Israel Strikes About 100 Hezbollah Sites in Southern Lebanon Despite Ceasefire Israel carried out large-scale airstrikes in Lebanon despite a ceasefire agreement, hitting about 100 Hezbollah sites in the country’s south. AFP reported that the Israeli military said in a statement on May 2 (local time) it struck about 70 Hezbollah military facilities and about 50 infrastructure sites across several areas of southern Lebanon, saying it removed threats. The military was reported to have issued evacuation orders to residents of nine villages in southern Lebanon ahead of the strikes. Lebanese media also reported casualties, saying at least three people were killed in the south. Hezbollah, in turn, continued attacks targeting Israeli forces, calling them a legitimate response to what it described as Israel’s ceasefire violations. Hezbollah is widely seen as Iran’s key proxy in the Middle East. Israel has long regarded the group, based in southern Lebanon along its northern border, as its biggest security threat. The clashes escalated on Feb. 28, early in the Iran war, when Hezbollah launched rocket attacks in retaliation for Israel’s killing of Iran’s Supreme Leader Ayatollah Ali Khamenei, the report said. The two sides agreed to a ceasefire on April 17, but have continued to trade accusations of violations as fighting persists. As the situation worsened, Lebanese army commander Rodolphe Haykal met on May 2 (local time) with U.S. Gen. Joseph Clearfield, chair of the ceasefire monitoring committee, during Clearfield’s visit to Lebanon. They discussed Lebanon’s security situation and regional developments and explored ways to improve the effectiveness of the ceasefire monitoring system, reports said. AFP said more than 2,600 people have been killed in Lebanon and more than 1 million displaced over about two months of Israeli airstrikes. Separately, controversy has erupted after reports said a Catholic facility in southern Lebanon was damaged during the strikes. The Israeli military said a house inside a religious compound was damaged during an attack on Hezbollah sites, adding that there were no markings indicating the building was a religious facility. A French Catholic charity group strongly objected, saying the Israeli military destroyed a convent of the Greek Catholic "Sisters of the Savior," which it said works with the organization.* This article has been translated by AI. 2026-05-03 14:40:01

Trump administration fast-tracks $8.6B in arms sales to Middle East, reports say The Donald Trump administration is moving to fast-track a total of $8.6 billion (about 12.6533 trillion won) in arms sales to Middle Eastern countries, seeking both economic and diplomatic gains as regional demand for air defenses rises after the outbreak of the Iran war. CNN and the Financial Times reported May 2, citing U.S. State Department materials released the previous day, that Secretary of State Marco Rubio approved the sales by bypassing congressional review, citing an “emergency.” The accelerated sales are expected to include Patriot air defense missiles and advanced precision kill weapon systems, or APKWS, as well as the Integrated Battle Command System, or IBCS, for key regional partners including Israel, Qatar and the United Arab Emirates. Rubio said he had determined that an emergency exists requiring immediate sales to the countries and provided detailed justification. He said each sale “is in the national security interests of the United States” and therefore qualifies for a waiver of the congressional review requirement. The State Department said all of the proposed sales support U.S. foreign policy and national security, and would help strengthen the security of strategic regional partners that have been important to political stability and economic development in the Middle East. Since the Iran war began Feb. 28, Iran has carried out indiscriminate attacks on countries across the region, increasing the urgency for air defense and other countermeasures. At the same time, the United States has also drawn down its own missile stockpiles, and deliveries to Europe are expected to slip. The Pentagon has already notified some European countries — including the United Kingdom, Poland, Lithuania and Estonia — that deliveries of certain missiles could be significantly delayed, the FT reported. Separately, the United States and Iran have continued back-channel contacts on a ceasefire. Iran has proposed a new 14-point ceasefire plan that would end the war within 30 days, instead of the U.S. proposal to end it within two months. Trump said he would soon review “the proposal Iran just sent us,” but added that it was hard to imagine it being accepted because, he said, Iran has not yet paid a sufficient price for what it has done to humanity and the world over the past 47 years. 2026-05-03 14:36:16

