Ruling Party, Government Say 80% of High Oil Price Aid Paid Out; Price Cap Helped Curb Inflation The ruling party and the government said May 7 that relief payments aimed at easing household strain from high oil prices triggered by the Middle East war have been carried out at about the 80% level. They also said a price cap helped offset a significant share of inflation pressures. The Democratic Party’s special committee on economic responses to the Middle East war held its fifth meeting with the government at the National Assembly on May 7 to review measures including the high oil pr May 7, 2026

Trump Signals Iran Deal Could Be Reached Within a Week Ahead of China Trip U.S. President Donald Trump suggested the United States could wrap up negotiations with Iran to end the war before his planned trip to China, as reports said the two sides are discussing a memorandum of understanding. Trump also warned he would intensify military pressure if no deal is reached. According to The Wall Street Journal and other outlets, Trump told reporters at a White House event on Tuesday local time that Iran “cannot have a nuclear weapon and will not,” adding that Iran had May 7, 2026

Israel Strikes Lebanon Again During Ceasefire, Raising Stakes for U.S.-Iran Talks Israel carried out another large-scale airstrike on Lebanon during a ceasefire, resuming clashes that could complicate emerging U.S.-Iran talks on ending the war. On May 6 (local time), Reuters and Al Jazeera reported that Israeli Prime Minister Benjamin Netanyahu and Defense Minister Israel Katz said in a statement that Israel had struck Lebanon. The reports said Israel used fighter jets and armed drones to hit Hezbollah’s elite Radwan force in southern and eastern Lebanon, with at lea May 7, 2026

People Power Party slams special counsel bill allowing indictment cancellations in Lee Jae-myung cases The People Power Party held an on-site meeting of its 최고위원회 in front of Cheong Wa Dae on May 7 and criticized a special counsel bill that would allow the cancellation of indictments in cases involving President Lee Jae-myung. The party said indictment cancellations would go beyond “erasing Lee Jae-myung’s crimes” and amount to “the last tollgate on the road to dictatorship.” It also urged that five trials involving Lee be resumed. Party leaders, including Jang Dong-hyeok, spoke at May 7, 2026

China Probes Hefei Party Chief Fei Gaoyun for Serious Discipline Violations A Chinese official born in the 1970s and once discussed as a potential next-generation leader has come under investigation, the latest in a string of falls among so-called “post-70s” cadres. The official is Fei Gaoyun, the Communist Party secretary of Hefei, the capital of Anhui province, which has recently emerged as a high-tech hub. China’s Central Commission for Discipline Inspection said on its website on the 6th that Fei is being investigated on suspicion of “serious discipline viola May 7, 2026

South Korean Defense Stocks Slide on Hopes for U.S.-Iran War-End Talks South Korean defense stocks fell broadly Thursday as expectations grew for progress in U.S.-Iran talks aimed at ending the war, prompting profit-taking after a recent surge tied to rising Middle East tensions. As of 11:01 a.m., Hyundai Rotem was down 23,000 won, or 8.78%, at 239,000 won, according to the Korea Exchange. Hanwha Aerospace fell 5.23%, Korea Aerospace Industries dropped 3.57%, and LIG Defense & Aerospace declined 1.84%. The declines were widely attributed to reports that May 7, 2026

South Korea’s KF-21 Fighter Cleared for Combat Use, Air Force Delivery Set for Second Half South Korea’s domestically developed KF-21 Boramae fighter has received a final determination that it is suitable for combat use, the Defense Acquisition Program Administration said Wednesday. DAPA said the decision marks completion of verification of all performance requirements for the KF-21 Block-I after about three years of follow-on testing and evaluation since a “provisional combat suitability” determination in May 2023. The KF-21 program formally entered full-scale system deve May 7, 2026

South Korea finds 84 violations in monthlong inspection of seasonal migrant workers’ housing, rights Government inspections of farms and fishing households employing foreign seasonal workers found 84 violations over one month, including substandard housing and alleged rights abuses, the Justice Ministry said Thursday. The ministry said it inspected 849 workplaces in 15 cities and counties and interviewed 2,035 seasonal workers from April 1 to 30. It found 84 violations at 61 workplaces across eight cities and counties. Investigators from the Korea Immigration Service are conducting a t May 7, 2026

Rachel Zegler’s Met Gala Red Carpet Expressions Spark Online Debate Rachel Zegler, the lead actor in the live-action remake of the film “Snow White,” drew attention for unusual facial expressions on the red carpet at the 2026 Met Gala. Zegler appeared on the red carpet May 4 (local time) at the Metropolitan Museum of Art in New York. She wore an Atelier Prabal Gurung dress and a custom silk blindfold by Jennifer Behr. The blindfold was inspired by the 1833 painting “The Execution of Lady Jane Grey,” a look aligned with this year’s Met Gala dress code, “ May 7, 2026

Sulwhasoo Targets Japan With Pop-Up Experience at @cosme Tokyo Amorepacific’s luxury cosmetics brand Sulwhasoo is stepping up its push into Japan, setting up a brand experience space at the country’s largest beauty platform to go beyond sales and introduce its K-luxury skincare philosophy and heritage. According to the beauty industry on the 7th, Sulwhasoo will run a large-scale brand experience event through the 12th at @cosme Tokyo in Tokyo. @cosme Tokyo is a leading Japanese beauty platform where brand trust is built on consumer reviews and May 7, 2026