Bank of America Reports Second Quarter 2026 Financial Results

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outside. It's not just a factory job anymore. It's a permanent role at a major corporation with life-changing compensation expectations." He is not alone. Across South Korea, the artificial intelligence

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Seoul unveils naphtha export controls, urea hoarding ban

Govt. rolls out second fuel price cap with expanding tax cuts, focusing on diesel The South Korean government on Thursday unveiled a phased, comprehensive emergency plan to shield its economy from the Middle East war, as risks mounted to energy supplies and key industrial feedstocks. The policy package, titled "Emergency Economic Response Measures to the Middle East War," was announced a day after the government shifted into a full-fledged “emergency economic response system” and activated an emergency economic headquarters led by Prime Minister Kim Min-seo The measures include naphtha export controls and a ban on hoarding of urea and urea solution from Friday, priority domestic naphtha supply through support for higher-cost overseas procurement, alternative liquefied natural gas cargoes, and eased limits on coal-fired power generation. “The government, recognizing the gravity of what amounts to an economic wartime situation, will prepare for even the worst-case scenario and make every effort to ensure a full emergency response,” Deputy Prime Minister and Finance Minister Koo Yun-cheol said during a joint news conference at the Seoul Government Complex. “Beyond a supplementary budget, we will deploy the full range of policy tools — including fiscal, tax and financial regulatory measures — and respond in three stages under a scenario-based plan to deliver the most effective policy mix.” The joint news conference by related ministries came after President Lee Jae Myung presided over an emergency economic review meeting at Cheong Wa Dae on Thursday morning. In the first phase, the government will throw all available resources and tools behind four goals: stabilizing energy prices and living costs, preempting supply chain disruptions, supporting vulnerable sectors, and keeping foreign exchange and financial markets steady. On supply chain disruptions, Koo said he “will take the lead in activating a supply chain crisis response task force to conduct daily intensive monitoring of items highly dependent on the Middle East.” “We will establish a special support program within the supply chain fund to help secure alternative import sources and provide emergency operating funds,” he added. More specifically, Koo announced that export controls on naphtha — a key feedstock used to produce plastics, vinyl, synthetic resins, synthetic rubber and synthetic fibers — would take effect Friday. The government will furthermore impose a ban on the hoarding of urea and urea solution from the same date, while stepping up crackdowns on illegal and unfair practices and expanding imports, according to Koo. Urea is a raw material used to produce fertilizers and urea solution, an essential liquid to reduce diesel vehicle emissions. On energy supply, the country aims to “obtain substitute LNG volumes, including through LNG swaps, to replace Qatari supplies,” according to Koo. Koo explained the government would raise the nuclear power utilization rate to over 80 percent and ease seasonal curbs on coal-fired power generation, which are typically imposed from December through March to reduce fine dust pollution. “This will allow us to expand alternative power supply, including by adjusting the closure schedule of two coal-fired power plants,” Koo added. On oil price stabilization, Koo said the government would raise the capped prices of petroleum products on Friday in a second round of price caps, following the first introduced on March 13, to reflect higher global oil prices. To cushion the impact, the government will simultaneously expand fuel tax cuts to ease the burden on households and businesses. The government is to focus in particular on stabilizing diesel prices, given diesel’s essential role in industry and logistics, according to Koo. Koo explained that marine diesel would be newly included under the price cap system, while fuel tax cuts would be expanded — with the tax reduction on gasoline widened from 7 percent to 15 percent and that on diesel from the current 10 percent to 25 percent. Minister of Trade, Industry and Resources Kim Jung-kwan said the impact of the Middle East war on oil supplies had begun to materialize, noting that the last Korean tanker to pass through the Strait of Hormuz arrived in the country on March 20. “The government reached a consensus to encourage private-sector efforts to secure alternative supplies and to strategically deploy stockpiled reserves in preparation for a prolonged disruption,” Kim said. On naphtha supply, Kim said the government "would prioritize naphtha supply to ensure there is no disruption to health care, critical industries and the production of essential goods." “To secure sufficient naphtha volumes, we will maximize imports through measures such as subsidizing higher costs for overseas purchases,” Kim said. “Disruptions in naphtha supply could lead to production setbacks in petrochemical products essential to both daily life and key industries.” Speaking at the news conference, Koo said the government will "respond more fully to the crisis by swiftly implementing a 'war supplementary budget' of around 25 trillion won ($16.6 billion) in April, financed by excess tax revenues" in the second stage of response. “In the third stage, we will proactively prepare additional economic stabilization measures in case the situation prolongs beyond May and implement them immediately if necessary.” Separately, Lee held an on-site roundtable with representatives of LG Chem, Lotte Chemical, Hanwha TotalEnergies Petrochemical and Hyundai Chemical at a petroleum reserve facility operated by the state-run Korea National Oil Corporation in Seosan, South Chungcheong Province.

