More tax incentives for butane to support small businesses amid surging global prices SEOUL, April 23 (AJP) - Tax cuts on liquefied petroleum gas (LPG) butane products will be raised to 25 percent from around 10 percent to ease fuel costs for small trucks and other commercial vehicles, the Ministry of Finance and Economy said on Thursday. According to the ministry, the cut will take effect on May 1 and run through the end of June, lowering butane prices by about 51 won per liter from previous levels. Butane is widely used by freight and commercial vehicles, meaning price swings would directly affect logistics costs and the prices of goods and services, hitting many small and medium-sized business owners the hardest. Citing a sharp rise in international LPG prices with butane climbing to US$800 per ton in April from US$540 in March, the ministry predicted that the increase would be felt by consumers starting in May. But tax incentives for gasoline and diesel will remain unchanged at 15 percent and 25 percent, respectively, through the end of next month. There will be no additional tax breaks for propane, which is already subject to the maximum tax cut of 30 percent. Government authorities have also strengthened monitoring to crack down on those hoarding fuel for profit amid soaring prices, with inspections of nearly 6,000 gas stations nationwide this month uncovering around 99 violations, including falsified records, improper storage, and other business malpractice. 2026-04-23 14:12:36

KOSPI Slips After Brief Record High as Foreign Selling Intensifies; KOSDAQ Also Falls After opening above 6,500 and setting an intraday record high, South Korea’s benchmark KOSPI turned lower on April 23 as foreign investors stepped up selling. According to the Korea Exchange, the KOSPI was down 47.63 points, or 0.74%, at 6,370.30 as of 12:23 p.m., compared with the previous session. The index opened up 70.90 points, or 1.10%, at 6,488.83 and extended gains on institutional buying before reversing course. In the main board market, individuals and foreigners were net sellers of 86.3 billion won and 363.5 billion won, respectively, while institutions were net buyers of 530.1 billion won. Among top market-cap stocks, SK hynix fell 2.13%, Hyundai Motor dropped 1.94%, LG Energy Solution slid 4.54%, Hanwha Aerospace lost 0.64% and Samsung Biologics declined 1.47%. Samsung Electronics rose 0.69%, SK Square added 0.14% and Doosan Enerbility gained 2.85%. The tech-heavy KOSDAQ was down 20.87 points, or 1.77%, at 1,160.25 at the same time. It opened up 7.98 points, or 0.68%, at 1,189.10 but quickly turned lower. In the KOSDAQ market, foreigners and institutions were net sellers of 265.3 billion won and 114.0 billion won, while individuals were net buyers of 412.2 billion won. Among leading KOSDAQ shares, EcoPro fell 5.30%, EcoPro BM dropped 5.73%, Alteogen slipped 0.56%, Rainbow Robotics lost 1.01% and Lino Industrial declined 0.75%. ABL Bio rose 1.06%, Kolon TissueGene added 0.20% and LigaChem Biosciences gained 1.75%.* This article has been translated by AI. 2026-04-23 14:12:17

Democratic Party gubernatorial and mayoral candidates pledge unity for June 3 local elections The Democratic Party of Korea’s candidates for 16 metropolitan mayors and provincial governors in the June 3 local elections pledged to act as “one team,” saying they will help ensure the success of the Lee Jae-myung government. They said they aim for a decisive victory by campaigning in coordination and creating synergy across regions. The candidates made the remarks at a joint meeting held April 23 at the National Assembly. Daegu mayoral candidate Kim Boo-kyum and South Gyeongsang governor candidate Kim Kyung-soo did not attend due to local schedules; they were represented by Heo So, head of the Daegu party committee, and Heo Sung-moo, head of the South Gyeongsang party committee. Kim Boo-kyum and Kim Kyung-soo delivered video messages about their resolve for the campaign. At the event, candidates staged a performance by placing blocks representing their respective regions onto a board showing a map of South Korea. Party leader Jung Cheong-rae concluded by attaching a block labeled “normalization of the Republic of Korea.” “We were born on this land with a historic mission to win the June 3 local elections and ensure the success of the Lee Jae-myung government,” Jung said. He added that the public “raised up” the constitution and democracy and launched the Lee government through what he called a “revolution of light,” and said the party must repay that support. Jung also said the nomination process was calmer than in the past, noting it was difficult to find scenes such as protest rallies outside party headquarters or hunger strikes and head-shaving demonstrations. “Because you were chosen through the most democratic procedures, I believe you are the most competitive candidates,” he said. Jung urged eight candidates who are sitting lawmakers to resign their parliamentary seats on April 29 and focus on their campaigns. “Set your goals high, keep your posture low, and show the public you are working even harder with humility,” he said. Under the current Public Official Election Act, first-half by-elections are held for vacancies confirmed by April 30. However, the deadline for incumbent lawmakers to resign in order to run in the local elections is May 4, prompting speculation that the party could strategically delay resignations. Jung’s remarks were seen as a renewed push for a coordinated resignation date. Candidates also argued that local governments should actively support the Lee government. Seoul mayoral candidate Jung Won-oh said a capable local government is needed to work in step with the central government and “prove results on the ground.” Gyeonggi governor candidate Choo Mi-ae said the party “must win” to support what she called a “people’s sovereignty government.” Incheon mayoral candidate Park Chan-dae said local governments must become “one team” to help the government’s agenda reach people’s daily lives. They also pledged efforts on balanced national development, overcoming regionalism and building a “mega-city” in the Busan-Ulsan-South Gyeongsang area, and asked for support. After a closed-door session, senior spokesperson Kang Jun-hyun told reporters that Jung told candidates the party would provide active support and urged them to boost synergy through interregional cooperation. 2026-04-23 14:10:09

