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Jung Cheong-rae Calls for Cooperation from Election Commission on Ballot Shortage Jung Cheong-rae, the leader of the Democratic Party, urged the National Election Commission on June 10 to actively cooperate with national investigations and special prosecutors regarding the recent ballot shortage during the June 3 local elections. He vowed to utilize all means necessary to thoroughly uncover the truth behind the incident. Additionally, he announced the establishment of an internal evaluation committee to publish a white paper reflecting on the local elections. During a Supreme Council meeting at the National Assembly, Jung stated, "The spirit of popular sovereignty and democracy must never be compromised for any reason," adding that the ballot shortage incident has left an indelible stain on the history of exemplary democracy. He criticized the Election Commission for failing to adequately manage the precious right to vote, saying, "While the commission was granted constitutional independence to manage votes rigorously, its inadequate response has severely infringed on voting rights. This is a serious matter that undermines the foundation of our constitutional order. It is unacceptable." Jung emphasized the need for comprehensive reform of the electoral management system, stating that the party will mobilize all resources to achieve this goal. He remarked, "Organizations that lack the will and ability to reform themselves will be phased out. We must decisively cut away the infected parts and implement fundamental reforms in the election management system. The Democratic Party will utilize all means to ascertain the facts and initiate structural reforms, focusing on restoring public trust through improvements in laws and systems. I urge the Election Commission to actively cooperate with national investigations and special prosecutors." He acknowledged the evaluations raised both within and outside the party regarding the results of the June 3 local elections, expressing agreement while also committing to a calm and thorough assessment through the newly established evaluation committee. Jung concluded, "I resonate with the evaluations and perceptions regarding the local elections. We will reflect where necessary and take responsibility. To ensure a comprehensive analysis and objective diagnosis, we will establish an evaluation committee and publish a white paper."* This article has been translated by AI. 2026-06-10 10:09:00 -
DAXA Identifies 12 Illegal Cryptocurrency Operators, Some Charging Up to 62 Times Standard Fees The Digital Asset Exchange Association (DAXA) has reported the identification of 12 illegal cryptocurrency operators following a focused investigation into unregistered virtual asset businesses. The findings have been referred to the police for further investigation.According to DAXA, the investigation, conducted in collaboration with registered domestic cryptocurrency operators over the past three months, uncovered eight illegal over-the-counter exchanges and four overseas exchanges operating within South Korea.The trading fees charged by these illegal over-the-counter exchanges ranged from a minimum of 1.5% to a maximum of 10%. In comparison, the average fee among South Korea's top five cryptocurrency exchanges is just 0.16%, indicating fees that are up to 62 times higher.DAXA expressed concern that the high fees associated with these illegal exchanges may be linked to the laundering of criminal proceeds from activities such as drug trafficking and gambling.Some of the illegal exchanges were found to have collected personal information from users, including copies of identification cards and bank statements. While they claimed this was part of a verification process, DAXA noted that such practices could violate personal information protection laws since they are not registered operators.The investigation also included unregistered overseas exchanges that operated Korean-language websites or supported transactions in South Korean won. These exchanges are not subject to oversight by financial authorities, lacking adequate anti-money laundering measures and user protection systems. As a result, the risk of market manipulation and unfair trading practices is significantly higher, and users may find it difficult to seek compensation in the event of losses.Kim Jae-jin, DAXA's executive vice president, stated, "This investigation marks the first instance of registered cryptocurrency operators collaborating to address illegal business activities. We will continue to strengthen our cooperative framework to protect users and establish a healthy market order."The investigation was initiated to curb the activities of illegal cryptocurrency operators who failed to comply with registration obligations under the Specific Financial Information Act, particularly those facilitating the exchange of virtual assets for South Korean won through platforms like Telegram and their websites. Under current law, operating a cryptocurrency business without reporting to the Financial Intelligence Unit (FIU) can result in imprisonment for up to five years or fines of up to 50 million won.* This article has been translated by AI. 2026-06-10 10:09:00 -
