Lee 'mulls cabinet reshuffle' after DP falls short in key local election races SEOUL, June 5 (AJP) - President Lee Jae Myung is reportedly mulling a new prime minister as part of a partial cabinet reshuffle, after the ruling Democratic Party (DP) failed to win several key posts such as Seoul mayor despite its overall victory in this year's local elections, which wrapped up earlier this week. His longtime aide Justice Minister Jung Sung-ho and presidential chief of staff Kang Hoon-sik are emerging as the two possible candidates to carry out Lee's sweeping reforms and shape the future direction of his administration. According to DP lawmakers and multiple presidential officials, Lee is expected to announce his nominee as early as Sunday, as Prime Minister Kim Min-seok is widely expected to resign to run in the DP's national convention later this summer. In recent days, Lee has reportedly held separate private meetings with them, fueling such speculation A DP lawmaker said Lee discussed Kim's political future including a possible party leadership bid, during their regular weekly meeting last Monday. The following day, Lee asked Jung to remain after a Cabinet meeting at Cheong Wa Dae and held a private lunch with him without other aides present. Jung told AJP, "It was simply a gathering over a meal where we talked about old times." "There were no discussions whatsoever regarding the prime minister or a Cabinet reshuffle," he added. Then on Thursday evening, Lee separately met Kang after the chief of staff returned from Canada, where he had traveled as a special presidential envoy for strategic economic cooperation talks focused on resources and supply chains. Lee remained at his office into the evening to receive Kang personally. The two finalists represent sharply different political calculations for Lee. Jung, a five-term lawmaker and longtime ally of the president, is widely viewed as a safe and stabilizing choice. Lee and Jung have known each other for roughly four decades and trained together at South Korea's Judicial Research and Training Institute. As justice minister, Jung has overseen the Lee administration's prosecutorial reform drive and has maintained working relationships with opposition lawmakers, despite rising partisan tensions. Supporters say his moderate image and legislative experience could help Lee navigate politically sensitive reforms that would require cooperation from rival parties. Ruling party officials say Jung is seen internally as one of the few figures capable of coordinating negotiations over Lee's so-called "six major reform tasks" including changes to pensions, labor policy, finance, education, regulation and the public sector. Some officials also believe Jung could complete follow-up legislation tied to the administration's prosecutorial reforms before moving to the prime minister's office. Jung has expressed reluctance about taking the job, citing health concerns and personal reasons. A senior DP lawmaker close to Jung told AJP, "Jung says in private that he even wants to step down from his ministerial post." "Jung says he wants to return to the National Assembly as soon as possible," he added. Kang, meanwhile, represents a younger and more future-oriented option for Lee. The 52-year-old chief of staff has become one of Lee's closest aides over the past year and recently expanded his profile beyond domestic politics by handling economic diplomacy involving defense industries, energy security and supply chains. Supporters inside the ruling party argue that promoting Kang would reinforce the image of a younger Cabinet while also helping cultivate a next-generation presidential contender for the liberal camp. That debate intensified after Wednesday's local elections, which weakened several liberal figures long viewed as potential presidential hopefuls. Disgraced former Justice Minister Cho Kuk lost a parliamentary by-election race, while former Prime Minister Kim Boo-kyum failed in his bid for Daegu mayor and former South Gyeongsang governor Kim Kyoung-soo lost the gubernatorial race in South Gyeongsang Province. Conservatives, by contrast, saw several high-profile victories. Seoul Mayor Oh Se-hoon secured a fifth term, and former Justice Minister Han Dong-hoon returned to politics by winning a parliamentary seat, strengthening speculation about future conservative presidential contenders. Some ruling party officials now argue that Lee needs to elevate younger figures such as Kang to prevent the liberal bloc from falling behind in the race to cultivate future national leaders. Still, Kang's possible nomination carries risks. South Korea has not seen a presidential chief of staff move directly into the prime minister's office in 35 years, since former Prime Minister Noh Jae-bong was appointed after serving as chief of staff to former President Roh Tae-woo. The Prime Minister's Office has already begun preparations for a parliamentary confirmation hearing, forming a team of about 30 officials. Under South Korean law, a prime ministerial nominee must undergo a parliamentary confirmation hearing and receive approval in a National Assembly vote before formally taking office. The current incumbent prime minister took 29 days to complete the process after his nomination. 2026-06-05 17:49:13

