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KRX's Night Derivatives Market Sees Trading Volume Surge Over Past Year As the night derivatives market marks its first anniversary, trading volume has surged more than sevenfold over the past year. Steady demand from investors seeking to respond to U.S. stock market movements and global events has driven rapid growth in trading activity. According to the Korea Exchange, the average daily trading volume in the night derivatives market from June 1 to June 5 reached 101.81 trillion won. This represents an increase of approximately 635% compared to the average daily trading volume of 13.85 trillion won recorded shortly after the market opened in June of last year. The number of traded items has also significantly increased, with the average number of items traded daily rising from 3,046 last year to 9,351 this year, a jump of about 207%. While the night derivatives market has traditionally been viewed as dominated by foreign investors, participation from individual investors has noticeably increased amid heightened market volatility. The night market is considered competitive as it allows investors to respond to U.S. market trends, international oil prices, exchange rates, and geopolitical factors even after the domestic market closes. In fact, the average daily trading volume of individual investors in KOSPI 200 night futures surpassed 3 trillion won for the first time in February, reaching 3.25 trillion won. In March, it increased to 3.29 trillion won, then decreased to 2.37 trillion won in April, before rebounding to 3.06 trillion won in May. This month, it has maintained a level around 2.68 trillion won, which is about three times higher than the 915 billion won recorded in June of last year. The night derivatives market, which officially opened on June 9 last year, has improved access for investors. Unlike the previous indirect method linked to the European derivatives exchange Eurex, trading can now be conducted solely with domestic derivatives accounts, eliminating the need for separate overseas accounts. The market features the same expiration structure and competitive fee system as the regular market. Currently, a total of 10 products are traded, including KOSPI 200 futures and options, KOSDAQ 150 futures and options, U.S. dollar futures, and treasury futures. This diverse range of products serves as investment and hedging tools to respond to global variables that arise after the domestic market closes. However, the exchange noted that the increase in trading volume should not be interpreted solely as market activation. The significant rise in the domestic stock market over the past year has also contributed to higher prices of underlying assets. A representative from the exchange stated, "The index level itself has risen significantly, which has expanded the absolute trading volume. However, it is reasonable to view the gradual increase in participation as investors become aware of the market's existence." He added, "Given the nature of night trading, there is considerable participation from foreign investors looking to respond to overseas market movements. Expanding institutional participation is one of our future challenges," and emphasized that diversifying products and expanding the market base are long-term goals.* This article has been translated by AI. 2026-06-08 15:42:00 -
Iran and Israel Clash Again, Oil Prices Surge Over 4% Despite President Donald Trump's calls for restraint, Iran and Israel have engaged in military conflict again, just two months after a ceasefire. Concerns over escalation and uncertainty surrounding U.S. negotiations with Iran have led to a more than 4% surge in international oil prices. On June 8, local time, the Israeli military reported that it had struck military targets in western and central Iran. The Islamic Revolutionary Guard Corps (IRGC) claimed that Israel used air-launched ballistic missiles. The Israeli military stated, "We targeted Iran's surface-to-surface missile launchers and infrastructure unrelated to the energy sector." The Israeli attack followed missile launches from Iran aimed at Israel. The IRGC had previously announced an attack targeting the Ramat David airbase near Nazareth. The Israeli military confirmed that missiles were fired from both Iran and Yemen towards Israel and activated its defense systems to intercept them. The military clashes were triggered after Israel conducted airstrikes on the outskirts of southern Beirut, Lebanon, on June 7. The Israeli military described the strikes as targeting Hezbollah positions, stating they were a response to rockets fired by Hezbollah towards northern Israel. Iran retaliated against Israel's attack on Lebanon, leading to Israel's counterattack on Iran. The Washington Post noted that this was the first Iranian attack on Israel since a ceasefire was brokered by the U.S. on April 8. Additionally, the ceasefire between Israel and Lebanon, also mediated by the U.S., appears to have been undermined. As ceasefires have been repeatedly broken, concerns about escalation are rising, impacting the energy market. With instability