Ruling Party Emphasizes Local Elections as Support for Lee's Administration The Democratic Party emphasized on May 22 that the upcoming June 3 local elections are crucial for supporting the administration of President Lee Jae-myung and judging the ineffective local governments of the People Power Party. They also questioned why candidates Oh Se-hoon and Kim Du-gyeom, who have recently faced allegations of missing rebar and involvement in a private organization, are so vocal in their campaigns. During a press briefing at the National Assembly, Secretary General Ch May 23, 2026

Expansion of Residency Exemption for Housing with Tenants to Take Effect on May 29 The South Korean government is set to implement an expansion of the residency exemption for purchasing homes with tenants in land transaction permission zones. On May 22, the Ministry of Land, Infrastructure and Transport announced that a revised enforcement decree of the Real Estate Transaction Reporting Act, which broadens the scope of the residency exemption to include all homes with tenants, will be published and take effect on May 29. This revision follows the announcement made on May 23, 2026

Trump's Net Worth Surges 165% to $6.1 Billion in 18 Months President Donald Trump's net worth has reportedly increased by 165% over the past 18 months, reaching $6.1 billion (approximately 9.2 trillion won), according to a report by The Times. On May 22, The Times cited estimates from Forbes, stating that Trump's net worth has risen to $6.1 billion. Bloomberg's estimates place it even higher at $7.1 billion (about 10.7 trillion won). The valuation of net worth varies based on assessments of private equity, real estate, and virtual assets. The surge May 23, 2026

DB Insurance Completes $1.65 Billion Acquisition of U.S. Insurer Fortegra DB Insurance is set to finalize its acquisition of the U.S. specialty insurer Fortegra, a deal originally signed on September 26, 2025. This acquisition, the largest in the industry, is expected to accelerate the company's global expansion efforts. On May 22, DB Insurance announced that it will complete the acquisition of 100% of Fortegra's shares on May 30, 2026. The total value of the acquisition is $1.65 billion, with the final payment to be made to Tiptree and Warburg Pincus LLC on Ma May 23, 2026

Police Accelerate Investigation into Starbucks 'Tank Day' Controversy Involving Shinsegae Chairman Police are intensifying their investigation into Shinsegae Group Chairman Jeong Yong-jin, who has been accused of mocking the May 18 Democratic Movement through Starbucks' 'Tank Day' promotion. According to police on May 22, the Seoul Metropolitan Police Agency's Public Crime Investigation Unit summoned Kim Soon-hwan, Secretary General of the Citizens' Committee for the Protection of the People’s Livelihood, to the Mapo Police Station to investigate the circumstances surrounding the comp May 23, 2026

China Blocks NVIDIA's Game Chips Amid U.S.-China Semiconductor Tensions China has reportedly blocked the import of NVIDIA's game-specific graphics processing unit (GPU) designed for the Chinese market. This action marks a new phase in the ongoing semiconductor conflict between the U.S. and China, as even lower-performance models intended to comply with U.S. export regulations are unable to clear Chinese customs. According to the Financial Times on May 21, China has halted the import of NVIDIA's gaming GPU, the 'RTX 5090D V2.' This model is a modified version o May 23, 2026

Oh Se-hoon Campaign Responds to GTX-A Rebar Controversy May 23, 2026

Trump Plans Call with Taiwan's President; Taiwan's Office Says No Contact Yet U.S. President Donald Trump has stated he intends to speak with Taiwan's President Lai Ching-te, but Taiwan's presidential office has reported that no specific communication has been received yet. This potential call comes ahead of a U.S. decision on arms sales to Taiwan, raising the likelihood of a backlash from China. According to Taiwanese media outlets, including the China Times and United Daily News, Taiwan's Presidential Office Secretary General Pan Meng-an said on May 22 that they h May 23, 2026

Korean Finance Ministry Strengthens Cooperation with EBRD on AI Hub The South Korean finance ministry and the European Bank for Reconstruction and Development (EBRD) are enhancing their collaboration to establish an artificial intelligence (AI) hub. They also agreed to expand the participation of Korean companies in EBRD investment projects. On May 22, Heo Jang, Deputy Minister of Finance, held a meeting with Greg Guyett, EBRD's First Vice President, at the Government Complex in Seoul. Earlier, on May 18, Deputy Prime Minister Koo Yun-cheol and EBRD Presi May 23, 2026

TikTok Creators' Income Harder to Track Than YouTubers, Tax Agency Reports The market for platform-based creators, including YouTubers and TikTokers, is rapidly growing, but income from TikTok creators is significantly harder for tax authorities to track compared to YouTubers. This difficulty arises from a complex settlement structure involving overseas payment processors, leading to a high risk of income reporting omissions. According to a report by the Korea Institute of Public Finance titled "Current Status of Data Collection and Taxation Challenges for TikTo May 23, 2026