Rising Oil Prices Delay First Settlement of Price Cap, Refiners Face Up to $8 Billion in Losses As oil production disruptions in Saudi Arabia and Libya push international prices to a four-month high, South Korea has yet to complete the first settlement under its oil price cap system. The gap between the estimated losses by refiners and the government's compensation amount is expected to lead to significant negotiations.According to industry sources on September 16, the Price Cap Settlement Committee under the Ministry of Trade, Industry and Energy continues to request data from refiners su September 16, 2026

South Korea and Central Asia Expand Economic Cooperation Through Business Summit South Korea and five Central Asian countries are expanding the framework of cooperation established at a recent summit into business partnerships. They plan to develop new economic cooperation and private exchange models focused on future industries such as energy, key minerals, infrastructure, and artificial intelligence (AI). President Lee Jae-myung emphasized during his keynote speech at the 'Korea-Central Asia Business Summit' held at a hotel in Seoul on September 16 that there is a need to September 16, 2026

Samsung Expands 2-Nanometer Foundry Services Beyond Mobile to AI and Automotive Samsung Electronics is broadening its 2-nanometer foundry customer base beyond mobile to include artificial intelligence (AI), high-performance computing (HPC), and automotive sectors. While TSMC, the leading foundry provider, is expanding its mobile chip clientele, Samsung is differentiating itself by offering memory, foundry, and advanced packaging services from a single source.According to industry sources, Samsung is accelerating its efforts to secure major clients in the AI and HPC sectors September 16, 2026

Government Strengthens Anti-Money Laundering Measures for Professionals The government is set to enhance its anti-money laundering, counter-terrorism financing, and proliferation financing frameworks.The Financial Intelligence Unit (FIU) announced on September 16 that it has established and released a 'National Strategy and Policy Direction for Anti-Money Laundering, Counter-Terrorism Financing, and Proliferation Financing' in preparation for the fifth mutual evaluation by the Financial Action Task Force (FATF) scheduled for 2028.This strategy and policy were report September 16, 2026

Jeju Governor Calls for Priority Connection of Offshore Wind Power to National Grid Jeju Governor Wi Seong-gon proposed on September 15 that the island's offshore wind power be prioritized for connection to the national power grid, with plans to transmit generated electricity to demand areas such as the metropolitan region in the long term. The province is also pushing for the introduction of customized electricity rates tailored for heat pumps and vehicle-to-grid (V2G) systems to increase renewable energy consumption.During a press conference at the '2026 Global Green Hydrogen September 16, 2026

Suh Chang-wan Tops Men's Fencing Ranking Round at Asian Games The men's individual fencing ranking round of the 2026 Aichi-Nagoya Asian Games took place on September 16 at the Anjo Sports Park in Aichi, Japan.Suh Chang-wan achieved an impressive record of 31 wins and 4 losses, securing the top position among 36 competitors. Kazakhstan's Temirlan Abdraymov and China's Ma Yuang followed in second and third place, both with 27 wins and 8 losses.Team ace Jeon Woong-tae finished in fourth place with 26 wins and 9 losses. Lee Jong-hyun placed ninth with 22 wins September 16, 2026

Seoul Bar Association Urges Prevention of Lawyer Participation Restrictions at Sangju Police Station Choi Soon-yeol, president of the Seoul Bar Association, visited the Sangju Police Station in North Gyeongsang Province, where a controversial notice restricting lawyer participation had sparked constitutional concerns. He expressed worries about potential violations of the right to legal assistance and urged measures to prevent future occurrences.According to the Seoul Bar Association, Choi and association staff visited the Sangju Police Station at 10 a.m. on September 16 to meet with Chief Choi September 16, 2026

Trump and Xi to Meet Again Amid Global Attention On September 24, U.S. President Donald Trump and Chinese President Xi Jinping will hold a summit in Washington. As the U.S.-China meeting significantly impacts both nations and global issues, attention is already focused on the event.Since taking office in January 2017, President Trump has imposed high tariffs on countries worldwide. While many nations, including South Korea, have engaged in tariff negotiations by accepting U.S. demands, China has opted for direct confrontation. China has wielde September 16, 2026

Increasing Impersonation Accounts on Social Media Worry Securities Firms Recent cases of impersonation of securities firms and asset management companies on social media are on the rise. Direct messages (DMs) encouraging individual investors to invest under the guise of exchange-traded fund (ETF) management teams are flooding platforms. As a result, securities firms and asset management companies are facing significant challenges. They respond immediately to each impersonation account, but they lack effective measures to completely block them.The IDs of these imperso September 16, 2026

Tokyo Commercial Land Prices Reach Highest Level Since 1993 Average commercial land prices in Tokyo have reached their highest level in 33 years, since the bubble era of 1993. The recovery in demand for offices and hotels, along with an influx of domestic and foreign investment, has contributed to a nationwide average land price increase for five consecutive years. Although Tokyo's commercial land prices have not yet surpassed the 4.18 million yen (approximately $36,800) per square meter recorded in 1993, they are approaching that level after a prolonged September 16, 2026