in the Middle East, expectations for the normalization of oil transport through the Strait of Hormuz have diminished. As of 3:28 PM KST, Brent crude futures rose 4.80% to $97.56 per barrel, while West Texas Intermediate (WTI) futures increased by 4.59% to $94.70. Trump's Efforts for Ceasefire Before World Cup The latest exchanges occurred shortly after President Trump urged both sides to refrain from escalating the conflict. According to Axios, Trump spoke with Israeli Prime Minister Benjamin Netanyahu on June 7, expressing optimism about achieving a favorable outcome and requesting restraint from further attacks. In a phone interview with Fox News on the same day, Trump stated regarding Iran, "This attack will not help negotiations," adding, "What I want to tell Iran is, you fired missiles, so stop and return to the table for an agreement." However, Trump maintains that he is still committed to a diplomatic resolution despite the renewed military clashes. In a phone interview with the Financial Times following Iran's attack on Israel, he stated that Iran's missile strike would not affect his willingness to pursue diplomatic solutions. He also commented on whether Netanyahu would accept a U.S. agreement with Iran, saying, "He will have no choice," and emphasized, "I make all the decisions; it’s not his decision." Trump is particularly focused on achieving a ceasefire in the Iran conflict before the North American World Cup begins on June 11. He indicated that negotiations with Iran could progress toward an agreement on Monday, Tuesday, or Wednesday of this week. This suggests a push for a memorandum of understanding (MOU) that would extend the ceasefire for 60 days and initiate denuclearization talks ahead of the World Cup. However, there are concerns that more than just phone calls will be needed to curb Israel's military actions in Lebanon. According to the influential Arab media outlet Al Jazeera, Trita Parsi, co-founder of the Quincy Institute, stated, "If you want to stop Netanyahu and make him align with U.S. interests, a simple phone call won't suffice." Parsi identified U.S. intelligence access and a multi-layered air and missile defense system as key pressure points. He argued that measures must be taken to limit Israel's operational range and effectively strip Iran of its ability to strike, asserting that without active U.S. support, Netanyahu cannot carry out such operations.* This article has been translated by AI. 2026-06-08 15:39:00 -
K-Beauty Exports Surge, ODM Companies Expand Supply Chains and Infrastructure The global K-beauty boom has prompted the domestic cosmetics manufacturing industry, particularly Original Design Manufacturers (ODM), to enter a fierce competition for production capacity. Companies are making aggressive investments in digital supply chains and expanding factories worth hundreds of millions of dollars to establish a foundation for long-term growth. According to the Ministry of Trade, Industry and Energy, cumulative cosmetic exports from January to May this year surpassed $5.6 billion, significantly exceeding the approximately $4.6 billion recorded during the same period last year. Cosmetics have become the top export item among five promising consumer goods categories, which include agricultural and fishery products, fashion apparel, household goods, and pharmaceuticals. Notably, cosmetic exports in May alone reached $1.18 billion, marking a 24.2% increase compared to the same month last year, setting a record for May exports. Cosmetic exports are projected to reach $10.2 billion in 2024, marking the first time surpassing the $10 billion mark, following last year's record of $11.4 billion. The upward trend is expected to continue this year, with forecasts suggesting that annual exports could reach an all-time high. While exports to China, the largest market for Korean cosmetics, have slowed, growth has been observed in Europe and the Americas, contributing to overall increases. Statistics from the Korea International Trade Association indicate that from January to April, exports to the U.S. rose by 40.5% year-on-year to $880 million, the highest among all markets. In contrast, exports to China fell by 14% to $650 million. Exports to the U.K. reached $160 million, and to the Netherlands, $110 million, reflecting increases of 172.2% and 231.0%, respectively, compared to last year. Germany (122.6%), Estonia (225.1%), and Mexico (116.8%) also reported triple-digit growth rates. In response to the surging demand for K-beauty, ODM companies are moving quickly. Cosmecca Korea announced on June 5 that it has decided to acquire land and a factory in Cheongju worth 64 billion won. This acquisition amounts to 10.13% of its total assets of 631.8 billion won as of the end of last year. The company aims to increase its annual production capacity, currently at 1.3 billion units, to meet diverse orders from global clients, including skincare, hydrogel masks, and sun care products. On the same day, Cosmax revamped its collaboration platform, 'eBiz,' to diversify its supply chain. The new system allows any raw material company worldwide to easily propose