Korea to Supply 90,000 Rental Homes in Greater Seoul Amid Rising Prices Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol announced plans to supply 90,000 rental homes in the Greater Seoul area over the next two years in response to rising housing prices. Of these, 66,000 units will be concentrated in regulated areas. The government will also significantly strengthen crackdowns on market disruptions, including real estate tax evasion and price manipulation. During a meeting on real estate policy held at the Government Seoul Building on May 22, Koo noted that "the increase in apartment sale prices in Seoul has expanded for two consecutive weeks," and assured that the government will closely monitor price fluctuations and inventory flow to actively stabilize the market. The government plans to focus on increasing the supply of non-apartment housing, such as officetels, as these can be delivered more quickly than apartments, potentially yielding visible results within one to two years. This initiative is also expected to help alleviate housing difficulties for young people. To lead this effort, the public sector will expand the supply of non-apartment rental housing. By 2027, a total of 90,000 units will be supplied in the Greater Seoul area, with 66,000 units allocated to regulated areas. Measures to accelerate the supply will also be implemented. The government plans to shorten construction periods through modular construction methods and reduce the financial burden on contractors to encourage early project commencement. It will closely manage projects that have received permits but have not yet started construction. Koo stated, "We will ensure that financially viable projects do not face funding difficulties." The crackdown on market disruptions will be intensified. The National Tax Service has recently launched tax investigations into 127 individuals suspected of real estate tax evasion and is verifying the private use of over 2,630 high-value homes owned by corporations, valued at over 900 million won. The National Police Agency is also conducting special crackdowns on real estate crimes, including price manipulation and reconstruction corruption. As of May 19, over 2,200 individuals have been apprehended, with 861 cases forwarded for prosecution. Koo emphasized, "We will not tolerate any actions that disrupt market order," and reaffirmed that the government is committed to ensuring housing stability for the public through swift and effective measures.* This article has been translated by AI. 2026-05-23 14:27:21

Stray Kids to headline new music festival 'STRAYCITY' in Latin America SEOUL, May 23 (AJP) - K-pop boy band Stray Kids will headline "STRAYCITY," a new music festival set to debut in Latin America this September, Live Nation and JYP Entertainment said Saturday. The festival will be held in three cities: Bogota, Colombia, on Sept. 9; Buenos Aires, Argentina, on Sept. 14; and Mexico City on Sept. 25. Stray Kids will headline all three editions. The lineup also includes JYP Entertainment’s seven-member rookie boy group NEXZ and local artists Andrés Obregón, RENEE, BAD MILK, Kei Linch, K4OS and Cocho, with supporting acts to vary by city. The festival name draws from "Stray," part of the group’s name, and is planned as a recurring international event anchored by Stray Kids’ global fanbase. Stray Kids officially debuted in March 2018 following a 2017 JYP Entertainment reality program. The eight-member group is known for producing much of its own music through 3RACHA, an in-house production unit consisting of Bang Chan, Changbin and Han. The festival follows Stray Kids’ recent world tour "dominATE," which spanned 56 shows across 35 regions. As part of the tour, the group held eight stadium concerts across five Latin American cities in 2025, with stops in Santiago, Rio de Janeiro, São Paulo, Lima and Mexico City. Stray Kids has also expanded its presence on the global festival circuit, with headline performances at Lollapalooza Paris, I-Days in Italy, British Summer Time Hyde Park in London and Lollapalooza Chicago. The group is set to headline The Governors Ball Music Festival in New York on June 6, followed by Rock in Rio in Brazil on Sept. 11. 2026-05-23 14:25:39

Fire at Jinju Junkyard Extinguished After Nine Hours, No Injuries Reported A significant fire broke out at a junkyard in Jinju, South Gyeongsang Province, on the night of May 21, damaging the facility and several vehicles. According to Yonhap News Agency, the blaze started around 10:15 PM at a junkyard located in Danmok-ri, Daegok-myeon. The fire consumed a building measuring approximately 600 pyeong (about 1,983 square meters) and destroyed around 20 junked vehicles, resulting in an estimated property loss of about 229.4 million won. Fortunately, no injuries were reported as there were no people inside the junkyard at the time of the fire. Fire authorities responded to reports from nearby residents and arrived on the scene promptly to combat the flames. As the fire proved difficult to control, they declared a 'Level 1 Response' at 10:54 PM, mobilizing all personnel from the local fire station. A total of 41 fire trucks and 105 personnel were deployed to the scene. After an overnight effort, the fire was fully extinguished at 7:43 AM on May 22, nearly nine and a half hours after it began. The Level 1 Response was lifted at 3:04 AM on May 22. However, due to the nature of the junkyard, where multiple vehicles were stacked, residual heat remained in the burned vehicles and debris, prolonging the complete extinguishment of the fire. Police and fire officials plan to conduct an investigation to determine the exact cause of the fire and the point of origin.* This article has been translated by AI. 2026-05-23 14:25:18

