South Korea’s Q1 CD Exports Top $100 Million for First Time; U.S. Shipments Surge 506% This year’s first-quarter exports of music albums (CDs) topped $100 million for the first time, setting a record high for any quarter. The Korea Customs Service said April 28 that CD exports in the first quarter totaled $120 million, up 159.0% from a year earlier. Annual CD exports totaled $300 million last year, but this was the first time quarterly exports exceeded $100 million. With quarterly results continuing to set new highs since the third quarter of last year, the agency said the annual record could also be broken. The surge is being attributed to the global popularity of K-pop, including BTS, and to fandom culture in which fans buy physical albums to own them and support artists. Demand is also rising among listeners who bypass major streaming-service algorithms and seek out physical CDs. By destination, the United States accounted for $36 million, or 28.8% of the total, followed by Japan at $31 million (25.3%), the European Union at $21 million (16.5%), China at $18 million (14.4%) and Taiwan at $9 million (6.9%). Exports to the United States jumped 506.4% from the first quarter of last year, the fastest growth rate. Shipments to the EU rose 461.9%, while Japan increased 157.4% and China 38.2%. Growth was strongest outside Asia. First-quarter exports to non-Asian markets rose 408.3%, far outpacing the 71.9% increase to Asian markets. North America climbed 449.2% and Europe 397.7%. Exports went to 131 countries, and 94 of them — 72% — posted their best first-quarter results.* This article has been translated by AI. 2026-04-28 13:31:12

Seoul’s Low-Sugar ‘Seoul Bread’ Tops 10,000 Sold in 10 Days SEOUL — Seoul’s new “Seoul Bread,” developed with a private bakery company, has sold more than 10,000 units in just 10 days, the city government said. Officials credited the strong response to a “less sweet, clean-tasting” health concept that aligns with growing consumer interest in low-sugar foods. Seoul said on the 28th that “Seoul Sweet Red Bean Bread” and “Seoul Whole-Wheat Bread,” jointly planned with Koryodang, an 80-year-old bakery company, recorded cumulative sales of 10,339 as of the 25th after going on sale on the 15th. Average daily sales topped 1,000, with some stores selling out early and customers waiting to buy. The products have been sold at Koryodang stores inside Lotte Department Store’s main branch and Shinsegae Department Store’s Gangnam branch. With sellouts continuing since launch, the city said the items are emerging as another Seoul-branded food souvenir following “Seoul Ramen.” Seoul pointed to the recipes as a key driver. The sweet red bean bread uses a fermentation process to boost flavor while cutting the sweetness of the filling by 36% compared with existing products. The whole-wheat bread uses no sugar or butter. Consumers have responded with comments such as, “It’s less sweet, so it’s not heavy,” and “It’s filling enough for a meal.” Packaging also helped, the city said, featuring major Seoul landmarks including Gwanghwamun, Dongdaemun Design Plaza and Namsan Tower, drawing souvenir demand among foreign tourists. Based on the early results, Seoul plans to expand the lineup. Starting in late May, it will roll out castella, madeleines, rice twisted doughnuts, and cookie-and-yanggaeng sets. In the second half of the year, it plans to broaden distribution to convenience stores and duty-free shops. The city will also run a pop-up store May 1-5 at the Seoul Gallery inside Seoul City Hall to sell the products to visitors during the Children’s Day holiday period. “Seoul Bread is drawing strong interest from both residents and tourists and is becoming a new Seoul food content,” said Min Su-hong, Seoul’s director general for public relations planning. “Through private-sector partnerships, we will continue to expand the Seoul brand experience,” he said. * This article has been translated by AI. 2026-04-28 13:27:18