new ingredients through an English page, lowering entry barriers that previously required intermediaries. Korea Kolmar plans to end operations at its Beijing factory by the end of the first half of this year and invest approximately 170 billion won to expand its Sejong factory. Production will be centralized at its Wuxi factory in China, significantly boosting domestic production capacity. Additionally, Korea Kolmar has been operating its second factory in the U.S. since last year, establishing a foothold for exports to the North American market. CNC International is also constructing a large new factory in Cheongju Central Valley with an investment of 79 billion won. The new facility will occupy over 60,000 square meters, more than six times larger than its existing factories in Hwaseong and Yongin, and is expected to increase annual production capacity by 1.4 billion units to a total of 1.45 billion units upon completion in September next year. An industry insider stated, "As K-beauty exports expand beyond China to North America and Europe, the role of ODM companies is becoming increasingly important. How proactively they respond in terms of facility expansion, raw material sourcing, research and development, and local supply chain establishment will determine their market dominance in the future."* This article has been translated by AI. 2026-06-08 15:39:00 -
Park Hong-geun Calls for Comprehensive Review of All Financial Projects The government has initiated a public discussion on 'public participation in expenditure reform' led by the financial authorities, marking the first of its kind. At this event, Park Hong-geun, Minister of the Ministry of Strategy and Finance, announced plans for a rigorous review of all financial projects ahead of next year's budget preparation. Speaking at the 'Open Discussion on Expenditure Restructuring' held in Mapo-gu, Seoul, on June 8, Park stated, "The 2027 budget will be the first budget entirely overseen by the Lee Jae-myung administration. This year is the only opportunity to implement significant restructuring." He emphasized, "Next year's budget will involve a comprehensive review of all financial projects, aiming for a 15% reduction in discretionary spending, a 10% cut in mandatory spending, and the elimination of 10% of projects. We must boldly reduce unnecessary expenditures and invest decisively to enhance growth potential for an irreplaceable South Korea, ensuring that the benefits of growth are distributed across generations, regions, and social classes." This discussion follows a meeting last August led by the President on national fiscal savings, marking the first time the financial authorities have addressed expenditure restructuring as a formal agenda. The Ministry of Strategy and Finance explained that this discussion was organized to incorporate public voices throughout the budget preparation process, following the 'National Finance Town Hall Meeting' in April and the 'Youth Live Talk' in May. Representatives from 19 central ministries, including the Ministry of Finance and the Ministry of Science and Technology, as well as experts from research institutions like KDI, civic groups, journalists, youth advisory groups, and the general public attended the event. The discussion was broadcast live on KTV and the Ministry of Strategy and Finance's YouTube channel, with Park responding directly to questions raised in real-time comments. During the discussion, participants highlighted the need to completely redesign the existing financial expenditure system in response to demographic changes such as low birth rates and an aging population. In discussions on social, educational, and cultural issues, the necessity of reforming the local education finance grant system was emphasized. Professor Lee Jeong-hwan of Hanyang University pointed out that despite a decrease in the school-age population, the grant amount linked to domestic taxes remains unchanged, leading to some funds being allocated to non-essential projects, stressing that reform cannot be delayed any longer. In the employment and welfare sector discussions, topics included the restructuring of unemployment benefits and basic pensions. Professor Yoon Dong-yeol of Konkuk University raised concerns about the issue of repeated benefit claims and the phenomenon where unemployment benefits exceed earnings, calling for necessary reforms. Professor Seok Jae-eun of Hallym University noted that income disparities among elderly recipients of basic pensions are widening, advocating for a gradual adjustment of the benefit range and enhanced support for low-income groups. In the economic sector, the need for restructuring agricultural and food budgets and small business support programs was raised. Researcher Kim Mi-bok from the Korea Rural Economic Institute diagnosed that urgent structural reform of agricultural and food budgets is needed, including differentiating policy measures based on beneficiaries. Researcher Um Bu-young from the Small and Medium Business Administration pointed out that the individual operation of small business support programs by various ministries leads to