Seoul Jeonse Crunch Deepens as ‘Two-Tier’ Deposits Split Even Within Same Complex As Seoul’s jeonse market tightens, a “two-tier pricing” pattern is spreading, with large gaps in deposits even for the same complex and the same size unit. The split is most pronounced in high-priced complexes where home prices have surged and in complexes with a large share of public rental units that anchor cheaper jeonse deals. According to the Transport Ministry’s real-transaction disclosure system, a new jeonse contract for an 84-square-meter unit in Eunpyeong New Town’s Gupabal 10 Complex (Building 1019, 4th floor) was signed on May 1 for 680 million won. A comparable 84-square-meter lease in the same for-sale section of the complex, signed last month using a tenant’s right to request a renewal, was 580 million won — a gap of about 100 million won. The difference is sharper because the complex separates rental buildings from general-sale buildings. Of 100 jeonse transactions recorded in April for Buildings 1001 to 1028, only one new contract occurred in the general-sale buildings (1011 to 1019). In the rental buildings (1020 to 1028), 95 jeonse contracts were renewals, with 84-square-meter deposits around 25.117 million won, underscoring the internal split. A similar pattern has appeared in complexes with high rental shares. In Gangdong-gu, a new jeonse contract for an 84-square-meter unit in Gangil River Park 10 Complex was signed in February for 640 million won, while renewal contracts last month remained around 385.87 million won. Of the complex’s 694 households, rentals account for 67.7% (470 households), including 377 long-term jeonse units. The rental supply effectively sets a low-end price floor, widening the gap with new contracts. By district, the median deposit gap between new and renewed contracts in Gangdong-gu and Eunpyeong-gu was 100 million won each, well above the Seoul-wide gap of 55 million won. They ranked second in Seoul after Seocho-gu, which posted a 200 million won gap. The figures suggest the two-tier effect is intensifying in areas with expensive complexes or mixed public-rental developments. Yang Ji-young, a specialist at Shinhan Premier Pathfinder, analyzed 74,407 apartment lease transactions in Seoul from Jan. 5 to April 30. Among 38,246 jeonse deals, the median deposit for new contracts (17,825 cases) was 585 million won, 55 million won higher than the median for renewals (19,166 cases), at 530 million won. Gaps were also evident in key areas along the Han River where home prices rose sharply last year. Seocho-gu had the largest median difference at 200 million won, followed by Songpa-gu at 88 million won, Dongdaemun-gu at 75 million won, Seongbuk-gu at 60 million won, and Gangnam-gu and Seongdong-gu at about 50 million won each. In Songpa-gu’s Helio City, a new jeonse contract for a 110-square-meter unit (Building 110, 24th floor) was signed on April 22 for 1.7 billion won. A unit of the same size on the 21st floor in the same building was renewed the same month for 1.33 billion won. With renewal increases capped at 5% by law, the gap between market-priced new leases and capped renewals widened to as much as 370 million won even under similar conditions. Experts said volatility could increase as more tenants who have used up renewal rights are exposed to market prices. Yang warned, “From 2026 to 2027, when the first renewal cycle arrives for many newly built complexes, the market-price shock could begin in earnest.”* This article has been translated by AI. 2026-05-05 17:06:15

South Korea’s Koo Yun-cheol Meets Uzbek President, Seeks More Openings for Korean Firms Koo Yun-cheol, South Korea’s deputy prime minister and minister of economy and finance, met with Uzbekistan’s president and agreed to strengthen cooperation in emerging industries, including biotech, as Seoul seeks to broaden opportunities for Korean companies in Central Asia. South Korea’s Ministry of Economy and Finance said Tuesday that Koo met President Shavkat Mirziyoyev on May 3 (local time) in Samarkand to discuss the planned Korea-Central Asia summit in September and the direction of bilateral economic cooperation. According to the Korea Trade-Investment Promotion Agency, Uzbekistan imports $1.79 billion worth of Korean products. Exports are led by manufactured goods such as auto parts, passenger cars, engines and synthetic resins, while demand continues to rise for consumer goods and higher value-added items including cosmetics and medical electronic devices. Mirziyoyev cited the Afrasiyab murals in Samarkand as an example of long-standing friendly exchanges between the two countries. “Based on this, I hope trade and investment cooperation between Korea and Uzbekistan will expand further,” he said, adding that he hoped for broad discussions to identify cooperation projects and produce tangible results. Koo praised Uzbekistan’s recent reform and opening policies and the economic gains that