NgeneBio shares plunge 25% on capital reduction and $224 million stock offering plan Shares of NgeneBio tumbled after the company announced it will pursue a capital reduction and a stock offering at the same time. According to the Korea Exchange, NgeneBio was trading at 1,226 won on the KOSDAQ as of 1:18 p.m. on the 28th, down 419 won, or 25.47%, from the previous session. The drop was widely attributed to concerns that a large capital reduction and a new share sale would dilute shareholder value and weigh on sentiment. NgeneBio said it decided at a board meeting the previous day to issue 7.15 million common shares in a paid-in capital increase. The company aims to raise about 22.4 billion won, allocating about 17.3 billion won for working capital and 5.1 billion won to repay debt. The deal will be structured as a rights offering to existing shareholders, with any unsubscribed shares sold in a public offering. The company will also carry out a free capital reduction to cover accumulated losses. The reduction ratio is 66.67%, consolidating three existing common shares into one. As a result, the number of shares outstanding will fall to 8,936,583 from 26,809,750. The record date for the capital reduction is June 24, and the listing of new shares is scheduled for July 13. Market participants said the capital reduction is intended to improve the company’s financial structure, but the follow-on stock offering makes dilution of existing stakes unavoidable, adding pressure to the share price. They also noted that the heavy allocation to working capital and debt repayment suggests a focus on financial stability rather than growth investment.* This article has been translated by AI. 2026-04-28 13:25:13

ST Pharm Shares Rebound After Early Profit-Taking Despite Strong Q1 Results ST Pharm, which recently posted strong earnings, fell early on profit-taking but later rebounded. According to the Korea Exchange, ST Pharm was trading at 168,400 won as of 1:16 p.m. on the 28th, up 0.54% from the previous session. The stock had slid as much as 3.34% intraday to 161,900 won before recovering. In a filing the previous day, the company said preliminary first-quarter consolidated revenue rose 27.7% from a year earlier to 67.0 billion won, while operating profit surged 1,024.6% to 11.5 billion won. Revenue came in slightly below market expectations, but operating profit beat forecasts by more than 30%, prompting brokerages to maintain or raise target prices. Kim Seon-a, an analyst at Hana Securities, said, “In the first half of this year, we will confirm second-quarter earnings growth, and in the second half there will be many events as well as earnings growth through the fourth quarter.” She maintained her target price of 210,000 won and reiterated a “buy” rating. Lee Ji-su, an analyst at Daol Investment & Securities, cited multiple second-half research and development catalysts, including “an imminent PDUFA approval for olezarsen (severe hypertriglyceridemia), phase 3 for pelacarsen, and topline results for STP0404 (AIDS).” She said she was raising her fair value estimate to 210,000 won to reflect “mid- to long-term profitability leverage from CMO growth and improved yields.” Ha Hyeon-su, an analyst at Yuanta Securities, also raised his target price to 200,000 won, saying the company appears to be entering a stable growth phase as the share of commercialized project CDMO in total revenue increases.* This article has been translated by AI. 2026-04-28 13:24:31

South Korea to Cut Virgin Plastic Use by 30% by 2030 in Shift to Circular Economy The government will step up its shift to a “plastic-free circular economy,” aiming to cut plastic waste by 2030 and reduce the use of virgin plastic made from oil and naphtha by at least 30%. Climate, Energy and Environment Minister Kim Seong-hwan reported the “Action Plan for Transition to a Plastic-Free Circular Economy” to a Cabinet meeting on Monday, outlining measures to expand recycling and curb demand for new plastic. The plan is being pushed as a key national policy task as the recent war in the Middle East has made supplies of oil and naphtha — key plastic feedstocks — more uncertain. The government said it aims to build a sustainable circular economy ecosystem and strengthen industrial competitiveness. Recycled-content mandates expanded to curb virgin plastic The government will gradually expand