South Korea Revives Long-Stalled Services Industry Bill, Health Care Dispute Persists South Korea’s long-delayed Framework Act on the Development of the Service Industry has again been pushed for passage, but lawmakers remain deadlocked over whether to include the health and medical sector. On May 3, the Ministry of Economy and Finance and other agencies said the government has resumed efforts to pass the bill, known as the “service industry development act,” including by commissioning research projects. The bill has been stuck in the National Assembly for 15 years largel May 3, 2026

South Korea Weighs Service Industry Framework Law as U.S., Japan Move Faster As South Korea’s Framework Act on the Development of the Service Industry has remained stalled in the National Assembly for years, major economies overseas have accelerated efforts to foster service industries and quickly strengthen competitiveness. Analysts say passage of the bill could give South Korea a chance to shift its service-sector policy. In the United States, cloud computing, artificial intelligence and platform-based services have expanded rapidly on the back of private-sector May 3, 2026

South Korea’s June 3 Local Elections Set as Major Parties Finalize Governor Matchups With about a month left until the June 3 local elections, the People Power Party completed the lineup for all 16 metropolitan mayors and governors after selecting Supreme Council member Yang Hyang-ja on May 2 as its candidate for Gyeonggi governor. With both major parties focused on winning, an all-out campaign is expected in the remaining weeks. Seoul, often seen as the marquee race, will pit Democratic Party candidate Jeong Won-oh against People Power Party candidate Oh Se-hoon. Jeong i May 3, 2026

Vietnam Mountain Town Turns Social Media Videos Into Millions in Income Vietnam’s remote mountain communities are drawing attention after earning large sums from YouTube, TikTok and Facebook, according to local media. Residents filmed everyday routines — digging for bamboo shoots, weaving cloth and working fields — and millions watched, reshaping the local economy. Vietnamese outlet Tuoi Tre reported that on May 2 (local time), the People’s Committee of Lam Binh district in Tuyen Quang province announced the official launch of a pilot project to build a “digi May 3, 2026

South Korea Financial Regulators Face Key May Decisions on Hong Kong ELS, Lotte Card and Bank Governance South Korea’s financial industry is on edge ahead of a series of regulatory decisions expected this month, including sanctions tied to mis-selling of Hong Kong H-index equity-linked securities, a customer data leak at Lotte Card, and a broader push to tighten bank governance. While the cases differ, they share a focus on weak internal controls and management accountability, bringing consumer protection and governance responsibilities back into the spotlight. As of Saturday, the Financial May 3, 2026

Foreign Investors Return to South Korea Stocks in April as Retail Investors Pull Back Foreign and retail investors moved in opposite directions in South Korea’s stock market in April, with a sharp shift in who was driving flows. Foreign investors, who had warned of “Sell Korea” amid Middle East risks in March, returned to buying, while retail investors cut exposure to both domestic and overseas stocks led by Samsung Electronics. According to the Korea Exchange, foreign investors were net buyers of 1.2319 trillion won on the KOSPI main board in April, excluding ETFs, ETNs a May 3, 2026

Seoul Pushes Public Senior Housing at About 2 Million Won a Month, Targeting Middle Market As South Korea moves deeper into a super-aged society, senior housing is shifting away from care-focused facilities toward residential models that combine housing, support services and leisure. With the emergence of public-type senior housing priced at about 2 million won a month, an underserved “middle market” is beginning to take shape. Industry officials said May 3 that the senior housing market is showing signs of moving beyond a split structure dominated by high-end “silver towns” a May 3, 2026

Trump administration fast-tracks $8.6B in arms sales to Middle East, reports say The Donald Trump administration is moving to fast-track a total of $8.6 billion (about 12.6533 trillion won) in arms sales to Middle Eastern countries, seeking both economic and diplomatic gains as regional demand for air defenses rises after the outbreak of the Iran war. CNN and the Financial Times reported May 2, citing U.S. State Department materials released the previous day, that Secretary of State Marco Rubio approved the sales by bypassing congressional review, citing an “emergen May 3, 2026

Israel Strikes About 100 Hezbollah Sites in Southern Lebanon Despite Ceasefire Israel carried out large-scale airstrikes in Lebanon despite a ceasefire agreement, hitting about 100 Hezbollah sites in the country’s south. AFP reported that the Israeli military said in a statement on May 2 (local time) it struck about 70 Hezbollah military facilities and about 50 infrastructure sites across several areas of southern Lebanon, saying it removed threats. The military was reported to have issued evacuation orders to residents of nine villages in southern Lebanon ahead o May 3, 2026

Trump Suggests Cuba Could Be Seized Quickly, Cites Carrier as Pressure U.S. President Donald Trump suggested the possibility of military action against Cuba and announced additional sanctions targeting the island nation. According to AFP, Trump said at an event in Florida on May 1 that “our military can occupy Cuba almost immediately.” He added that on the way back from Iran, he would send “one of our big assets,” possibly the USS Abraham Lincoln, which he described as among the world’s largest aircraft carriers. “If we deploy it and stop about 100 May 3, 2026