redundancy and budget dispersion, calling for the integration of functions and bold restructuring of underperforming projects. Concerns about indiscriminate public facility construction were also raised in discussions on local finance. Researcher Son Jong-pil from the National Finance Research Institute suggested that policy focus should shift from building new public facilities to the efficient management and reallocation of existing ones to enhance local government financial efficiency. Minister Park expressed agreement with the various opinions raised during the discussion, stating, "We will concentrate our efforts on bold institutional improvements to ensure that mandatory expenditure projects, which impose a significant long-term burden on national finances, are operated more efficiently." He added, "The valuable opinions shared today will serve as a crucial milestone for the 2027 budget. We will continue to expand opportunities for the public to actively participate in the budget preparation and fiscal policy formulation processes."* This article has been translated by AI. 2026-06-08 15:33:00 -
Democratic Party Prepares for Leadership Contest Ahead of August Convention The Democratic Party of Korea has officially begun preparations for its convention scheduled for August 17, immediately following the June 3 local elections. With the next leadership set to wield significant influence over candidate nominations for the upcoming general elections, the competition for party leadership is heating up. According to political sources, Jeong Cheong-rae, the party leader, Prime Minister Kim Min-seok, and lawmaker Song Young-gil are all contemplating their candidacies for the upcoming convention. Jeong is expected to highlight his leadership over the past year, emphasizing the party's victory in the recent local elections and the successful implementation of key reform bills under the Lee Jae-myung administration, including judicial and prosecutorial reforms. He is likely to position himself as a candidate for re-election, pledging to continue addressing the government's remaining tasks. Kim, who served as the first Prime Minister under the Lee Jae-myung administration and is considered a close ally of the president, announced his resignation from the Prime Minister's office on June 7, stating, "My next mission is to build a capable Democratic Party." This has led to speculation that he is eyeing a run for party leadership. Song, a six-term lawmaker with previous experience as party leader, has also been vocal about issues surrounding candidate nominations during the local elections. He visited the May 18 National Cemetery in Gwangju the day before, seeking to connect with voters in the Honam region. However, there are growing concerns within the party regarding both Jeong and Song. Some lawmakers have pointed out Jeong's failure to secure the Seoul mayoral position from the People Power Party in the recent elections, while others have criticized Song for raising issues during the Jeonbuk gubernatorial nomination process, demanding formal apologies from both. Notably, lawmaker Lee An-joo resigned from her position on the Supreme Council, citing accountability for the local election results, and criticized Jeong, saying, "This election relied solely on presidential approval ratings. We must take the change in public sentiment seriously." Criticism has also been directed at Song. Yoon Jun-byeong, the head of the Jeonbuk provincial party, accused him of engaging in disloyal actions by publicly supporting an independent candidate during a critical election period, stating, "This is a serious misconduct. I am uncomfortable with him being mentioned as a potential candidate for party leader." Additionally, Lee Sung-yoon, a prominent member of the pro-Jeong faction, remarked, "It is unclear whether he is trying to protect the Democratic Party or undermine its leadership. Such statements are irresponsible and constitute serious misconduct. If he prioritizes the party over personal interests, he should apologize to the members." 2026-06-08 15:27:00 -
Financial Groups Shift Focus from Banking to Securities As regulatory pressures on banks increase and the stock market thrives, financial groups are shifting their growth strategies from banking to capital markets. KB, NH, and Woori Financial are investing billions of won into their securities subsidiaries, positioning the securities sector as a new growth pillar. On June 8, financial industry sources reported that NH Nonghyup Financial Group held an extraordinary board meeting on May 29, where it approved a third-party allocation capital increase of approximately 400 billion won for NH Investment & Securities. This capital increase comes about ten months after a previous 650 billion won boost last August, with the funds intended to enhance the comprehensive investment account (IMA) business and strengthen corporate finance competitiveness. An NH Nonghyup Financial official stated, "This is a strategic decision to expand productive finance and secure competitiveness in future growth businesses." Other financial groups are also actively bolstering