mandatory use of recycled materials. The current requirement for PET bottles — 10% recycled content starting this year — will be raised to 30% by 2030. The government also plans to introduce internationally aligned recycled-content target rates for food and cosmetics containers and plastic film products made from polyethylene (PE) and polypropylene (PP). It will support equipment replacement and shifts to smart manufacturing processes, starting with pay-as-you-throw garbage bags, which were among key response items during the Middle East conflict. Officials also said they will review steps to stabilize the market if recycled materials cost more than virgin, petroleum-based inputs. Policies to reduce plastic products will be strengthened. The government will assess items such as cosmetics containers and plastic bags for reusability and ease of recycling, and will encourage switching to alternatives such as paper where plastic is not necessary. Delivery containers and parcel packaging will also face tighter rules. For delivery containers, the government will encourage weight reductions by optimizing structural design while keeping overall size and shape. For parcel packaging, it will limit excessive packaging to reduce plastic use. Packaging that is hard to recycle or that disrupts recycling of other products will face limits on market entry through industry agreements. For major product categories such as clothing and electrical and electronic goods, the government will flesh out a “Korean-style eco-design system” to ensure recyclability is considered from the design and production stages. The waste charge system will also be revised. Rates will be differentiated to reflect varying product lifespans, such as for disposable goods and furniture, and fee reductions for using recycled materials will be expanded. Recycling expanded to plastics now incinerated; reuse pushed The government also plans to bring plastics that have typically been incinerated into the recycling loop, building collection and recycling systems for items long considered blind spots, including clothing and disposable plastic cups. Working with the National Police Agency, the government will collect police uniforms that were previously burned, extract recycled polyester, or use the material as filling and insulation. It plans to expand the program later to other uniforms, including military clothing. Disposable cups, currently subject to waste charges, will be brought under the extended producer responsibility recycling system so they can be managed and recycled together with containers made of the same material. The government will expand preprocessing facilities that open and sort pay-as-you-throw bags and increase deployment of artificial intelligence and optical sorting equipment to recover plastic waste that has been burned or buried. For waste plastic film, it will promote pyrolysis to extract recycled naphtha by building wider-area collection systems and diversifying feedstocks. It will also accelerate a shift to reusable containers, focusing on multiuse facilities where disposable items are heavily used. Funeral halls will switch to reusable tableware through agreements starting with facilities run by public institutions nationwide, with a phased expansion to private facilities based on implementation results. The government will also seek to establish a culture of reusable containers at workplace cafeterias and cafes, sports stadiums, and cafes near public institutions. It plans to expand personal-cup discount programs already used by some coffee chains and to sign agreements to refrain from using mixed-material packaging. The ministry said it plans to extend the source-reduction and circular-use approach beyond plastics to future waste resources across sectors, including used electric vehicle batteries and discarded solar panels. Kim said the Middle East war is a crisis but also an opportunity to address “the structural vulnerability of a linear economy that depends on imported resources while mass-producing and discarding products.” He said the government will push “source reduction and circular use” quickly and forcefully to build a sustainable, plastic-free economy that is resilient to external shocks. 2026-04-28 13:21:25

