South Korea’s June 3 Local Elections: Parties Urged to Focus on Livelihood Issues South Korea’s June 3 local elections are a month away. Voters will choose leaders of 16 metropolitan and provincial governments, along with mayors, county chiefs and local council members. The vote carries added weight as the first nationwide election since the current administration took office a year ago. The ruling party is seeking to extend its power from the legislature and the executive branch into local governments, while the opposition is aiming for a late turnaround to regain m May 3, 2026

South Korea Steps Up Crackdown After 600 Billion Won in Illegal FX Deals Uncovered South Korea is strengthening interagency enforcement as authorities continue to uncover large-scale overseas outflows of funds through illegal foreign exchange transactions. The Ministry of Finance and Economy said Saturday that it held an all-government meeting of its Illegal Foreign Exchange Transaction Response Team on April 30 to review enforcement results and major cases. The team said it found that a small overseas remittance operator abused virtual accounts to illegally send abo May 3, 2026

South Korea approves five National Growth Fund projects, bringing total to 8.4 trillion won The Financial Services Commission is moving to step up investment through the National Growth Fund. The FSC said Saturday it approved funding support for five projects at a meeting of the fund’s investment review committee. With the latest approvals, the fund has approved 11 projects totaling 8.4 trillion won in cumulative financing. A key agenda item was a 100 billion won direct investment in Upstage, a South Korean AI venture that develops AI solutions for businesses and government an May 3, 2026

South Korea launches public contest for water-energy integration ideas The government is seeking policy ideas that treat water and energy as a single system, aiming to improve efficiency by linking areas that have been managed separately. The Ministry of Climate, Energy and Environment said Saturday it will run a nationwide “Water-Energy Convergence” idea contest from May 4 to 31. In this context, “water-energy convergence” refers to a cooperation platform that integrates the water and energy sectors into one circular system and applies it jointly in policy May 3, 2026

Korea Fair Trade Commission Fines Jeju Liquor Wholesalers Group for Price, Client Controls Jeju’s liquor wholesale market has long operated under practices that controlled prices and customer accounts, and competition authorities have now sanctioned the trade group at the center of those rules.  The Korea Fair Trade Commission said Saturday it decided to issue corrective orders and fine the Jeju Liquor Wholesalers Association 256 million won for restricting competition among member companies by blocking efforts to win customers and by limiting discounts on selling prices. Acco May 3, 2026

World Bank Names Min Jin-a as Director for Market and Counterparty Risk The World Bank Group has appointed Min Jin-a, head of credit risk for the state-owned enterprise and reinsurance division at the Multilateral Investment Guarantee Agency, as director for market and counterparty risk, South Korea’s Ministry of Economy and Finance said Sunday. The ministry said Min is scheduled to take up the post on June 1. With the appointment, the number of South Koreans in senior World Bank posts will expand to one vice president and one director. Min is a risk manage May 3, 2026

South Korea to Provide 3.1 Billion Won in Aid to Fish Farmers Hit by Cold-Water Losses The government has provided 3.1 billion won in support to fishing households that suffered losses from abnormal weather and other natural events. The Ministry of Oceans and Fisheries said Sunday that it provided disaster relief payments and loans to affected households on April 30 to help with recovery. Low water temperature refers to a sharp drop in sea-surface temperatures during winter cold snaps. Farmed species are vulnerable because their immunity weakens, while feed intake and dig May 3, 2026

Labor Strains at Samsung Electronics, Samsung Biologics Raise Questions About Internal Cohesion Labor disputes erupting at Samsung Electronics, the world’s fourth-largest information technology company, and Samsung Biologics, the world’s largest contract development and manufacturing organization (CDMO) for biopharmaceuticals, are more than routine wage talks. They underscore structural tensions inside the Samsung group as it enters the early stage of the artificial intelligence era. While Samsung is viewed externally as a top-tier global company, internal interests and workplace order are May 3, 2026

Democratic Party lawmaker Cho Jung-sik resigns as presidential aide to seek National Assembly speaker post Cho Jung-sik, a Democratic Party lawmaker running in the race for speaker of the National Assembly in the second half of the 22nd Assembly, said Saturday he will resign as presidential special adviser for political affairs. In a Facebook post, Cho said he was stepping down from the post under President Lee Jae-myung to pursue what he called a “bolder path,” pledging to move toward a “people’s sovereignty National Assembly” and a “livelihood-focused National Assembly.” Cho said that sin May 3, 2026

‘Super Mario Galaxy’ Holds No. 1 at Korea Box Office for Second Straight Day The film 'Super Mario Galaxy' continued its holiday run at the top of the Korean box office, holding the No. 1 spot for a second consecutive day. According to the Korean Film Council's integrated ticketing network, the movie drew 157,843 admissions the previous day to remain No. 1. Total attendance reached 499,472. The film opened April 29 and has been gaining momentum over the May holiday period, attracting family audiences. 'Super Mario Galaxy' follows brothers Ma May 3, 2026