NPT talks collapse again over nuclear disputes involving N. Korea, Iran SEOUL, May 23 (AJP) - The 11th Review Conference of the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) ended Friday without adopting a consensus document, as member states failed to narrow differences over North Korea, Iran and nuclear disarmament. The four-week conference, held at the U.N. headquarters in New York, had been expected to produce a final document on strengthening the NPT regime. But negotiations broke down over regional nuclear threats and how to implement disarmament commitments. It was the third straight failure after similar breakdowns in 2015 and 2022, raising concerns about the credibility of the NPT system. The latest meeting had been expected to face difficulties from the outset, as it opened amid heightened international tensions, including the U.S.-Iran war. Vietnamese Ambassador to the U.N. Do Hung Viet, who chaired the conference, announced late Friday that member states had failed to reach consensus on the final document. He later told a news conference that “no one blocked consensus,” but said “a very important reason” for the failure was a provision in the final draft stating that Iran “can never seek, develop or acquire any nuclear weapons.” Negotiators worked until the final hours, preparing a fourth revised draft and distributing it to delegations early Saturday, but still failed to bridge differences. References to North Korea’s nuclear program were removed entirely during the revision process. Kim Sang-jin, South Korea’s deputy permanent representative to the U.N., expressed deep regret that the document failed to include even a brief message on North Korea. “It should have been clearly stated that North Korea can never have the status of a nuclear-weapon state under the NPT regime,” Kim said. Viet explained that references to specific regional issues, including North Korea and Iran, had to be removed to secure space for the NPT’s three main pillars — disarmament, nonproliferation and the peaceful use of nuclear energy. Attempts to include stronger language on nuclear-weapon states’ disarmament obligations also faced resistance, while a call for follow-up talks on the expired U.S.-Russia New Strategic Arms Reduction Treaty was left out of the final draft. Izumi Nakamitsu, the U.N. high representative for disarmament affairs, criticized nuclear-weapon states for demanding nonproliferation commitments from non-nuclear states while failing to meet their own disarmament obligations. The failure to reach consensus for a third consecutive review cycle is “a serious lesson that the entire international community must take to heart,” she said. 2026-05-23 14:10:17

Seoul's New Attraction: The 'Seoul Moon' Balloon Offers Unique City Views Seoul is a city that often requires its residents to look up. With towering buildings, complex roads, and people constantly on the move, there is little time for reflection. Whether navigating subway transfer corridors or waiting at crosswalks in the financial district, the city rarely allows for a moment of pause. In the center of Yeouido Park, a massive white balloon known as the 'Seoul Moon' momentarily shifts this familiar perspective. Adorned with the phrase 'SEOUL MY SOUL' and a smiling face, it resembles a city branding sculpture from afar, while up close, it evokes memories of amusement park rides. It appears lighthearted and whimsical—until the doors close. ▲ As the doors close, height takes precedence over scenery For those with a fear of heights, the 'Seoul Moon' serves as a small test before becoming a viewing platform. As the balloon slowly ascends, the heart reacts faster than the feet can feel the distance below. The seating area is donut-shaped, open on all sides, making the view both exhilarating and intimidating. No matter where one looks, the ground is visible, and the balloon sways slightly with the wind. Fear is omnipresent, equally distributed in all directions. As the cable loosens, Yeouido Park drifts further away. People, once clearly visible, shrink to mere dots below. While the sound of the wind fills the ears, the stunning view of Seoul momentarily fades from focus. The beauty is acknowledged, but fear takes precedence. Only upon reaching the maximum height does the view begin to register. The National Assembly and bridges over the Han River, along with cars on the roads, appear flattened like toys. What typically feels large and bustling from