their securities firms. Earlier this year, KB Financial Group decided to raise 700 billion won for KB Securities, marking its first significant capital increase for its securities subsidiary since the merger of Hyundai Securities and KB Investment Securities in 2016. Woori Financial Group also injected 1 trillion won into Woori Investment Securities in April and is considering additional support next year. Although Shinhan Financial Group has not directly pursued a capital increase, it is focusing on enhancing the competitiveness of its related subsidiaries. Shinhan Financial Chairman Jin Ok-dong is set to preside over a group management meeting on June 10 at the TP Tower in Yeouido, where Shinhan Investment & Securities and Shinhan Asset Management are headquartered. This will be the first time Chairman Jin leads a group management meeting in Yeouido, and the agenda is expected to include strategies for enhancing the group's capital market competitiveness. The trend of financial groups supplying capital to their securities subsidiaries reflects the growing importance of securities firms to overall group performance. While banks have traditionally driven profits, their growth potential is now limited due to government regulations on household loans. The government's emphasis on productive and inclusive finance has increased demands for public roles, making it difficult to sustain a profitability-focused growth strategy. In contrast, the securities sector is gaining prominence amid a booming stock market. The KOSPI index has surpassed 8,000, and investor deposits are increasing, contributing to a phenomenon known as 'money move' as funds shift into the stock market. With financial authorities selecting IMA operators and intensifying competition in issuance and corporate finance (IB), financial groups are focusing on nurturing their securities firms as future growth drivers. According to the Financial Supervisory Service, the share of net profits from financial investments, including securities firms, accounted for 17% of the total net profits of the ten domestic financial holding companies last year, marking a 5 percentage point increase from the previous year. In contrast, other sectors, including banking (-2.4 percentage points), insurance (-2.6 percentage points), and specialized credit finance (-1.3 percentage points), saw declines in their shares. A financial industry official noted, "While the banking sector faces growth limitations due to ongoing regulations and interest rate environments, the securities sector is experiencing significant growth potential amid a thriving stock market. We can expect continued active movements from financial groups aiming to secure growth drivers centered on capital markets." 2026-06-08 15:24:00 -
BC Card Launches June 'MyTag' Event Offering Discounts on Education and Living Expenses BC Card announced on June 8 that it will run its customer-oriented discount service, "MyTag," throughout the month of June. MyTag allows users to select desired benefits from the financial platform "Paybook" and receive discounts when paying with BC personal credit or debit cards. The event will continue until June 30. Customers must tag the benefits in the Paybook app before payment to apply the discounts, which can be received in addition to existing card benefits without any separate spending requirements. Customers with cards issued by BC Card member companies—including Woori Card, Hana Card, NH Nonghyup Card, IBK Industrial Bank, KB Kookmin Card, iM Bank, BNK Busan Bank, BNK Gyeongnam Bank, Shinhan Card, Sh Suhyup Bank, Gwangju Bank, and BC Baro Card—are eligible to participate. In the education sector, a discount of 5,000 won is available for payments over 300,000 won. Discounts include 5,000 won for payments over 1 million won on Naver Pay, 0.5% (up to 100 won, once per day, total of three times) for payments over 10,000 won on Coupang, and 3% (up to 10,000 won) for payments over 100,000 won on KREAM. Additionally, a discount of 100 won (once per day, up to five times) is available for payments over 10,000 won at Daiso, while CU, 7-Eleven, and Emart24 offer a 1,000 won discount for payments over 10,000 won. At The Venti, Mammoth Coffee, Mega MGC Coffee, and Compose Coffee, customers can receive a discount of 500 won for payments over 5,000 won on Saturdays and Sundays, up to two times (totaling 1,000 won). For KT Wiz home games at Suwon KT Wiz Park, an additional 1,000 won discount will be applied to the existing 2,000 won discount for payments over 10,000 won. Outback Steakhouse and Vips offer a 5,000 won discount for payments over 100,000 won. Kim Ho-jung, Executive Director of BC Card, stated, "We designed this event to provide practical assistance to customers facing burdens from education and living costs. We will continue to expand customized benefits that reflect consumer trends and needs." 2026-06-08 15:24:00 -