SpaceX IPO Sparks Interest in ETF Allocations As SpaceX's initial public offering (IPO) approaches, asset management firms in South Korea are accelerating their preparations. Korea Investment Trust Management has announced plans to include shares from the IPO in exchange-traded funds (ETFs) and public funds, while industry experts emphasize that the focus should be on the allocation amount rather than mere participation in the IPO. According to the financial investment industry on June 5, with SpaceX set to list on the Nasdaq on June 12, Mirae Asset Securities is participating in the IPO underwriting and is soliciting investment demand from domestic institutional and professional investors. Other asset management firms are also working to secure shares. Multiple industry insiders reported receiving guidance from Mirae Asset Securities regarding SpaceX investments and are currently considering their participation. Korea Investment Trust Management has become the first domestic firm to publicly announce its plans to participate in the SpaceX IPO. The shares allocated through the IPO will be included in the ACE U.S. Space Tech Active ETF and the Korea Investment Global Space Technology & Defense Fund. Additionally, the firm plans to purchase more shares on the listing day to increase the ETF's allocation to as much as 25%. However, industry experts point out that investors should pay attention to a different aspect. The actual amount of shares secured is more critical than simply receiving shares from the IPO. A financial industry insider stated, "Participation in the IPO and actual allocation are entirely different matters," adding that, given the massive interest from global institutional investors, the actual allocation could be significantly lower than the requested amount. For an ETF to include SpaceX at a meaningful level, a substantial amount of shares must be secured. For instance, an ETF with net assets of 100 billion won would need to hold about 25 billion won worth of SpaceX shares to achieve a 25% allocation. If the IPO allocation is only in the tens of billions, a significant portion would need to be purchased in the market after the listing. Ultimately, the ETF's returns could vary based on the amount of shares secured during the IPO. Typically, large IPO stocks often trade above their initial offering price shortly after listing, making it advantageous to have a larger allocation at the IPO price. There are also differences based on management style. The ACE U.S. Space Tech Active ETF, managed by Korea Investment Trust Management, can include SpaceX immediately after its listing due to its active management approach. In contrast, passive ETFs face a more complex situation. Passive ETFs are generally required to track a benchmark index. Since SpaceX is not yet included in a foundational index, actively including IPO shares could conflict with management principles. Another issue is the ETF disclosure system. Unlike typical market purchases, there may be a time lag between the inclusion of IPO shares and the disclosure of that information. Some industry insiders have raised concerns that investors may find it difficult to immediately verify their actual holdings during this process. While ETFs have maintained high transparency through daily portfolio disclosures and real-time estimated net asset values (iNAV), discrepancies in information could arise depending on the timing of IPO disclosures. One industry insider remarked, "Many asset managers will want to include SpaceX, but ultimately, what matters is how cheaply and how much they can secure. The actual allocation percentage disclosed after the listing will be the benchmark for each product's competitiveness."* This article has been translated by AI. 2026-06-05 17:48:00

National Assembly Elects New Leadership with Cho Jung-sik as Speaker On June 5, the National Assembly convened a plenary session and elected Cho Jung-sik of the Democratic Party as the Speaker for the second half of the 22nd National Assembly. Alongside this, 14 newly elected lawmakers from the recent by-elections also began their terms. During the session, Cho was elected as Speaker with 267 votes in favor out of 276 eligible members. He emphasized the need to address challenges such as the AI revolution, climate crisis, unstable international situations, and economic polarization, stating, "The National Assembly has the duty and responsibility to ensure the safety and happiness of the people with the authority entrusted by them." Cho outlined several initiatives aimed at transforming the National Assembly into a more responsive institution, including: accelerating legislation for public welfare, expanding citizen participation, establishing an advisory body under the Speaker for future advancements, and promoting national interest diplomacy to respond to rapidly changing global circumstances. He also reiterated the necessity of constitutional reform, asserting, "Next year presents a prime opportunity for meaningful discussions on constitutional amendments, as there will be no nationwide elections. Let us fulfill our historical responsibility by realizing a constitution that reflects the aspirations of the people and the future of the nation." Nam In-soon and Park Deok-heum, who were elected as Vice Speakers with 251 votes from 265 Democratic Party members and 214 votes from 246 People Power Party members, respectively, pledged to responsibly tackle issues critical to South Korea's future, such as climate change, energy, and regional extinction crises. They committed to upholding the spirit of cooperation and dialogue maintained by previous leaderships, aiming to create a dignified National Assembly that prioritizes public welfare. The Democratic Party had previously decided on Cho and Nam as Speaker and Vice Speaker during a general meeting on May 13. The People Power Party also elected Park as Vice Speaker on the same day, indicating a smooth formation of the new leadership. The Democratic Party attempted to hold a plenary session on May 20 to expedite the election of the leadership, but it was disrupted by opposition from the People Power Party regarding what they viewed as unilateral actions by the Democratic Party. Following discussions between the floor leaders of both parties on May 19, the election process for the new leadership was successfully completed on this day. Additionally, the plenary session included the appointment of 14 lawmakers elected in the by-elections held on June 3. This included nine seats from the Democratic Party and four from the People Power Party, along with one independent seat.* This article has been translated by AI. 2026-06-05 17:36:00

