New Customs Chief Lee Jong-wook Announces Overhaul of Border Monitoring System Lee Jong-wook, the newly appointed Customs Commissioner, stated on May 18 that he plans to completely redesign the border monitoring system to safeguard citizens from transnational crimes such as drug trafficking and gun smuggling. He also pledged to develop multifaceted and effective policies to support exports and imports. During his inauguration ceremony at the Daejeon government complex, Lee highlighted ongoing challenges, including supply chain disruptions due to the Middle East crisi May 18, 2026

International Oil Prices Remain Above $100, Pressuring Inflation and Domestic Demand International oil prices have remained above $100 per barrel for an extended period, intensifying accumulated inflationary pressures. While the government has managed to suppress immediate price increases, there are concerns that rising import costs may eventually impact the domestic economy. As of May 18, Brent crude for July delivery rose 1.98% to $111.42 per barrel, while West Texas Intermediate (WTI) for June delivery increased by 2.43% to $107.98, marking the highest price this mo May 18, 2026

Mercedes-Benz Korea Opens Fifth Global Studio in Seongsu-dong, Plans to Launch 11 New Models Mercedes-Benz Korea is set to open its fifth global brand lifestyle experience space in Seoul. This initiative aims to enhance customer engagement while moving away from traditional brand images, coinciding with a series of new vehicle launches planned for the near future.On May 19, Mercedes-Benz Korea will officially open the 'Mercedes-Benz Studio Seoul' and announced that studios will be established in 18 major cities worldwide.The Mercedes-Benz Studio serves as a space for connecting with cus May 18, 2026

Japanese Prime Minister to Visit South Korea with State-Level Honors Ahead of Japanese Prime Minister Sanae Takaichi's visit to South Korea, Japanese media are highlighting that the South Korean side will welcome her with "state-level honors." The Korea-Japan summit will take place in Andong, the hometown of President Yoon Suk Yeol, and is seen by Japan as a continuation of the "hometown mutual visits" and a demonstration of shuttle diplomacy following the meeting held in Nara, Takaichi's hometown, in January. Japanese outlets, including the Nihon Keizai S May 18, 2026

Telecom Companies Shift Focus to Power Business The rise of generative artificial intelligence (AI) has led to a significant increase in power demand for AI data centers (AIDC), prompting the three major telecom companies in South Korea to expand their power-related businesses. On May 18, the telecom giants announced their entry into the renewable energy resale market following their AIDC initiatives. They are utilizing AI technology to operate smart grids and virtual power plants, while also developing and testing intelligent power grid May 18, 2026

Minister Han Seung-sook Visits Gongju's Saseong Market to Discuss Local Bookstore Development Minister Han Seung-sook of the Ministry of SMEs and Startups visited Gongju's Saseong Market and the surrounding Jeamincheon commercial area to gather feedback and discuss the future of local bookstores. On May 18, the ministry reported that Minister Han visited Saseong Market, where she purchased rice cakes and side dishes, encouraging merchants who are struggling due to rising prices and decreased consumer spending while listening to their concerns. She then toured the Jeamincheon area May 18, 2026

Controversy Surrounds Historical Accuracy in '21st Century Great Lady' Choi Tae-sung, a Korean history instructor, has sparked attention by proposing the establishment of a "Historical Verification Research Institute" in response to the controversy surrounding the MBC drama '21st Century Great Lady.' Despite achieving over 13% viewership ratings, '21st Century Great Lady' has faced criticism for historical inaccuracies. Scenes such as the character Lee An-dae-gun (played by Byun Woo-seok) shouting "cheonsae" instead of "manse" during a royal coronation, and May 18, 2026

South Korea Hosts Workshop with OpenAI on Cybersecurity Collaboration The South Korean government held a practical workshop with global artificial intelligence (AI) company OpenAI to discuss cybersecurity collaboration and the Trusted AI Cybersecurity Program (TAC). On May 18, the Ministry of Science and ICT (MSIT) announced that it explored AI-based cybersecurity cooperation with various agencies, including the Ministry of Foreign Affairs, the National Intelligence Service, the Financial Services Commission, the National AI Strategy Committee, the AI Safet May 18, 2026

Government Launches Major Spending Restructuring to Enhance Budget Efficiency The South Korean government has initiated its largest-ever spending restructuring effort to reduce unnecessary financial expenditures. This move includes mandates for each ministry to implement spending restructuring at the project level, reinforcing the commitment to enhance fiscal efficiency. On May 18, the Ministry of Strategy and Finance notified various ministries of the results from the "Integrated Financial Project Evaluation" conducted over the past four months since January. As a May 18, 2026

Annual Business Closures Exceed 1 Million as Banks Increase Support for Small Enterprises As annual business closures surpass 1 million, the banking sector is stepping up to provide consulting and financial support for struggling small enterprises.Cho Yong-byeong, chairman of the Korea Federation of Banks, stated at the 'Joint Small Business Consulting Results Sharing Event' held on May 18 in Seoul, "Small business owners, our valued customers, are directly facing economic changes and cost burdens in the most immediate sectors of the economy." He emphasized the commitment to actively May 18, 2026