Hyundai Targets Japan and China for Global Expansion Hyundai Motor Group is set to re-enter the Japanese and Chinese markets. In Japan, facing severe labor shortages due to an aging population, the company will introduce purpose-built vehicles (PBVs). In China, where competition among local electric vehicle manufacturers is fierce, Hyundai plans to launch thoroughly localized electric vehicles under its "In China, For China" strategy. Unlike its successful foothold in the U.S. and Europe, and its emerging growth in India and Southeast Asia, Japan and China are considered challenging markets due to strong patriotic consumer culture, often referred to as the "graveyard of imported cars." Hyundai aims to strengthen its presence in Asia to become a global top-tier company. According to industry sources, Kia announced the launch of its first dedicated PBV model, the "PV5," on May 13 at its Tokyo-based Kia PBV Japan showroom. The PV5, tailored to meet the diverse business environments and lifestyles of local customers, features a customized vehicle structure and advanced technologies. Japan is grappling with various social issues, including labor shortages, logistics challenges, and increased gaps in regional transportation due to rapid aging. The PV5 aims to provide a new alternative in Japan's limited electric commercial vehicle market while addressing these social issues. The PV5 is equipped with V2L (Vehicle-to-Load) and V2H (Vehicle-to-Home) specifications, allowing it to serve as an emergency power source during disasters like earthquakes. It also incorporates the CHAdeMO charging method, enhancing usability for the Japanese market. The Japanese government plans for 30% of new car sales to be electric vehicles by 2030. In response to the growing demand for small and medium-sized electric vans, Kia will first launch passenger and cargo models of the PV5, followed by a wheelchair-accessible version (PV5 WAV), with plans to introduce a successor model, the PV7, by 2028 to boost local sales. To effectively penetrate the Japanese market, Kia has established a partnership with Sojitz Corporation, a prominent general trading company. As part of this collaboration, Kia PBV Japan was launched in April last year to develop PBV operations in Japan. Kia PBV Japan currently operates seven dealerships, including the Tokyo-based showroom, and 52 service centers, with plans to expand to 11 dealerships and 100 service centers by the end of the year. Kim Sang-dae, Vice President of Kia PBV Business Division, stated, "The launch of the PV5 in Japan is a significant milestone that showcases Kia's product competitiveness and brand trust. We aim to build long-term trust with Japanese customers and establish ourselves as a reliable partner supporting their transition to electrification." In China, Hyundai will introduce the Ioniq V, the first model developed specifically for the Chinese market. Moving away from the previous strategy of selling global models, the Ioniq V has been designed with a focus on local consumer preferences, featuring batteries from China's CATL, advanced driver-assistance systems (ADAS) from Momentus, AI voice recognition based on Baidu, and infotainment systems that reflect the lifestyle of Chinese consumers. Hyundai is also preparing to launch an extended-range electric vehicle (EREV) to cater to the rapidly growing market in China, which has been traditionally focused on pure electric vehicles. EREVs utilize an internal combustion engine to charge the battery, significantly extending driving range, which is expected to attract consumers in China's less developed regions where charging infrastructure is limited. Hyundai aims to complete a lineup of over 20 models, including six electric vehicles, by 2030, targeting annual sales of 500,000 units in China. Both China and Japan present significant challenges for Hyundai Motor Group due to high brand loyalty towards domestic manufacturers, including BYD, Xiaopeng, and Toyota, which have become global automotive leaders. China, in particular, is the world's largest automotive market, with an annual volume exceeding 30 million vehicles, more than double that of the U.S. It is also a battleground for electric vehicle battery and software technology development, making it essential for Hyundai to establish a foothold in this market. Japan is known as one of the most demanding automotive markets globally, and success there is seen as a testament to winning in quality and detail. If Korean cars, once viewed as alternatives to Japanese vehicles, gain acceptance among Japanese consumers, they could elevate to true premium brands in the global market, according to industry assessments. An industry insider remarked, "If Hyundai secures an advantage in the fiercely competitive local market in China and achieves success in Japan, which is the home ground of global leader Toyota, it would be as symbolic as its achievements in the U.S. or Europe. China and Japan are the final pieces of the puzzle for Hyundai to reach global leadership."* This article has been translated by AI. 2026-05-15 23:25:06