the ground seems surprisingly small and serene from above. The city itself hasn’t changed; only the perspective has. The 'Seoul Moon' is a tethered helium balloon that rises to a maximum height of 130 meters. Shaped like a full moon with a diameter of 22 meters, each ride lasts about 15 minutes from boarding to disembarking. Adult tickets cost 25,000 won. According to the Seoul Tourism Foundation, over 100,000 passengers have taken the ride, with approximately 44% being foreign visitors. Before boarding, German tourists Milita and Carsten shared that they discovered the 'Seoul Moon' through the travel app Klook and decided to visit Yeouido Park. Having arrived in Korea less than a day ago, their expectations were simple: "We want to look down at the buildings of Seoul from above." For first-time visitors to Seoul, this balloon offers a quick overview of the city. Before familiarizing themselves with the subway map or navigating the alleyways, they can gain a bird's-eye view of the entire city. ▲ After descending from the sky, the river awaits After descending from the sky, the next destination was the Han River Bus terminal in Yeouido. Upon boarding the boat, passengers initially settled inside. At the bow, people were already bustling about, taking photos and enjoying the breeze. Watching them through the glass, it was clear that everyone was savoring the moment in their own way, creating a beautiful scene. With the Han River as a backdrop, some passengers were dancing. Eventually, they ventured outside to take photos and feel the wind. Experiencing the river breeze directly was different from viewing it through glass. The wind was stronger and colder than expected. As the boat moved into the center of the river, Seoul unfolded on both sides. To the south, sleek, tall buildings lined the shore, while to the north, older residential areas and heavy apartment complexes stood in a row. This view revealed a side of Seoul that one would never encounter on the subway. As they watched the people outside, they soon became part of the scenery themselves. As the boat passed under the Jamsu Bridge, a sign reading '7.75m' caught their attention. While the concrete bridge loomed overhead, the boat glided beneath it without a hitch. Only the passengers felt the tension. The Han River Bus is a water transportation service connecting seven terminals, including Jamsil, Ttukseom, Okus, Apgujeong, Yeouido, Mangwon, and Magok. The standard fare is 3,000 won, with transfer discounts and climate-friendly card options available. Since its launch in September of last year, it has served over 270,000 passengers. Inu-rim, a resident of Yeouido, uses the Han River Bus as a practical means of transportation. He noted that the route from Apgujeong to Yeouido aligned perfectly with his needs. "It’s great to enjoy the Han River while getting home," he said, adding that while it’s not a daily commute, it’s a nice option for occasional experiences. Christel, visiting from Mexico, offered a succinct evaluation. "If you want to enjoy the scenery without rushing, this is the perfect boat for you." ▲ A time that becomes a landscape rather than a destination Seoul is a fast-paced city. Transfer times, traffic flow, office schedules, and smartphone notifications all synchronize with the rhythm of speed. Slowness is often categorized as inefficiency. However, the 'Seoul Moon' and the Han River Bus momentarily transform this inefficiency into a shared experience. One elevates people into the sky, making the city appear smaller, while the other carries them slowly across the river. There were moments when fear almost made one close their eyes or stay indoors. Had they done so, they would have seen nothing. In that brief time, Seoul became not a destination, but a landscape.* This article has been translated by AI. 2026-05-23 13:55:57

ASIA DEEP INSIGHT: Global order axis to move again as Xi heads to Pyongyang Beijing in May 2026 was no ordinary capital city. It had become a vast reception chamber where the currents of global power intersected and collided — a strategic stage upon which the outlines of a new international order were being tested. Within days, U.S. President Donald Trump and Russian President Vladimir Putin arrived in Beijing in succession. European leaders intensified contacts with China. Middle Eastern rulers and Central Asian heads of state also gravitated toward Beijing. The world, unmistakably, was turning eastward once again. This was not merely a sequence of diplomatic events. It was a historical signal — evidence that the world order forged over centuries since the Industrial Revolution is beginning to shift direction. For generations, London stood at the center of the world economy. Later, New York and Washington became the twin pillars of finance, military power, industry, and modern civilization itself. Yet as the mid-21st century approaches, the geopolitical and economic center of gravity is moving again — toward the Pacific Rim and the far eastern edge of Eurasia: Northeast Asia. At the center of that transformation stands China. China is now the world’s