Kim Yong-bum Proposes Three Fixes to Make South Korea’s Financial System More Inclusive Kim Yong-bum, policy chief at the presidential office, on Saturday proposed three steps to overhaul a financial system he said disadvantages vulnerable groups: strengthening banks’ accountability, improving credit evaluation and redefining the role of lenders focused on low-income borrowers. Kim laid out the proposals in a Facebook post titled “How to reconnect a broken market: Designing finance to connect again.” Referring to two earlier posts criticizing the financial system, Kim said he was not calling for “irresponsible debt forgiveness” or for undermining the credit order. He said the goal was to examine how the current system works and “which segments are being abandoned.” On access to finance for mid- to low-credit borrowers, Kim said the priority is changing a structure in which banks view “avoidance” as a rational choice. He was referring to banks turning away borrowers who can repay, based on existing credit-rating standards. “When finance fears that point and only retreats, what fills the gap is illegal private lending and despair,” Kim wrote. “We have to change this game,” he said, arguing that household lending should not remain confined to the “safe greenhouse” of high-credit borrowers and that the composition of lending needs to shift. Kim also called for expanding what he described as an outdated “frame” for credit scoring. “How long will we keep looking only at past delinquency records or card histories?” he wrote, adding that a lack of financial history does not mean a person lacks the ability to repay. He said the role of institutions providing finance to low-income households should be “reorganized from the beginning.” Kim said the government has provided tax exemptions and support, but in practice the structure has led to more deposits at central federations than loans to members. He added that existing institutions operate on the basis of “relationships among people who know each other.” With labor more mobile, income more dispersed and people more spread out, Kim said what is needed is not simply expanded support but adjustments to the model. Kim said all of his proposals point to one goal: reconnecting broken parts of the market and filling gaps that have been left unattended. He said that raises questions about the role of financial authorities, arguing that inclusive finance is not a separate slogan or program but should come from redesigning the system to respond continuously to ongoing risks and reconnect severed segments. “This is the starting point for moving beyond an era of cruel finance to connected finance,” he wrote. * This article has been translated by AI. 2026-05-03 14:33:18

Samsung Family Completes About $12 Trillion Won Inheritance Tax Payment, Renewing Debate on Succession Tax Rules The Samsung family has finished paying about 12 trillion won in inheritance tax on the estate of the late Chairman Lee Kun-hee. The payments, made in six installments over five years starting in 2021, conclude what is described as the largest inheritance-tax payment in South Korean history. The case is not only a private matter for a controlling family; it highlights how the inheritance-tax system intersects with corporate succession and the capital markets. Lee’s estate, including stakes in affiliates and real estate, was valued at about 26 trillion won, and the inheritance tax was reported at nearly half that amount, about 12 trillion won. The figure exceeds last year’s total national inheritance-tax revenue of 8.2 trillion won, making it a notable contribution to public finances. Paying legally required taxes is expected, but the size and ripple effects are unusual even by global standards. Inheritance taxes are intended to curb the intergenerational transfer of wealth and improve tax fairness. With asset concentration deepening, the rationale for such a tax remains clear. In South Korea, where concerns about economic concentration are significant, the tax also serves public purposes such as securing revenue and supporting equal opportunity. At the same time, the Samsung case has renewed debate over whether South Korea’s inheritance-tax burden is excessive. When a premium valuation for controlling shareholders is added, the effective tax rate can rise to among the highest in the world. For founder- and owner-led companies whose wealth is concentrated in shares rather than cash, paying the tax can force stock sales, higher dividends or increased borrowing. Over time, that can weigh on management stability and investment capacity. If inheritance taxes weaken corporate competitiveness, the system’s design should be reviewed. Many mid-sized and small companies in South Korea also face succession pressures, with some considering selling the business or shutting down because of inheritance-tax costs. If family firms with strong technology are pushed into foreign ownership or close operations, the broader economy can suffer, the article said, calling it an issue for the entire industrial ecosystem, not only large conglomerates. The answer, however, is not simply cutting