Hanssem Shares Surge 6% Following 50 Billion Won Stock Buyback Announcement Shares of Hanssem are experiencing a significant rise following the announcement of a 50 billion won stock buyback. As of 9:39 a.m. on June 10, the Korea Exchange reported that Hanssem's stock price had increased by 2,000 won (6.69%) to 31,900 won. At one point, the stock surged by as much as 12.37%. The increase in stock price is attributed to Hanssem's disclosure of a medium- to long-term shareholder return policy that includes the stock buyback. The company announced the decision to enter into a trust agreement for the acquisition of its own shares worth 50 billion won. The purpose of the buyback is to stabilize the stock price and enhance shareholder value. Through this trust agreement, approximately 1,751,313 common shares are expected to be acquired. Prior to the agreement, Hanssem held 6,933,606 treasury shares, which accounted for 29.46% of its total issued shares. In addition, Hanssem unveiled a medium- to long-term shareholder return policy that aims to maintain an annual return rate of over 50% for the next three years. The company plans to combine cash dividends with stock buybacks as a new metric to enhance shareholder value. The record date for the second-quarter cash dividend is set for June 30. The amount of the dividend per share and the payment schedule will be determined later, taking into account comprehensive financial conditions such as cash assets, liquidity, debt repayment, investment plans, retained earnings, and legal restrictions.* This article has been translated by AI. 2026-06-10 10:09:00 -
Semitias Shares Decline 15% on First Day of Trading After SPAC Merger Shares of Semitias are experiencing a decline of over 15% on their first day of trading on the KOSDAQ market. As of 9:24 a.m. on June 10, the Korea Exchange reported that Semitias shares were trading at 6,560 won, down 1,200 won (15.85%) from the previous trading day. The stock briefly fell to 5,770 won early in the session. Semitias made its debut on the KOSDAQ following a merger with NH SPAC No. 29, a special purpose acquisition company (SPAC). The Korea Exchange approved the merger listing on June 8, allowing trading to commence today. The initial listing price was set at 7,760 won, with the stock subject to a 30% price fluctuation limit, similar to other common stocks. Founded in 2014, Semitias specializes in logistics solutions based on automated material handling systems (AMHS) that manage wafer transport and storage environments in semiconductor manufacturing processes. Its main products include clean conveyor systems and nitrogen purge systems, and it also provides automation solutions for semiconductor front-end processes. In 2024, Semitias reported consolidated revenues of 20.88 billion won and an operating profit of 5.91 billion won. Market analysts note that as a newly listed company through a SPAC merger, Semitias is experiencing increased volatility in its early trading days.* This article has been translated by AI. 2026-06-10 10:09:00 -
Samsung Heavy Industries Chooses Cooperation Over Legal Dispute as Fair Trade Commission Initiates Agreement Procedure The Fair Trade Commission (FTC) has initiated an agreement procedure regarding a cooperation plan worth 11.3 billion won ($8.5 million) from Samsung Heavy Industries, which is under investigation for alleged violations of subcontracting laws. According to relevant authorities on June 10, the FTC is looking into Samsung Heavy Industries' practice of issuing contracts late after subcontractors began work on ship processing tasks necessary for loading hull structures. Samsung Heavy Industries has been entering into basic subcontracting agreements with subcontractors based in its shipyard on an annual basis. During the contract period, Samsung provides the subcontractors with work drawings and necessary facilities and materials, while the subcontractors carry out the work when feasible. The issue arose from delays in issuing written contracts during individual contract transactions. Article 3 of the subcontracting law stipulates that the primary contractor must provide the subcontracting agreement without delay after agreeing on key contract terms before work begins. In response, Samsung Heavy Industries opted to improve its business relationships with subcontractors rather than contest the legal judgment. In December of last year, the company applied to the FTC to initiate the agreement procedure. This procedure allows a business accused of legal violations to propose corrective measures, which the FTC can accept to conclude the case. Samsung Heavy Industries proposed a cooperation plan totaling 11.3 billion won, which includes an increase of about 3 billion won in support funds and the establishment of new holiday return and vacation allowances worth approximately 5.3 billion won. The plan also includes improvements to contract management systems, the full use of standard subcontracting agreements, and training for employees and partners to enhance business order. The FTC has determined that Samsung Heavy Industries' corrective measures meet the requirements to initiate the agreement procedure. Following the initiation of the FTC's procedure, if the agreement is finalized after a consultation process, no penalties such as fines will be imposed. This marks the second time an agreement procedure has been initiated regarding Article 3 of the subcontracting law since May of last year, when five entertainment companies, including Hive and SM, agreed to implement standard contracts and establish a cooperation fund of 1 billion won. An FTC official stated, "We will work quickly with Samsung Heavy Industries to specify the corrective measures and prepare a provisional agreement plan. We plan to present the final plan to the committee after gathering feedback from stakeholders and consulting with relevant agencies."* This article has been translated by AI. 2026-06-10 10:03:00 -