largest manufacturing nation, its largest exporter, and one of its biggest importers of crude oil. Its influence stretches across electric vehicles, batteries, rare earths, solar energy, drones, artificial intelligence infrastructure, and global supply chains. The reason world leaders continue to arrive in Beijing is ultimately simple: no major question involving energy, trade, manufacturing, logistics, or investment can now be addressed without China. The defining diplomatic image of May came immediately after Trump’s Beijing visit, when Putin arrived shortly thereafter. The spectacle of the leaders of the United States and Russia — the world’s two greatest military powers — traveling to Beijing in succession symbolized the transformation now underway in international politics. Chinese President Xi Jinping has constructed a layered and highly disciplined diplomatic strategy. With the United States, China competes fiercely while carefully managing the relationship to avoid outright rupture. With Russia, Beijing deepens strategic coordination without surrendering autonomy. China confronts Washington over tariffs, semiconductors, Taiwan, and artificial-intelligence supremacy, yet still seeks to preserve economic interdependence. At the same time, it expands energy, financial, and security cooperation with Moscow to counterbalance the U.S.-led order. What is emerging is, in effect, a “New Beijing System.” The war in Ukraine has accelerated this transformation. As Russia lost much of the European market under Western sanctions, it moved rapidly into China’s economic orbit. Russian oil and gas increasingly flow eastward. Settlement in yuan has expanded sharply. The “Power of Siberia” pipeline project is more than an energy venture; it is a geopolitical artery binding Russia and China into a new Eurasian economic axis. Yet beneath this partnership lies a quieter reality: Russia’s structural weakening. Putin still projects the image of a formidable strongman, but the prolonged war in Ukraine has steadily drained Russian national power. Population decline, industrial stagnation, sanctions, and technological isolation have undermined Moscow’s long-term capacity — particularly in the Russian Far East. Vladivostok, Khabarovsk, and Sakhalin increasingly appear less connected to Europe than to the economies of Northeast Asia. Chinese capital, logistics networks, manufacturing chains, and consumer markets have penetrated deeply into the region. Formally Russian territory, these areas are, economically speaking, becoming extensions of the broader Northeast Asian production system. In many respects, Russia’s Far East no longer resembles the frontier of a resurgent empire. It increasingly resembles the outer periphery of a China-centered economic sphere. The Middle East reveals a similar pattern. Iran, Saudi Arabia, and the United Arab Emirates now regard China as an indispensable customer. The United States still dominates the region militarily, but China has begun exercising influence through purchasing power rather than aircraft carriers. Iran, isolated by sanctions and geopolitical confrontation, has become increasingly dependent on Chinese demand for its oil exports. Russia faces a comparable predicament. With access to Western markets shrinking, Moscow has little choice but to lean on China’s vast consumer economy. This marks a profound transformation in the nature of global power itself. For decades, the United States shaped the world’s energy order through the dollar and naval supremacy. China, by contrast, is shaping geopolitics through market gravity. As the world’s largest manufacturing power and one of its largest consumer economies, China exerts strategic influence simply by buying. And it is precisely at this moment that the strategic significance of South Korea and Japan rises once more. In Northeast Asia, only Korea and Japan possess the economic and technological weight capable of balancing China. Japan retains world-class strengths in materials, components, precision engineering, and finance. South Korea commands leadership in semiconductors, batteries, AI servers, shipbuilding, and cultural industries. Should Seoul and Tokyo move beyond historical antagonism and deepen strategic cooperation, a new equilibrium could emerge in Northeast Asia. Washington clearly hopes for such an outcome. The United States alone cannot indefinitely bear the economic and strategic burden of containing China. Expanded Korea-Japan cooperation across supply chains, artificial intelligence, aerospace, nuclear energy, defense industries, and biotechnology could create a powerful new axis in the Indo-Pacific. The AI era, in particular, presents fresh opportunities for both nations. While China advances through sheer scale and speed, Korea and Japan possess advantages in ultra-precision manufacturing, advanced semiconductors, robotics, and high-end industrial technology. The concentration of industrial and technological power in Northeast Asia is no coincidence. Before the Industrial Revolution, Asia stood at the center of the global economy. China and India accounted for