Koo Yun-cheol Signs MOU With ADB to Set Up AI Innovation Center in South Korea Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol signed a memorandum of understanding with the Asian Development Bank to establish an artificial intelligence innovation and development center in South Korea and agreed to expand cooperation on critical-mineral supply chains. The Ministry of Economy and Finance said Monday that Koo, visiting Samarkand, Uzbekistan, on the sidelines of the ADB annual meeting, met with ADB President Masato Kanda and signed the MOU to set up the center. The AI Innovation and Development Center, known as CAID, is to be established in South Korea as a cooperation hub to apply AI to ADB programs supporting developing countries and to help strengthen AI capabilities in those countries. During the meeting, Koo said, “Through cooperation in the AI field, we will pursue mutually beneficial development cooperation that helps all countries,” and presented South Korea’s vision of a “global AI hub” that would bring together AI-related organizations under multilateral development banks and the United Nations. The two sides also agreed to broaden cooperation on critical-mineral supply chains. Koo voiced support for ADB’s policy to diversify critical-mineral supply chains in the region and stressed the importance of building stable supply chains through cooperation among member countries. Koo also met the same day with Indranee Thurai Rajah, Singapore’s second minister for finance, to discuss cooperation as co-chairs of the next ASEAN+3 finance ministers and central bank governors meeting. They agreed to sustain cooperation momentum based on the outcome of the South Korea-Singapore summit and to continue consultations to identify agenda items that provide practical help to ASEAN+3 countries. Koo introduced his “global AI hub” initiative to Rajah and proposed that Singapore join South Korea’s efforts to share the benefits of AI with the global community.* This article has been translated by AI. 2026-05-04 17:03:19

Playgrounds stay empty as Korean children simply have no time to play SEOUL, May 04 (AJP) - As South Korea observes the 104th anniversary of Children’s Day this Tuesday, the festive banners and gift-wrapped toys mask a sobering reality. The holiday, envisioned by pioneer Bang Jeong-hwan as a day to prioritize the "happiness and well-being" of the nation’s youth, has become a poignant reminder of a childhood increasingly spent in the shadows of high-stakes testing and digital screens. Data suggests that for the average South Korean child, the "right to play" is less a lived reality and more a luxury they simply cannot afford. The most striking finding from the National Center for the Rights of the Child’s “2025 Key Statistics for Children” isn't just that children are busy—it’s the profound disconnect between their aspirations and their daily lives. Four out of 10 desired to spend time and play with friends after school, but only two were able to do so as most were carried off to after-school academies and private tutoring. More than half of surveyed students identified after-school academies (hagwons) and tutoring as the main barriers to free play. The pressure begins early in South Korea’s highly competitive education system, where preparation for elite university admissions increasingly starts in elementary school. A 2024 survey by ChildFund Korea found that older elementary students aged 9 to 12 spent an average of 2 hours and 47 minutes a day studying outside school, while younger children aged 6 to 9 studied an additional 2 hours and 17 minutes daily. Although school hours in South Korea are shorter than the OECD average, total study time including private education reaches nearly six hours a day, exceeding the OECD average of five hours. The consequences are increasingly visible. In its report “Child Well-Being in an Unpredictable World,” the Organization for Economic Co-operation and Development ranked South Korea 28th out of 40 countries in children’s physical health and 34th out of 36 countries in mental health. Despite significantly longer study hours than Japan, South Korean students also posted lower scores in reading, mathematics and science in the 2022 PISA assessment. “When private education hours become excessively long, marginal utility inevitably decreases,” said Kim Hyun-chul, a professor at Seoul National University. “It is crucial to maintain proper balance in everything.” Where physical play and social interaction vanish, digital dependence fills the void. In a world where safe play spaces are scarce and time is tighter than ever, smartphones have become the default "playground." A recent survey by the Korean Teachers and Education Workers Union reveals that 70% of upper elementary students are already engaging with generative AI like ChatGPT and Gemini and half of them spending more than two hours on smartphones after school. While technological literacy is vital, researchers warn that this shift is often a survival mechanism. When children are too tired or too busy for the park, they turn to the screen for a quick, low-effort dopamine hit. Globally, however, attitudes toward play are shifting in the opposite direction. The United Nations Children's Fund and the LEGO Group last year established June 11 as the International Day of Play, emphasizing play as essential to healthy child development. The World Health Organization has also stressed that regular physical activity and active play are critical for children’s physical and mental well-being. “Allow them to sleep and exercise sufficiently,” Korean children’s rights pioneer Bang Jeong-hwan wrote in the original Children’s Day proclamation more than a century ago. “Let them go on walks or picnics occasionally.” The words now sound less like celebration and more like a reminder of what many Korean children increasingly lack. 2026-05-04 16:53:07

