AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

Cho Hyeon-mi
  • U.S. April PCE Inflation Rises 3.8%, Highest in Nearly Three Years
    U.S. April PCE Inflation Rises 3.8%, Highest in Nearly Three Years U.S. April PCE Inflation Rises 3.8%, Highest in Nearly Three Years Rising oil prices due to the U.S.-Iran conflict have pushed the Personal Consumption Expenditures (PCE) price index in the United States to its highest level in nearly three years. According to Yonhap News on May 28, the U.S. Department of Commerce reported that the PCE price index increased by 3.8% in April compared to the same month last year. This marks the largest increase since May 2023 (4.0%) and represents a 0.4% rise from the previous month. Excluding food and energy, the core PCE price index rose by 3.3% year-on-year, the highest since October 2023, and increased by 0.2% from the previous month. The year-on-year increases for both the overall and core indices aligned with forecasts compiled by Dow Jones. However, the month-on-month increases fell short of expert expectations by 0.1 percentage points for both indices. The PCE inflation rate has been rising since February, driven by the impact of high oil prices stemming from the Iran conflict. The PCE price index reflects the prices of goods and services consumed by households, and the Federal Reserve uses it as a benchmark to assess its monetary policy goal of a 2% inflation rate. Seoul to Resume Emergency Demolition of Seosomun Overpass Seoul City announced on May 28 that it will begin emergency demolition of the remaining structures of the Seosomun overpass starting at midnight on May 29. This action follows the approval of the demolition plan by the Ministry of Employment and Labor. The city estimates that the demolition and safety reinforcement work will take a total of 29 hours, including 15 hours for the demolition and 14 hours for finalization. If the demolition proceeds as planned, all work, including testing operations, is expected to be completed by 5 a.m. on May 30, allowing for the reopening of Seosomun Road and the first train service on the Gyeongui Line. The actual demolition of the structure is anticipated to take about 7 hours. From midnight to 3 p.m. on May 29, roads near the construction site will be fully closed. This emergency demolition aims to swiftly remove the remaining structures to ensure public safety and to normalize traffic on Seosomun Road and the Gyeongui Central Line, which are currently halted. The city plans to use a 'crushing method' for the complete demolition of the remaining structures to prioritize safety and expedite the process. National Pension Service Increases Domestic Stock Target Allocation to 20.8% The National Pension Service has decided to raise its target allocation for domestic stocks from 14.9% to 20.8% this year. This adjustment comes as the actual holdings of domestic stocks have significantly exceeded the target due to a recent surge in the KOSPI index. According to Yonhap News, the National Pension Fund Management Committee held its fifth meeting on May 28, where it reviewed and approved adjustments to the target allocations for various asset classes and a mid-term asset allocation plan for 2027-2031. The mid-term asset allocation plan outlines target allocations and management directions for stocks, bonds, and alternative investments over the next five years, serving as a guideline to enhance the fund's profitability and stability. Initially, the target allocation for domestic stocks was set at 14.4% as per the fund management plan approved in May last year. Following the continued rise in the domestic stock market, the target was raised to 14.9% in January. The upper limit, including allowable ranges, was set at 19.9%. However, as the KOSPI continued to surge, the actual allocation for domestic stocks reached 24.5% by the end of February. Consequently, the committee decided to increase the target allocation to 20.8% after considering market conditions, fund profitability, stability, and the impact on financial markets. The committee explained that this decision aims to enhance long-term profitability and stability while mitigating market shocks from rebalancing due to potential structural changes in the domestic stock market. The adjusted target allocation will take effect starting next month, following the end of the rebalancing suspension. Other asset class target allocations will also be adjusted accordingly. NVIDIA CEO Jensen Huang to Visit South Korea Next Week for Semiconductor Talks NVIDIA founder and CEO Jensen Huang is expected to visit South Korea next week. This will be his first visit since attending the APEC CEO Summit in Gyeongju last October. According to industry sources on May 28, Huang will travel to South Korea after wrapping up his schedule at NVIDIA's annual AI conference, GTC Taipei 2026, and the IT exhibition Computex 2026, both taking place in Taipei next week. GTC Taipei is scheduled for June 1-4, where Huang will deliver a keynote speech on NVIDIA's next-generation AI semiconductors and AI infrastructure strategy. Industry insiders anticipate that Huang's visit will facilitate discussions with domestic semiconductor companies, including