Court Upholds Rep. Kwon Seong-dong’s 2-Year Sentence for Illegal Political Funds A South Korean appeals court on Monday upheld a two-year prison sentence for People Power Party lawmaker Kwon Seong-dong for taking illegal political funds from figures linked to the Unification Church. The court rejected appeals by both Kwon and the special prosecutor, leaving the lower court ruling intact. The Seoul High Court’s Criminal Division 2-1 maintained the original sentence of two years in prison and forfeiture of 100 million won for violating the Political Funds Act. Kwon was indicted and detained on charges that in January 2022, ahead of the 20th presidential election, he received 100 million won from Yoon Young-ho, a former global headquarters chief of the Unification Church, along with requests for support for the group. The trial court found all charges proven and imposed the two-year term and forfeiture. In the appeal, the special prosecutor sought a four-year sentence. On the key dispute over admissibility, the appeals court said it was difficult to view the collection and use of evidence as illegal, rejecting the defense claim. It also dismissed the argument that derivative evidence based on illegally obtained material should be excluded, saying it could be used to prove the charges. The court also agreed with the first ruling on the credibility of Yoon’s statements, saying it was hard to conclude he made false claims to frame Kwon. Citing KakaoTalk messages and the political circumstances at the time, the court said Kwon’s influence continued. Even if he resigned from an election committee post, the court said it was a temporary step to ease internal party conflict and that the church side still approached him on the premise of his political clout. The court interpreted references in the chats to “Yongsan” as pointing to Yoon Suk Yeol, considering the situation surrounding the relocation of the presidential office at the time. In sentencing, the court strongly criticized the nature of the offense. It said receiving political funds can go beyond support for political activity and become a means for a specific religious group to gain access to state power, adding that entanglement between politics and religion can threaten the principle of separation of church and state and undermine core democratic values. The court said Kwon, a five-term lawmaker and prominent politician with constitutional responsibilities, accepted illegal funds, making the crime serious. It noted mitigating factors, including his long public service and lack of a criminal record, but concluded the original sentence was appropriate within the court’s discretion. Kwon has denied the allegations, saying he met for a meal but did not take money. He also argued key evidence was illegally obtained and that the case was not within the special prosecutor’s mandate, but the appeals court did not accept those claims. Yoon, who was also tried in the case, was sentenced the previous day in his own appeal to 18 months in prison. * This article has been translated by AI. 2026-04-28 13:18:23

South Korea to Expand Employment Retention Subsidies Nationwide, Speed Wage Recovery The government will expand the scope of employment retention subsidies from designated regions and industries to the entire country when nationwide employment conditions sharply deteriorate. It will also curb support for employers with repeated wage arrears and move faster to collect repayments tied to unpaid wages. The Ministry of Employment and Labor said April 28 that the Cabinet reviewed and approved amendments to the enforcement decrees of the Employment Insurance Act and the Wage Claim Guarantee Act. Until now, expanded employment retention subsidies have been limited to special employment support industries and employment crisis areas. The revised decree allows broader support even when job conditions worsen markedly nationwide. Eligibility requirements for the subsidy, previously set differently by type such as temporary shutdowns or leave, will be unified under a single standard: measures in which