followed. He said the two sides should strengthen cooperation in biotech, infrastructure such as railways and airports, supply chains and regional cooperation. Koo said he understood Uzbekistan is prioritizing industrial diversification and infrastructure modernization under its 2030 development strategy, and asked that opportunities be opened for Korean companies “given their strong capabilities.” Before meeting the president, Koo held talks with Uzbek officials overseeing economic cooperation with South Korea, including Deputy Prime Minister Jamshid Khodjaev and Deputy Prime Minister and Minister of Economy and Finance Jamshid Kuchkarov, as well as vice ministers from the ministries of investment, industry and trade; economy and finance; transport; and health, to review the status of bilateral cooperation. The deputy prime ministers agreed that cooperation should shift from a focus on infrastructure to more forward-looking areas such as biotech and critical minerals. Khodjaev said he hoped cooperation with South Korea would deepen in projects Uzbekistan is pushing, including the creation of medical and pharmaceutical clusters and the construction and operation of a new airport. The Export-Import Bank of Korea and Uzbekistan’s Ministry of Investment, Industry and Trade signed a strategic cooperation memorandum of understanding to expand exchanges in areas such as supply chains and digital and green cooperation. The ministry said the bank will support companies in both countries through policy financing to help broaden cooperation outcomes. Earlier, on May 2 (local time), Koo visited a medical cluster site in Tashkent with Khodjaev and Health Minister Khudayarov Anvarovich. The cluster, which is to include a national children’s hospital and a Tashkent general hospital, is being developed with support from South Korea’s Economic Development Cooperation Fund. Koo said the cluster could help Uzbekistan position itself as a medical hub in Central Asia. Khodjaev said, “With Korea’s EDCF support, we have been able to provide high-quality medical services to the people of Uzbekistan,” and expressed gratitude. Koo visited Uzbekistan on the sidelines of the Asian Development Bank’s annual meeting and met senior officials, including the president and two deputy prime ministers, the ministry said.* This article has been translated by AI. 2026-05-05 17:04:29

Bank Deposits Shift to Stocks as KOSPI Rally Fuels 'Money Move' Expectations that the KOSPI will break above 7,000, along with forecasts of a rally in large-cap technology shares, are accelerating the shift of money from bank deposits into the stock market. Analysts say the trend reflects a clearer move away from deposit-centered asset management as investors chase higher returns. According to the Bank of Korea’s Economic Statistics System, the number of time-deposit accounts at commercial banks with balances of 100 million won ($72,000) or less totaled 21,629,000 at the end of last year. That was the lowest since the end of the first half of 2019 (20.7 million). The figure fell 3.2% from the end of the first half of last year (22,334,000) and 3.1% from the end of 2024 (22,330,000). The total amount held in those sub-100 million won time deposits also slipped. The balance stood at 299.709 trillion won at the end of last year, down 2.2% from a year earlier (306.528 trillion won). After rising for three years and six months and hitting a record at the end of the first half of last year (308.333 trillion won), the uptrend reversed. Most time deposits under 100 million won are believed to be held by individuals. Banks say the decline reflects a recent personal-finance trend in which retail investors are moving beyond deposits and taking a more active approach to investing. For similar reasons, demand deposits—often treated as cash waiting to be invested—have been swinging sharply. At the five major banks (KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup), demand-deposit balances were 699.9081 trillion won at the end of March, fell to 680.9236 trillion won on April 16, then rebounded to 700.6712 trillion won at the end of April, showing nearly 20 trillion won moving out and back in within about two weeks. Analysts attribute the pattern to money flowing heavily into stocks as the KOSPI repeatedly set new highs, then returning to banks at month-end as investors rebuilt cash positions. A key gauge of leveraged stock buying in Korea—outstanding margin loans—has also set fresh records. Margin loans refer to money investors borrow from brokerages for stock purchases that has not yet been repaid. The balance first topped 35 trillion won on April 23, then hit another high five days later on April 28 (35.6895 trillion won). It has risen for 13 straight trading sessions since April 10 and is up 2.7 trillion won so far this month. The shift is expected to persist for now, with bank deposit rates stuck in the 2% range and the KOSPI pushing higher day after day, lifting expected returns. Global investment banks have raised their KOSPI forecasts sharply, to as high as 8,500, adding to the flow of funds. A commercial bank official said that in the past, people tended to park lump sums in time deposits, but now they are increasingly moving money frequently based on market conditions. The official added that the pace of transfers has quickened alongside the recent stock-market rise.* This article has been translated by AI. 2026-05-05 17:03:15