Seoul Apartment Prices Rise 0.15% as Outer Districts Lead Gains; Songpa Turns Up Seoul apartment prices rose 0.15% from a week earlier, led by continued strength in midpriced districts such as Seongbuk, Dongdaemun, Gangbuk and Gangseo, where such housing is concentrated. According to the Korea Real Estate Board’s weekly apartment price trend report released on the third week of April (as of the 20th), Seoul’s sales prices increased 0.15%, accelerating from a 0.10% rise the previous week. Outer districts with relatively affordable apartments drove the gains. Seongbuk-gu rose 0.27%, led by Gil-eum and Hawolgok; Dongdaemun-gu gained 0.25% on strength in Dapsimni and Hwigyeong; Gangbuk-gu climbed 0.24% around large complexes in Mia and Beon; Gwangjin-gu added 0.22% in Guui and Gwangjang; and Nowon-gu rose 0.22% near subway stations in Wolgye and Junggye. Among the 11 districts in the broader Gangnam area, increases were more pronounced in outlying parts. Gangseo-gu rose 0.31% around Gayang and Yeomchang, and Gwanak-gu gained 0.28% led by large complexes in Bongcheon and Sillim. Songpa-gu rose 0.07% in the third week, ending an eight-week decline. By contrast, Gangnam-gu fell 0.06%, led by Apgujeong and Yeoksam, and Seocho-gu slipped 0.03% around transit areas in Banpo and Bangbae. Nam Hyeok-woo of Woori Bank’s real estate research institute said sellers in Seoul’s mid-tier areas that showed strong prices in the first half of the year moved to buy, focusing on distressed listings in Seongdong, Gwangjin, Dongjak and Mapo. He said that as distressed listings in popular parts of Songpa were largely absorbed, demand shifted to less popular, relatively cheaper areas, with transactions extending into nearby Gangdong. Gyeonggi Province rose 0.07%, unchanged from the previous week. Preferred areas led the gains, including Dongtan in Hwaseong (0.41%), Gwangmyeong (0.34%) and Yeongtong-gu in Suwon (0.31%). Guri (0.29%) and Hanam (0.29%) also increased. Outside the capital region, apartment prices fell. The five major metropolitan cities, which were flat the previous week, slipped 0.01% in the third week. Sejong fell 0.07% after rising 0.02% a week earlier, turning negative. Nam said the solid price trend in Seoul’s lower-to-mid tier areas is spreading in part to outlying areas of Gyeonggi, adding that the current “catch-up” pattern centered on those Seoul districts could gradually extend further into Gyeonggi’s outskirts. 2026-04-23 14:09:18

