Over 62,000 Apply for 'Everyone's Startup' Project; 10,000 to Be Selected in Second Round The Ministry of SMEs and Startups has reported that over 62,000 people applied for the 'Everyone's Startup Project,' with plans to select 10,000 participants in the second round in July, double the number from the first round. On May 22, the ministry announced the status of applications and future plans for the project during a meeting of the Emergency Economic Headquarters, the Economic Relations Ministers' Meeting, and the National Startup Era Strategy Meeting. A record 62,944 individual May 23, 2026

Controversy Surrounds Starbucks' 'Tank Day' Event Amid Historical Sensitivity The controversy surrounding Starbucks' 'Tank Day' event is escalating. The marketing campaign, which utilized terms reminiscent of the May 18 Gwangju Uprising and the death of Park Jong-cheol, has faced criticism for lacking historical sensitivity. This backlash has led to the dismissal of Starbucks Korea's CEO and raised questions about the company's historical awareness and social responsibility. Consumers have the right to express their opinions, including boycotting the brand. However May 23, 2026

Trump Uncertain About Attending Son's Wedding Amid Iran Tensions President Donald Trump has not confirmed whether he will attend the wedding of his son, Donald Trump Jr. He stated that he is trying to make it but cited ongoing diplomatic and security issues, particularly concerning Iran, as reasons for his uncertainty. On May 21, during a press briefing at the White House, Trump was asked about his attendance at his son's wedding. He responded, "I’m going to try to make it, but right now is not a good time for me. There’s the Iran situation and other th May 23, 2026

Veterans Minister Expresses Regret Over Starbucks Korea's Marketing Misstep Kwon Oh-eul, the Minister of the Ministry of Veterans Affairs, expressed deep regret over Starbucks Korea's marketing campaign related to the May 18 Democratic Uprising, known as 'Tank Day,' and pledged to take all necessary corrective actions to prevent the spread of misinformation. In a statement on his X (formerly Twitter) account on May 21, Kwon said, "As the Minister of the Ministry of Veterans Affairs, I express my deep regret and serious concern regarding Starbucks Korea's event tha May 23, 2026

Korea Export-Import Bank Signs $3 Billion Financial Deal with Aramco Korea Export-Import Bank (KEXIM) has entered into a financial agreement with Saudi Arabia's state-owned oil company, Aramco, to support domestic companies. This initiative aims to enhance competitiveness in securing contracts in the Middle East and stabilize supply chains for essential resources like crude oil.KEXIM announced on May 22 that it has signed a $3 billion individual loan financial contract based on a master credit agreement with Aramco.The master credit agreement establishes pre-defi May 23, 2026

K-Beauty Surpasses $10 Billion Trade Surplus, Overtakes U.S. Cosmetics Market South Korea's cosmetics industry has achieved a historic milestone, surpassing a $10 billion trade surplus for the first time. Once heavily reliant on China, the industry has diversified its export markets to include the United States, Europe, and the Middle East, marking a significant transformation. K-Beauty is now recognized as a leading surplus industry beyond just a trend in consumer goods. On May 22, the Ministry of Food and Drug Safety reported that last year, the trade surplus for May 23, 2026

U.S.-Iran Peace Talks Boost Market Confidence as Won-Dollar Exchange Rate Declines The won-dollar exchange rate opened lower as optimism surrounding U.S.-Iran peace negotiations continued. As of 9:42 a.m. on May 22, the exchange rate in the Seoul foreign exchange market was 1,507.3 won per U.S. dollar. The rate opened at 1,504.7 won, down 1.4 won from the previous session. International oil prices fell for the third consecutive day amid expectations of progress in U.S.-Iran negotiations. Brent crude for July delivery dropped 2.32% to $102.58 per barrel. West Texas May 23, 2026

KOSDAQ Surges Over 5%, Trading Halts Triggered for Second Consecutive Day The KOSDAQ market experienced a second consecutive day of trading halts due to a temporary suspension of buy orders, known as a sidecar. According to the Korea Exchange, the buy sidecar was triggered at 9:33:06 AM on May 22. At the time of the halt, the KOSDAQ 150 futures price had risen by 114.20 points (6.12%) to 1979.20, while the KOSDAQ 150 index was up 103.72 points (5.53%) at 1979.24. The buy sidecar is activated when the KOSPI 150 futures price increases by 6% or the KOSDAQ 15 May 23, 2026

Samsung Electronics Confirms Schedule for SAFE Forum 2026 in South Korea Samsung Electronics has confirmed the schedule for the 'SAFE (Samsung Advanced Foundry Ecosystem) Forum 2026' in South Korea, aimed at strengthening the global semiconductor collaboration ecosystem. According to Samsung Electronics on May 22, this year's domestic SAFE Forum will take place on July 1 at the multipurpose hall of Samsung's Seocho headquarters. The SAFE Forum is an annual technology event hosted by Samsung's foundry division since 2019, where it shares the latest semiconducto May 23, 2026

Government to Supply 90,000 Rental Homes in Greater Seoul Over Two Years The South Korean government is exploring various measures to increase the supply of non-apartment housing in response to rising apartment prices in Seoul and instability in the housing market. Non-apartment options, such as officetels, can be supplied more quickly than apartments, providing a rapid response to housing needs. On May 22, Deputy Prime Minister and Minister of Finance Koo Yun-cheol stated during a meeting of real estate ministers at the Government Complex in Seoul, "Today’s May 23, 2026