AI Big Three Cut New-Model Release Cycles to About 50 Days, Raising Barriers for South Korea Google, OpenAI and Anthropic have effectively compressed their new AI model release cycles to roughly a monthly cadence, as competition accelerates in the era of agent AI, where falling behind is widely seen as fatal. An analysis of the three companies’ major model launches over the past six months shows an average interval of 50 days, down about 62% from the three-year average of 130 days. By company, Google posted the shortest average at 39 days, followed by OpenAI at 43 days and Anthropic at 68 days. OpenAI unveiled GPT-5.5 on April 23, 49 days after releasing GPT-5.4. Its recent sequence — GPT-5 (August 2025), GPT-5.1 (November), GPT-5.2 (December), GPT-5.3 (March), GPT-5.4 (March) and GPT-5.5 (April) — contrasts with the roughly eight months it took to move from GPT-4 to GPT-4 Turbo. Anthropic released Claude Opus 4.7 on April 16, 70 days after Opus 4.6. The company said Opus 4.7 delivered meaningful gains over Opus 4.6 in coding, vision and self-verification. Google has maintained the fastest cadence, rolling out Gemini 3 in December, Gemini 3 Pro in January, Gemini 3.1 Pro in February, 3.1 Flash Lite in March and Gemma 4 in April. The company has kept its pattern of one major version per year while using frequent sub-versions to expand practical market share. The acceleration is being driven by three factors, the article said. First is the full-scale shift to agent AI: as use expands beyond chat into coding, data analysis and workplace automation, the minimum performance bar is rising quickly, and laggards can see immediate customer churn. Second is a sharp drop in inference costs. Flagship model operating costs constrained release speed as recently as two years ago, but per-token prices have fallen rapidly, easing that limit. Third is an industry practice of branding improvements in fine-tuning, safety and instruction-following as “new models,” favoring fast, incremental updates over major architectural overhauls. Competition between OpenAI and Anthropic is also heating up amid financial pressures. With both aiming for initial public offerings in the second half of this year, investors are focused on which company has the strongest model, and the market mood is increasingly winner-take-all. Investment banking circles view profitability for the No. 2 player as far below the leader’s, adding pressure to secure a performance edge before IPOs — and further shortening release cycles. Against that backdrop, concerns are growing that South Korea’s independent foundation models will see their international competitiveness erode. Government-led support programs can take months just to select operators. The National Growth Fund’s plan to invest 560 billion won in Upstage’s independent foundation model is a meaningful attempt, but questions remain about whether Korean models can break into global markets as the big three push out new releases about every 50 days.* This article has been translated by AI. 2026-05-05 17:00:15

Seoul mayoral rivals clash over villas as answer to rental crunch Seoul mayoral candidates Jung Won-oh of the Democratic Party and Oh Se-hoon of the People Power Party, who have traded barbs for days over the city’s housing policy, clashed again on Monday over whether “villas” can help ease the rental crunch. Oh’s campaign said Jung’s suggestion that supplying villas and similar housing could resolve the monthly rent and jeonse squeeze within two to three years was “dangerous.” Jung’s camp responded that villas are a legitimate form of housing and accused Oh of an apartment-only mindset. Park Yong-chan, a spokesperson for Oh’s election committee, said in a statement that Jung “caused trouble again,” criticizing Jung’s remarks as implying the rental crisis could be solved in two to three years by supplying villas. Park was referring to Jung’s comments the previous day at a meeting with district chief candidates, where Jung said the city could craft measures within two to three years and increase supply by using villas, officetels and “living-type lodging facilities.” Park argued the core cause of Seoul’s rental turmoil is an “absolute shortage” of apartment rental supply stemming from what he called the Lee Jae-myung administration’s misguided real estate policies. He said criticism is mounting that Jung is offering an “absurd” alternative while ignoring the root