Song Eon-seok Campaigns for Lee Jang-woo in Daejeon to Target Chungcheong Voters Song Eon-seok, co-chair of the People Power Party's election campaign committee, visited Buyeo and Daejeon on May 15 to rally support in the Chungcheong region. He urged voters to back the party's candidates while emphasizing the need to check the government of President Lee Jae-myung.In the morning, Song attended the opening of the campaign office for Buyeo county mayoral candidate Lee Yong-woo, where he also expressed support for Yoon Yong-geun, a candidate in the upcoming by-election for the National Assembly representing Gongju, Buyeo, and Cheongyang.Regarding Lee, who is seeking a third term as Buyeo county mayor, Song stated, "He has already served for eight years and knows Buyeo better than anyone else, making him a well-prepared candidate." He criticized the opposition candidate, saying, "The opposing candidate has a criminal record and has been fined twice, while our candidate is clean."He described Yoon as "our hope who has strongly resisted the dismantling of the prosecution and fought alongside us," adding that if elected, he would have the capability to hold the current Minister of Justice accountable in the National Assembly's Legislation and Judiciary Committee.In the afternoon, Song shifted his focus to Daejeon, where he supported mayoral candidate Lee Jang-woo. He launched an attack on the previous Democratic Party mayor, Heo Tae-jeong, criticizing the ruling party's push for a special investigation into the cancellation of charges."The competence of this mayor and the incompetence of the former Democratic mayor are clearly reflected in the numbers," Song said, noting that Daejeon's city brand reputation, which was among the lowest in the nation during Heo's tenure, has risen to first place under Lee's leadership. He added, "We must continue to accelerate this positive change and development. The choice is simple: a capable mayor or an incompetent one."He also challenged Heo, stating, "He has not properly explained the reason for his toe amputation, and I suspect it was for evading military service. How can we entrust the governance of Daejeon to someone who cannot even remember why his toe was amputated?"Regarding the ruling party's proposed special investigation law, he warned, "I believe President Lee Jae-myung will push it through after this election. He is trying to erase his crimes through a special prosecutor he appointed, but he is not a king. I urge the citizens of Daejeon to show how powerful public sentiment can be."Lee Jang-woo, the Daejeon mayoral candidate, stated, "This election is a judgment on the incompetence, irresponsibility, and lack of plans of the Heo Tae-jeong administration. We will decisively hold accountable the ineffective administration of the seventh term and ensure a clear vision for Daejeon's future."* This article has been translated by AI. 2026-05-15 23:22:14

SC First Bank Reports Q1 Net Profit of 104.9 Billion Won, Down 6.3% Year-on-Year SC First Bank reported a decline in profits for the first quarter of this year, attributed to rising operating costs. On May 15, the bank announced that its net profit for the first quarter was 104.9 billion won, a decrease of 6.3% compared to the same period last year.Interest income fell due to a decline in the net interest margin (NIM). For the first quarter, interest income was 291.5 billion won, down 5.1% from the previous year. During the same period, NIM decreased by 0.23 percentage points.In contrast, non-interest income increased significantly, driven by improvements in the wealth management (WM) sector, which saw a rise in high-net-worth clients. Non-interest income for the first quarter reached 110.1 billion won, a 25.1% increase year-on-year.The total loan portfolio grew to 43.7363 trillion won, marking a 2.2% increase from the previous year. Asset quality indicators remained stable, with the non-performing loan (NPL) ratio at 0.56% as of the end of March, similar to the end of last year.SC First Bank plans to continue enhancing its WM sector performance by expanding private banking (PB) centers in the metropolitan area and Busan, following the success in Apgujeong.* This article has been translated by AI. 2026-05-15 23:19:47

