Merrill Lynch Adds $250 Million to Seoul Branch, Doubling Capital Base Merrill Lynch, a foreign investment bank, is expanding its business in South Korea after injecting several hundred billion won in additional funds into its Seoul branch, an unusual move among foreign securities firms that typically keep local capital relatively flat. According to the financial investment industry on May 5, Merrill Lynch’s Seoul branch recently received a $250 million remittance (about 370 billion won) from its headquarters to bolster operating funds. As a result, its eq May 5, 2026

Jin Seong-jun: Housing Policy Failed From Lack of Consistency, Not Taxes Politics is ultimately about choices. But those choices are not simply for or against something. They decide who bears the burden and where resources go. Jin Seong-jun, a lawmaker from the Democratic Party and chair of the National Assembly’s Special Committee on Budget and Accounts, operates at the center of those decisions. In an interview, he did not frame fiscal policy as a matter of numbers. He repeatedly returned to “philosophy,” arguing that budgets reflect value judgments and that politi May 5, 2026

Rising Exchange Rate and Oil Prices Push Up Meat and Egg Costs in South Korea Rising exchange rates and higher global oil prices are pushing up livestock product prices across the board in South Korea, hitting both domestic and imported meat. Analysts say the usual role of imported meat as a buffer against food inflation is weakening, adding pressure on household grocery bills. According to the Korea Institute for Animal Products Quality Evaluation, as of May 4, Grade 1 hanwoo tenderloin averaged 14,663 won per 100 grams, up 19.3% from the seasonal norm of May 5, 2026

USTR to Hold Section 301 Hearings on Overcapacity With South Korea, 15 Others The Donald Trump administration, seeking new tariffs to replace reciprocal tariffs that were struck down, has launched a Section 301 investigation and will hold public hearings with major trading partners including South Korea. The Office of the U.S. Trade Representative said in a statement on May 4 (local time) that it will hold hearings May 5-8 at the U.S. International Trade Commission in Washington on economic policies and trade practices related to overcapacity involving 16 countri May 5, 2026

South Korea to Face El Salvador in Final World Cup Warmup at 1,356-Meter Altitude South Korea’s national soccer team, coached by Hong Myung-bo, will play El Salvador in its final tuneup ahead of the 2026 FIFA World Cup in North America. The El Salvador Football Federation said on its official social media on May 5 (Korea time) that the teams will meet June 3 at 5 p.m. local time at America First Field in Sandy, Utah. El Salvador is ranked 100th by FIFA, well behind South Korea at 25th, and failed to qualify for the World Cup finals. South Korea last played El Salvador May 5, 2026

People Power Party Local Candidates Demand Withdrawal of Special Counsel Bill Candidates from the People Power Party running for metropolitan and provincial governor posts in the June 3 local elections demanded on May 5 that the Democratic Party withdraw what it calls a special counsel bill to investigate alleged “fabricated indictments.” They said the measure amounts to an unconstitutional attempt to cancel prosecutions to benefit President Lee Jae-myung and would undermine the constitutional order and the rule of law. Oh Se-hoon, the PPP’s Seoul mayoral candidate May 5, 2026

President Lee Jae-myung vows to build a society where every day feels like Children’s Day President Lee Jae-myung marked the 104th Children’s Day on May 5 by pledging to do more to build a society where “every day, 365 days a year, can feel like Children’s Day,” not just a single holiday. Lee made the remarks in a Facebook post titled “Marking the 104th Children’s Day.” “Though we now live in our own places as adults, we were all once children learning about the world under someone’s care,” he wrote, recalling how children can be excited by small things and May 5, 2026

Foreign Investors Chase Korea’s Rally, Pouring Money Into Surging Stocks Foreign investors are increasingly concentrating money in stocks that are already rising, rather than in undervalued names, reinforcing a trend-following approach. Despite the run-up, they have continued buying on expectations of improving earnings and relatively low valuations. Brokerages said foreign flows could be key to whether the Kospi breaks above 7,000. According to the Korea Exchange on May 5, the 10 most heavily net-bought stocks by foreign investors on the main Kospi market at May 5, 2026

Korean Drugmakers Expand Into Hospital Digital Health Systems Beyond Prescriptions Pharmaceutical companies in South Korea are accelerating moves into hospital-based digital health care, expanding beyond drug sales into patient monitoring and hospital systems. According to the Korea Digital Industry Association, the domestic digital health market in 2024 grew 18.7% from a year earlier to 7.7409 trillion won, marking a second straight year of double-digit growth. The shift is being driven by faster commercialization than new drug development and pressure from lower pric May 5, 2026

Former South Korean Prime Minister Lee Hong-koo Dies at 92 Former Prime Minister Lee Hong-koo died on May 5. He was 92. Born in 1934, Lee was a professor of political science at Seoul National University and a leading senior figure in South Korea’s political science community. After attending Kyunggi High School and studying at Seoul National University, he continued his academic work at Emory University and Yale University in the United States. He published numerous papers and columns in academic journals and major media outlets, offering theor May 5, 2026