South Korea Seeks to Supply Trains for Ho Chi Minh City Metro Line 2, Expand Vietnam Infrastructure Ties South Korea and Vietnam have agreed to broaden cooperation across infrastructure, including railways, roads, ports and smart cities, with discussions ranging from supplying trains for Ho Chi Minh City’s Metro Line 2 to technology transfer, joint smart-city development and participation in social housing projects. Vietnamese outlet Vneconomy reported that Tran Hong Minh, Vietnam’s construction minister, met April 21 in Hanoi with Kim Yun-deok, South Korea’s minister of land, infrastructure and transport. Kim said cooperation has become more urgent amid global instability, including supply-chain and energy-security concerns tied to conflict in the Middle East. He also cited momentum from Communist Party General Secretary To Lam’s visit to South Korea in August last year and more recent rail-cooperation talks involving South Korea’s rail bureau chief and Vietnam’s ambassador to South Korea. ◆ Proposal to supply Metro Line 2 trains; technology transfer and training In rail cooperation, the International Contractors Association of Korea presented specific proposals. The group said South Korea introduced high-speed rail in 2004 based on foreign technology and later developed its own capabilities in construction, operations, maintenance and rolling-stock manufacturing, and now exports high-speed trains to multiple countries. As a first step, the association said it hopes to supply trains for Ho Chi Minh City’s Metro Line 2. It said it also wants deeper cooperation, including workforce training and technology transfer, to help Vietnam build a self-reliant rail industry. Citing a rail memorandum of understanding signed by the two countries in 2025, it formally proposed holding the first Korea-Vietnam Rail Cooperation Conference in June. South Korea also expressed interest in expanding cooperation beyond rail to road transport infrastructure, ports and aviation. On financing, it proposed a mix of official development assistance and public-private partnership models, along with policy support and training programs. ◆ Cooperation to widen to smart cities, social housing and urban challenges Beyond transport, South Korea asked Vietnam’s construction ministry to help create conditions for Korean companies to participate more actively in urban development. It listed smart-city construction, investment in housing development, joint work on urban issues such as waste, environment and energy, and support for capacity building and policy improvements. South Korea also formally proposed establishing a Korea-Vietnam Infrastructure and Technology Cooperation Committee as a standing channel to improve information sharing and coordination. It said institutionalizing cooperation would help build a stable, long-term framework beyond one-off projects. Tran said the meeting would both reinforce past cooperation and open new directions. He said South Korea has been Vietnam’s second-largest bilateral donor supporting transport infrastructure development since 1996, adding that nine projects totaling more than $1 billion in loans have been completed and six projects worth about $600 million are underway. The two countries have also worked together in urban development and housing. South Korea’s land ministry said it cooperated in 2023 by providing training support and sharing experience during Vietnam’s research and development process for its Housing Law and revised Real Estate Business Law, efforts that were assessed as improving the investment environment for domestic and foreign companies. The Korea Land and Housing Corp. is pursuing a new-town development project in the southeastern part of Hung Yen province, and three ODA technical assistance projects are already underway in smart-city and social-housing fields. Tran said he would designate relevant agencies under the construction ministry as coordination points with the South Korean side. He also instructed officials to focus on key tasks, including forming the proposed committee, holding the rail cooperation conference in June, pursuing PPP projects in transport and urban development, and establishing a Korea-Vietnam Smart City Cooperation Center. 2026-04-23 14:07:36