Samsung Electronics DS Division Leadership Engages with Labor Union Samsung Electronics' semiconductor (DS) division leadership visited the labor union office at the Pyeongtaek campus on May 15 to engage in active dialogue with union representatives.According to Samsung Electronics, Vice Chairman Jeon Young-hyun and other executives from the DS division met with the joint action headquarters of the Samsung Electronics labor union at the union office located at the Pyeongtaek campus.The meeting included four executives from Samsung Electronics: Vice Chairman Jeon Young-hyun, President Kim Yong-kwan, President Han Jin-man, and President Park Yong-in. The union was represented by Chairperson Choi Seung-ho, Vice Chairperson Lee Song-yi, Director Kim Jae-won, and Director Jeong Seung-won.Vice Chairman Jeon expressed a commitment to open dialogue with the union and conveyed a desire to resume negotiations.Earlier, the Samsung leadership issued an official statement proposing 'unconditional dialogue' with the union, emphasizing, "We urge the union to engage in discussions promptly, considering the concerns of the public and the national economy."They also conveyed an apology to the public, stating, "The labor-management issues at Samsung Electronics have caused significant burden and concern for the public and the government. As our achievements grow, the expectations of society for Samsung become stricter and larger, and we have not adequately addressed this." They added, "The Samsung leadership feels a heavy sense of responsibility for how the situation has unfolded. We sincerely apologize." * This article has been translated by AI. 2026-05-15 23:18:00

Chabi Reports Q1 Revenue of 20.7 Billion Won, 21% Growth Year-on-Year Chabi announced that its consolidated revenue for the first quarter reached 20.7 billion won, marking a 21% increase compared to the same period last year. The charging service segment recorded sales of 13.9 billion won, a 13% year-on-year growth, demonstrating stable growth. The charger manufacturing segment also saw a 41% increase in revenue, totaling 6.8 billion won compared to the previous year. Due to the seasonal nature of export volumes, which are concentrated in the fourth quarter, the company reported an operating loss of 9.7 billion won for the first quarter. However, the key performance indicator, EBITDA, improved by 17 percentage points year-on-year, reaching -2%, indicating that the company is nearing profitability, according to Chabi officials. A Chabi representative stated, "The increase in electric vehicle registrations and the rising utilization rate of chargers are driving revenue growth and improving profitability in the charging service sector." Chabi anticipates that demand for charging infrastructure will continue to grow alongside the expansion of the electric vehicle market. The charging service business is structured to expand revenue as the cumulative number of registered electric vehicles and charger utilization rates increase. Recent trends show a sharp rise in electric vehicle sales, which is expected to accelerate both the foundation for long-term growth and the pace of performance improvement. According to the Ministry of Trade, Industry and Energy's report on the automotive industry trends for March and the first quarter of 2026, domestic electric vehicle sales in the first quarter increased by 155.8% compared to the same period last year, with approximately one in four vehicles sold by April this year being electric. This trend suggests a rapid expansion in demand for fast charging services and charger utilization. Choi Young-hoon, CEO of Chabi, remarked, "The charging service sector is improving profitability to a level capable of generating its own cash flow, and the foundation for long-term growth is being further strengthened with the expansion of electric vehicle adoption. The manufacturing sector will also continue to improve annual performance, focusing on global export growth." Meanwhile, Chabi is pursuing various initiatives to expand charging infrastructure nationwide and lead the mobility ecosystem in the era of one million electric vehicles. Starting at the end of May, third-generation chargers equipped with NACS connectors will be fully operational at major living hubs and highway rest areas in Seoul and the metropolitan area, allowing Tesla users to conveniently access Chabi chargers. Recently, Chabi partnered with Hyundai to launch a dedicated electric vehicle charging subscription service for Hyundai customers, enhancing accessibility to charging infrastructure while reducing usage costs.* This article has been translated by AI. 2026-05-15 23:15:17