problem. Kim Jae-seop, a lawmaker who serves as a co-chair of Oh’s campaign, also attacked Jung’s remarks. In a Facebook post, Kim criticized what he called a “Jung Won-oh-style ‘crab, carp and frog’ theory,” saying Jung lives in a “proper apartment” while telling Seoul residents to live in villas. Kim wrote that the Democratic Party’s “hypocrisy DNA” was showing again, referring to a phrase used to criticize telling ordinary people not to aspire upward. Kim also said President Lee Jae-myung raised barriers for young people and newlyweds seeking apartments through what he called a “double shackle” of lending restrictions and the land transaction permit system. He said offering non-apartment housing as an alternative to people who want to live in apartments is either deceiving Seoul residents or “nonsense.” Jung’s camp said Seoul’s housing problems should not be viewed only through the lens of apartment supply. Lee Ju-hee, a spokesperson for Jung’s campaign, said Oh was “looking in the wrong place,” adding that criticism of so-called “villa phobia” was aimed not at residents who live in villas but at Oh’s “narrow” insistence on apartments. “Villas are clearly one form of housing,” Lee said, arguing that the city should consider flexible and diverse housing types. She said Oh’s apartment-centered view shows a “fatal” lack of policy imagination and flexibility, and called it “shallow” to reduce Seoul’s housing prices solely to a shortage of apartment supply. Lee also accused Oh of failing to move beyond an outdated view of housing as a tool for speculation and investment, and said it would be “close to impossible” to expect innovative city administration given what she called Oh’s decade of uncommunicative governance. Kim Nam-geun, a lawmaker who heads policy for Jung’s campaign, joined the criticism, saying Oh was “consistently distorting” Jung’s remarks. Kim said that given the time required for redevelopment projects, it is the mayor’s duty and a public role to reduce supply-demand instability by quickly supplying non-apartment housing such as villas and officetels. Kim said Oh’s camp had turned Jung’s comment — that “if the public sector leads the supply of villas and officetels, it can be done in two to three years” — into a claim that “the rental crunch will be solved in two to three years,” calling it a “clear falsehood.”* This article has been translated by AI. 2026-05-05 16:57:17

Trump Says Tariffs Aren’t High Enough, Signals Push for Additional Duties President Donald Trump said current tariff levels are not high enough, openly signaling interest in additional duties as large-scale refunds are set to begin next week following a U.S. Supreme Court ruling that invalidated his administration’s “reciprocal” tariffs. The Trump administration is expected to use this week’s hearings under Section 301 of the Trade Act to press ahead with what it has described as “alternative tariffs.” According to CBS and other outlets, Trump told a White House Small Business Summit held during U.S. Small Business Week on May 4 (local time) that while people had said they were thankful for tariffs, “I think those tariffs are actually not high enough.” He added that the administration is reviewing alternative tariffs and said, “Refunding tariffs is really terrible.” The remarks came after the Supreme Court in February struck down reciprocal tariffs and other duties the administration had imposed under the International Emergency Economic Powers Act, or IEEPA. Reuters, citing a statement from U.S. Customs and Border Protection, reported that the refund process is expected to begin May 12. CBP estimates it collected about $166 billion in IEEPA-based tariffs from 330,000 importers, suggesting refunds could be substantial. CBS, citing CBP data, reported that as of April 26 more than 11 million refund claims had been filed. As the administration looks beyond IEEPA, the Office of the U.S. Trade Representative is preparing tariffs under Section 301 and plans hearings May 5-8 involving 16 countries, including South Korea and China, on issues tied to overproduction. After the reciprocal-tariff ruling, the administration imposed a 10% global tariff, and since March USTR has launched Section 301 investigations of major trading partners over overproduction and forced labor. Section 301 allows the United States to respond to foreign policies and practices deemed unfair and harmful to U.S. trade. USTR is expected to complete its investigation by July 24, and it is widely expected the administration will impose tariffs on countries where it finds practices it considers unfair. Still, with public sentiment souring amid high prices linked to tariff policy, concerns are also emerging within the Republican Party ahead of this year’s midterm elections. Small businesses, with limited leverage to negotiate prices, are seen as especially vulnerable because they may struggle to pass higher costs on to consumers. Rep. Max Miller, R-Ohio, said, “This tariff policy is not working for them (small businesses),” adding, “Overall, it is not having a positive effect. Overall, it is a negative effect.” CBS also reported that Ford, a major U.S. automaker, has asked the Trump administration not to introduce additional tariffs beyond those already in place.* This article has been translated by AI. 2026-05-05 16:39:14