workers do not provide labor. The ministry said the change is intended to simplify complex application rules and improve understanding and use in the field. The government will also restrict access to programs under the Employment Insurance Act — including employment promotion and employment stability subsidies — for employers deemed habitual wage delinquents. The ministry said amendments to the Labor Standards Act created a legal basis to limit government subsidies and support for such employers, a step expected to encourage payment of overdue wages and reduce harm to workers. When the state pays workers unpaid wages on an employer’s behalf, it will collect the repayment using procedures for delinquent national taxes. Previously, collections followed civil enforcement, but critics said the process took a long time until a court ruling and lacked coercive power, leaving the cumulative recovery rate at 30%. Labor authorities said the change will allow compulsory collection without a final court judgment, sharply shortening recovery time and improving the recovery rate. The ministry said it expects the measure to heighten employers’ awareness of their ultimate responsibility for wage arrears and help operate the advance payment system more stably.* This article has been translated by AI. 2026-04-28 13:15:27

Seoul to Open One-Stop Center to Help International Students Find Jobs and Settle Seoul is shifting policy to move foreign students from “potential talent” to long-term residents, aiming to link study with employment and settlement rather than simply increasing arrivals. The city said April 28 it will open the Seoul Global International Student Support Center in the Sinchon university district and begin full operations in May. The center is designed as a one-stop platform offering integrated help with jobs, startups and daily life, positioning Seoul as a hub where global talent gathers and stays. The move responds to a surge in international students. Over the past decade, the number of foreign students in South Korea rose from about 90,000 to 250,000, but officials and others have said pathways to jobs and long-term settlement remain weak. A survey found 65.5% of international students want to remain in South Korea, while only 13.8% end up employed. To close what the city called a gap between “inflow” and “settlement,” Seoul plans an integrated model connecting education → employment → settlement, with the new center serving as the main base for delivering services. The center includes counseling space, a shared office, classrooms and community facilities. It will provide job support, startup support, visa and residency counseling, and help with adapting to life in Seoul. The city remodeled an existing youth startup facility, shifting its function to meet changing policy demand. Employment links are a major focus. Programs include training for trade marketers, business Korean courses and on-site work-experience programs. The center will also provide foreigner hiring information, resume and interview consulting, and “career fairs” aimed at connecting students to jobs. Support for stable settlement will run in parallel. A “30 days around Seoul” program will offer cultural and company experiences, while TOPIK preparation classes and Korean-language meetups will help students adjust. The center will also provide information on visas, housing and daily life and support community activities to encourage local integration. Seoul said it will expand the support system with universities and related organizations, including job programs linked with the Korea SMEs and Startups Agency, and will develop demand-based policies through communication with university international offices and international student associations. Lee Young-mi, head of Seoul’s foreign residents and immigration office, said international students are “already proven global talent.” She said the city will build “systematic support that leads to employment and long-term settlement” to make Seoul a place where global talent gathers and remains. 2026-04-28 12:42:17