KOCHAM Honorary Chairman: Korea’s Technology and Vietnam’s Workforce Are Inseparable President Lee Jae-myung’s official visit to Vietnam, joined by Samsung and other major South Korean conglomerates, is widening the scope of strategic cooperation between the two countries, Vietnamese media reported. Areas under discussion range from high-speed rail and nuclear power to semiconductors and artificial intelligence, as both sides pursue a 2030 goal of $150 billion in bilateral trade. Vietnam’s Tuoi Tre reported that Hong Sun, honorary chairman of the Korean Chamber of Commerce in Vietnam, said at a meeting with South Korean companies held on the occasion of Lee’s visit that the president shared “a new direction” for bilateral cooperation. Hong said Lee set the $150 billion trade target for 2030 and identified infrastructure, nuclear power, energy, critical minerals, supply chains, AI, climate-change response and advanced technology as key areas for cooperation. ◆ “Technology powerhouse plus workforce and investment environment — an inseparable link” Hong said that amid a “complex and unstable” global economic environment, forming an economic alliance is an inevitable trend that can both open new opportunities and strengthen supply-chain security. He said South Korea has strengths in technology and engineering, while Vietnam has strengths in its workforce and investment environment, calling the combination “an inseparable link.” About 10,000 South Korean companies operate in Vietnam across fields from science and innovation to infrastructure and smart cities, the report said. As of last year, South Korea was Vietnam’s largest foreign investor with cumulative investment of $94.5 billion and remained Vietnam’s third-largest trading partner with bilateral trade of about $89.5 billion. Samsung drew particular attention among the accompanying business delegation. Samsung’s Vietnam operations posted $64.9 billion in revenue last year and $57.1 billion in exports, returning to growth from the previous year, the report said. Its cumulative investment has exceeded $24 billion, and it operates six factories and a research and development center, positioning Vietnam as a global strategic production base. Earlier, Na Ki-hong, a vice president and head of Samsung Electronics’ Vietnam Samsung Strategic Cooperation Office, said Samsung will continue stable investment activities based on trust with the Vietnamese government and authorities in Thai Nguyen province. Beyond manufacturing, Samsung runs a supply-chain linkage program for 379 Vietnamese companies to support productivity improvements and has trained hundreds of local experts, contributing to the local industrial ecosystem, the report said. ◆ Taihan Vina to invest 80 billion won in extra-high-voltage cable production Another company highlighted was Taihan Vina, Taihan Cable & Solution’s manufacturing unit in Vietnam, founded in 2005 and described as a leading cable maker in the country. It produces high-voltage and medium- and low-voltage power cables, as well as overhead lines. The company plans to sign a memorandum of understanding to expand cooperation in Vietnam’s power infrastructure and construction sectors. Choi Seung-ho, head of Taihan Vina, said the agreement covers cooperation on power-cable supply, technical consulting and sharing market information. He said the company is reviewing plans for a second plant in northern Vietnam and is building the country’s first 400-kilovolt extra-high-voltage plant. Choi said major national projects in Vietnam — including expanding transmission networks, shifting to renewable energy, restarting nuclear power, building new cities and constructing high-speed rail — are directly tied to the power-cable industry. He said South Korean companies’ high-voltage direct current transmission technology, engineering, procurement and construction capabilities, and project-financing experience complement Vietnam’s needs. He also called for policy support from both governments to ensure fair competition and to cooperate on training technical personnel in South Korea and Vietnam. 2026-04-23 14:06:40

Reuters: DeepSeek Seeks First Outside Funding at Valuation Above $20 Billion Chinese AI startup DeepSeek, which has previously ruled out outside funding, is now seeking its first external capital, according to reports. Reuters reported on April 22 (local time) that Tencent and Alibaba are discussing potential investments in DeepSeek. The Information, citing multiple sources, said DeepSeek is pursuing its first outside funding round based on a valuation above $20 billion. Reuters said the valuation and the amount to be raised could change because talks are ongoing. DeepSeek is an AI startup owned by Chinese hedge fund High-Flyer Capital Management. Reuters reported on April 17 that DeepSeek was in talks with investors to raise at least $300 million, based on a valuation of about $10 billion. At the time, The Information said DeepSeek was seeking outside funding to finance development of reasoning-focused AI and autonomous agents. The rising valuation comes as AI development costs climb. Reuters said the fundraising talks underscore that building and operating advanced AI models requires large amounts of capital as sophisticated reasoning models and agent-based AI spread.* This article has been translated by AI. 2026-04-23 14:05:58

South Korean envoy meets Iran foreign minister, stresses importance of ties Jeong Byeong-ha, a special envoy of South Korea’s foreign minister, met with Iranian Foreign Minister Seyed Abbas Araghchi in Tehran, Iran’s Foreign Ministry said. According to the ministry, the meeting took place on the afternoon of April 22 local time. Jeong conveyed greetings from South Korean Foreign Minister Cho Hyun and said it was very important to strengthen South Korea-Iran relations. He also welcomed the ceasefire and said he hoped diplomatic efforts would bring a complete end to the war and help establish peace and stability in the region. Iran’s INSA news agency quoted Araghchi as saying Iran, as a coastal state of the Strait of Hormuz, had taken steps under international and domestic law to protect its national security and interests against what he called aggression and threats by the United States and Israel. He said responsibility for any consequences lay with the aggressors. Araghchi also stressed the importance of strengthening ties with South Korea and said Iran was ready to actively pursue cooperation, INSA reported. Jeong left for Iran on April 10 to discuss safety for South Korean ships and citizens stranded in the Strait of Hormuz, as well as energy cooperation. * This article has been translated by AI. 2026-04-23 14:05:28