Kia April Global Sales Rise 1% to 277,188 Despite Uncertainty Kia said Sunday that its global vehicle sales in April rose 1% from a year earlier to 277,188 units. Sales in South Korea climbed 7.9% to 55,045, while overseas sales slipped 0.7% to 221,692. Special-purpose vehicle sales totaled 451. The Sportage was Kia’s top-selling model worldwide in April, with 51,458 sold. It was followed by the Seltos with 28,377 and the Sorento with 22,843. In South Korea, the Sorento led sales with 12,078 units. Passenger-car sales totaled 13,441, led by the Ray with 4,877, the K5 with 2,366 and the K8 with 1,461. Recreational vehicle sales totaled 35,877, including the Sorento, the Carnival with 4,995, the Sportage with 4,972 and the EV3 with 3,898. Commercial vehicle sales totaled 5,727, including the PV5 with 2,262 and the Bongo III with 3,335. Overseas, the Sportage was the best-selling model with 46,486 units, followed by the Seltos with 24,797 and the K4 with 18,654. Kia sold 451 special-purpose vehicles, including 63 in South Korea and 388 overseas. A Kia official said sales in Arab and Middle Eastern markets fell somewhat due to geopolitical risks in the region, but strong demand in South Korea and overseas markets outside the Middle East supported overall growth. The official said Kia will seek to sustain momentum with eco-friendly vehicles, including electric vehicles and hybrid SUVs.* This article has been translated by AI. 2026-05-04 16:45:18