enormous shares of world GDP. The Silk Road and maritime trade routes flowed through Asian civilization. Only after Britain’s industrial ascent did global dominance migrate westward toward Europe and eventually the United States. Now the historical tide is turning again. China is the world’s manufacturing giant. South Korea is the global leader in advanced memory semiconductors. Japan remains a superpower in precision manufacturing and robotics. The strategic heart of the global AI, semiconductor, and industrial supply chain system is increasingly converging in Northeast Asia. History does not move in straight lines. It moves in cycles. The center of world power that shifted westward after the Industrial Revolution is gradually returning eastward once again. Yet the emerging order is anything but simple. The United States remains the world’s dominant military and financial power. China commands manufacturing capacity, supply chains, and market scale. Russia, though weakened, still possesses nuclear weapons and immense natural resources. Europe, despite economic stagnation, retains formidable technological and financial depth. In this increasingly complex geopolitical environment, South Korea can no longer survive through the traditional diplomacy of a middle power alone. Korea must begin to view itself differently — as a strategic nation possessing critical leverage in semiconductors, AI, batteries, shipbuilding, nuclear power, and cultural influence. At the same time, Seoul must broaden its strategic partnerships with emerging powers such as India, Brazil, Saudi Arabia, the UAE, and Türkiye. India is poised to become the world’s largest population center and a major AI and technology power. Brazil remains a resource and agricultural giant. Türkiye occupies a vital geopolitical crossroads connecting Europe, the Middle East, and Central Asia. Saudi Arabia and the UAE are rapidly repositioning themselves through investments in AI, smart cities, hydrogen economies, and advanced infrastructure. The world is no longer moving toward a simple U.S.-China bipolar structure. It is evolving toward a multipolar order. And at the center of that transformation lies Northeast Asia. Seoul, Tokyo, and Beijing are emerging as the critical theaters of future economic, technological, and geopolitical competition. May 2026 in Beijing was heated not merely by diplomacy, but by the deeper currents of history itself. And now the world is watching another possible development: Xi Jinping’s potential visit to Pyongyang. As North Korea and Russia deepen military and strategic ties in the wake of the Ukraine war, Beijing is unlikely to tolerate Pyongyang drifting too far into Moscow’s orbit. For China, North Korea is not simply a neighboring state. It is a strategic buffer bordering the American alliance system and a central pillar of Beijing’s influence in Northeast Asia. A future visit by Xi to Pyongyang would therefore carry significance far beyond ceremonial diplomacy. It would signal that Beijing still intends to shape the Korean Peninsula’s strategic direction and draw North Korea back firmly within China’s geopolitical sphere. Ultimately, all the scenes unfolding in Beijing converge into a single historical question: What kind of order will define the Asian century of the 21st century? And amid this vast civilizational transition, what kind of nation will Korea choose to become? 2026-05-23 13:31:01

Conflict Over Performance Bonuses Intensifies Amid AI Boom in South Korea “I want to receive performance bonuses based on my results, but it feels like I’m playing a game where the outcome is already decided,” said Yoo, a 31-year-old employee at a major South Korean corporation. “The criteria for performance bonuses change every year, making it hard to predict. The issue isn’t the money; it’s that the standards keep changing and aren’t clearly defined.” As Samsung Electronics and SK Hynix, leaders in the domestic semiconductor industry, continue to achieve record-breaking results thanks to the AI semiconductor boom, conflicts surrounding performance bonuses and compensation systems are intensifying in the workplace. While U.S. tech giants are significantly increasing stock options and equity compensation to attract key AI talent, South Korea is witnessing repeated labor disputes over the criteria and distribution methods for performance bonuses. Samsung Electronics and its labor union signed a tentative agreement following a government mediation process, temporarily postponing a planned general strike. However, the potential for renewed conflict remains, depending on the results of a member vote on the tentative agreement scheduled for the 27th. As a key player accounting for about 20% of South Korea's total exports, any production disruptions at Samsung could significantly impact the domestic industry and financial markets. The core of the tentative agreement at Samsung Electronics is to fix the performance bonus pool for the semiconductor (DS) division at 10.5% of agreed business performance and to eliminate the payment cap, introducing an unprecedented compensation