taxes. Calls to lower inheritance taxes across the board are unlikely to win broad public support. The challenge is balancing fairness with growth. The article suggested several directions: making payment schedules more flexible for shares transferred for succession under certain conditions, or adjusting burdens in exchange for commitments to maintain jobs and investment; re-examining the rationale for the controlling-shareholder premium, which can be seen as a double burden on top of market-based taxation; and tightening enforcement against abusive gifting and tax avoidance. It called for a system that supports lawful succession while blocking illegal transfers. The Samsung family’s completion of the 12 trillion won payment is likely to be recorded as a case of responsible tax compliance. It also raises questions about how well South Korea’s tax system reflects corporate realities in an era of global competition. The article said countries are revising rules to balance attracting capital, supporting corporate growth and maintaining tax fairness, and argued South Korea should not remain bound to older frameworks. The article said collecting more taxes is not an end in itself; what matters is collecting fairly on a sustainable growth base and using revenue efficiently. It called the Samsung case a starting point and urged politicians and the government to move beyond emotional arguments and begin serious discussions on inheritance-tax reform that considers both corporate succession and national competitiveness.* This article has been translated by AI. 2026-05-03 14:22:46

One-Third of KOSPI Firms Beat Q1 Forecasts by 10% or More; Q2 Estimates Rise As first-quarter earnings season passed its midpoint, about one in three companies on South Korea’s main KOSPI board that have reported results posted operating profit at least 10% above market forecasts, data showed. With second-quarter estimates also being revised higher for major firms, expectations are growing that the earnings uptrend will continue. Yonhap News Agency’s review of Yonhap Infomax data on Saturday showed that, among 197 KOSPI-listed companies covered by forecasts from at least three brokerages over the past three months, 90 had released consolidated results as of April 30. More than half of those companies — 49, or 55.5% — reported first-quarter operating profit above the average market estimate, or narrowed their losses. Twenty-nine companies delivered an “earnings surprise,” beating forecasts by at least 10%. By contrast, 41 companies missed estimates, swung to a loss or widened losses. Nineteen of them posted an “earnings shock,” falling short by at least 10%. Aggregate results also exceeded expectations. Total first-quarter consolidated operating profit for the companies tracked came to 122.4245 trillion won, topping the market estimate of 106.2273 trillion won by more than 16 trillion won. Semiconductors led the gains. Samsung Electronics posted operating profit of 57.2328 trillion won, 35% above the consensus estimate, helped by rising memory prices and a shift toward higher value-added products. SK hynix reported 37.6103 trillion won, only 2% above consensus. Construction firms also turned in stronger-than-expected results. Daewoo Engineering & Construction posted operating profit of 255.6 billion won, more than double the market forecast (114%), aided by improved cost ratios and one-off gains. DL E&C reported operating profit of 157.4 billion won, well above the FnGuide consensus, as housing profitability improved. Analysts cited better housing cost ratios and a shift in business mix that pushed gross margin above 20%. IT components held up as well. Samsung Electro-Mechanics reported operating profit of 280.6 billion won, beating expectations despite reflecting costs that weighed on earnings. The company benefited from stronger demand tied to artificial intelligence, with a higher share of value-added products such as multilayer ceramic capacitors and high-density package substrates (FC-BGA). Analysts said the earnings-surprise trend could extend into the second quarter as estimates for major companies continue to rise. Kim Rok-ho, an analyst at Hana Securities, said Samsung Electronics’ second-quarter operating profit could reach about 89 trillion won, citing continued gains in memory prices and steady demand for AI servers and mobile devices. He said most of the profit improvement is expected to come from the memory business. Samsung Electro-Mechanics is forecast to post second-quarter operating profit of 376.5 billion won, up about 76.8% from a year earlier. Yang Seung-su, an analyst at Meritz Securities, said the company should benefit from higher MLCC shipments, rising utilization rates and continued product-mix improvement driven by AI-related demand. In construction, analysts said profits may moderate in the second quarter due to a high base in the first quarter, but the broader profitability improvement is expected to hold. Kim Seung-jun, an analyst at Hana Securities, said DL E&C’s second-quarter operating profit is estimated at about 115.5 billion won, but added that stabilizing cost ratios and expanding orders should support improving full-year results. Refining and chemicals are also drawing attention. Analysts said higher crude prices and product price increases could lift results with a lag, potentially widening the improvement ahead. Noh Woo-ho, an analyst at Meritz Securities, said attempts to raise prices across product lines amid geopolitical risks should not be seen as one-off moves. He said the rebound in product prices is likely to last longer and spread to other items, with refining and petrochemical companies expected to feel the benefit over time.