Samsung and SK Hynix Launch Leveraged ETFs Amid Fee Competition Single-stock leveraged and inverse exchange-traded funds (ETFs) based on Samsung Electronics and SK Hynix are set to launch at the end of this month. Major asset management firms are simultaneously introducing related products, intensifying fee competition in the ETF market. According to the financial investment industry on May 15, eight asset management companies, including Samsung, Mirae Asset, Korea Investment, KB, Shinhan, Hanwha, Kiwoom, and Hana Asset Management, completed disclosures for 16 single-stock leveraged and inverse ETFs on May 14. The products are scheduled to be listed on May 27. The upcoming ETFs include leveraged products that aim to double the daily stock price returns of Samsung Electronics and SK Hynix, as well as inverse ETFs that bet on a twofold decline in stock prices. This marks the introduction of high-risk, high-reward products based on leading semiconductor stocks in the domestic market. With similar products launching simultaneously, asset managers are emphasizing fees as a key competitive factor. The total expense ratios for these new products have been set lower than the average annual fee of 0.44% for existing listed equity leveraged ETFs. Mirae Asset Management has proposed the lowest fee, setting the total expense ratio for its TIGER ETF at 0.0901%. Korea Investment Trust Management's ACE ETF and Hana Asset Management's 1Q ETF have also joined the low-fee competition, each setting their fees at around 0.091%. In contrast, the industry leader, Samsung Asset Management, has set the total expense ratio for its KODEX ETF at 0.29%, which is nearly three times higher than the lowest fee offerings. Market analysts suggest that Samsung Asset Management is opting for a strategy focused on profitability, leveraging its market share and brand strength. The financial investment industry anticipates that the launch of these single-stock leveraged and inverse ETFs will intensify competition in the domestic ETF market. Given the recent optimism surrounding the semiconductor sector and increasing investor demand for Samsung Electronics and SK Hynix, interest in related ETFs is expected to grow.* This article has been translated by AI. 2026-05-15 23:12:55

[[6·3 Local Elections]] Ruling Party Responds to Opposition's Claims of Election Interference The Democratic Party on May 15 responded to claims by Song Eon-seok, co-chair of the People Power Party's election committee, who labeled President Lee Jae-myung's market visits as election interference. "Should the government be paralyzed during the election period?" Jo Seung-rae, Secretary General of the Democratic Party, asked during a press conference at the National Assembly. "Does that mean the president should not do anything? If that's the case, then even the Cabinet meetings would be considered election interference," he added. Jo emphasized that governance must continue even during elections, questioning whether the president should refrain from communicating on issues of diplomacy, security, politics, society, safety, and public welfare. He dismissed the allegations as mere political attacks, calling them "quite low-level discourse." Choi Gi-sang, also Secretary General of the Democratic Party's Election Committee and a former judge, remarked, "If the opposition claims that the president's governance violates the law, they should specify which laws were broken. It seems inappropriate to challenge the president's governance in the context of an election." Meanwhile, Song took to Facebook to assert that the president has crossed the line of election interference by actively campaigning. He criticized Lee's visits to the Namnok Market in Ulsan on May 13 and the Moran Market on May 14, describing them as blatant election interference. Song pointed out that Seongnam is Lee's political hometown and that the candidate for mayor, Kim Byeong-wook, is a former senior secretary to the president, suggesting that the choice of locations was intentionally dubious. He noted that while past presidents have faced allegations of election interference, none have campaigned daily at traditional markets nationwide just weeks before an election.* This article has been translated by AI. 2026-05-15 23:10:19

Oh Se-hoon Criticizes Jung Won-o's Property Tax Relief Proposal for Homeowners Oh Se-hoon, the People Power Party's candidate for Seoul mayor, criticized Jung Won-o's proposal to reduce property taxes for homeowners, calling it "disappointing and merely a stopgap measure." Oh made his remarks on the afternoon of May 15 during a visit to a site in Gangdong District, where he held a meeting with the "Citizens' Countermeasures Committee for Real Estate Hell." He stated, "As property values rise across Seoul, property taxes will inevitably increase. Proposing to reduce taxes for a select few while creating an environment that raises property taxes is akin to breaking someone's limbs and then offering a band-aid as a solution." Oh further pointed out that Jung's proposal is limited to homeowners without income and includes age restrictions, calling it "extremely disappointing and merely a stopgap measure." Earlier, on May 13, Jung announced his plan to implement property tax relief for homeowners without income. Following a press conference at the National Assembly that morning, Jung told reporters, "There have been many calls for measures as property taxes for homeowners are expected to rise significantly across Seoul. If I am elected mayor, I will ensure that these measures are implemented before September." He clarified that property taxes can be temporarily reduced through ordinances under the Local Tax Special Provisions Act. Regarding price limits for high-value homes, Jung mentioned, "There will be a cap, but the specifics will be discussed immediately after the election among the newly elected district mayors."* This article has been translated by AI. 2026-05-15 23:07:54