South Korea reviewing U.S. call to join Hormuz operation, citing legal steps and readiness South Korea’s government said May 5 it is reviewing U.S. President Donald Trump’s call for Seoul to take part in a military operation in the Strait of Hormuz following an explosion and fire involving a South Korean vessel, citing readiness on the Korean Peninsula and domestic legal procedures. The government also said it will move quickly — and accurately — to determine the cause of the incident and disclose findings transparently to the public. The presidential office said the government’s position is that the safety of international sea lanes and freedom of navigation serve the common interests of all countries and must be protected under international law. It said South Korea is actively participating in international efforts to stabilize, restore and normalize global maritime logistics networks as soon as possible. “In that context, we are also paying attention to President Trump’s remarks,” it added. On the U.S. military’s launch of “Project Freedom,” aimed at helping merchant ships leave the Strait of Hormuz, the presidential office said South Korea and the United States have remained in close communication on the stable use of major sea lanes, including the strait. The presidential office held a meeting chaired by presidential chief of staff Kang Hoon-sik to discuss response measures related to the South Korean ship incident that occurred in Hormuz the previous day. Attendees included the head of the crisis management center, the secretary for oceans and fisheries, the secretary for foreign policy, and the head of the national situation room. For the investigation, the government plans to move the vessel to a nearby port using a tugboat contracted by the ship’s operator, berth it, and then immediately dispatch personnel from the Dubai branch of the Korean Register to conduct a safety inspection. To ensure a more objective and reliable determination of the cause, it also plans to send investigators from the Korea Maritime Safety Tribunal and forensic experts from the National Fire Agency, separate from the operator’s own inquiry. The presidential office said the analysis is expected to take several days, given the time needed to deploy the tugboat, berth the ship, dispatch investigators from South Korea and conduct analysis. Diplomatic efforts are also underway. South Korea is sharing relevant information and maintaining close communication with the United States, Iran and member states of the Gulf Cooperation Council, it said. Trump wrote on social media platform Truth Social on May 4 that Iran had fired several times toward “unrelated countries,” including a South Korean cargo ship, over ship movements linked to “Project Freedom,” adding that it seemed time for South Korea to join the operation. Yoo Ji-hoon, a research fellow at the Korea Institute for Defense Analyses, said that at this stage, with the cause of the explosion and the party responsible not clearly identified, confirming the facts should come first. He said that rather than immediately joining combat operations, it would be preferable to maintain a balance between alliance cooperation and preventing escalation through limited, noncombat contributions such as information sharing, maritime surveillance and dispatching liaison officers.* This article has been translated by AI. 2026-05-05 16:30:16

South Korean Opposition Blasts Proposed Special Counsel With Power to Drop Charges Opposition parties including the People Power Party and the New Reform Party on May 5 stepped up attacks on a bill to appoint a special counsel to investigate allegations of “fabricated investigations and fabricated prosecutions” under the Yoon Suk Yeol administration. They criticized President Lee Jae-myung’s comments a day earlier that the issue requires public input and deliberation, arguing he was seeking to delay action until after the June 3 local elections. People Power Party leader Jang Dong-hyeok told a news conference at the National Assembly that Lee was not only adopting “every method used by dictators around the world to control the judiciary,” but also seeking to appoint a special counsel himself “to erase crimes.” He said Lee was writing a “dictator’s guidebook” that would “remain in world history.” Jang also said Lee’s stance amounted to canceling indictments “but trying to push back the timing,” adding that “something unconstitutional does not become constitutional just because the local elections pass.” People Power Party floor