system. This change allows for substantial stock performance bonuses for employees, particularly in the memory division, marking a test of a new compensation model aligned with the AI semiconductor boom. This situation has strengthened calls for more transparency and predictability in the criteria and decision-making processes for performance bonuses. Industry experts argue that the unclear compensation system has exacerbated recurring labor disputes, and this agreement could serve as a new benchmark for performance distribution during the AI boom. This trend is expected to influence discussions on compensation systems at other ICT companies, including Kakao, which recently faced the possibility of its first headquarters strike after a vote in favor of a strike. The differences in compensation systems between South Korean and U.S. companies have become more pronounced in the wake of the AI boom. In South Korea, wage increases are primarily driven by performance bonuses rather than base salaries. An analysis of raw data from the Ministry of Employment and Labor's 'Business Labor Force Survey' by the Korea Employers Federation revealed that special payments (including performance bonuses) increased by 8.1% in the first half of 2025 compared to the same period the previous year, significantly outpacing the increase in fixed salaries (2.9%). However, the distribution of performance bonuses is heavily skewed towards large corporations. According to data received by Kim Wi-sang, a member of the People Power Party, from the Ministry of Employment and Labor, as of June last year, 43.8% of workplaces with over 300 employees and 46.2% of those with over 1,000 employees operated performance bonus systems, compared to just 6.4% of small businesses with fewer than 300 employees. Performance distribution systems are collective performance reward systems based on whether a company meets its management goals, distinguishing them from individual performance bonuses based on personal evaluations. South Korean companies tend to have a strong structure for distributing performance bonuses based on overall company performance. Cash bonuses and welfare benefits are predominant, often prioritizing organizational performance over individual contributions. This contrasts with the compensation systems of U.S. tech giants, which focus on securing key talent and individual contributions. Experts analyze that the recurring conflicts over performance bonuses stem not just from corporate culture but also from structural differences in labor market flexibility, performance evaluation methods, and risk-sharing frameworks. Eric Cambria, a professor at Nanyang Technological University, noted, “U.S. tech companies are intensely focused on securing key research personnel that will determine their AI competitiveness. The trend of concentrating stock options and long-term rewards on key developers is strengthening.” Indeed, competition for top talent among U.S. tech giants has intensified following the AI boom. Financial data reviewed by The Wall Street Journal indicates that OpenAI's average stock compensation per employee is approximately $1.5 million for 2025. Meta reflected $20.4 billion and Alphabet $27.1 billion in stock-based compensation for the same year. U.S. companies are also reinforcing structures that reflect not only overall company performance but also individual contributions and strategic input in their performance bonuses. Companies like Meta and Google are known to consider a comprehensive range of factors, including rank, individual evaluations, and organizational performance, when determining compensation. The demand for AI talent is surging. According to global recruitment platform Indeed, job postings for 'Forward-Deployed Engineers,' who directly apply AI systems in the workplace, skyrocketed from 643 in April last year to 5,330 in April this year, an increase of about 729%. Choi Jae-pil, a professor at Sungkyunkwan University's Graduate School of Business, stated, “As AI standardizes repetitive tasks, the phenomenon of concentrating rewards on 'superstar talent' that creates strategic value will intensify.” He added, “As AI enables more transparent evaluations of previously hard-to-quantify performance, the introduction of differentiated compensation systems by companies is likely to accelerate. Ultimately, in the AI era, the question of 'who is irreplaceable' will become the standard for compensation.” He further noted, “Whether companies can retain key talent will determine their competitiveness. Companies are likely to shift their compensation systems toward stock options and long-term incentives. However, South Korea still has a strong collective culture and cash-based performance bonus system, which may lead to greater internal resistance during the process of introducing differentiated compensation systems compared to the U.S.” Differences in labor market structures are also cited as a backdrop to the recurring conflicts over performance bonuses. Shin Hyun-han, a professor at Yonsei University's School of Business, pointed to 'labor market flexibility' as a