Where to Go in May: 10 Family-Friendly Festivals Across South Korea May, widely marked in South Korea as Family Month, brings a packed calendar of festivals aimed at family visitors nationwide. Options range from nature and hands-on events during the Children’s Day holiday to culture, food, and flower festivals later in the month. In Hampyeong, South Jeolla Province, the 28th Hampyeong Butterfly Festival runs through the 5th at Hampyeong Expo Park. Under the theme “Dreaming Butterfly, the Journey Begins,” it features flower-and-butterfly exhibits, activities and performances, including butterfly releases indoors and outdoors, feeding programs, parades and shows. Admission is paid: 7,000 won for adults, 5,000 won for youths and soldiers, and 3,000 won for kindergarteners, children and seniors, based on on-site sales. In Boseong, South Jeolla Province, the Boseong Green Tea Festival continues through the 5th. Now in its 49th year, it highlights local tea culture with programs such as tea-leaf picking, tea making, tea tasting and green-tea therapy. Admission is free. In Damyang, South Jeolla Province, the Damyang Bamboo Festival runs through the 5th at Juknokwon Bamboo Garden and the nearby Dambit Music Hall area. With the slogan “Shine, Shine, Bamboo!” it offers bamboo-themed activities, performances and nighttime lighting programs. Admission is free, while Juknokwon charges 3,000 won and returns the full amount as a payback coupon. The Yeoncheon Paleolithic Festival runs through the 5th at the Jeongok-ri archaeological site in Yeoncheon. The family-oriented history festival centers on Paleolithic-era experiences. General admission is 7,000 won and youth and children’s tickets are 3,000 won. General visitors receive a 5,000 won Yeoncheon Love gift certificate, while youths and children receive a 3,000 won certificate. In Miryang, South Gyeongsang Province, the Miryang Arirang Festival is scheduled for the 7th through the 10th around Yeongnamnu Pavilion and the Miryang River. Admission is free. The festival aims to preserve and develop Miryang Arirang, which is listed by UNESCO as an Intangible Cultural Heritage of Humanity, and includes a Miryang Arirang contest, traditional culture activities and the multimedia outdoor show “Miryang River Odyssey.” The Seoul World Cities Culture Festival will be held from the 9th to the 10th at Dongdaemun Design Plaza, or DDP, from noon to 9 p.m. Participation is free. Organizers plan cultural performances, traditional costume and game experiences, and global food and dessert zones. The 2026 Busan Wheat Festival is set for the 9th to the 10th at Hwamyeong Ecological Park in Busan’s Buk District. Hosted by Busan Metropolitan City and organized by the Busan Festival Organizing Committee, it will feature wheat-themed food programs, a flea market, hands-on activities and performances. A food lounge under a large shade canopy and spaces for participatory programs will be set up on site. From the 15th to the 18th, the 2026 Haeundae Sand Festival will take place at Haeundae Beach and Haeundae Square in Busan. This year’s theme is “A Time-Travel Journey Through Busan in Sand.” The program includes an international sand sculpture exhibition, activities and performances. The sand works will remain on display through June 14. The Gokseong World Rose Festival runs from the 22nd to the 31st at Seomjingang Train Village. The site includes a rose garden covering about 75,000 square meters, with 1,004 varieties of rare European roses and other flowers. Admission is paid, but Gokseong residents, people of national merit and people with disabilities are admitted free. In Chuncheon, Gangwon Province, the Chuncheon Mime Festival is scheduled for the 24th through the 31st across the city under the theme “Body Landscape.” Events include the opening street program “Ah! Water-rang,” theater performances, “Mime You See While Walking,” “Art Madang X,” and overnight programs including “Goblin Madang.” Most events are free, but theater performances and some programs charge admission. Organizers warn that festivals can be especially crowded during the Children’s Day holiday and on weekends. Some hands-on programs require advance reservations or operate on a first-come, first-served basis, and some events charge admission or separate activity fees. Visitors are advised to check official websites for hours, ticket prices, parking and whether shuttle buses are running before traveling.* This article has been translated by AI. 2026-05-04 16:42:25

Iran Military Warns It Will Attack U.S. Forces if They Approach Strait of Hormuz Iran’s unified military command warned that U.S. forces would be attacked if they approach or enter the Strait of Hormuz, after President Donald Trump said the United States would help ships stuck in the waterway. Ali Abdollahi, head of Iran’s unified military command, said in a statement on the 4th that security in the Strait of Hormuz is handled by Iran’s armed forces and that safe passage for vessels must be coordinated with the military. He added that Iran would strike “foreign armed forces, especially the aggressive U.S. military,” if they try to approach or enter the strait. The statement appeared aimed at Trump’s announcement a day earlier. Trump said ships trapped in the Hormuz channel were facing shortages of food and supplies and that the United States would help them move safely. The specific operational plan has not been made public. Iran also urged merchant ships and oil tankers to refrain from moving without coordination with Iran’s military, reiterating that it views transit through the strait as under its military control rather than a matter of maritime safety alone. Reuters reported that U.S. Central Command plans to support the initiative with 15,000 troops and more than 100 land- and sea-based aircraft, warships and drones. Iran said such moves could further complicate the situation and could instead threaten the safety of ships passing through the strait.* This article has been translated by AI. 2026-05-04 16:39:55