SeAH Steel Holdings Reports 1st Quarter Operating Profit of 26.7 Billion Won, Down 59% Year-on-Year SeAH Steel Holdings announced on May 15 that it recorded consolidated sales of 991.9 billion won and an operating profit of 26.7 billion won for the first quarter. While sales increased by 4.7% compared to the same period last year, operating profit fell by 59%. Despite weak demand in key sectors like construction, sales rose due to strong product sales in the North American oil and gas market. However, a decline in the selling price of oil country tubular goods (OCTG) and delays in logistics and raw material procurement caused by geopolitical risks in the Middle East led to the drop in operating profit. A representative from SeAH Steel Holdings stated, "The North American energy market is expected to maintain a solid trend due to ongoing demand for supply chain restructuring and inventory replenishment. We anticipate a gradual recovery in profitability from price increases starting in the second quarter." The company also plans to continue expanding product sales by responding to new demands from Middle Eastern oil and gas and LNG projects, as well as data centers in the Americas and offshore wind projects. On a standalone basis, SeAH Steel reported first-quarter sales of 415.8 billion won, a 17.8% increase from the same period last year, while operating profit decreased by 11.1% to 23.2 billion won. This growth was attributed to the recognition of sales from the Shin An Woo I offshore wind and Canadian natural gas pipeline projects, along with increased sales volumes driven by rising LNG demand in North America. However, the imposition of steel tariffs in the United States and rising raw material costs have negatively impacted profitability. SeAH Steel noted, "The effects of the rising won-dollar exchange rate and a profitability-focused sales strategy have improved operating profit compared to the previous quarter." Meanwhile, SeAH Besteel Holdings is working towards achieving carbon neutrality by 2050, having obtained verification for its carbon footprint assessment solution under the international standard 'ISO 14607.'* This article has been translated by AI. 2026-05-15 23:06:00

Financial Supervisory Service Chief Calls for Funding Shift to Productive Sectors The Financial Supervisory Service (FSS) is intensifying oversight to redirect funds concentrated in household loans and real estate project financing (PF) toward more productive sectors. The aim is to encourage financial institutions to actively support corporate investment and the real economy rather than relying solely on stable interest income. On May 15, the FSS held a plenary meeting of the 2026 Financial Supervisory Advisory Committee at the Bank Hall in Seoul, where they discussed the direction of financial supervision. In his opening remarks, Lee Chan-jin, the head of the FSS, noted, "The uncertainty in the global economy continues due to the impact of the situation in the Middle East that began in February. If high exchange rates and inflation persist, corporate activities may contract, and the difficulties faced by ordinary citizens and vulnerable groups could worsen." Lee emphasized the need for a shift in the direction of funding from the financial sector. He stated, "Financial institutions should not be fixated on easy interest income but should support productive sectors to foster economic growth." To achieve this, the FSS plans to manage risks related to household debt and real estate PF by implementing loan inspections and introducing limits on PF lending. The goal is to mitigate excessive capital flow into real estate and create conditions for funds to be supplied to productive sectors such as businesses. The FSS will also work on regulatory reforms to enhance the investment capacity of financial institutions. This includes rationalizing loss recognition for market risks in the banking sector and revising the calculation system for the insurance sector's solvency ratio (K-ICS) to broaden the foundation for investments in productive areas. Protecting ordinary citizens and vulnerable groups was also highlighted as a key supervisory task. The FSS aims to promote a culture of inclusive finance within the banking sector and support savings banks and mutual finance institutions in fulfilling their roles as community financial entities. Additionally, measures to combat financial crimes, including comprehensive strategies to eradicate voice phishing and one-stop support services for illegal lending, will be strengthened. This year, the Financial Supervisory Advisory Committee consists of 92 members, with the number of consumer-related representatives increased to 25 to align with academia, research institutions, and the financial sector. This change aims to more broadly reflect consumer opinions in the direction of supervision.* This article has been translated by AI. 2026-05-15 23:00:06