* This article has been translated by AI. 2026-05-03 14:21:32

Ukrainian Student Wins Chunhyang Pageant Title, Stirring Debate in South Korea A Ukrainian international student named Lina was selected as “Chunhyang Mi” at the 96th Chunhyang Pageant held at Gwanghallu Garden in Namwon, North Jeolla Province. The news quickly drew mixed reactions, from “Chunhyang has gone global” to discomfort such as, “Chunhyang is a foreigner?” The moment may seem easy to brush off, but it points to a larger question. Chunhyang is not simply a label for choosing someone attractive. She is a figure from a Joseon-era story, defined by standards of her own: a person who protects love across social barriers and does not yield to power. Put simply, she is someone who keeps a promise to the end. For that reason, Chunhyang has long been understood as a distinctly Korean symbol. Now a foreigner has stepped into that role. The scene feels unfamiliar largely because it does not match the “face of Chunhyang” many people have carried in their minds. Looking closer, the question shifts: Does Chunhyang’s appearance matter most, or does her meaning? In today’s South Korea, the issue is no longer abstract. The number of foreign residents has surpassed 2.7 million, and seeing foreigners on the street is no longer unusual. People live side by side at schools, workplaces and cafes. South Korea is no longer a country where only Koreans live. In that setting, tradition is bound to change. The issue is not change itself, but how it happens. Opening everything without limits can be risky, while shutting it out completely is unrealistic. The core question is what to change and what to preserve. This foreign winner is less a sign that tradition has collapsed than a sign that tradition is beginning to meet new interpretations. Even with the same Chunhyang, perspectives can differ. Koreans may think of “chastity” and “loyalty,” while foreigners may see “the courage to keep a promise” or “someone who stands by her own choice.” It is difficult to call that interpretation wrong. Tradition is not fixed once and for all; it is read differently over time. Still, discomfort is understandable because Chunhyang is not just a character but a symbol built from history and culture. Some people worry: “Are we changing this too easily?” A possible answer is simple: open the surface, protect the core. Allowing foreign participation reflects the times. But the meaning carried by the name Chunhyang should not be diluted. The stage can become more global, but the standards should not be treated lightly. Another challenge follows. Many people say the key is to see “how well someone understands the Chunhyang spirit.” Yet it is not easy for a foreigner to grasp the deeper meaning of a Korean classic in a short time. That suggests a shift in emphasis: not who memorized better, but who interpreted better. People can respond differently to the same Chunhyang, and recognizing that difference may be more natural today. Tradition tends to last longer when it allows varied readings rather than forcing a single answer. There is also a risk. As foreign participation grows and the pageant becomes a global event, it can turn into spectacle. Performances may become flashier and production more provocative, raising the possibility that tradition will be consumed lightly. Completely avoiding that may be impossible, because globalization and commercial appeal often move together. The task is not to block the trend but to manage it. One approach would be to globalize staging and promotion while making evaluation standards and meaning more rigorous — widening the outside while clarifying the center. Ultimately, the episode underscores one point: Chunhyang has not changed as much as South Korea has. That change is likely to accelerate. Foreign inflows may continue to rise, and cultures may mix more. Scenes where tradition and reality collide may appear more often. What matters, the column argues, is not repeatedly judging “right or wrong,” but resetting standards each time — asking how far society can open and what it must protect to the end. This “Ukrainian Chunhyang,” it concludes, is not a simple event but a sign that South Korean society is moving into a new stage — and that the shift has already begun. One question remains: How much change are we prepared for, and what will we preserve no matter what? * This article has been translated by AI. 2026-05-03 14:20:16

