Election Fallout: Song Young-gil's Comments Spark Debate Among Candidates Song Young-gil's assertion that independent candidate Kim Kwan-young is "also a person chosen by President Lee Jae-myung" has ignited controversy, leading to a heated exchange between Lee Won-taek, the Democratic Party's candidate for Jeonbuk governor, and Kim. On May 31, Lee's campaign team criticized Song, stating, "By praising Kim, who was permanently expelled from the party over allegations of illegal cash distribution, as 'a Democratic Party person' and 'a person chosen by the presi May 31, 2026

Shift from Bags to Jewelry: Department Stores Focus on Luxury Demand Luxury consumption is rapidly shifting from handbags to high-end jewelry and watches. In the first quarter of this year, sales of jewelry and watches at Lotte, Shinsegae, and Hyundai department stores surged by nearly 50% compared to the same period last year, outpacing overall luxury sales growth. This trend is attributed to rising marriage rates, stock market gains, and substantial bonuses from semiconductor companies. According to the department store industry, Shinsegae's overal May 31, 2026

South Korea Expands Top-Tier Visa Program to Attract Global Science Talent The South Korean government is set to expand its Top-Tier visa program, offering significant incentives to attract world-class science and technology talent. The program will now include professors and researchers in the science and technology fields, aiming to secure 2,000 outstanding foreign professionals by 2030. On May 31, the Ministry of Justice and the Ministry of Science and ICT announced that the new "science and technology Top-Tier visa" system will be implemented starting in Ju May 31, 2026

Foreign Investors Shift Funds from Semiconductors to AI and Bio, Achieving Record Net Purchases in KOSDAQ Foreign investors have engaged in significant net selling in the KOSPI while achieving record net buying in the KOSDAQ. They have shifted their funds from large-cap semiconductor stocks to growth sectors such as AI and biotechnology. According to the Korea Exchange on May 31, foreign investors sold a net 44.46 trillion won ($39.5 billion) in the KOSPI market in May, marking the largest monthly outflow on record, surpassing the previous high of 35.75 trillion won set in March. The selling May 31, 2026

Hanwha Ocean Concludes CANSEC 2026, Intensifies Efforts for CPSP Contract Hanwha Ocean successfully concluded Canada’s largest defense exhibition, CANSEC 2026, and is ramping up efforts to secure the Canadian Submarine Program (CPSP) contract. According to industry sources on May 31, Hanwha Ocean showcased the proven capabilities of the KSS-III submarine, currently in operation with the Republic of Korea Navy, along with its industrial cooperation strategy across Canada. The key themes highlighted were "submarine capabilities" and "contributions to the Canadian May 31, 2026

Police Investigate Decision-Making Before Seoul Overpass Collapse Police investigating the Seosomun overpass collapse in Seoul are examining the decision-making processes of construction officials before and after the incident. According to Yonhap News on May 31, the Seoul Metropolitan Police Agency's dedicated investigation team is analyzing evidence collected from the construction firm Heung-Hwa Construction and the city's Urban Infrastructure Headquarters. The police conducted searches at seven locations, including the Urban Infrastructure Headquarte May 31, 2026

Vietnam's Parung Shipyard Expands High-Value Ship Production with South Korea Vietnam's Parung Shipyard has delivered a 13,000 DWT (deadweight tonnage) tanker and chemical ship while simultaneously commencing construction on a new vessel, continuing its trend of securing high-value ship orders. The shipyard's collaboration with South Korean owner Yentec is also expanding, strengthening its position in the international market. On May 29, local time, Vietnamese media reported that Parung delivered the 13,000 DWT tanker and chemical ship BS NGHI SON (series number 13 May 31, 2026

'Backroom' Thrives in South Korea and North America, Surpassing 300,000 Viewers in Five Days "Backroom" is experiencing significant success in both South Korea and North America. In South Korea, the film surpassed 300,000 viewers within just five days of its release, while in North America, it debuted at the top of the box office on its opening day, emerging as a dark horse for this summer's theater lineup.According to the integrated ticket sales network, as of May 31, "Backroom" has accumulated over 300,000 viewers in its first five days. This achievement is faster than recent hits in May 31, 2026

Shift from Home Loans to Credit Loans as Stock Investments Surge The focus of household lending is shifting from mortgage loans to credit loans. As expectations for a stock market rally grow, demand for investment funds has surged, with credit loans from the five major banks increasing by more than 100 times the amount of mortgage loans in May. As of May 28, the total balance of personal credit loans at KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup banks reached 106.99 trillion won, an increase of 2.65 trillion won from the end of April, when it st May 31, 2026

CJ Group Chairman Lee Jae-hyun Reviews North American Strategy, Promotes K-Lifestyle CJ Group Chairman Lee Jae-hyun has been actively overseeing the company’s North American K-lifestyle strategy by visiting key business locations in the United States. This management initiative, which began at the CJ Cup in Texas, has extended to Minnesota and California, signaling a commitment to intensify efforts in the U.S. market through a synergy of food, beauty, and content sectors. On May 31, CJ Group announced that Chairman Lee inspected the first CJ Olive Young store in Pasaden May 31, 2026