Shinsegae chief to take helm of retail and real estate arms SEOUL, June 8 (AJP) - Shinsegae Group chairman Chung Yong-jin will take the chief executive roles at two core affiliates, retailer E-mart and developer Shinsegae Property, a move the group framed as answering market demands that he be directly accountable for the businesses he leads. The decision places the chairman atop both the group's retail backbone and the unit driving its push into artificial intelligence infrastructure, following a controversy at its Starbucks Korea operation that has forced a wider management overhaul. Shinsegae said Monday that Chung has been designated as co-CEO at both companies, though neither appointment is yet final. E-mart named him a co-CEO nominee at its regular executive reshuffle and will formally confirm the role at next year's shareholder meeting. Shinsegae Property will convene its board to recommend him as a registered director, seek shareholder approval, then reconvene the board to appoint him co-CEO, completing the process. Chung cast the move as accepting responsibility. He said he takes seriously the market's demand for clear accountability in running the companies and pledged to submit himself to the evaluation of the board and shareholders as chief executive. The pledge follows a marketing controversy at Starbucks Korea, in which E-mart, as the chain's largest shareholder, bears responsibility for its board composition and operations. Shinsegae Property carries the strategic weight in the decision. The unit operates landmark developments such as Starfield Cheongna and will manage the groundwork, including site acquisition, for an AI data center the group plans to build under a partnership signed in March with Reflection AI of the U.S. That agreement, a strategic MOU to build what the companies call a South Korean sovereign AI factory, targets a 250-megawatt facility that would rank as the country's largest, with a joint venture to be established within the year and construction proceeding in phases. Chung signed the MOU personally in March, and by taking the Shinsegae Property helm he assumes responsibility for both the current portfolio and its future growth bets. The Reflection AI tie-up gives the plan credibility beyond the announcement. The U.S. startup raised US$2 billion at an $8 billion valuation last October, with Nvidia among its backers, an investment that signals both technical standing and a route to securing the graphics chips such facilities demand. Shinsegae has since halted separate collaboration talks with OpenAI to concentrate on the partnership. Alongside Chung, Shinsegae Property named Lee Hyung-cheon, a former development chief, as professional co-CEO. Lee will handle immediate priorities such as the Starfield Cheongna build and day-to-day operations, while Chung oversees medium- and long-term vision and efforts to lift corporate value. Coffee chain Starbucks Korea, the source of the crisis that helped prompt the shake-up, named Shin Dong-woo, a support division head at Shinsegae Property, as its new chief, tasked with strengthening internal controls and drawing up a turnaround plan to restore trust. With the latest appointments, Chung will sit on the boards of three affiliates, having been named inaugural board chairman last year of AG Global Holdings, the joint venture between Shinsegae and Alibaba International. 2026-06-08 15:21:44 -
U.S. AI-Related Job Cuts Reach Record High Amid Employment Concerns in South Korea The introduction of artificial intelligence (AI) agents is accelerating layoffs in the United States at an unprecedented rate. In South Korea, youth employment in the IT sector is plummeting, and there are forecasts of restructuring pressures extending into manufacturing. According to data from the U.S. restructuring firm Challenger, Gray & Christmas, a total of 87,714 layoffs were attributed to AI from January to May 2026. This figure has already surpassed the combined total of 67,578 layoffs from 2024 (12,742) and 2025 (54,836) within just five months. AI-related layoffs account for nearly 65% of all tech sector layoffs, which totaled 134,603 as of June 7. The pace of these layoffs is alarming. In May alone, over 97,000 layoffs were announced, with 40% citing AI as the reason. This marks a significant increase from just 7% in January. On average, 852 people lost their jobs daily due to AI-related reasons. TruUp predicts that tech layoffs could reach 370,000 by the end of the year. While companies previously engaged in what was termed 'AI-washing'—using AI as a justification for restructuring—this year has seen a rise in actual cases where office workers are being directly replaced by AI agents. The situation in South Korea is also concerning. According to employment trends from February, the number of employed individuals in their 20s decreased by 163,000 compared to the same month last year, marking the lowest level since statistics began in 1982. The decline is particularly pronounced in AI-related sectors, with 105,000 jobs lost in professional, scientific, and technical services, and 42,000 in information and communication sectors. The impact on the job market is significant, given that these are high-quality positions for young workers. The Bank of Korea's report on 'AI Expansion and Youth Employment Decline' indicates that sectors with high exposure to AI are