South Korea Doubles Reusable Cup Points, Adds 300,000 Lodging Coupons for Depopulating Areas 정부가 중동전쟁에 따른 에너지 위기에 대응하기 위해 ‘친환경 녹색소비’ 확산에 나섰다. 다회용컵을 이용하면 적립되는 탄소중립포인트가 300원에서 600원으로 한시 상향되고, 비수도권 인구감소지역 숙박쿠폰은 30만장 추가 공급된다. 재정경제부는 28일 이재명 대통령 주재 국무회의에서 ‘친환경 녹색소비·관광 붐업 방안’을 발표했다. 정부는 다음 달까지 녹색소비를 집중 홍보하고 6월을 ‘녹색소비주간’으로 지정해 참여를 확대하기로 했다. 지역사회·기업·공공부문이 함께하는 ‘모두의 녹색소비’ 캠페인과 녹색제품 구매 인증 이벤트도 추진한다. 제로웨이스트 제품 판매 촉진을 위해 탄소중립포인트 2배 이벤트를 진행한다. 다회용컵 이용 시 적립되는 포인트는 다음 달 6일부터 17일까지 이벤트 기간에 600원까지 늘어난다. 이달부터 에너지 저소비 제품 판매 매장에서 구매하면 지역사랑상품권을 최대 5% 추가 할인한다. 지방정부가 매장을 발굴·신청하면 중앙정부가 심사해 추가 할인에 대한 국비 70%를 지원한다. 저소득층의 노후 창호·보일러 등 난방설비 교체 지원단가는 243만원에서 267만원으로 인상된다. 재생원료를 사용한 종량제 봉투 생산·보급을 늘리기 위해 생산설비 교체비 지원에 138억원을 투입한다. 전기차 전환도 가속한다. 공공기관 의무구매임차제 실효성 강화와 공공·민간 차량 전환 확대 방안은 6월 중 마련한다. 전기승용차와 소형 전기화물차의 정부 지원 물량은 각각 2만대, 9000대 확대한다. 대중교통 인센티브를 늘리고 유연근무 확대로 출·퇴근 수요 분산도 추진한다. 모두의카드 정액형 기준금액은 50% 낮추고, 기본형 시차 출퇴근 시간대 환급률은 30%포인트 높인다. 재생에너지 중심의 에너지 구조 개편도 속도를 낸다. 다음 달 중 재생에너지 기본계획을 마련하고 6월 중 한국형 녹색전환 전략을 준비한다. 건물·주택 태양광 보급 목표는 6000건에서 8000건으로 늘리고, 아파트 10만 가구에 베란다 태양광 설치를 지원한다. 민·관 릴레이 소비행사로 친환경·지역소비 분위기도 조성한다. 다음 달 10일까지 열리는 동행축제를 지역·친환경 축제로 운영하고, 전국 50개 지역축제·행사와 연계한 이벤트를 진행한다. 디지털 온누리상품권 할인율은 다음 달 1일부터 5일까지 한시 확대한다. 기업 업무추진비 손금 산입 특례 대상에 온누리상품권 지출분을 추가해 지역경제 활성화를 유도하고, 백년가게·전통시장·온누리가맹점 결제 시 10% 청구할인도 가능해진다. 정부는 중동전쟁 영향 품목인 나프타·석유·요소 등에 대한 관리도 이어간다고 밝혔다. 나프타 수입비용 지원에는 6744억원을 투입했고, 석유 비축물량 확대도 추진 중이다. 또 100억원의 추가경정예산으로 국산 농축산물 정부 할인지원을 실시한다. 노지채소·시설과채·닭고기 등은 최대 40% 할인 효과가 나며, 계란은 30구당 1000원을 정액 할인한다. 수산물은 주요 판매처와 협력해 제철 수산물을 중심으로 온·오프라인 최대 50% 할인한다. 관광 활성화 대책도 포함됐다. 숙박쿠폰 사용기간은 내달 초까지 연장하고, 5월 초 철도·항공 등 대중교통을 증편한다. 철도는 총 64회 늘려 3만3000석을 추가 공급하며, 항공은 20개 노선에서 2580편을 운항한다. 비수도권 인구감소지역 숙박쿠폰은 기존 20만장에서 30만장까지 확대하고, 5월 초 장기연휴를 활용해 공공부문의 연가·여행을 장려한다. 반값여행 환급 지원대상은 인구감소지역 내 식사·체험·숙박 이용금액에서 지역 내 대중교통 이용금액까지 넓힌다. 반값휴가 대상은 중견기업 근로자까지 확대한다. 인구감소지역 자유여행상품에는 열차운임 100% 할인쿠폰을 지급하고, 5개 테마열차는 50% 할인한다.* This article has been translated by AI. 2026-04-28 12:40:12

South Korea Extends Remedies on Hanwha Defense Merger Up to 5 Years, Citing Ongoing Monopoly Concerns South Korea’s Fair Trade Commission said April 28 it will extend, for up to five years, the period for corrective measures imposed as a condition for approving the business combination involving Hanwha Aerospace, Hanwha Systems and Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering). The FTC said it will extend the measures for three years and, if needed, add up to two more years. The FTC approved the combination in May 2023 after a full-commission meeting and ordered the companies to comply with remedies for three years. The measures ban: unfairly discriminatory price quotes for naval vessel parts; unjustified refusals to provide technical information on naval parts when Hanwha Ocean’s rivals request it through the Defense Acquisition Program Administration; and providing Hanwha affiliates with trade secrets obtained from competitors. After reviewing market competition and changes in relevant laws and systems, the FTC concluded the risk of reduced competition had not been resolved and decided at a full-commission meeting on April 15 to extend the remedies. The FTC cited market conditions over the past three years, saying Hanwha Ocean has remained the leading supplier in both the surface-ship market (67.3%) and the submarine market (64.8%). It also said Hanwha Aerospace and Hanwha Systems remain monopolists or dominant No. 1 suppliers in eight of 10 naval parts markets. Because rival shipbuilders have difficulty sourcing the relevant parts from suppliers other than these companies, the FTC said concerns remain about foreclosure effects stemming from discriminatory price quotes and information sharing. The FTC said, however, that competition concerns tied to the combination have been resolved in the markets for ship identification friend-or-foe equipment and ship integrated engine control systems, citing new entrants and changes in the companies’ market shares and rankings. “We will closely track and monitor changes in competition and the regulatory environment not only at the time of the business combination but also when the extended deadline arrives,” the FTC said, adding it will decide then whether to extend the remedies further. * This article has been translated by AI. 2026-04-28 12:39:18