Korea Trade Insurance Corporation to Double Financial Support for Overseas Operations The Korea Trade Insurance Corporation (K-Sure) is set to more than double its operating capital support for overseas subsidiaries. This move comes as South Korean companies face challenges in managing their foreign operations amid global supply chain disruptions and tariff impacts. On June 10, K-Sure announced that Jang Young-jin, the corporation's president, visited Samdong, a mid-sized manufacturing company in Eumseong, to assess issues related to the operation of overseas subsidiaries and discuss plans for expanding liquidity support. Samdong, a manufacturer specializing in electrical materials such as copper coils, operates production facilities in key locations in the United States, including Tennessee. With a surge in demand for electrical infrastructure in the U.S., the company secured $20 million in operating capital based on K-Sure's overseas business financing insurance. Since June of last year, K-Sure has been running a special support program for operating capital aimed at local subsidiaries of South Korean companies. This program provides funding necessary for factory operations, as well as facility investments, with repayment terms exceeding two years to help address tariff challenges and stabilize global supply chains. To date, the program has provided a total of $260 million in operating capital to ten local subsidiaries of South Korean companies operating in the U.S. and Vietnam. In April, in response to a significant increase in funding demands from overseas subsidiaries, K-Sure raised the total support limit from $300 million to $800 million. The program has been adjusted to favor small and medium-sized enterprises (SMEs) and mid-sized companies that enter foreign markets alongside large corporations. Specifically, subsidiaries backed by a parent company's payment guarantee can receive support of up to 30% of their revenue, while SMEs and mid-sized partners entering foreign markets with large corporations can receive up to 50% of their revenue. Lee I-joo, CEO of Samdong, stated, "Thanks to K-Sure, we were able to respond promptly to the increasing demand for electricity in the U.S. As we anticipate continued growth in the electrical equipment market due to expanded investments in artificial intelligence infrastructure, ongoing financial support will be crucial for us." Jang Young-jin emphasized, "Due to international geopolitical instability, the demand for operating capital among overseas subsidiaries is surging. We will provide comprehensive support to ensure that our companies do not face difficulties in their overseas operations due to a lack of financial assistance." 2026-06-10 10:00:00 -
Incheon Port Reports Discovery of 220 Red Imported Fire Ants Incheon Port has reported the discovery of the highly toxic invasive pest, the red imported fire ant, prompting quarantine authorities to initiate emergency control measures. According to Yonhap News on June 9, the first sighting of the red imported fire ant occurred on June 5 at the Shinhan Container Terminal's yard in Incheon, where 10 ants were found. Following this, quarantine officials set up a barrier in the area and conducted a thorough inspection of the entire dock. The investigation revealed an additional 210 red imported fire ants, including larvae, worker ants, and soldier ants, bringing the total number of identified ants to 220. To prevent further spread, quarantine authorities have installed over 1,000 ant traps in the vicinity and completed disinfection of containers within a 50-meter radius of the discovery site. They have also begun targeted control measures, including injecting pesticides into the surrounding soil. The red imported fire ant is listed among the "100 Worst Invasive Alien Species" by the International Union for Conservation of Nature (IUCN). Its sting can cause severe pain and itching, and in some individuals, symptoms such as dizziness, difficulty breathing, and anaphylactic shock may occur. Since 2018, red imported fire ants have been discovered at Incheon Port more than ten times. Quarantine authorities suspect that this latest infestation likely originated from imported containers arriving from overseas and are investigating the precise route of entry. A representative from the Animal and Plant Quarantine Agency stated, "As with previous cases, we believe this infestation is likely due to overseas entry. We are conducting an epidemiological investigation to confirm the specific route of entry."* This article has been translated by AI. 2026-06-10 10:00:00 -
KRX Strengthens Oversight of Technology Special Listing Companies The Korea Exchange (KRX) is set to enhance its oversight of companies listed under the technology special listing program. This decision comes in response to a series of cases where companies have struggled with poor performance or have expanded into unrelated new businesses after entering the market based on their promised growth and technological capabilities. According to the financial investment industry on June 10, the KRX is moving forward with amendments to the rules governing the KOSDAQ market to strengthen the management system for technology special listing companies. Under the proposed amendments, technology special listing companies that fail to meet revenue standards or incur business losses will only be exempt from being designated as management category companies if they establish and disclose a 'business value enhancement plan.' Previously, these companies enjoyed certain exemptions from the management category designation requirements compared to regular companies. Industry insiders