Samsung Electronics and SK Hynix, regarding high-bandwidth memory (HBM), next-generation AI accelerators, and foundry collaborations. Additionally, discussions on AI collaboration across various sectors, including cloud computing and physical AI, with major IT companies such as LG and Naver are also expected to take place during his visit. Previously, Huang visited South Korea in late October for the APEC summit, where he held a meeting with Samsung Electronics Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Eui-sun, referred to as a 'gangbu meeting.' Democratic and Progressive Parties Unite Behind Kim Sang-wook for Ulsan Mayor On May 28, one day before early voting for the Ulsan mayoral election on June 3, the Democratic Party and the Progressive Party announced their unification behind Kim Sang-wook, the Democratic candidate for mayor. Kim Sang-wook and Kim Jong-hoon, the Progressive Party candidate, held a joint press conference in front of the Ulsan Election Commission around 5:50 p.m. to announce the results of a public opinion poll conducted to determine the unified candidate. During the day, both candidates used polling firms of their choice to conduct surveys utilizing anonymous phone numbers, resulting in Kim Sang-wook being selected as the unified candidate for both parties. Kim Jong-hoon, who lost in the primary, accepted the results and submitted his resignation as a candidate to the Ulsan Election Commission just before the announcement. Kim Sang-wook stated, "I will carry the hopes and wishes of my comrades in the Progressive Party in my heart and strive to create a citizen-led Ulsan and achieve true democratization." He also expressed respect and gratitude to Kim Jong-hoon for making a difficult and courageous decision. The initial public opinion poll for unification was conducted from May 23 to 24. However, on May 24, Kim Sang-wook's camp raised concerns about the omission of a 'reverse selection prevention clause,' leading to a suspension of the primary. Subsequently, Kim Sang-wook's camp proposed a re-election with safeguards against organized interference from specific factions, which Kim Jong-hoon accepted on May 27, allowing the primary to proceed.* This article has been translated by AI. 2026-05-28 22:08:00
  • Seoul Mayoral Candidates to Vote on First Day of Early Voting
    Seoul Mayoral Candidates to Vote on First Day of Early Voting Jung Won-o, the Democratic Party candidate for Seoul mayor, and Oh Se-hoon, the People Power Party candidate, will cast their votes on the first day of early voting on May 29. According to political sources on May 28, Jung plans to vote at 8:20 a.m. at the administrative complex in Sogong-dong, Jung-gu, where his campaign office is located. His spouse, Moon Hye-jung, will accompany him. Jung's team emphasized the need for active participation from Seoul citizens, stating, "To ensure a safe Seoul, it is essential for residents to vote. We are voting on the first day to encourage early voting." Oh will also visit a polling station on the first day of early voting. He is scheduled to vote at 8 a.m. at the Hannam-dong Community Center in Yongsan-gu. Oh's campaign stressed, "Voting is crucial for Seoul to succeed and for the protection of South Korea. We encourage voters to participate in early voting." Early voting for the June 3 local elections will take place from May 29 to 30 at 3,571 polling stations nationwide, operating from 6 a.m. to 6 p.m. The main election will be held on June 3 from 6 a.m. to 6 p.m.* This article has been translated by AI. 2026-05-28 21:56:00
  • Democratic Party and Progressive Party Unite Behind Kim Sang-wook for Ulsan Mayor
    Democratic Party and Progressive Party Unite Behind Kim Sang-wook for Ulsan Mayor On May 28, one day before early voting for the Ulsan mayoral election, the Democratic Party and the Progressive Party unified their candidate selection, naming Kim Sang-wook as their joint candidate. At a joint press conference held around 5:50 p.m. in front of the Ulsan Election Commission, Kim Sang-wook and Kim Jong-hoon announced the results of a public opinion poll conducted to determine the unified candidate. Throughout the day, both candidates used polling firms of their choice to conduct surveys utilizing a secure phone number system, resulting in Kim Sang-wook being selected as the unified candidate for both parties. Kim Jong-hoon, who lost in the selection process, accepted the results and submitted his resignation as a candidate to the Ulsan Election Commission just before the announcement. Kim Sang-wook expressed his gratitude, stating, "I will carry the hopes and aspirations of our Progressive Party comrades in my heart and work to create a citizen-led Ulsan and true democracy. I extend my respect and thanks to Kim Jong-hoon for making a difficult choice and showing courage." The initial unification poll was conducted from May 23 to 24. However, on the morning of May 24, Kim Sang-wook's camp raised concerns about the omission of a clause to prevent reverse selection, leading to the suspension of the selection process. Subsequently, Kim Sang-wook's camp proposed a re-election contingent upon implementing safeguards against organized interference from specific factions, which Kim Jong-hoon accepted on May 27, allowing the re-election to proceed. Meanwhile, a survey commissioned by Gyeongsang Ilbo and Ulsan MBC, conducted by Hankyung Research from May 25 to 26 among 1,102 Ulsan voters, showed Kim Sang-wook with 35.8%, Kim Du-gyeom of the People Power Party with 35.5%, and Kim Jong-hoon with 19.0%. In a poll based on the premise of Kim Sang-wook's unification, he garnered 43.6%, while Kim Du-gyeom received 36.9%. The survey utilized random digit dialing (RDD) for 17.2% of responses and automated response systems (ARS) for 82.8%, with a response rate of 4.3% and a margin of error of ±3.0 percentage points at a 95% confidence level.* This article has been translated by AI. 2026-05-28 18:42:00