Korea Market Cap Tops 6,000 Trillion Won as 405 Firms Join 1 Trillion Won Club South Korean stocks have repeatedly set record highs, pushing total market capitalization above 6,000 trillion won and lifting the number of listed companies worth at least 1 trillion won past 400. According to the Korea Exchange on Saturday, total market capitalization across the KOSPI, KOSDAQ and KONEX stood at 6,167 trillion won as of April 29. The number of listed firms with market caps of 1 trillion won or more, including preferred shares, totaled 405: 267 on the KOSPI, 137 on the KOSDAQ and one on KONEX. As of the same date, 79 companies were valued at 10 trillion won or more. The combined market value of listed companies in South Korea’s 10 largest business groups accounted for more than half of the total. As of April 30, their combined market cap was 3,832.6471 trillion won, up 1,517.4573 trillion won from the end of last year, when it stood at 2,315.1898 trillion won. The gains came as the market rally continued, including the KOSPI’s first intraday move above 6,700, the report said. SK Group posted the biggest increase. As of April 30, the combined market cap of its listed companies was 1,139.7587 trillion won, up 89.6% from 601.0122 trillion won at the end of last year. Samsung Group’s combined market cap rose 68%, to 1,684.1052 trillion won in April from 1,002.4979 trillion won at the end of last year. Hanwha Group’s total climbed about 50% to 173.7212 trillion won from 115.6744 trillion won, ranking third by growth rate. Other increases were reported for POSCO Group (46.5%), Hyundai Motor Group (46.0%), HD Hyundai Group (44.6%), Shinsegae Group (42.9%), Lotte Group (42.3%), GS Group (39.3%) and LG Group (26.9%). Kim Jong-min, an analyst at Samsung Securities, said strong earnings led by U.S. big tech and South Korean semiconductor companies have offset macroeconomic headwinds. He added that signs of improving global liquidity and a Korea-specific “money move” have helped support the market’s downside. Lee Kyung-min, an analyst at Daishin Securities, said the KOSPI’s uptrend is “entirely based on earnings,” and he expects the rise to continue until forward earnings per share begin to turn down. Still, Lee said that as first-quarter earnings season highlights gaps between expectations and results, the market is likely to see a short-term cooling period and profit-taking. He said that even if the broader uptrend remains intact, investors should be prepared for near-term swings as sentiment retreats. 2026-05-03 14:19:03

Son Heung-min records 15th assist of season as LAFC draws San Diego FC 2-2 Son Heung-min recorded his 15th assist of the season for Los Angeles FC in Major League Soccer. LAFC drew San Diego FC 2-2 on the road in a 2026 MLS Round 11 match at Snapdragon Stadium in San Diego, California, on May 3 (Korean time). Son came on in the 60th minute with LAFC down 2-0 and set up Denis Bouanga’s goal in the 82nd minute to start the comeback. It was Son’s eighth assist in league play, moving him into sole possession of the MLS assist lead. Across all official competitions, including the CONCACAF Champions Cup, it was his 15th assist of the season. Son still has not scored his first MLS goal. He has two goals in the Champions Cup but has yet to find the net in league play. LAFC equalized in the 90th minute of stoppage time. On a corner kick, Mathieu Choiniere headed the ball down and Ryan Hollingshead finished from close range to make it 2-2. With the draw, LAFC stayed third in the Western Conference at 6-3-2 with 21 points. * This article has been translated by AI. 2026-05-03 14:18:15

LPG Carrier Bound for India Transits Strait of Hormuz for First Time Since U.S. Blockade About 20 days after the United States began enforcing a blockade in the Strait of Hormuz, an LPG carrier bound for India has transited the waterway for the first time. Bloomberg News and Indian media outlet The Indian Express reported on the 3rd (local time) that MarineTraffic vessel-tracking data showed the Marshall Islands-flagged very large gas carrier Sarv Shakti exited the Strait of Hormuz the previous day and entered the Gulf of Oman. The ship was carrying about 45,000 tons of LPG. Its automatic identification system (AIS) listed it as India-bound with Indian crew members aboard, and the cargo owner was reported to be state-run Indian Oil Corp. (IOC). It was the first India-related energy carrier to pass through the strait since the United States moved to impose a maritime blockade on April 13 after talks with Iran collapsed. The Sarv Shakti was reported to have departed the UAE’s Gantoot port on March 3 and transited the strait along the Iran-side route. It was not confirmed whether the vessel paid Iran a “toll” during the passage. On May 1, the U.S. Treasury Department’s