January, April, August, October and November last year. “Inflation is always the policy priority,” he said, arguing that central banks should prioritize price stability over growth, particularly when inflation risks drifting above the BOK’s 2 percent target. He warned that if oil prices remain elevated through year-end, secondary inflationary pressures across the broader economy would become unavoidable, making the fight against inflation more difficult than initially expected. Shin identified the surge in global crude prices following the Middle East conflict as the single biggest variable facing policymakers. “We initially expected oil prices to stabilize around $70 per barrel by the end of this year, but under the current situation, it now appears likely to hover closer to $90,” he said. Brent crude climbed as high as $105 a barrel during intraday trading Monday, roughly 50 percent above prewar levels. Since joining the board in May 2022, Shin had been widely viewed as a representative dove within the committee. During his tenure, he issued seven dissenting votes in favor of rate cuts. Even as former Governor Rhee Chang-yong maintained a cautious policy stance, Shin consistently argued for easing to support weak domestic demand and relieve pressure on the real economy. But he said the environment had shifted rapidly in recent months. “Just as the housing market was already making it difficult to lower rates, the Middle East situation deteriorated immediately afterward,” Shin said. “At this point, it is not desirable to add inflationary pressure through a rate cut.” Shin also described “polarization” within the South Korean economy as the most difficult challenge during his tenure. “Economic growth represents the overall performance of the economy, but now we have a situation where a sector accounting for roughly 10 percent of the economy determines the headline figure,” he said, referring to the growing dominance of the semiconductor sector. He warned that disparities across industries have widened to the point where appropriate interest-rate levels differ sharply depending on the sector. In the past, strong growth in leading industries generated broader trickle-down effects across the economy, Shin said, but that transmission mechanism has weakened considerably. As a result, higher interest rates risk placing even greater burdens on already struggling sectors. Regarding the recent rise in government bond yields, Shin said a combination of surging long-term U.S. Treasury yields and mounting inflation expectations had contributed to the move. “Long-term U.S. interest rates reflect concerns over inflation expectations,” he said, adding that similar concerns are also likely influencing the rise in South Korean government bond yields. Shin is not the only BOK official signaling a more hawkish shift. “We need to stop thinking about lowering the benchmark interest rate and begin considering the possibility of raising it,” Ryoo Sang-dai said earlier this month during a press conference at the Asian Development Bank annual meeting in Samarkand, Uzbekistan. Ryoo added that clearer signals regarding the BOK’s future policy direction could emerge during the May monetary policy meeting. Bond prices continued to fall amid a growing atmosphere for an interest rate hike. The yield on the three-year government bonds closed at 3.598 percent, up 2.9 basis points, while the ten-year yield finished at 3.950 percent, up 4.1 basis points. 2026-05-11 17:01:12