  • Seoul Mayoral Candidates Jeong Won-o and Oh Se-hoon Face Off in Final Debate
    Seoul Mayoral Candidates Jeong Won-o and Oh Se-hoon Face Off in Final Debate Jeong Won-o of the Democratic Party and Oh Se-hoon of the People Power Party will hold their first and final face-to-face debate on May 28, just seven hours before early voting begins. The candidates are expected to engage in heated discussions over issues such as safety and real estate in Seoul. According to the Seoul Election Broadcasting Debate Commission, the legal debate will take place at 11 p.m. at SBS in Sangam-dong, Seoul. The debate will feature four candidates, including Jeong and Oh, as well as Kim Jeong-cheol of the Reform Party and Kwon Yeong-guk of the Justice Party. The candidates will focus their discussions on four main topics: measures for economic recovery, housing stability policies, welfare policies for single-person households, and employment policies by age group. Safety will also be a key issue. Jeong has been attacking Oh over the missing rebar issue in the GTX-A line section at Samseong Station. In a press conference earlier that day, Jeong stated, "I will address this issue in the debate as I have been doing so far." Regarding the recent collapse of the Seosomun overpass on May 26, he remarked, "We should not politicize incidents that involve casualties, but it would be good to discuss how to improve safety and protect lives." In response, Oh plans to highlight his safety policies and achievements. At a press conference that afternoon, he emphasized, "I have repeatedly stated that safety is the top priority of my administration," and noted that this approach has led to the installation of 100% closed-circuit television (CCTV) at construction sites commissioned by the city and the complete installation of screen doors in subways. He particularly highlighted that the installation of screen doors has resulted in a significant reduction of over 1,000 subway fatalities. Debate over the real estate policies of the Lee Jae-myung administration is also anticipated. Oh stressed, "Citizens are suffering greatly from soaring housing prices, especially the rapid increase in rent," and stated, "I will emphasize real estate issues, as well as culture and welfare, throughout the election process." Meanwhile, a recent poll released on the same day showed both candidates with identical support rates. According to a survey conducted by the Cultural Daily, commissioned by Embrain Public, from May 26 to 27, both Jeong and Oh received a support rate of 39% among 805 Seoul voters. The survey was conducted via mobile phone interviews, with a response rate of 14.0% and a margin of error of ±3.5 percentage points at a 95% confidence level. For more details, please refer to the website of the National Election Survey Deliberation Commission. 2026-05-28 18:12:00
  • Oh Se-hoon: Negative Campaigning Accusations Misplaced
    Oh Se-hoon: Negative Campaigning Accusations Misplaced Oh Se-hoon, the People Power Party candidate for Seoul mayor, criticized his opponent Jung Won-o of the Democratic Party on May 28, stating, "It is wrong to classify unfavorable remarks as negative campaigning." This comment was directed at Jung's claim that he refused to participate in a debate due to negative attacks from Oh's camp. During a press conference held at his campaign office in Gwancheol-dong, Oh expressed concern over Jung's approach to the election, saying, "Jung's mindset toward the election is not appropriate." He emphasized that elections are fundamentally about verification, which involves both positive and negative aspects to assess a candidate's capabilities. He noted that how candidates respond to unfavorable circumstances is also a crucial evaluation factor. Oh defined negative campaigning as "creating false facts to attack others" and asserted that his campaign has never made baseless claims but has only sought clarifications regarding past actions. He criticized Jung for misclassifying legitimate inquiries as negative attacks, stating, "It is wrong to label something as negative just because it is unfavorable to oneself." He further remarked, "A candidate who refuses to participate in a debate because they classify requests for clarification as negative is likely unprecedented worldwide," adding that the more important the issue, the more it is the candidate's responsibility to address it directly to voters, rather than relying on their campaign