Kim Yong-beom Predicts Record Surplus Revenue Amid Semiconductor Boom Kim Yong-beom, head of the Presidential Policy Office, stated that the ongoing semiconductor boom is expected to generate record surplus revenue over the next two years, emphasizing the need for a more flexible approach in fiscal policy. According to Yonhap News on May 10, Kim made these remarks in a Facebook post titled "KOSPI 7500 and the Threshold of 10,000" on May 8. He noted, "South Korea's fiscal and macroeconomic outlook is based on GDP growth forecasts, but the current semicond May 11, 2026

Government: HMM Namoo Fire Caused by Strike from Unknown Aircraft An investigation has determined that the fire on the South Korean vessel HMM Namoo, which occurred in the Hormuz Strait on May 4, was caused by a strike from an unidentified aircraft. However, it remains unclear whether the aircraft was a drone or a missile, or which country may be responsible. According to a report by Yonhap News on May 10, the Ministry of Foreign Affairs announced the findings of a joint government investigation. The ministry stated, "The investigation confirmed that May 11, 2026

Jang Dong-hyuk Appeals for Support at Lee Jin-sook's Campaign Office Opening Jang Dong-hyuk, leader of the People Power Party, attended the opening of Lee Jin-sook's campaign office for the Dalseong District by-election in Daegu on May 10, urging support by stating, "We need someone who can properly fight against the Lee Jae-myung government." At the event, Jang praised Lee, saying, "She is someone who has fought to uphold her values and has never backed down in the face of oppression or intimidation." He criticized Lee Jae-myung, saying, "He is rushing to cancel May 11, 2026

South Korea Confirms Fire on HMM Namooho Caused by Unknown Object The South Korean government announced that the fire on the HMM Namooho, which occurred in the Strait of Hormuz on May 4, was caused by an impact from an unidentified object. The Ministry of Foreign Affairs released the findings of a joint government investigation on May 10 (local time). According to the ministry, "The investigation confirmed that an unidentified object struck the stern of the HMM Namooho on May 4," adding that there are limitations in identifying the exact type and physical s May 11, 2026

Democratic Party Launches Election Committee Ahead of Local Elections The Democratic Party officially launched its election committee on May 10 in preparation for the June 3 local elections. The committee is named the "Republic of Korea Normalization Election Committee," focusing on strengthening regional organizations while reducing central structures.During the launch event held at the National Assembly, Jeong Cheong-rae, the committee's chair, stated, "We will set our goals high but maintain a humble attitude, taking steps forward together with the people."Jeon May 11, 2026

Minister Kim Jung-kwan: U.S. Investment Principles Based on Commercial Rationality Minister of Trade, Industry and Energy Kim Jung-kwan stated on May 10 that the fundamental principle for South Korean investments in the United States is "commercial rationality," adding that the U.S. side fully understands this aspect. Speaking to reporters after concluding his visit to the U.S. and Canada, Kim explained that his trip aimed to consolidate discussions on U.S. investment projects that had previously been held at the working level. From May 6 to 9, Kim visited Washington, D.C May 11, 2026

Prepaid Funeral Industry Shifts to Total Life Care Model Amid Regulatory Pressures The prepaid funeral industry is accelerating its transformation to overcome stricter regulations on advance payments. Companies are attempting to pivot to a 'total life care' model as a strategy to navigate government pressures. This includes expanding direct funeral home operations and diversifying revenue streams through services related to travel, weddings, and pet care. According to industry sources on May 10, the prepaid funeral sector has a unique accounting structure that differs f May 11, 2026

South Korea's Prepaid Funeral Industry Faces Stricter Regulations The South Korean government is implementing stringent reforms aimed at increasing transparency in the management of prepaid funds within the funeral industry. As the sector reaches a milestone of 10 trillion won in prepaid funds and 10 million subscribers, it finds itself at a crossroads between the need for enhanced transparency and the reality of declining profitability.According to industry sources on May 10, six legislative proposals are currently pending in the National Assembly, focusing o May 11, 2026

Hyundai Aims for 550,000 HEV Sales in the U.S. to Challenge Toyota Hyundai Motor Group is poised to leverage its eco-friendly vehicle competitiveness to ascend to the top of the global automotive market. Following the Trump administration's elimination of electric vehicle subsidies, the U.S. is experiencing a significant shift toward hybrid electric vehicles (HEVs). Hyundai plans to narrow the gap with Toyota by capitalizing on its supply chain advantages in the HEV sector while strengthening its electric vehicle (EV) portfolio in Europe, where environmen May 11, 2026

Hyundai Faces Sales Decline in Turkey Amid EU Electrification Shift Hyundai Motor Company is experiencing challenges as it transitions to electrification in Europe. The Turkey plant, which previously produced only internal combustion engine vehicles, is undergoing a production line change ahead of its first electric vehicle, leading to a significant drop in sales. This decline reflects the transitional impact of aligning with the European Union's green regulations. According to Hyundai, its Turkey subsidiary (HMTR) sold a total of 39,116 vehicles in the first qu May 11, 2026