End of treasury stock? Korea Inc. faces new rules, new risks

Samsung, SK, Hyundai Motor and LG lead trillion-won share cancellations as new law boosts returns but weakens takeover defenses South Korea’s biggest conglomerates are rushing to scrap trillions of won in treasury stock, as a new law forces companies to retire shares long used as a quiet but powerful tool for control — boosting shareholder returns while stripping firms of a key line of defense. The revised Commercial Act, which took effect March 6, requires newly acquired treasury shares to be canceled within one year and existing holdings within 18 months. The rule has triggered a wave of large-scale cancellations across corporate Korea, with Samsung Electronics, SK Inc. and other major groups moving quickly to comply. Samsung Electronics announced it plans to cancel 87 million treasury shares, including preferred stock, within the first half of the year. The amount, valued at around 16 trillion won ($10.2 billion), represents a whopping 82 percent of the company’s total treasury holdings. SK Inc., the holding company of SK Group, also followed suit, announcing it will retire 14.69 million treasury shares out of the 17.98 million shares held by the company, all except 3.29 million reserved for employee compensation. The retirement, valued at around 4.8 trillion won, is nearly 20 percent of its total outstanding stocks, making it one of the largest such moves. Other conglomerates announced similar moves: Hyundai Motor said it would buy back and cancel 400 billion won worth of shares, while LG Corp is set to cancel 250 billion won worth of treasury shares in the first half. Boosting shareholder value The treasury share provision is central to President Lee Jae Myung’s broader reform agenda to improve corporate governance and boost stock market valuation. The flagship initiative, known as “Kospi 5000,” aims to eliminate the so-called “Korea discount” — the low valuation of Korean companies’ stocks relative to global peers, attributed to weaknesses in corporate governance. For global investors, the reform is a welcome development, raising expectations for improved capital efficiency and more predictable shareholder returns. By retiring treasury shares, it reduces the total share count, which mechanically increases earnings per share and can enhance dividend payouts. “When treasury shares are canceled, and the number of outstanding shares declines, share prices rise under basic supply and demand dynamics, while EPS and dividends per share increase even if the company’s overall valuation and total dividend payout remain unchanged,” said Chung Hae-chang, an analyst at Daishin Securities. “Through the revision of the Commercial Act, share buybacks are now directly linked to a reduction in outstanding shares, aligning with global standards where such actions enhance intrinsic equity value.” At cost of corporate flexibility Despite the potential to enhance corporate value, the initiative is creating headaches for conglomerates, as treasury shares have long served as a versatile financial tool. Companies have used them in mergers and acquisitions, for employee compensation, and as a buffer during market downturns. In times of crisis, they could also be sold or pledged as collateral to secure liquidity. Perhaps most critically, treasury shares have functioned as a shield against hostile takeovers. Unlike in many other markets, Korean firms lack widely used defenses such as poison pills — which allow existing shareholders to buy discounted shares to dilute a hostile bidder — or dual-class structures that grant controlling shareholders greater voting power. Past cases highlight their importance. In 2003, SK Corp transferred a 4.5 percent treasury stake to friendly parties to fend off hedge fund Sovereign Asset Management. Hyundai Elevator and Hyundai Motor also used treasury holdings to counter challenges from Schindler Group and Elliott Management, respectively. Business groups warn that losing this flexibility could leave companies more exposed to activist investors and internal control disputes. “Companies have no choice but to comply and cancel treasury shares,” an industry official said on condition of anonymity. “While the measure may boost shareholder value, it reduces flexibility, especially in times of crisis. Exceptions exist, but they are narrowly defined, limiting timely use.” Under the revised act, firms may retain treasury shares for limited purposes — such as employee compensation, stock ownership plans, or specific business needs like technology adoption or financial restructuring — provided these grounds are explicitly stated in their articles of incorporation. Such cases require approval from both the board and shareholders at annual general meetings. As a result, major firms are moving to amend their articles to define permissible uses of treasury shares. According to Daishin Securities, more than 35 Kospi-listed companies — including SK hynix, Celltrion, Mirae Asset Securities and Lotte Corp. — have proposed such revisions at this year’s shareholder meetings.

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three largest operators — E-mart, Lotte Mart and Homeplus — run about 670 stores nationwide, with roughly 460 already serving as logistics hubs, nearly double Coupang's 246 registered logistics centers

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Why a union vest still turns heads in S. Korea

country. Lotte Department Store on Saturday issued an official apology for an incident at the store’s Jamsil branch, in which a security guard stopped members of the Korean Metal Workers’ Union from dining