or spokesperson. Oh also rebuked Jung's accusations of his campaign engaging in smear tactics, asserting that Jung has consistently resorted to slander against him since the beginning of the election, despite proposing a policy-focused campaign without negativity. In response to Jung's heightened criticism regarding safety concerns, Oh firmly countered, stating, "I was the one who led the installation of CCTV at construction sites commissioned by the city and the 100% installation of screen doors in subways." He reiterated his commitment to prioritizing safety through policy development and execution. Regarding a recent poll showing both candidates tied in support, Oh stated he would not be swayed by the results and would continue to campaign with a challenger’s mindset until the election's conclusion. He acknowledged the polling results as "anticipated" but maintained that he would approach the campaign with the mentality of being 3-5% behind, vowing to work tirelessly until the end. He expressed confidence in the support of Seoul citizens, stating, "I have done my best over the past five years, focusing on policies." A survey conducted by Munhwa Ilbo and Embrain Public from May 26 to 27 revealed that both Jung and Oh received 39% support from 805 Seoul voters. The gap, which was in double digits at the start of the election, has significantly narrowed. The poll was conducted via mobile phone interviews, with a response rate of 14.0% and a margin of error of ±3.5 percentage points at a 95% confidence level. For more details, refer to the Central Election Survey Deliberation Committee's website. Oh's campaign is currently considering resuming active campaigning. Following the collapse of the Seosomun overpass on May 26, he suspended his campaign activities to focus on recovery efforts and response measures. Since the incident, he has visited the site four times and paid respects to the victims without prior media notification on May 27. During the press conference, Oh stated, "It is premature to discuss resuming campaign activities while the victims have not yet been laid to rest," but acknowledged the importance of the election and indicated he is contemplating his next steps. 2026-05-28 16:30:00
  • Candidates Appeal for Support Ahead of Early Voting in Seoul Mayoral Election
    Candidates Appeal for Support Ahead of Early Voting in Seoul Mayoral Election On May 28, one day before early voting for the June 3 local elections, Jung Won-o, the Democratic Party candidate for Seoul mayor, and Oh Se-hoon, the People Power Party candidate, appealed for voter support. During a press conference at his campaign office in Sogong-dong, Jung stated, "This election is a choice between establishing citizen safety and life as the top priority of governance and starting a new Seoul that changes daily life for citizens." He urged voters to participate in early voting starting the next day. Jung emphasized, "Let’s begin the change in leadership that protects the lives of citizens with Jung Won-o. Please choose a capable mayor who will get things done, one by one." Oh also held a press conference at his campaign office in Gwancheol-dong later that afternoon to rally support. He described the election as a critical juncture, stating, "This election will determine whether Seoul returns to a stagnant and regressive era or rises to become one of the top three global cities." Oh stressed the need for a prepared mayor who can return to the field immediately after the election to address pressing issues. He added, "The candidate chosen by the people, not one selected unilaterally by those in power, should be responsible for Seoul. Please show how powerful and significant public sentiment is through your votes."* This article has been translated by AI. 2026-05-28 15:24:00
  • Jung Won-o Urges Against Political Conflict Over Seosomun Incident
    Jung Won-o Urges Against Political Conflict Over Seosomun Incident Jung Won-o, the Democratic Party's candidate for Seoul mayor, firmly stated on the 28th that the political conflict surrounding the Seosomun incident should not be politicized. He called on his rival, Oh Se-hoon of the People Power Party, to stop the negative campaigning. Jung resumed his campaign activities, which had been paused for two days due to the aftermath of the Seosomun overpass collapse, during a press conference held at his election office in Sogong-dong, Seoul. Focusing on safety, Jung announced his safety policies, stating, "We must correct the safety complacency that remains in the public sector and on-site, prioritizing the lives and safety of citizens." He emphasized that politicizing an incident that resulted in casualties is unacceptable, adding, "I have instructed my campaign team not to use this for electoral gain." The People Power Party has criticized Jung's supporters for allegedly discussing how to leverage the incident in a KakaoTalk group chat shortly after the accident, referring to it as a "positive development" and suggesting it could be used for aggressive campaigning. Regarding the upcoming TV debate scheduled for that evening, Jung stated, "There will be no discussion that politicizes the Seosomun incident." However, he expressed