South Korean Opposition Blasts Proposed Special Counsel With Power to Drop Charges Opposition parties including the People Power Party and the New Reform Party on May 5 stepped up attacks on a bill to appoint a special counsel to investigate allegations of “fabricated investigations and fabricated prosecutions” under the Yoon Suk Yeol administration. They criticized President Lee Jae-myung’s comments a day earlier that the issue requires public input and deliberation, arguing he was seeking to delay action until after the June 3 local elections. People Power Party le May 5, 2026

US Treasury chief urges China to press Iran to reopen Strait of Hormuz The United States is publicly pressing China to help end the blockage of the Strait of Hormuz ahead of a U.S.-China summit. The New York Times reported that Treasury Secretary Scott Bessent said in a Fox News interview on Sunday that he was urging China to join what he called an international effort and to use diplomacy to persuade Iran to reopen the strait. “Iran is the largest state sponsor of terror, and China has been buying 90% of Iran’s energy, so it is effectively funding the lar May 5, 2026

Online backlash after Democratic Party leader urges schoolgirl to call candidate 'oppa' in Busan race Online communities erupted with criticism after Jung Cheong-rae, leader of the Democratic Party, urged a first-grade elementary school girl to call Ha Jung-woo — a candidate in the Busan Buk-gu Gap parliamentary by-election — “oppa,” a Korean term often used by younger women to address an older brother or an older male. Posts about the incident spread across multiple online forums on May 4, with commenters accusing Jung of crossing a line and calling for him to step down. One poster, i May 5, 2026

Korean Films Win Top Honors at Italy’s Udine Far East Film Festival Korean films “Seoul at Night” and “My Name Is” won awards at Italy’s Udine Far East Film Festival (FEFF), Europe’s largest Asian film festival. Both works drew attention for confronting painful chapters of modern Korean history and earning support from audiences and critics. At the 28th FEFF, which ended on May 2 (local time), the MBC-produced documentary film “Seoul at Night,” directed by Kim Jong-woo, Kim Shin-wan and Jo Cheol-young, received the Black Dragon Audience Award, selected b May 5, 2026

Credit Finance Association to Open Applications for Next Chair Starting May 6 The Credit Finance Association will begin recruiting candidates on May 6 as it moves into full-scale preparations to select its next chair, financial industry officials said. The appointment could be finalized as early as June. According to the financial sector on May 5, the association held a board meeting the previous day and approved in writing a plan to form its chair nomination committee. The committee will have 15 members: 14 representatives from member companies — seven from car May 5, 2026

KOSPI Nears 7,000 as Short-Selling Balances Top 20 Trillion Won, Up 36% in a Month As South Korea’s benchmark KOSPI pushes toward the 7,000 mark, short-selling balances have climbed rapidly, adding to investor caution. Short positions have stayed above 20 trillion won for three consecutive trading sessions, holding near record levels. According to the Korea Exchange on Monday, net short-selling balances in the KOSPI market totaled 20.1086 trillion won as of April 29. That was up 36.5% from 14.7313 trillion won at the end of March. The balance first topped 20 trillion wo May 5, 2026

Seoul Area Jeonse Supply-Demand Imbalance Hits Worst Level in Five Years The jeonse rental market in the Seoul metropolitan area is showing a supply-demand imbalance approaching the level seen during the 2020 jeonse crisis. With Seoul’s jeonse supply-demand index at its worst level in five years, more households unable to secure leases are shifting to buying midpriced homes in Seoul or apartments in nearby Gyeonggi Province. According to KB Real Estate statistics released on the 5th, the monthly jeonse supply-demand index for the capital area (Seo May 5, 2026

Jung Cheong-rae says timing of special counsel bill will follow public, party input Jung Cheong-rae, leader of the Democratic Party, said Monday the party will decide when to move a bill calling for a special counsel to probe alleged manipulated investigations and indictments under the Yoon Suk Yeol government after gathering views from the public, party members and lawmakers. Jung spoke to reporters after a visit to Dongducheon Big Market in Dongducheon, Gyeonggi Province. He said the party should coordinate with the presidential office, noting that on May 4 Presiden May 5, 2026

U.S. to Start Reciprocal Tariff Refunds as Soon as May 12, Total Seen at $166 Billion U.S. tax refund procedures tied to the Supreme Court’s ruling invalidating reciprocal tariffs are expected to begin as soon as May 12 (local time), according to reports. Reuters reported on May 4 (local time), citing a statement from U.S. Customs and Border Protection, that the refund process had been set to start May 11 but was delayed by one day to May 12. Even after the process begins, it is expected to take 60 to 90 days for refunds to be deposited to importers. The move follows a F May 5, 2026

Korea Fair Trade chief to attend ICN annual meeting in Manila to discuss global cooperation South Korea’s Fair Trade Commission said Tuesday that Chairman Joo Byung-ki will attend the 25th annual conference of the International Competition Network, to be held in Manila from May 6-8. Hosted by the Philippine Competition Commission, the meeting is expected to focus on strategic planning and priority-setting; responses to algorithm-driven collusion in the digital environment; merger policy amid changing economic conditions; balancing effectiveness and predictability in enforcement May 5, 2026