KOSPI Hits Record High Amid Semiconductor Surge, Deepening 'K-Shaped' Market The KOSPI has once again reached an all-time high, driven by a rally in major semiconductor stocks, particularly Samsung Electronics and SK Hynix, as the index approaches the 7,900 mark. However, the surge is concentrated on these two large-cap semiconductor companies, exacerbating the 'K-shaped' market phenomenon where performance varies significantly among different sectors. On this day, the KOSPI closed at 7,822.24, marking a record high with an increase of 324.24 points (4.32%) from the previous trading day, which closed at 7,498.00. The index has surged over 54% since the end of March, when it stood at 5,052.46. Compared to the closing figure of 4,214.17 at the end of last year, the KOSPI has risen by 85.62% this year. Market analysts are optimistic, with domestic brokerages suggesting that the KOSPI could surpass 8,000 and even reach 9,000. Foreign investment bank JP Morgan has projected that the index could exceed 10,000. The recent upward trend is largely attributed to the semiconductor sector. On this day, Samsung Electronics and SK Hynix saw their shares rise by 6% and 13%, respectively, fueled by growing expectations for increased demand for AI semiconductors. However, the concentration of gains in the semiconductor sector raises concerns. The recent rise in the domestic stock market has increasingly focused on Samsung Electronics and SK Hynix. On this day, the combined market capitalization of Samsung Electronics (including preferred shares), SK Hynix, and SK Square accounted for 52% of the KOSPI's total market cap. Among the 34 KRX indices calculated by the Korea Exchange, all nine indices with the highest recent gains included Samsung Electronics and SK Hynix. The semiconductor index topped the list with a 22.98% increase, followed by the value-up index at 22.16%. The average increase for indices that included these two stocks was 19.45%, while the average for other indices without them was only 0.27%. This indicates a market where returns are heavily influenced by the inclusion of major semiconductor stocks. The trend of concentration is also evident in trading volumes. The average daily trading volume of the KOSPI this month reached 48.4982 trillion won, a 64.1% increase from last month's 29.555 trillion won. In contrast, the average daily trading volume decreased from 947.18 million shares to 773.96 million shares, reflecting a decline in the number of traded stocks but a surge in trading volume for specific large-cap stocks. So far this month, the average daily trading volume for Samsung Electronics and SK Hynix combined has reached 74.5353 trillion won, accounting for 37% of the total KOSPI trading volume. Including Samsung Electronics' preferred shares and SK Square, the combined share of these four stocks rises to 42%, up from 34.6% last month, indicating a deepening concentration trend. Market experts believe there is still potential for further KOSPI gains. Analysts suggest that while the current concentration in the semiconductor sector may continue for some time, there is also a possibility that market momentum could gradually spread to other sectors. Kim Jong-min, a researcher at Samsung Securities, noted in a recent report, "Behind the explosive rise lies extreme polarization in returns. In the future, we are likely to see a rotation of investments toward semiconductor materials, alternative energy, and physical AI beneficiaries." He added, "A gradual rotation following extreme concentration could serve as a stepping stone for the KOSPI's resurgence."* This article has been translated by AI. 2026-05-11 16:59:49

Memorial space for Korean War heroes set to open at Gwanghwamun SEOUL, May 11 (AJP) - A memorial honoring soldiers who died in the Korean War and other war veterans is set to open soon at Gwanghwamun in central Seoul, according to the Seoul Metropolitan Government. City officials and workers were busy making final preparations on Monday, just a day ahead of the opening of the space, dubbed "the Garden of Gratitude," which commemorates the sacrifices and contributions of around 22 countries that sent troops and provided support during the 1950–53 Korean War. The space also features an installation selected through a public competition. The 6.25-meter-long piece includes 23 black granite pillars and glass bridges, symbolizing the countries that assisted during the war. Symbolic sculptures are displayed above ground, while the underground area was designed as a space for remembrance and reflection. City officials said the space is expected to give visitors a place to reflect on the history of the Korean War and international solidarity. Earlier in 2024, the city government initially proposed erecting a 100-meter-tall flagpole to hoist a giant national flag as a new symbol meant to inspire patriotism. But the plan immediately sparked controversy, with critics arguing it would be excessive and a waste of public funds, and was eventually scrapped. 2026-05-11 16:58:05

