Towboat Reaches HMM Namu After Strait of Hormuz Blast, Towing to Begin A towboat sent to move the HMM Namu, which was damaged in an explosion and fire in the Strait of Hormuz, has arrived at the scene. HMM said May 7 that the towboat, which departed Dubai port in the United Arab Emirates to tow the vessel, reached the area at about 3:30 a.m. Towing is scheduled to begin at 11 a.m. An HMM official said, “Once the sun comes up, we will begin the towboat operation,” adding that the work is expected to take several hours and that the departure time remains und May 7, 2026

North Korea’s Constitution Changes Signal Shift on Unification and Nuclear Command North Korea has revised its constitution in a move that goes beyond wording changes and points to a redefinition of the state’s direction. According to the amendment details released by the South Korean government and academic researchers, language related to “national reunification” was removed, and a new provision was added defining national territory as the North’s domain. The revisions also specify the chairman of the State Affairs Commission as the “head of state” and, for the first time, i May 7, 2026

KOSPI Jumps to 7,384 as Semiconductor Rally Lifts Market Cap; Samsung Enters $1 Trillion Club ◆Ajou Economy top stories ▷From 2,500 to 7,400: KOSPI enters a “new normal” era -According to the Korea Exchange on the 6th, the KOSPI closed at 7,384.56, up 447.57 points, or 6.45%, from the previous session. With the KOSPI at 2,573.80 on May 7 last year, the index is up about 187% in a year. -The rally was led by semiconductors. Samsung Electronics closed at 266,000 won, up 33,500 won, or 14.41%, from the previous session. Its market capitalization reached about 1,555 trillion won, enter May 7, 2026

Crackdowns Fall Short as Fake Real Estate Listings Persist Online Fake real estate listings have long plagued South Korea. Each time the issue flares up, the government and local authorities pledge a crackdown, but conditions in the market change little. The reason is straightforward: even when violators are caught, they can ride out a brief penalty, and workarounds remain available. An April investigation by Aju News’ reporting team, “Balpum,” found widespread deception. After checking 30 brokerage offices across Seoul, the team could view the ad May 7, 2026

Calls Grow for NH Reform: Direct Election, Permanent Oversight Body Urged As the government moves ahead with a broad overhaul of NongHyup, calls are growing from academics, cooperative members and the public to move faster. Critics say repeated misconduct involving the chair of the National Agricultural Cooperative Federation reflects structural problems and requires changes such as direct elections by members and a permanent oversight body. According to relevant ministries on Tuesday, the National Assembly’s Agriculture, Food, Rural Affairs, Oceans and Fish May 7, 2026

South Korea’s Foreign Reserves Rise $4.22 Billion in April on Weaker Dollar South Korea’s foreign exchange reserves rose by more than $4 billion in April, helped by a weaker U.S. dollar, the Bank of Korea said Wednesday. In its report on foreign reserves as of end-April 2026, the central bank said reserves stood at $427.88 billion at the end of last month, up $4.22 billion from the end of March. By asset type, securities totaled $384.07 billion, an increase of $6.37 billion from a month earlier. Special drawing rights rose by $240 million. Deposits fell by $2. May 7, 2026

Trump Says Iran Deal Could Be Reached Before His China Trip U.S. President Donald Trump said Tuesday that an agreement with Iran could be reached before his planned trip to China next week, scheduled for 14-15. In an interview with PBS News cited by Yonhap News Agency, Trump was asked whether a deal with Iran was imminent. “I think so. I think there’s a very good chance we’ll reach an agreement,” he said. Asked whether it could be wrapped up before he leaves for China, Trump replied, “It’s possible,” adding that he has felt close to a deal in pas May 7, 2026

South Korea’s Fuel Price Cap Faces Strain as Refiners, Gas Stations Near Breaking Point As the war in the Middle East drags on and global crude inventories shrink, pressure is building on international oil prices, raising doubts that the government’s cap on petroleum product prices can be maintained.  Industry officials said Tuesday that since the cap took effect, refiners’ losses and gas stations’ weakening profitability have mounted. If oil prices rise further, the government’s fiscal burden and industry pushback are expected to intensify. According to the industry on Tues May 7, 2026

Korean Industries Brace for Prolonged High Oil Prices as $150-a-Barrel Fears Grow The prospect of an extended Middle East war pushing global crude prices to around $150 a barrel is heightening anxiety across South Korean industry, with executives warning that an era of ultra-high oil prices could be difficult for government, public institutions and companies to withstand. While government policy has so far helped restrain some energy price increases, including electricity rates, analysts say preparations are needed in case the oil rally becomes unmanageable and damages d May 7, 2026

Korean Air Weighs Cutting Captain Promotions by About 17% Amid First Officer Shortage Korean Air is moving to reduce the number of first officers promoted to captain, a step the airline says is aimed at smoother crew operations but one that has drawn growing pushback from pilots who are nearing eligibility. Some in the industry also see it as an effort to adjust cockpit staffing ahead of the planned year-end integration with Asiana Airlines. According to industry officials on Tuesday, Korean Air is reviewing a plan to cut annual captain promotions to 120 from 144, a reduc May 7, 2026