reason why U.S. companies tend to disclose evaluation criteria and compensation systems more transparently. He explained, “In the U.S., dissatisfied key talents can quickly move to competitors, prompting companies to naturally offer higher compensation to retain talent. Consequently, the employees who remain in the organization are those who agree with the corporate culture.” In contrast, he noted, “In South Korea, the burden of potential wage loss and career uncertainty makes it difficult for employees to leave easily. As a result, dissatisfied employees often remain in the organization and voice their concerns.” He described this as a “vicious cycle of performance bonus disputes,” where no matter how much bonuses are increased, relative deprivation persists. Differences in evaluation methods also emerge. Professor Shin stated, “U.S. companies tend to clearly disclose KPIs (Key Performance Indicators) or OKRs (Objectives and Key Results), while South Korean companies often rely on qualitative judgments from evaluators.” He added, “As a result, information asymmetry deepens, and ultimately, the degree of freedom in dismissals influences the transparency of companies.” He emphasized that what is crucial for employees is “predictability,” suggesting that maintaining base salaries while differentiating performance bonuses could be a realistic alternative. He stated, “The clearer the criteria become, the easier it is for employees to accept the results or make rational choices to leave if necessary.” There is already a growing perception that “effort and rewards are not connected.” SJ, a thirty-something employee at a subsidiary of a major corporation, expressed his frustration, saying, “The companies we supply to are having performance bonus parties, but we end up with nothing.” He noted, “In a vertically integrated structure, the profitability of subsidiaries is often determined by internal trading structures or group-level distribution methods. There needs to be more transparent and consistent disclosure of evaluation criteria for individuals, departments, and business units so that employees can accept the results.” He added, “Currently, no matter how much performance we deliver, the company often explains it away with the logic of being in a 'crisis situation.' Clear criteria are necessary for employees to feel motivated and grow alongside the organization.” However, experts caution that simply adopting the U.S. compensation system is not the solution. Kim Jin-young, a professor at Korea University, stated, “The high compensation in the U.S. comes with the structure of accepting the risks of layoffs and income volatility. To share performance, there must be a structure that also shares risks during downturns.” He added, “In South Korea, there is often a focus solely on the high compensation of the U.S. model, but underlying it are employment instability and labor market risks. Rather than trying to solve inequality issues solely through internal performance bonuses, it is necessary to approach them from a broader social structural perspective.” Experts believe that as the AI era progresses, South Korean companies will face increasing pressure to reform their compensation systems. However, they agree that rather than simply imitating the U.S. performance compensation system, it is essential to redesign compensation structures that fit the labor market structure and organizational culture in South Korea. Professor Choi emphasized, “Ultimately, what matters is how fairly and reliably employees perceive the performance evaluation and compensation systems. In the AI era, changes in compensation systems must go hand in hand with transformations in organizational culture and labor market structures.”* This article has been translated by AI. 2026-05-23 11:07:06

KB Kookmin Bank to Provide $230 Million in Financial Support for SMEs Affected by Middle East Conflict KB Kookmin Bank is set to provide 230 billion won (approximately $230 million) in financial support to assist small and medium enterprises (SMEs) facing challenges due to the ongoing conflict between the U.S., Israel, and Iran. On May 22, the bank announced it has signed a memorandum of understanding with the Technology Guarantee Fund to implement inclusive financial support aimed at helping SMEs overcome crises stemming from the Middle East conflict and global instability.According to the Ministry of SMEs and Startups, as of May 20, the number of reported cases of damage and concerns related to SMEs affected by the Middle East conflict has risen to 834, an increase of 35 from the previous week.Of the reported cases, 628 involved damage or difficulties, while 135 were categorized as concerns. The most common issue reported was transportation disruptions, accounting for 276 cases (43.9%), followed by other issues at 232 cases (36.9%). The prolonged conflict between the U.S. and Iran has led to a diversification of reported damages.In response, KB Kookmin Bank plans to make a special contribution of 5 billion won to the Technology Guarantee Fund, which will facilitate approximately 230 billion won