experiencing substantial reductions in youth employment. In small and medium-sized IT firms, the hiring rate for experienced workers has risen from 41.9% (2019-2022) to 46.1% (2023-2025), narrowing opportunities for new graduates. The manufacturing sector is also beginning to feel the effects. A report from the Korea Employment Information Service and the Korea Industrial Technology Promotion Agency forecasts a 0.9% decrease (approximately 3,000 jobs) in employment across ten major manufacturing sectors in the first half of this year compared to the same period last year. The semiconductor industry is the only sector expected to see job growth due to the ongoing AI boom. The Korea Employment Information Service predicts that the employment growth rate will stagnate at an average of 0.0% over the next decade. The retail sector is expected to lose 431,000 jobs by 2034, while traditional manufacturing sectors like automotive and metal processing will also see job reductions due to AI-driven automation. Projections suggest that the overall number of employed individuals may begin to decline starting in 2030, particularly as Hyundai Motor Company has announced plans to integrate Boston Dynamics' Atlas humanoid robots into its production processes by 2028, signaling the entry of physical AI into manufacturing.* This article has been translated by AI. 2026-06-08 15:18:00 -
Shinsegae Chairman Jung Yong-jin to Lead E-Mart and Shinsegae Property Jung Yong-jin, Chairman of Shinsegae Group, will take on leadership roles at two key subsidiaries: E-Mart and Shinsegae Property. This move is seen as a step to strengthen accountability in management following recent controversies surrounding Starbucks Korea's marketing practices. On June 8, Shinsegae Group announced that Jung has been appointed as the co-CEO of Shinsegae Property. The company stated that this decision represents a commitment to full accountability in management by participating as a legally registered executive in the board of directors that represents the current and future of the group. Shinsegae Property plans to hold a board meeting soon to recommend Jung as a registered director. Following this, the proposal will be presented at a shareholders' meeting, and another board meeting will be held to officially appoint Jung as co-CEO. For E-Mart, Jung is expected to be named co-CEO after the regular executive appointments this year, with final approval at next year's shareholders' meeting. Jung stated, "I take the market's demand for clear accountability in management very seriously. As CEO, I will be evaluated by the board and shareholders moving forward." This decision aligns with Jung's announced plans for group reform following the recent 'Tank Day' marketing controversy at Starbucks Korea. E-Mart is the largest shareholder of Starbucks Korea, and the CEO of E-Mart is responsible for the board composition and operations of Starbucks Korea. With Jung's appointments as CEO of E-Mart and Shinsegae Property, the number of subsidiaries represented on the board will increase to three. Jung was previously appointed as the inaugural chairman of the board for AG Global Holdings, a joint venture established by Shinsegae Group and Alibaba International last year. Shinsegae Property is particularly significant as it is linked to the group's future growth initiatives. In March, the company signed a partnership agreement with the U.S.-based Reflection AI to oversee the establishment of an artificial intelligence (AI) data center, including site acquisition. This indicates that Jung will directly oversee both the core retail business centered around E-Mart and future projects like the AI data center. Alongside Jung, Lee Hyung-cheon, former head of the development division, has been appointed as co-CEO to lead Shinsegae Property. Lee has previously spearheaded projects such as the construction of Starfield Cheongna. A Shinsegae Group official stated, "Lee will focus on current issues and organizational management to improve profitability, while Jung will oversee the establishment of long-term vision and enhancement of corporate value, creating synergy in management." Starbucks Korea will also see a change in leadership. The company has appointed Shin Dong-woo, head of support at Shinsegae Property, as the new CEO of Starbucks Korea. Shin previously served as the head of strategic planning at Starbucks Korea and has recently managed strategy formulation and financial oversight as head of support at Shinsegae Property. A company official noted, "Shin will concentrate on strengthening the operational framework and internal controls at Starbucks Korea, making the development of a reform plan for restoring trust a top priority." Additionally, in March, Jung visited the construction site of Starfield Cheongna, which is being developed by Shinsegae Property, to inspect the progress and layout of key facilities. At that time, he emphasized the need for meticulous oversight during construction, urging, "Please ensure there are no gaps in the work and deliver the highest quality in the world."* This article has been translated by AI. 2026-06-08 15:18:00