South Korea online shopping hits record as travel demand defies fuel surcharges SEOUL, May 04 (AJP) - South Korea's online shopping transactions hit an all-time monthly high in March as travelers booked spring holidays despite soaring fuel costs driven by the Middle East conflict. Data from Statistics Korea showed monthly transactions reached 25.6 trillion won, marking the first time the figure has surpassed 25 trillion won since tracking began in 2017. Total volume grew 13.3 percent compared to the same period last year. Travel and transport services served as the primary engine for growth, surging 21.7 percent to 3.3 trillion won. Surge comes as South Koreans prepare for the peak travel window in May, which includes major public holidays for Children's Day and Buddha's Birthday. Demand for air travel has remained price-inelastic despite a sharp rise in jet fuel surcharges. Costs spiked following geopolitical volatility involving Iran, which heightened concerns over oil supply stability in the Persian Gulf. South Korean carriers adjust international fuel surcharges monthly based on the Mean of Platts Singapore (MOPS) benchmark. Recent regional instability pushed these surcharges higher, but travelers have opted to secure tickets early to hedge against further price increases. Total online transactions for the first quarter of the year reached 72.2 trillion won, up 9.2 percent from 2023. Beyond travel, the sector saw significant gains in automotive supplies and telecommunications equipment. Overseas direct sales also expanded 24.4 percent to 1.1 trillion won in the first quarter. Cosmetics and K-pop-related merchandise, including albums and video content, drove the bulk of international demand. China remained the largest partner for cross-border e-commerce. Online purchases by South Koreans from Chinese platforms totaled 1.2 trillion won during first three months of year. 2026-05-04 16:39:09

PPP’s Choo Kyung-ho and Lee Cheol-woo visit Park Geun-hye, urge conservatives to hold Daegu People Power Party Daegu mayoral candidate Choo Kyung-ho and North Gyeongsang Gov. Lee Cheol-woo, also a candidate in the June 3 local elections, visited Park Geun-hye on May 4, in what appeared to be an effort to rally conservative voters with help from former presidents. The two candidates visited Park’s home in Dalseong County, Daegu, on Monday afternoon. They were accompanied by Lee In-sun, head of the party’s Daegu chapter; Koo Ja-geun, head of the party’s North Gyeongsang chapter; and lawmaker Yoo Young-ha. After the meeting, Choo told reporters Park is “a former president from our party and the most senior figure in conservative politics,” and said he visited to pay his respects, check on her well-being and talk with her. Choo said Park recalled praising him during her administration, saying he had strong drive “true to his name,” which he said helped put him at ease. He said Park also voiced concern that recent domestic and international conditions were unsettled and said that in such times it is important to defend liberal democracy and that Daegu should play its role as a center of conservative politics. Choo said Park encouraged them to work hard and win, adding that she said each voter’s choice would determine the nation’s fate and that the public would choose wisely. Choo said he took her remarks seriously and pledged to revive Daegu’s economy and “protect the conservative heart.”* This article has been translated by AI. 2026-05-04 16:37:02

Pan Ocean Q1 Operating Profit Rises 24.4% on Strong LNG, Tanker Business Pan Ocean posted strong first-quarter results on solid performance in its liquefied natural gas (LNG) and tanker businesses. The company said in a regulatory filing on the 4th that its consolidated operating profit for the first quarter totaled 140.9 billion won, up 24.4% from a year earlier on a preliminary basis. Revenue rose 8.3% to 1.5089 trillion won, and net profit increased 31.3% to 94.5 billion won. By segment, the tanker business reported operating profit of 28.1 billion won, up 41.5% from a year earlier, as market conditions strengthened for medium-range (MR) petrochemical product carriers. The LNG business posted operating profit of 47.2 billion won, up 49.7%, after deliveries were completed for all vessels. The bulk segment posted operating profit of 54.7 billion won, down 10.3% from the previous quarter, which the company attributed in part to geopolitical risks stemming from the Middle East. The container segment recorded operating profit of 9.0 billion won, down 42.9% from a year earlier, as freight rates fell amid oversupply. Pan Ocean said profitability improved despite a traditional seasonal slowdown, citing gains from expanding its portfolio, including LNG. The company has been accelerating efforts to diversify beyond its bulk-focused business structure. To that end, it previously announced plans to invest up to about 1.6 trillion won in non-dry bulk businesses centered on LNG. To fund investment in LNG and other areas outside its core bulk segment, it set capital expenditures at about 816.0 billion won in 2025, about 407.9 billion won in 2026 and about 136.0 billion won in 2027. A Pan Ocean official said the company will continue efforts to strengthen its ability to respond to market changes and expand its business portfolio to secure competitiveness and stable profitability. The official added that Pan Ocean will also pursue environmental, social and governance (ESG) management to reinforce its standing as a “sustainable company.”* This article has been translated by AI. 2026-05-04 16:35:54