Toss Bank Hires Strategy Expert Amid Criticism for Favoring High-Credit Customers Amid growing controversy over internet banks' practice of 'cherry-picking' high-quality customers, Toss Bank has taken steps to improve its operations by hiring a strategy expert from Coupang. With the average credit score of its borrowers being higher than that of traditional banks, Toss Bank faces the challenge of expanding loans for low-to-medium credit customers while balancing profitability and soundness.According to the financial sector on May 11, Toss Bank has created a new position for Chief Strategy Officer and appointed Im Seung-hyun to the role.The establishment of this position aims to accelerate the company's overall strategy and strengthen its role as a strategic hub directly connected to various business departments. Born in 1985, Im has extensive experience in strategic planning at various platform companies, including Coupang and Deloitte Consulting.Im is expected to prioritize the expansion of loans for low-to-medium credit customers. The proportion of such customers at internet banks has increased from 30% to 32% this year. On May 3, Kim Yong-beom, head of the policy office, criticized the practice of cherry-picking on Facebook, stating, "Cherry-picking is not the mission of internet banks."As of the end of last year, Toss Bank's loans to low-to-medium credit customers accounted for 34.9% of its total. While this exceeds the government's benchmark of 30%, the bank has continued to focus on high-credit borrowers. According to the Korea Credit Bureau (KCB), the average credit score of Toss Bank's customers who received general credit loans last month was 930, higher than that of Shinhan Bank (911), Hana Bank (911), and Woori Bank (928).Im's first task will likely be to reduce loans to high-credit customers or increase loans to those with lower credit scores to meet government demands. To increase loans for low-to-medium credit customers while maintaining soundness, enhancing alternative credit assessment models (CSS) will be necessary. Im is expected to leverage his data expertise to identify suitable low-to-medium credit borrowers.Additionally, to support the continued expansion of loans for low-to-medium credit customers, it will be essential to bolster soundness through secured loans and corporate loans. Therefore, diversifying mortgage products and personal business loans will also be key responsibilities for Im this year.Furthermore, he will need to explore ways to increase non-interest income and seek new business opportunities, such as stablecoins, to support reduced lending. Plans to enter the trust and retirement pension markets, launch direct fund sales, and expand financial services for senior customers are among the other challenges facing Im.A financial industry source stated, "As the company enters its fifth year, it has reached a critical turning point," adding, "The creation of this position is aimed at accelerating progress in inclusive finance, non-interest income, new business ventures, and product partnerships."* This article has been translated by AI. 2026-05-11 16:57:35

Han Byeong-do: Democratic Party Did Not Disadvantage Kim Kwan-young Han Byeong-do, floor leader of the Democratic Party, stated on May 11 that "to realize physical AI and promote the development of Jeonbuk, a candidate from the ruling party must be elected." He firmly rejected claims by Kim Kwan-young, the former governor of Jeonbuk who was expelled from the party over allegations of distributing money envelopes, that he faced disadvantages from the Democratic Party, saying, "That is absolutely not the case." During a press conference held in Jeonbuk, Han emphasized that there was no dissent among the party's top officials regarding the investigation results concerning Governor Kim, stating, "Not a single member expressed disagreement with the findings." He also addressed public concerns about the fairness of Kim's expulsion, suggesting that a clear explanation is necessary. He contrasted this with the investigation results regarding Lee Won-taek, who faced allegations of covering meal expenses, asserting that no issues were found in that case. Additionally, Han mentioned Ahn Ho-young, a lawmaker who staged a hunger strike during the party's primary process, expressing confidence that Ahn would take the lead in ensuring the Democratic Party's victory. Responding to opinions suggesting that the upcoming Jeonbuk gubernatorial election is a battle between pro-Lee and pro-Cho factions, Han clarified, "In the Lee Jae-myung administration, there are no pro-Lee and pro-Cho factions. It is all pro-Lee."* This article has been translated by AI. 2026-05-11 16:47:34

LG Electronics to supply OLED monitors for Hyundai's N racing simulators SEOUL, May 11 (AJP) - LG Electronics (LGE) announced Monday it will supply high-end OLED monitors for Hyundai Motor’s high-performance "Hyundai N Racing Simulator," expanding its display business into the virtual driving sector. Under the partnership, LG will provide the 65-inch LG OLED Pro monitor for the "Pro" simulator model and 65-inch OLED TVs for the "Racer" model. The professional-grade OLED Pro features 4K resolution and a specialized interface designed to transmit high-capacity data without compression, ensuring stable performance for high-definition virtual environments. The monitors are equipped with self-calibration tools and optimization features that maintain uniform brightness and color accuracy, according to the company. While LG’s OLED Pro series has primarily been utilized in broadcasting and film production, this collaboration marks a strategic push to diversify its client base into the simulation market. The move aligns with LGE's broader strategy to leverage its OLED and signage competitiveness to secure bespoke business opportunities across various industrial fields. 2026-05-11 16:46:57