hope for discussions on improving life safety in Seoul, noting that many safety incidents occurred during Oh's administration. Jung also criticized Oh's campaign for its negative tactics, asserting, "From the beginning of the election, I proposed a policy-focused campaign without negative attacks, but it has been nothing but slander against me." He rejected Oh's repeated requests for a one-on-one debate, stating that the responsibility for the negative campaigning lies with Oh's team. He urged, "Stop the negative campaigning now." On the narrowing gap in polling numbers, which has reached a tie from a double-digit lead, Jung remarked, "I expected a close race from the start, and I have been preparing for the consolidation of supporters as we approach the final stretch." Jung affirmed, "Regardless of the polls, I will remain truthful and do my best at every moment, aiming for victory in the end." A recent poll conducted by Embrain Public on May 26-27 among 805 Seoul voters showed both Jung and Oh with equal support at 39%. The survey was conducted via mobile phone interviews, with a response rate of 14.0% and a margin of error of ±3.5 percentage points at a 95% confidence level. For more details, please refer to the Central Election Survey Deliberation Commission's website. 2026-05-28 12:18:00
  • Oh Se-hoon Visits Site of Seosomun Overpass Collapse for Fourth Time
    Oh Se-hoon Visits Site of Seosomun Overpass Collapse for Fourth Time Oh Se-hoon, the candidate for Seoul Mayor from the People Power Party, visited the site of the Seosomun overpass collapse on May 28, urging for safety measures. This marks his fourth visit since the incident occurred. Having suspended his official campaign for three days, Oh arrived at the demolition site in Migeun-dong, Seodaemun District, at 9 a.m. on the 28th. During his visit, he met with Acting Mayor Kim Seong-bo and spent 25 minutes assessing the recovery efforts, also urging the Minister of Land, Infrastructure and Transport for active government support. He highlighted the inconvenience caused to citizens due to debris falling onto the railway, stating, "Please ensure a swift reopening while managing the demolition site safely." This was Oh's fourth visit to the site. Following the collapse on the afternoon of May 26, he halted his scheduled campaign activities and visited the site twice. He also made an unannounced visit on the morning of May 27. Additionally, Oh is expected to appear at a televised debate for mayoral candidates later that night, marking his return to the public eye after three days.* This article has been translated by AI. 2026-05-28 10:31:20
  • Oh Se-hoon Visits Site of Seosomun Overpass Collapse for Fourth Time
    Oh Se-hoon Visits Site of Seosomun Overpass Collapse for Fourth Time Oh Se-hoon, the People Power Party candidate for Seoul Mayor, visited the site of the Seosomun overpass collapse on May 28, 2026, urging for safety measures. This marks his fourth visit since the incident occurred. Having paused his official campaign for three days, Oh arrived at the demolition site in Migeun-dong, Seodaemun District, at 9 a.m. He met with Acting Mayor Kim Sung-bo and spent 25 minutes assessing the recovery efforts, while also calling for active government support from the Minister of Land, Infrastructure and Transport. He highlighted the inconvenience caused to citizens due to debris falling onto the railway, stating, "We need to reopen quickly, but please ensure the demolition site is managed safely." Oh's visits began on May 26, the day of the accident, when he suspended his scheduled campaign events to visit the site twice. He returned again on May 27 without media presence. Later that evening, Oh is expected to participate in a televised debate for Seoul mayoral candidates, marking his return to the public eye after three days.* This article has been translated by AI. 2026-05-28 10:31:04
  • Oh Se-hoon Visits Site of Seosomun Overpass Collapse for Fourth Time
    Oh Se-hoon Visits Site of Seosomun Overpass Collapse for Fourth Time Oh Se-hoon, the People Power Party candidate for Seoul Mayor, visited the site of the Seosomun overpass collapse on May 28, 2026, for the fourth time, urging for safety measures. This visit comes three days after he suspended his official campaign activities. On the morning of May 28, at 9 a.m., Oh visited the site of the overpass demolition accident in Migeun-dong, Seodaemun District. He met with Acting Mayor Kim Seong-bo and assessed the recovery efforts for 25 minutes, calling for active government support from the Minister of Land, Infrastructure and Transport. He also addressed the inconvenience caused to citizens due to debris falling onto the railway, stating, "Please ensure a swift reopening while managing the demolition site safely." This marks Oh's fourth visit to the accident site. Following the incident on May 26, he halted his campaign schedule and visited the site twice. He also made an unannounced visit on the morning of May 27. Meanwhile, Oh is expected to appear at a televised debate for mayoral candidates later that evening, marking his return to the public eye after three days.* This article has been translated by AI. 2026-05-28 10:30:51