Mirae Asset’s Covered-Call Assets Top 10 Trillion Won, an Industry First Mirae Asset Global Investments said its covered-call products have surpassed 10 trillion won ($) in net assets, the first such milestone in the industry, as demand grows for income-focused strategies during periods of heightened market volatility. The firm said Monday that as of April 27, net assets in its covered-call series totaled 10.4484 trillion won, including 3.4416 trillion won in public mutual funds and 7.0068 trillion won in exchange-traded funds. The combined covered-call assets across mutual funds and ETFs are among the largest in South Korea, it said. A covered-call strategy sells call options on stocks already held to collect option premiums. The approach aims to generate steadier cash flow by combining dividends with option income, and premiums can rise when volatility increases, helping drive recent investor interest. Mirae Asset Global Investments said it introduced covered-call strategies in 2012 and has built a long operating track record. Its flagship public fund, the Mirae Asset Dividend Covered Call Active, has posted cumulative returns of more than 357% since inception. Growth has been led recently by ETFs. The TIGER Dividend Covered Call Active ETF, listed in 2023, quickly surpassed 1 trillion won in net assets after listing and drew retail money with a monthly distribution structure. The addition of the TIGER Semiconductor TOP10 Covered Call Active ETF has broadened the strategy beyond dividend-focused products toward combining covered calls with investments in growth industries. The firm attributed the expansion to running both mutual funds and ETFs: mutual funds provide stability based on long-term performance, while ETFs broaden access through easier trading and liquidity. Market conditions have also supported the strategy, it said, as volatility tied to interest rates and geopolitical factors has reinforced investor preference for steady cash flow over directional bets. Demand for distribution-based investing has also been rising, particularly in pension accounts. Jeong Ui-hyeon, head of ETF management at Mirae Asset Global Investments, said rapid asset growth from the early days of listing reflected both expectations for semiconductor growth and demand for monthly payouts. He said investor interest has also been driven by what he described as South Korea’s first covered-call structure using single-stock options, which can secure distribution resources differentiated from index-based approaches. Jeong said the semiconductor covered-call ETF plans to begin its first distribution payment in mid-May, adding that the strategy aims to increase participation in upside during an improving semiconductor cycle while providing steadier cash flow when volatility rises.* This article has been translated by AI. 2026-05-04 16:34:40

Democratic Party rules out national-level candidate unity talks ahead of June 3 local elections Cho Seung-rae, secretary-general of the Democratic Party of Korea, said May 4 that there would be no party-led candidate unification at the national level for the June 3 local elections, while leaving open the possibility of local coordination in Ulsan based on public sentiment. At a news briefing held 30 days before the vote, Cho said there had been “various things being said” about unification. He added that there would be no central party-to-party negotiations, saying such talks could distort voters’ will. Cho said, however, that “in special regions like Ulsan,” decisions would be made independently. He said there had been substantial calls in Ulsan for unification covering the mayoral race, five district chief races and seats on the metropolitan council. In the Ulsan mayoral contest, Democratic Party candidate Kim Sang-wook, Progressive Party candidate Kim Jong-hoon and Rebuilding Korea Party candidate Hwang Myeong-pil have agreed on the need for unification. On the broader outlook for the election, Cho said it would be inappropriate to label the vote a failure simply because opinion polls show a gap and the party does not win by a wide margin. He said the goal is to win “even one more seat,” including in basic council races, rather than focusing on numerical targets. Cho also addressed recent controversy over remarks by party leader Jeong Cheong-rae, including his use of the term “oppa.” Cho said the party must not let down its guard and that while it would be best to avoid any mistakes, it is more important to acknowledge errors, apologize and show sincerity.* This article has been translated by AI. 2026-05-04 16:33:06