leader Song Eon-seok wrote on Facebook that Lee had defined the “indictment-cancellation special counsel” as something that “must be done.” Song said Lee should say “I will not cancel indictments,” not call for deliberation on timing and procedure. He vowed to block what he called an attempted “judicial coup” through indictment cancellations. People Power Party candidates for metropolitan and provincial governor posts also held an emergency news conference in front of Bosingak pavilion in central Seoul, calling the bill “a serious act that destroys the rule of law” and “directly undermines the constitutional order.” In a statement, candidates including Seoul mayoral candidate Oh Se-hoon, Incheon mayoral candidate Yoo Jeong-bok and Gyeonggi gubernatorial candidate Yang Hyang-ja demanded that the bill be withdrawn; that Lee declare, “There will be no indictment cancellations, and I will stand trial according to law and principle”; and that Democratic Party candidates for those posts state whether they support the bill. The New Reform Party also labeled the bill a “judicial coup.” Party leader Lee Jun-seok wrote on Facebook a day earlier that the president likely knows why he cannot bring himself to say, “Don’t do it.” Lee said the opposition must secure not a vague timetable but a clear declaration that the plan is being abandoned. He also shared information about a signature campaign opposing the proposal. The party’s chief spokesperson, Lee Dong-hoon, said in a statement May 5 that he could not help but laugh at what he called a “shallow calculation” to “cover the public’s eyes and just get past the local elections.” He said a law that shakes the foundation of separation of powers should be “scrapped immediately,” not slowed down. New Reform Party candidates Cho Eung-cheon for Gyeonggi governor and Kim Jeong-cheol for Seoul mayor met a day earlier with People Power Party candidates from the Seoul metropolitan area to coordinate opposition to the bill. The Democratic Party introduced the special counsel bill on April 30, saying it aimed to uncover alleged abuses of prosecutorial power tied to cases including the Ssangbangwool remittances to North Korea case and allegations of corruption in the Daejang-dong, Wirye and Baekhyeon-dong development projects. Under the bill, a special counsel could take over designated cases and decide whether to file charges or maintain prosecutions. Opposition parties argue the special counsel would take over cases in which Lee is a suspect and attempt to cancel indictments. They say the legislature and executive branch would be using the special counsel to infringe on judicial independence and threaten separation of powers. Democratic Party leader Jeong Cheong-rae told reporters in Dongducheon, Gyeonggi Province, after a public outreach event that if a strict special counsel investigation proves prosecutions were fabricated, defendants who suffered from that fabrication “should of course be relieved.” He said the question of when to proceed would be decided by gathering the views of the public, party members and lawmakers to make the best choice.* This article has been translated by AI. 2026-05-05 16:22:28

US Treasury chief urges China to press Iran to reopen Strait of Hormuz The United States is publicly pressing China to help end the blockage of the Strait of Hormuz ahead of a U.S.-China summit. The New York Times reported that Treasury Secretary Scott Bessent said in a Fox News interview on Sunday that he was urging China to join what he called an international effort and to use diplomacy to persuade Iran to reopen the strait. “Iran is the largest state sponsor of terror, and China has been buying 90% of Iran’s energy, so it is effectively funding the largest state sponsor of terror,” Bessent said. Bessent also highlighted the U.S.-led maritime operation, saying, “We have full control of the strait.” He said the United States is demanding that Iran release the ships “for the benefit of the international community,” and he added that Washington expects international partners to engage similarly and that it is “the right time” for them to pressure Iran. He said the United States is returning fire only if attacked and “is not the side provoking,” but added that if Iran seeks to escalate, the United States is prepared to respond. The remarks came about a week before a summit between President Donald Trump and Chinese President Xi Jinping, and were widely seen as a pointed public message to Beijing. The United States has recently tightened sanctions targeting China. The State Department and Treasury Department last month sanctioned the Chinese refining company Hengli Group over imports of Iranian crude. On May 1, the United States added sanctions on operators tied to a “shadow fleet” linked to Iran’s petroleum product exports. Treasury also sanctioned three Iranian exchange houses and related front companies accused of brokering foreign-exchange