Japan's National Cancer Center Recommends Abstaining from Alcohol to Prevent Cancer Japan's National Cancer Center has strengthened its alcohol consumption guidelines in its cancer prevention recommendations, shifting from advising moderation to recommending complete abstinence. This change reflects accumulating research indicating that even small amounts of alcohol can increase the risk of developing cancer. According to the Yomiuri Shimbun, the National Cancer Center announced on June 3 that it has released an updated version of its booklet titled "5+1 Cancer Prevention Methods Based on Scientific Evidence." This booklet presents lifestyle habits that can reduce cancer risk, based on research conducted on the Japanese population. The most notable change in this revision is the alcohol consumption guideline. Previously, the center recommended moderation for drinkers, but the latest edition now advises against drinking altogether. The center's analysis of studies on Japanese individuals confirms that alcohol consumption significantly increases the risk of esophageal, liver, colorectal, and head and neck cancers, and it also establishes a strong link between alcohol and stomach cancer in men and breast cancer in premenopausal women. The research team explained that for certain cancers, the risk increases progressively with higher alcohol intake, and there is no safe level of drinking. Therefore, from a cancer prevention perspective, abstaining from alcohol is deemed the most advisable approach. The guidelines regarding body weight have also been adjusted. The National Cancer Center has lowered the recommended upper limit for body mass index (BMI) for men from 27 to 25, reflecting the increased cancer risk associated with higher BMI. Both men and women are now advised to maintain a BMI in the range of 21 to 25. However, the center also noted that being excessively underweight can increase cancer risk, emphasizing the importance of maintaining a healthy weight. The updated booklet is structured around five lifestyle habits, plus an additional focus on infection prevention, termed the "5+1" approach. Recommendations include not smoking or being exposed to secondhand smoke, reducing salt intake while increasing consumption of vegetables and fruits, allowing hot foods and beverages to cool before consumption, and increasing physical activity in daily life. It also includes guidelines for screenings and vaccinations to combat cancer-causing pathogens. Given Japan's deep-rooted culture of workplace drinking and social drinking, these recommendations are seen as a call for a broader change in lifestyle habits. The National Cancer Center has made it clear that, contrary to the common belief that "a little drinking is fine," the best approach to cancer prevention is to avoid alcohol altogether.* This article has been translated by AI. 2026-06-05 17:33:00

Korean Beef Association to Host Symposium on Digital Information and Productivity The Korean Beef Association (KBA) announced on June 5 that it will hold a symposium titled "Utilizing Digital Information and Improving Productivity in Korean Beef Farming" on July 2 at the Hongik University International Training Center in Sejong City. The symposium will focus on "Data-Driven Profit-Centered Korean Beef Farming Techniques and Management Strategies." Experts in digital information, ruminant nutrition, carcass performance, and individual management will present their findings and engage in a Q&A session. During the event, the KBA will unveil its newly developed digital information system for Korean beef. Attendees will have the opportunity to see a demonstration of the system, including how to use a dedicated chatbot, and learn practical applications for their farming operations. Presentations will cover data-driven farming techniques and management strategies. Dr. Kim Hyun-jin from Seoul National University will discuss the impact of a free-choice feeding method on growth performance, supported by data. Additionally, there will be case studies from Korean beef farms. Han Jong-min, the representative of Janghan Farm in Hampyeong, will share insights on improving carcass quality through effective farm management. Kwon Young-tae from Daehwang Livestock in Gokseong will present on calf production management and strategies for enhancing growth rates. Participants can register on the KBA website until July 8, with a limit of 280 attendees on a first-come, first-served basis. KBA Chairman Min Kyung-cheon expressed hope that the symposium will contribute to enhancing the competitiveness of Korean beef farmers. In related news, the KBA hosted a talk concert titled "Korean Beef Has the Answer" on May 20 at The Book Company headquarters in Gangnam, Seoul, where it highlighted the history and nutritional excellence of Korean beef.* This article has been translated by AI. 2026-06-05 17:30:00