believe this measure is closely related to the low performance achievement rates among technology special listing companies. According to data released by the Financial Supervisory Service last year, 105 KOSDAQ-listed companies used estimated performance figures to set their public offering prices from 2022 to 2024. Among these, 93 companies (88.6%) were technology and growth special listing companies. However, only six companies (5.7%) achieved their estimated performance figures in the year they were listed. Sixteen companies (15.2%) met only some indicators, while 83 companies (79.1%) fell short of estimates for revenue, operating profit, and net profit.The exchange will also intensify monitoring of business direction changes among technology growth companies. Technology special listing companies will be required to disclose any amendments to their articles of incorporation related to the addition or change of business purposes during the special listing period. Furthermore, if a technology growth company discloses changes to its business purposes through amendments to its articles, this will be included as a reason for substantive review of listing eligibility. This provides the exchange with a basis to assess the appropriateness of maintaining a listing if a company expands into areas unrelated to the core technology and business recognized at the time of listing.Previously, financial authorities indicated last December that if a technology special listing company changes its main business to an area unrelated to the technology and business evaluated during the listing review within the five-year grace period for delisting criteria, it would be subject to delisting review. The proposed regulatory changes are seen as a way to establish a management system that allows the exchange to monitor the addition of business purposes. Some special listing companies have expanded their business purposes into high-interest areas such as artificial intelligence (AI), robotics, and secondary batteries, while failing to meet performance expectations after going public. Concerns have been raised that these companies may be relying on thematic new businesses to bolster their corporate value instead of leveraging the technological capabilities and business competitiveness assessed during the special listing process. The exchange's decision to include changes in business purposes as a reason for substantive review reflects this concern. 2026-06-10 09:57:00 -
Neowiz to Release 'P's Lie' for Nintendo Switch 2 in August Neowiz announced on June 10 that it will release the action role-playing game 'P's Lie' for the Nintendo Switch 2. The announcement was made during Nintendo's official online showcase, 'Nintendo Direct 2026,' held on June 9. The digital bundle, 'P's Lie: Complete Edition,' is set to launch on August 6. 'P's Lie: Complete Edition' includes the main game 'P's Lie' and the downloadable content (DLC) 'P's Lie: Prelude.' Neowiz aims to expand the intellectual property (IP) of 'P's Lie' by entering the Nintendo platform and strengthening connections with its global fanbase. Additionally, Neowiz will showcase a merchandise lineup, including handmade marionette dolls, through a partnership with the merchandise company 'Iam8bit.' 'P's Lie' was initially released in September 2023 for PC and major console platforms, including PlayStation and Xbox, targeting the global market. Thanks to Neowiz's strategy of diversifying platforms, 'P's Lie' has achieved significant success in the global console market, with cumulative sales reaching 4 million copies, despite being a new IP. The expansion to the Nintendo Switch 2 is expected to solidify Neowiz's influence in the global console market. Choi Ji-won, the director of 'P's Lie,' stated, "We hope that more global fans will be able to enjoy 'P's Lie' through various platforms."* This article has been translated by AI. 2026-06-10 09:54:00 -
Seoul starts probe on FX banks over won speculation SEOUL, June 10 (AJP) - South Korean financial authorities have launched a joint inspection on suspected speculative activities pressuring the Korean won against major currencies after the U.S. dollar went as high as 1,550 won over the weekend, the Ministry of Economy and Finance on Wednesday. The Bank of Korea and the Financial Supervisory Service will conduct both written reviews and on-site inspections from Wednesday, following an emergency market monitoring meeting held last Sunday. Authorities plan to examine whether speculative trading or suspected market-disrupting activity added to the won's recent weakness. The probe will examine whether foreign exchange banks moved or fixed currency rates to secure unfair profits for themselves or third parties. Authorities suspect that one-sided offshore non-deliverable forward (NDF) transactions may have increased pressure on the domestic currency market. It will also cover trades aimed at disrupting normal market functions or price discovery. Transactions that moved prices against customer orders through large one-way trades at specific times will also be reviewed. The step comes as the exchange rate has swung sharply in recent sessions. During night trading on June 6, the won weakened to 1,561.5 per dollar, marking its lowest level since March 2009. On Tuesday, the won recovered to 1,512.1 per dollar, supported by verbal intervention and currency hedging by the National Pension Service. But volatility has remained high. It reversed course on Wednesday morning, opening weaker at 1,525. Watchdogs said they will take stern action under relevant laws if any illegal activity is found. 2026-06-10 09:49:13