transactions worth billions of dollars a year, cutting off financial dealings. The groups are suspected of converting yuan flowing in from China into other currencies that could be repurposed for military funding. China has pushed back against U.S. sanctions on its companies, signaling it opposes compliance. The U.S. pressure campaign over Iran has also raised concerns it could reignite tensions between Washington and Beijing. Strategic competition has continued, including China’s decision last month to bar investment in Meta’s AI company Manus and to demand the acquisition be withdrawn. On oil prices, Bessent said he understands that a short-term spike is affecting Americans, but predicted prices would fall “very quickly” once the situation passes. He estimated the Iran war has reduced oil supply by about 8 million to 10 million barrels a day. He said a tanker passing through the Strait of Hormuz can carry about 2 million barrels, and that normal passage of just four to five ships a day could ease the disruption. Given current conditions, he said “150 to 200” ships that had been stuck could get out, adding that the market would see supply flow much more smoothly. He also said the United Arab Emirates, which has left the Organization of the Petroleum Exporting Countries, is expected to increase oil production, which he said would further support supply.* This article has been translated by AI. 2026-05-05 16:21:20

Online backlash after Democratic Party leader urges schoolgirl to call candidate 'oppa' in Busan race Online communities erupted with criticism after Jung Cheong-rae, leader of the Democratic Party, urged a first-grade elementary school girl to call Ha Jung-woo — a candidate in the Busan Buk-gu Gap parliamentary by-election — “oppa,” a Korean term often used by younger women to address an older brother or an older male. Posts about the incident spread across multiple online forums on May 4, with commenters accusing Jung of crossing a line and calling for him to step down. One poster, identified as A, wrote, “For reference, Jung Cheong-rae (born 1965 — age 61), Ha Jung-woo (born 1977 — age 48),” and added, “Didn’t Jung’s own son cause trouble at school over a sex-related issue? Like father, like son ... no reflection?” Another commenter, B, wrote, “At this point, it makes sense why sex-related incidents keep happening in the Democratic Party,” adding that if Jung acted that way “in front of lots of cameras,” he would likely “habitually sexually harass” staff or aides. Other comments included, “He’s lost it,” “This really crossed the line,” and calls for Jung to resign as party leader. Some posts used crude, derogatory nicknames for the party. The article noted that much of the negative reaction appeared in women-dominated online communities that are generally considered favorable terrain for the Democratic Party, with many users urging Jung to resign. Jung drew the backlash after campaigning on May 3 in the Busan Buk-gu area, including Gupo Market, to rally support for Ha. During the visit, Jung told a girl who appeared to be in the lower grades of elementary school, “Here’s Jung-woo oppa — say ‘oppa.’” Ha, seated in front of the child, pointed to himself and echoed the term, calling himself “oppa.” When the girl looked around, Jung again pressed her to say it. After she responded quietly, Jung clapped and said, “Oh my.” As the video spread online, People Power Party lawmaker Park Jung-hoon wrote on Facebook the same day that telling an elementary school student to call a politician more than 40 years older “oppa” was “clear sexual harassment of a child.” Park added, “That someone like this is the leader of the ruling party is the laughably sad reality of Korean politics.” Park also criticized Ha, saying the candidate was “just as pathetic” for smiling and playing along. People Power Party lawmaker Sung Il-jong also wrote on Facebook that it was “embarrassing” to see “62-year-old leader Jung Cheong-rae and 50-year-old candidate Ha Jung-woo” pressuring a first-grade girl to call them “oppa.” He said the two repeatedly urging the hesitant child was “no different from a form of child abuse.” Sung added that the child likely felt uncomfortable being made to address someone “presumed to be much older than her father,” and asked whether it was acceptable to cause a young child distress “no matter how desperate they are for votes.” The Democratic Party said on May 3 that Jung expressed regret, saying he was sorry to the child and her parents because the child “ended up at the center of controversy” during the market visit. Ha also apologized the previous day, saying that while meeting residents, the child became the focus of the controversy. “I offer my apologies to the child and the parents who may have been hurt,” he said, adding that he would be more careful and meet residents with a “low and humble” attitude.* This article has been translated by AI. 2026-05-05 16:18:16