Office of Foreign Assets Control warned the global shipping industry that paying Iran for safe passage or asking it to refrain from attacks could expose parties to sanctions. The LPG shipment is equivalent to about half a day of India’s consumption under prewar benchmarks. The Indian Express said expectations are growing that the transit could slightly ease energy supply strains in India. India typically depends on the Strait of Hormuz for about 40% of its crude oil imports, more than 50% of its liquefied natural gas (LNG), and about 90% of its LPG. The war and blockade have severely disrupted supplies. In response, India has moved to address shortages, including raising domestic LPG output to about 54,000 tons a day. Separately, after the war began and before the U.S. blockade took effect, eight Indian-flagged LPG carriers and one oil tanker transited the strait, a process reported to have been arranged through talks between India and Iran. Fourteen Indian vessels remain stuck in the Persian Gulf, and foreign ships bound for India are also facing operational disruptions.* This article has been translated by AI. 2026-05-03 14:09:53

Samsung Family Completes $12 Trillion Won Inheritance Tax Payment, Expands Public Giving Samsung has finished paying 12 trillion won (about $12 trillion won) in inheritance taxes tied to the estate of late former chairman Lee Kun-hee, completing the payments over five years. The company and the bereaved family have also pursued public initiatives including support for infectious-disease response, pediatric cancer care and major art donations. According to the business community on Saturday, Lee Jae-yong, Samsung Electronics chairman; Hong Ra-hee, honorary director of the Leeum Museum of Art; Lee Boo-jin, president of Hotel Shilla; and Lee Seo-hyun, president of Samsung C&T, reported the inheritance tax to the National Tax Service in April 2021. They used an installment-payment program to pay the tax in six installments over five years. The 12 trillion won levy, assessed on the full estate including stakes in Samsung Electronics and other affiliates as well as real estate, is the largest inheritance tax bill since South Korea’s founding. It is about 50% more than the country’s total inheritance-tax revenue in 2024, which was 8.2 trillion won, and is described as rare globally for a single taxpayer case. When filing the tax report, the family said, “Paying taxes is a natural duty of citizens,” and pledged to follow the process faithfully. Separate from the tax payments, Samsung’s medical support projects are moving ahead. In 2021, Samsung donated 700 billion won to the National Medical Center to expand infectious-disease response infrastructure. Of that, 500 billion won was allocated to build the Central Infectious Disease Hospital, described as South Korea’s first specialized infectious-disease hospital. It is expected to open in 2030 and is to serve as a national hub for treatment of new and high-risk infectious diseases, training and clinical research. A 300 billion won fund donated to Seoul National University Hospital, reflecting Lee Kun-hee’s interest in child care and welfare, is being used for children with cancer and rare diseases. Of the donation, 150 billion won was used for pediatric cancer diagnosis and treatment, 60 billion won for rare-disease treatment and 90 billion won for research infrastructure. More than 23,000 artworks donated to the cultural sector expanded public access to art, the report said. Traditional works including 40 national treasures and 127 treasures were sent to the National Museum of Korea, while works by modern and contemporary artists such as Kim Whanki and Park Sookeun went to the National Museum of Modern and Contemporary Art. At the time, the art community estimated the value of the donated works could reach up to 10 trillion won, calling it an unprecedented collection in both cultural and artistic terms. From 2021 to 2024, the National Museum of Korea, the National Museum of Modern and Contemporary Art and others held 35 traveling exhibitions of the “Lee Kun-hee Collection,” drawing a cumulative 3.5 million visitors, the highest attendance recorded for an art exhibition series in South Korea. Samsung has also used global touring exhibitions as a form of private cultural outreach. The first overseas stop, held at the Smithsonian’s National Museum of Asian Art in Washington in November last year, concluded successfully, the report said. A second exhibition is underway at the Art Institute of Chicago, and another is scheduled to open at the British Museum in October. At a gala dinner in Washington in January, Lee Jae-yong said, “Even amid hardships such as the Korean War, founder Lee Byung-chul and former chairman Lee Kun-hee had a firm will to preserve Korea’s cultural heritage.” He added, “I believe this exhibition will help bring the people of the United States and Korea closer together.” * This article has been translated by AI. 2026-05-03 14:03:18