IEA Warns of Global Oil Supply Shortage by Year-End Amid Middle East Conflict As U.S.-Iran ceasefire negotiations remain stalled and tensions escalate, the International Energy Agency (IEA) has projected that global oil supply will fall short of total demand this year due to the ongoing conflict. According to a report released by the IEA on May 13, global oil demand is expected to reach 100.4 million barrels per day in 2026. This figure is 1.3 million barrels per day lower than the levels recorded before the outbreak of war following U.S. and Israeli airstrikes on Iran in May 13, 2026

Democratic Party to File Complaint Against Kim Jae-seop Over Allegations Against Candidate Jeong Won-o The Democratic Party plans to file a complaint against Kim Jae-seop, a lawmaker from the People Power Party, for allegedly spreading false information regarding Jeong Won-o, the party's candidate for Seoul mayor. According to Yonhap News on May 13, Jeong's camp announced that they would report Kim for violating the Public Official Election Act by disseminating false information intended to undermine Jeong's candidacy. In their statement, Jeong's team argued that Kim's claims were based on a tra May 13, 2026

Samsung Electronics Revamps TV Division Under Lee Won-jin's Leadership Samsung Electronics' Video Display (VD) Division is undergoing a significant transformation, shifting its focus from traditional TV operations to software and platform services. This move comes just a week after Lee Won-jin took the helm of the TV business. The company aims to build a sustainable revenue model beyond its status as the world's leading TV manufacturer for 20 consecutive years.According to industry sources, shortly after his appointment on May 4, Lee established a new task force de May 13, 2026

Democratic Party Elects Cho Jung-sik as Candidate for National Assembly Speaker Cho Jung-sik, a six-term member of the Democratic Party, was elected as the candidate for National Assembly Speaker on May 13. This marks his third attempt at the position, leveraging support from the party's pro-Lee Jae-myung faction. With the Democratic Party holding a majority in the National Assembly, this election is considered a de facto final round.After being elected during a party meeting, Cho stated, "We will complete the reorganization by June and pass all legislative tasks by Dec May 13, 2026

Guidelines for Teacher Gifts on May 15: Carnations Allowed, Gift Certificates Prohibited As Teacher's Day approaches on May 15, many parents and students are confused about whether it is permissible to give teachers carnations or small gifts. Gifts that are seen as a "gesture of appreciation" could potentially violate the Anti-Corruption Law (Kim Young-ran Act) due to the evaluative relationship between teachers and students. In summary, it is generally prohibited to give gifts or money to teachers who are currently evaluating or guiding students. Even small gifts valued at l May 13, 2026

Jung Cheong-rae Calls for Public Judgment on People Power Party Ahead of Local Elections Jung Cheong-rae, the leader of the Democratic Party, emphasized on May 13 that the People Power Party, which he accused of endorsing insurrection, should face a severe public judgment in the upcoming June 3 local elections before any constitutional review of the party's legitimacy. During a press conference at the National Assembly, Jung stated, "This local election is crucial because we must decisively judge the insurrection forces and eliminate even the slightest trace of insurrection May 13, 2026

Delisting of Penny Stocks to Begin in July as Financial Authorities Tighten Rules Starting in July, the delisting of penny stocks will be implemented more rigorously. Financial authorities are significantly tightening the criteria for market capitalization, penny stocks, and disclosure violations, leading to an expected surge in companies facing delisting pressure in the second half of the year. Market analysts suggest that this marks the beginning of a phase to eliminate so-called "zombie companies." On May 13, the Financial Services Commission announced at its ninth May 13, 2026

Nongshim's Shin Ramyeon Surpasses $15 Billion in Sales as It Celebrates 40th Anniversary Nongshim's Shin Ramyeon has made history in the South Korean food industry by surpassing 20 trillion won ($15 billion) in cumulative sales since its launch 40 years ago. This achievement marks a rare milestone for a single food brand, not only in the ramen sector but across the entire food industry. The company aims to increase its overseas sales share to 60% and achieve group sales of over 7.3 trillion won ($6 billion) by 2030. On May 13, Nongshim held a media briefing at the Lotte H May 13, 2026

Hyundai Engineering to Introduce High-End Senior Services in Apgujeong Redevelopment Hyundai Engineering has announced plans to introduce high-end senior services in the Apgujeong 3rd and 5th districts, where it has been selected as the construction company for the redevelopment project. This marks the first time such services will be integrated into multi-family housing in the area. On May 13, Hyundai Engineering signed a partnership agreement with The Classic 500, an operator of private senior towns, to develop and operate a senior life care service model. The initiati May 13, 2026

DL E&C Achieves Construction Technology Certification for Dry Bathroom Wall System DL E&C is accelerating innovation in bathroom construction quality and productivity with its newly certified dry wall waterproofing system. On May 13, DL E&C announced that its 'Dry Wall Waterproofing System for Bathrooms,' developed in collaboration with Hansol Home Deco, has received certification from the Ministry of Land, Infrastructure and Transport. This certification is awarded to new or improved technologies that demonstrate novelty, advancement, and applicability in the field. May 13, 2026