Jeju Air Celebrates 20th Anniversary as Top Low-Cost Carrier Jeju Air, South Korea's low-cost carrier (LCC), marked its 20th anniversary on June 5. The airline has been credited with popularizing air travel in the country by maintaining cost competitiveness and operational efficiency through its single aircraft type strategy. Jeju Air began operations on June 5, 2006, with flights between Gimpo and Jeju. It quickly expanded to include routes from Gimpo to Busan and from Busan to Jeju, establishing itself in the domestic LCC market. In 2009, the airline entered the international market by launching flights from Incheon to Osaka, subsequently expanding its routes to Japan, China, and Southeast Asia. The airline's passenger transport numbers have steadily increased. From 2006 to 2025, Jeju Air recorded an average annual passenger growth rate of 22.7%. It has maintained the top position in annual passenger numbers among domestic LCCs for 20 consecutive years. In its first year, Jeju Air transported 250,000 passengers, surpassing 10 million in 2017. By July 2023, it became the first domestic LCC to exceed a cumulative total of 100 million passengers, reaching 137.55 million by the end of last month. The airline's growth is attributed to its single aircraft type strategy. Since introducing the Boeing 737-800NG in 2008, Jeju Air has maintained a uniform fleet. Recently, it has accelerated the modernization of its fleet by expanding the introduction of the next-generation Boeing 737-8, aiming to enhance cost competitiveness through more fuel-efficient aircraft. Currently, Jeju Air operates 44 passenger aircraft. From 2023 to May, it acquired 12 Boeing 737-8s while also retiring and selling older aircraft. The airline is also focused on optimizing route operations, implementing a flexible route strategy that adapts to demand changes, particularly for medium- and short-haul flights to Japan, China, and Southeast Asia. A Jeju Air official stated, "Over the past 20 years, we have grown by securing cost competitiveness and operational efficiency based on our single aircraft type operation." Meanwhile, Jeju Air continues to perform well despite challenges in the aviation industry due to global oil prices. According to the Ministry of Land, Infrastructure and Transport's aviation information portal, Jeju Air transported 1,127,370 passengers in April, a 20.3% increase from 936,899 during the same period last year. The overall load factor was 91.9%, 2.4 percentage points higher than the average load factor of 89.5% for LCCs.* This article has been translated by AI. 2026-06-05 17:30:00

Silence from the People Power Party Following Oh Se-hoon's Election? Lawyer Says Re-vote Should Be Requested by Jeong Won-oh As demands for a re-vote continue following the "ballot shortage" incident during the 9th nationwide local elections, a lawyer has stated that the key party able to file an election nullification lawsuit is candidate Jeong Won-oh. On June 5, Lawyer A shared on their social media account that "for a re-vote to occur in the current situation, the Supreme Court must issue a ruling nullifying the election through a lawsuit." They noted, "Many believe that Mayor Oh Se-hoon should demand a re-vote, but as the elected candidate, he does not have the legal right to request one. Even if he wanted to, he cannot do so." Lawyer A added, "The only individuals with the legal right to demand a re-vote are candidate Jeong Won-oh or voters residing in Seoul. However, even if voters file an election nullification lawsuit, the likelihood of it being accepted is quite low based on existing Supreme Court precedents." "Ultimately, the only person left in a practical sense is Jeong Won-oh," they concluded, urging those wanting a re-vote to direct their requests to Jeong Won-oh rather than Mayor Oh Se-hoon. This post quickly gained traction online, drawing attention. In response to the post, B commented, "According to the Public Election Act, political parties and candidates can file lawsuits, but if the results remain the same after a new election, the lawsuit may be dismissed due to lack of standing. This is likely why the People Power Party and Oh Se-hoon are remaining silent." Lawyer A agreed, stating, "That is an accurate explanation. Standing refers to a legal interest. Abstract feelings like a sense of honor cannot constitute a legal interest." Netizens who encountered the post expressed opinions such as, "Shouldn't Jeong Won-oh or the Democratic Party take action?" and "Procedures are more important than emotions." However, this discussion reflects the legal perspective of a specific lawyer, and the actual feasibility of filing an election nullification lawsuit may vary based on specific facts and judicial rulings. 2026-06-05 17:30:00