in guarantee-backed loans. This includes 60 billion won in special contribution guarantees and about 170 billion won in guarantee fee support.Eligible companies must meet the technical requirements set by the Technology Guarantee Fund and include those directly exporting to the Middle East, companies affected by disruptions in the supply chain of Middle Eastern crude oil, and those facing difficulties due to rising exchange rates and logistics costs.These companies can receive a guarantee certificate with a 100% guarantee rate for three years through the special contribution agreement. They may also choose to receive a total of 1.2 percentage points in guarantee fee support over two years.A representative from KB Kookmin Bank stated, "We hope this agreement will provide practical assistance to companies that have suffered direct and indirect damages, as well as those facing financial burdens due to high oil prices and exchange rates. We will continue to support SMEs as their financial partner."* This article has been translated by AI. 2026-05-23 11:01:15

Activists Detained by Israeli Forces Return Home, One Reports Hearing Loss Two South Korean activists who were detained by Israeli forces while attempting to reach Gaza returned home on May 22. Kim Ah-hyun (alias Haecho) and Kim Dong-hyun arrived at Incheon Airport around 6:24 a.m. on a flight from Bangkok, Thailand. Speaking to reporters, Kim Ah-hyun recounted, "We were illegally abducted by Israel during our voyage to Gaza and imprisoned. The Israeli occupying forces were extremely angry, and many people were beaten while we were in custody." Kim Dong-hyun stated, "What Israel did to us was to hijack our boats in international waters and continuously torture and imprison civilians. We only experienced a fraction of the violence perpetrated by Israel, but it was truly unbearable." Kim Ah-hyun also shared details about his health, saying, "I was beaten multiple times, and now I have difficulty hearing out of one ear." Regarding their mission to Gaza, Kim Ah-hyun explained, "Many people are dying not only from bombings but also from starvation. I believed that as long as there are people there, we must attempt to sail again, regardless of the dangers in the Middle East." When asked about his passport being invalidated, he asserted, "I believe people have the right to live where they want and travel where they wish. Even if the government tries to stop me with legal procedures like invalidating my passport, I have the right to do what I want." Kim Ah-hyun remarked, "Many consulates are avoiding diplomatic conflicts with Israel due to the dangerous situation in the Middle East. In that context, I think the South Korean government has done what it needed to do."* This article has been translated by AI. 2026-05-23 10:58:31

Cadillac Escalade IQL Launches as Longest Electric SUV in Korea Cadillac launched the all-electric long-body flagship SUV, the Escalade IQL, in Korea on May 22. The Escalade IQL builds on the exceptional performance of the Escalade IQ, unveiled last November, featuring an extended length and a more spacious interior. It comes standard with the 'Super Cruise' feature, allowing drivers to take their hands off the steering wheel while maintaining attention on the road. This advanced driver assistance system from General Motors (GM) is currently available on approximately 23,000 kilometers of highways and major roads in Korea. With a length of 5,820 mm and a wheelbase of 3,460 mm, the Escalade IQL is the longest electric SUV currently sold in Korea, offering impressive body proportions and ample interior space. The vehicle's body is 105 mm longer than the Escalade IQ, providing more room in the third row and increased cargo capacity. The driver’s area features a 55-inch Horizon Curved LED display (35 inches for the driver and 20 inches for the passenger), creating a stunning visual experience for passengers. The executive seats in the second row, equipped with massage functions, enhance the luxurious riding experience. The Escalade IQL is powered by a 205 kWh large-capacity battery, certified to provide a driving range of 710 km on a single charge (combined standard). Its electronic four-wheel steering system offers agility that surpasses typical large SUVs. Additionally, it features Magnetic Ride Control 4.0, which detects road conditions up to 1,000 times per second to adjust damping in real-time, and an adaptive air ride suspension that automatically adjusts the ride height based on driving conditions, enhancing safety. A representative from Korea GM stated, "The newly launched Escalade IQL stands out with its long body, making it the longest electric SUV in the domestic market. Customers can experience first-class comfort and outstanding driving performance as soon as they take delivery." According to the Korea Automobile Importers and Distributors Association (KAIDA), 128 units of the Cadillac Escalade were sold in the first quarter of this year, placing it among the top sellers in the domestic luxury large SUV market.* This article has been translated by AI. 2026-05-23 10:57:00