South Korea Proposes Tax Breaks for National Growth Fund, Including 40% Deduction The government is moving to spell out tax support for a public-participation “National Growth Fund,” offering up to a 40% income deduction and a separate 9% low tax rate on eligible investments. The Ministry of Economy and Finance said on the 23rd it will issue a legislative notice for amendments to subordinate regulations, including the Enforcement Decree of the Restriction of Special Taxation Act, to introduce a tax preference for the fund. The notice period runs from April 24 to May 15. The ministry said the revisions are expected to be promulgated and take effect in May after the notice process and a Cabinet meeting. Under the proposal, tax benefits would apply when a resident age 19 or older — or age 15 or older with earned income — invests through a dedicated account in the National Growth Fund for at least three years. Eligible investments would receive an income deduction of up to 40% and be subject to separate taxation at about 9%. The fund is designed as a publicly offered fund-of-funds with private-fund features that restrict redemptions. It would invest in stocks, equity stakes and bonds of companies in advanced strategic industries and related firms. At least 60% of total assets must be invested in those areas, and the allocation must be met within 30 months. Investments would be made through a dedicated account. Contributions could be withdrawn early, and the contribution limit would be restored after a withdrawal. Workers age 15 or older would have to submit documents proving earned income, such as an income amount certificate. If an investor redeems or transfers the investment before completing the mandatory three-year holding period, the tax benefits would be clawed back. Exceptions would be allowed for unavoidable reasons such as retirement, business closure or illness. The ministry also said it will issue a legislative notice the same day for amendments to the Enforcement Decree of the Income Tax Act to require submission of documentation for the National Growth Fund income deduction. Under the change, related savings products would be added to the list of items required to submit deduction-supporting data to the National Tax Service. * This article has been translated by AI. 2026-04-23 14:04:45

Kyobo heir Shin Joong-hyun moves to SBI Savings Bank, faces leadership test Kyobo Life Insurance’s third-generation owner family member, Shin Joong-hyun, has moved from Kyobo Lifeplanet to SBI Savings Bank, putting his management credentials under closer scrutiny as the group pursues a shift toward a financial holding company structure. According to the financial industry on Wednesday, Kyobo Lifeplanet has posted a cumulative net loss of 219.2 billion won from its 2013 launch through last year, after piling up annual losses of more than 10 billion won. Kyobo Life Chairman Shin Chang-jae in 2020 gave his second son, Shin Joong-hyun, the key task of leading Lifeplanet’s digital business. While the unit’s weak results cannot be attributed solely to Shin, critics note that Lifeplanet sells policies only through online channels without agents, making digital strategy central to performance. From product planning and marketing to conversion-rate management, user experience design and data-driven risk management, the business runs on a digital platform, leaving the executive overseeing it difficult to separate from accountability. Growth indicators also weakened. Lifeplanet’s new policy sales totaled 1.4086 trillion won last year, down 9.7% from 1.5606 trillion won a year earlier. Among 22 life insurers, only Chubb Life Insurance Korea, which focuses on dental coverage, recorded a smaller amount at 312.9 billion won. As of the end of last year, Lifeplanet’s cumulative in-force policies stood at 7.7347 trillion won, just 0.3% of the combined total of 2,308 trillion won for the 22 companies. Against that backdrop, Kyobo Life has faced criticism for injecting billions of won into what some described as a bottomless pit. Industry watchers say early losses can be unavoidable for digital insurance, but more than a decade of accumulated losses and a recent trend of widening deficits are hard to dismiss as routine growing pains. An official in the life insurance industry said, “Internet insurance can be seen as an investment for the future, but with losses expanding, management will need to make important decisions.” Shin moved to SBI Savings Bank without closing out a turnaround at Lifeplanet. He will remain at Lifeplanet as an adviser and lead the synergy team under a newly created management strategy division at SBI Savings Bank. A plan to appoint him as one of the bank’s co-CEOs was reportedly considered, but he ultimately took a team leader-level role. SBI Savings Bank is seen as a key pillar in Kyobo Life’s strategy to broaden its portfolio and transition to a financial holding company, combining lending-based businesses with digital finance capabilities to complement insurance-heavy earnings. Some in the industry interpret Shin’s placement in another major post as also reflecting succession considerations. A business group official said, “Kyobo Life will use SBI Savings Bank as a foothold to lay out its plan for a transition to a financial holding company,” adding that moving an owner’s child who did not deliver results at a previous affiliate to a core unit appears to go beyond management training and take succession into account." 2026-04-23 14:04:03