Seoul stands firm on building nuclear submarines domestically SEOUL, June 05 (AJP) - South Korea’s presidential office said Friday there has been no major change to plans to build nuclear-powered submarines domestically, as Seoul and Washington seek to make tangible progress in related talks by the end of the year. A senior presidential official told reporters that South Korea and the U.S. held productive discussions on nuclear-powered submarines, uranium enrichment and spent fuel reprocessing. “Representatives from various sectors came and discussed enrichment and reprocessing issues as well as nuclear submarine issues,” the official said. “We have not set a specific deadline, but we want to move forward quickly.” The official stressed that South Korea’s plan to build nuclear-powered submarines at home remains largely unchanged, while noting that new agreements are needed for enrichment and reprocessing, as well as to prevent proliferation. The official said discussions on enrichment and reprocessing have only recently begun in earnest, adding that they are based on South Korea’s nonproliferation commitment and trust in that pledge. “We must keep that commitment, and on that basis, we will seek further coordination and cooperation with the U.S.,” the official said. Asked about coordination with Washington over the timeline for the transfer of wartime operational control (OPCON), the official said differences between the allies are not as large as many believe. “Contrary to what many of you may think, South Korea and the U.S. do not have major differences over OPCON,” the official said. The official said efforts to meet the conditions for the transfer have continued for more than a decade, adding that there had been an assessment several years ago that more than 90 percent of the conditions had been met. The official also said the gap over timing is limited. “There is not a big difference over the timing either. There is a gap of about a year, or a little more than a year, and I do not see that as impossible to narrow,” the official said. South Korea has been seeking to regain wartime operational control by 2028, while U.S. Forces Korea Commander Gen. Xavier Brunson presented the first quarter of 2029 as the target timeline during a House Armed Services Committee hearing in April. The official said Seoul and Washington will continue coordinating the final stage of conditions and timing, while ensuring that the allies’ combined defense capabilities are not weakened. 2026-06-05 17:23:58

KT Alpha Shopping to Host Mid-Year Review Festival Focused on Self-Care KT Alpha Shopping announced on June 5 that it will hold its "2026 Mid-Year Review Festival" to assess the first half of the year. The event will take place from June 8 to June 27. KT Alpha Shopping plans to showcase popular brands and products across key categories such as fashion, beauty, food, and home goods. Ahead of the festival, KT Alpha Shopping analyzed sales data from the first half of the year and selected ten brands, highlighting "self-care" as the year's consumer keyword. The company noted a significant increase in demand for products related to health, beauty, body management, and asset management, reflecting a growing trend of consumers taking charge of their own well-being. With rising health management needs, the functional footwear brand Shinmisa achieved the top sales in functional shoes. Its "New Baro Slipper," designed with patented technology for posture correction for degenerative joints, reached cumulative sales of 10 billion won exclusively on KT Alpha Shopping. Sales of diet-related products also surged. The "Bienalsin Diet Probiotics" surpassed 7.4 billion won in orders during the first half of the year. In the beauty category, Dongkook Pharmaceutical's Madeca Cream, which ranked first in annual orders last year, achieved 8 billion won in orders in the first half of this year. In the fashion and accessories category, the women's fashion brand Benetton was highlighted as a popular choice. Benetton recorded cumulative orders of 5.4 billion won and over 60,000 transactions in the first half of the year. In the home goods category, smart safes gained attention. The "DiproMat Casa" smart safe, equipped with Internet of Things features, achieved 112% of its sales target for the first half of the year. A company representative stated, "Self-care products aimed at health, beauty, and asset management have gained popularity among consumers looking to take care of themselves." Meanwhile, KT Alpha reported an all-time high operating profit of 44.2 billion won last year, prompting the company to strengthen its shareholder return policies, including dividend distributions.* This article has been translated by AI. 2026-06-05 17:15:00

Justice Ministry Honors Fallen Correctional Officers in June Memorial On June 5, the Justice Ministry's Correctional Headquarters, led by Lee Hong-yeon, visited the "Memorial Tower for Fallen Correctional Officers" at the Seoul Southern Correctional Facility to pay tribute and honor the spirits of the deceased. The event, held in recognition of the sacrifices made by correctional officers who lost their lives in service to the nation and its citizens, included the participation of families of the fallen officers, adding to its significance. The memorial tower was established in June 2023 to honor the 167 correctional officers who died during the Korean War, and the Correctional Headquarters has continued to hold annual memorial events since then. During the ceremony, Woo Jun-sik, grandson of the late Woo Hak-jong, former director of the Kaesong Youth Detention Center, expressed gratitude for the annual remembrance and hoped that the honor of correctional officers would be preserved. Song Young-sam, president of the Korea Correctional Officers' Association, emphasized the noble sacrifices of their predecessors and called for amendments to the National Cemetery Act to ensure that correctional officers, like military personnel, police, and firefighters, can be buried in national cemeteries without discrimination. Lee Hong-yeon, head of the Correctional Headquarters, stated, "We will never forget the spirit of sacrifice of our fallen correctional officers," offering condolences to the families and pledging to do his utmost to uphold the pride and honor of correctional officers.* This article has been translated by AI. 2026-06-05 17:12:00