Concerns Grow Over Delays in GTX-A Line Due to Steel Rebar Shortage at Samsung Station The fallout from a significant steel rebar shortage at the Samsung Station transfer center, a key hub for the GTX-A line, is intensifying. To prevent self-verification by the construction company and the project owner, the government plans to engage an external professional organization to reassess the reinforcement methods from scratch. This comes amid escalating blame between the Ministry of Land, Infrastructure and Transport, the Seoul Metropolitan Government, and Hyundai Engineering & Constr May 18, 2026

Middle East Conflict and El Niño Could Drive Oil Prices to $180 The ongoing conflict in the Middle East, combined with climate factors, is creating significant energy shocks. With the blockade of the Strait of Hormuz halting oil exports from the Gulf region, global oil inventories are rapidly depleting. The potential for increased demand due to summer cooling and travel, along with a strong El Niño, has led to warnings that international oil prices could rise to $180 per barrel (approximately 260,000 won). According to the Financial Times (FT) on May 1 May 18, 2026

Upstage's Lee Geon-soo Appointed as New CEO of AXZ Following Acquisition AXZ, the operator of the portal Daum, has initiated a management change just over a week after acquiring Upstage. Yang Joo-il, the current CEO of AXZ, is set to leave the company at the end of this month, with Lee Geon-soo, the head of Upstage's AI search division, reportedly appointed as his successor. According to sources in the information technology (IT) industry on May 18, Upstage has designated Lee Geon-soo as the new CEO of AXZ. Lee was recruited by Upstage in April from his previ May 18, 2026

Ministry of Oceans and Fisheries to Enhance Port Security with Increased Funding The Ministry of Oceans and Fisheries is taking steps to enhance port security by securing additional personnel and improving security facilities and equipment. To support this initiative, the ministry has decided to raise the cap on port facility security fees for the first time in 16 years. According to the ministry, starting July 1, the cap on port facility security fees will increase by 68% compared to the previous year. Facility owners will collect a certain fee from shipping companie May 18, 2026

Daewoo Engineering Wins Public Redevelopment Project in Gangdong Daewoo Engineering has secured a public redevelopment project in the Han River area of Cheonho-dong, Gangdong District, marking the first application of its high-end brand 'Summit' in a public redevelopment initiative.On May 16, Daewoo Engineering was selected as the final contractor for the public redevelopment project in the A1-1 zone of Cheonho, Gangdong District, the company announced on May 18.The project will involve the construction of eight apartment buildings, ranging from five undergro May 18, 2026

Hyundai Engineering Bets on 240-Degree Han River Panorama in Apgujeong 5 District "We have an advantage over competitors in every aspect." On the morning of May 18, Park Seong-ha, head of Hyundai Engineering's Apgujeong redevelopment team, expressed confidence ahead of the upcoming construction company selection meeting at the promotional center near Apgujeong Station in Gangnam, Seoul. The Apgujeong 5 District will be rebuilt through the redevelopment of the Hanyang 1st and 2nd apartments, featuring six underground floors and 68 above-ground floors, comprising eight bu May 18, 2026

Financial Services Commission Adapts Rapid Response Strategy Recently, the Financial Services Commission (FSC) has accelerated its response time to pressing issues. While the so-called "six-hour rule"—the guideline to respond to sensitive matters within six hours—has been discussed in government circles, the FSC has been able to shorten its response time through real-time communication channels like Telegram. The FSC's improved response speed was evident in the recent controversy surrounding Sangnoksoo, a company established to manage private bad d May 18, 2026

Shinhan Bank Strengthens Its Position as a Leading Bank in Institutional Sales Shinhan Bank has successfully retained its position as a leader in institutional sales by securing the Seoul City treasury accounts, valued at over 50 trillion won. With major bids for the Incheon City treasury and other large institutions scheduled for the second half of the year, attention is focused on whether Shinhan can maintain its title as a leading bank.According to the financial sector on May 18, Shinhan Bank was selected as a priority candidate for both the first and second treasury ac May 18, 2026

Conflict Erupts Between Jeong Cheong-rae and Jang Dong-hyuk at 5·18 Commemoration Jeong Cheong-rae, leader of the Democratic Party, and Jang Dong-hyuk, leader of the People Power Party, attended the 5·18 Democratic Movement commemoration on May 18, expressing condolences while engaging in a heated exchange. Jeong stated, "We must judge the insurrection nominations," to which Jang retorted, "5·18 has become a tool for power expansion." Jeong arrived at the national cemetery at 8:40 a.m. and paid his respects for about 20 minutes before speaking with reporters. He reiter May 18, 2026

SK Ecoplant to Implement 'DE'FINE' in Shinbanpo 20 Reconstruction Project SK Ecoplant has secured the reconstruction project for the Shinbanpo 20 apartment complex, one of the prominent redevelopment sites in Gangnam, Seoul.On May 18, SK Ecoplant announced that it has been selected as the construction company for the Shinbanpo 20 reconstruction project. The project will involve the development of four buildings with a total of 190 residential units, spanning four underground levels and 35 above-ground floors, at the site located in Jamwon-dong, Seocho-gu. The total co May 18, 2026