Warning Issued Over High Hotel Prices Ahead of BTS Concert in Busan #. A hotel in Haeundae, Busan, demanded an additional payment of 500,000 won from a consumer who had booked a two-night stay during the BTS concert, claiming the original rate was below market value. Another establishment reportedly canceled a confirmed reservation made two months prior and resold the room to another customer.As consumer complaints about additional charges and unilateral cancellations by hotels have increased ahead of the BTS concert in Busan, fair trade authorities have issued a warning.On May 29, the Fair Trade Commission announced a 'Consumer Alert on Exorbitant Accommodation Fees' in collaboration with the Korea Consumer Agency and the Busan Consumer Association to prevent potential lodging-related consumer harm during the concert next month.The commission explained that the surge in accommodation demand during the concert period raises the risk of additional charges and reservation cancellations.According to the current public health management regulations, lodging businesses must adhere to posted rates, and consumers are not obligated to accept any additional charges after a reservation is confirmed.The Fair Trade Commission and the Korea Consumer Agency advised consumers to keep photographic or screenshot records of the posted rates and reservation details and to verify any additional charges after booking. They emphasized that consumers should not comply with additional payment requests after the contract payment and should retain relevant documents such as confirmation letters.In cases of unilateral cancellations or contract breaches by lodging providers, the commission informed consumers they could seek advice and remedies through the 1372 Consumer Counseling Center, the 1330 Tourism Information Center, and Consumer24.The Fair Trade Commission and the Korea Consumer Agency conducted joint inspections of lodging establishments in Busan on May 13 and plan to carry out additional checks before and after the concert. They will also closely monitor whether unfair trading practices, such as collusion, occur during the price increase of accommodation fees during the BTS concert.A Fair Trade Commission official stated, "If businesses share price information to collectively set accommodation rates or establish a price floor, it may constitute collusion under fair trade laws."The official added, "We will strengthen monitoring against unfair practices, such as coercing consumers into purchasing bundled goods or services." 2026-05-29 13:32:00

President Lee Casts Early Vote Ahead of Local Elections On May 29, President Lee Jae-myung participated in early voting for the local elections and the National Assembly by-elections at a polling station in the Samcheong-dong community center near the Blue House. Wearing a gray tie, President Lee arrived around noon with his wife, Kim Hye-kyung, and Chief of Staff Kang Hoon-sik to cast their votes. A Blue House official stated, "This early voting is targeted at the Incheon Gyeyang-eul district, which is the President's registered residence. Incheon Gyeyang-eul is where President Lee served as a district representative before his presidential campaign. The Democratic Party has strategically nominated Kim Nam-jun, a former Blue House spokesperson who closely assisted President Lee, as the candidate for Incheon Gyeyang-eul." This election marks the first nationwide election held exactly one year after President Lee took office, with early voting taking place from May 29 to 30, from 6 a.m. to 6 p.m.* This article has been translated by AI. 2026-05-29 13:24:00

HOT STOCK: Samsung Electro-Mechanics flies to No. 3 stock on KOSPI SEOUL, May 29 (AJP) - Samsung Electro-Mechanics' shares landed comfortably above 2 million won milestone Friday, flying over 15 percent to No. 3 on South Korea's main bourse — the culmination of a two-month rerating that has carried the stock from around twentieth on the KOSPI to within reach of the two trillion-won chip giants. By 1:00 p.m., the stock traded at 2,130,000 won, up 15.2 percent from the previous session, with a market capitalization just short of of 160 trillion won. Amid AI frenzy, the chipmaking equipment maker's stock has swelled 5 times and nearly 20 times from a year-ago period. Behind the breakout is a single product driving the change in sentiment: multilayer ceramic capacitors, known as MLCCs, used in AI servers and high-performance computing systems. The stock gained renewed momentum after the company on May 20 disclosed a 1.56 trillion won two-year contract with an unnamed U.S. big-tech company to supply silicon capacitors. Brokerages have flagged rising MLCC prices as utilization rates climb across the industry, and have raised their targets on the stock accordingly. Hyundai Motor Securities on Thursday lifted its target price to 2.3 million won, citing a sustained upturn in the company's business cycle. The previous day, Daol Investment Securities also raised its target to 2.3 million won, pointing to simultaneous booms in MLCCs and in flip-chip ball-grid-array, or FC-BGA, substrates used in advanced chip packaging. The size of Thursday's single-day move, however, suggests the upgrades caught a market already primed for the rotation that has run through the broader AI value chain this week. "It is worth paying attention to the MLCC price increases as overall utilization rises, and to the accelerating industry cycle," said Kim Jong-bae, an analyst at Hyundai Motor Securities. He argued that the current upturn would persist over the long term and that the core triggers for share-price gains — industry cycle, technical capability, market position and earnings — were all present at Samsung Electro-Mechanics. The dual exposure to MLCCs and FC-BGA substrates has placed the company at the intersection of two segments of the AI value chain that, until recently, drew less attention than the memory chipmakers themselves. As capital has rotated this week from Samsung Electronics and SK hynix toward names with operating exposure to AI infrastructure, Samsung Electro-Mechanics has been one of the clearest beneficiaries. 2026-05-29 13:12:49

Paris Baguette Strengthens Southeast Asia Strategy with Indonesia Halal Certification Paris Baguette announced on May 29 that it has received official halal certification from the Halal Product Assurance Agency (BPJPH) for all 23 of its stores in Indonesia.The certified locations include stores in Jakarta, Tangerang, Depok, Medan, and Surabaya. Following its halal certification in Singapore, Paris Baguette is expected to accelerate its expansion in the Southeast Asian market.Halal certification indicates compliance with Islamic law regarding the use of ingredients and standards for hygiene, production, and distribution. In the food sector, all processes from ingredient sourcing to manufacturing, storage, and distribution must meet these standards. Since 2019, BPJPH has issued final certifications based on halal determinations from the Indonesian Ulema Council (MUI).The certification covers the entire menu, including bread, pastries, cakes, hot meals, and beverages. Paris Baguette stated that it has met halal standards across its supply chain, production, and store operations throughout Indonesia.Indonesia has the largest Muslim population in the world, with approximately 240 million Muslims, making it a key hub in the global halal market. Securing halal certification for all its stores is seen as a strategy to enhance consumer trust and lay the groundwork for further expansion.Earlier this year, Paris Baguette received official halal certification from the Islamic Religious Council of Singapore (MUIS) for all its stores in Singapore. Last year, it completed a halal-certified production center in Johor, Malaysia, covering 12,900 square meters. This marks a step toward establishing a comprehensive halal operational framework in Southeast Asia, from production to distribution and store management.A representative from Paris Baguette stated, "We will continue to strengthen our products and services that reflect local consumers' lifestyles and cultural characteristics, while expanding our global customer base."Since opening its first overseas store in Shanghai, China, in 2004, Paris Baguette has expanded to 730 stores across 15 countries. In September of last year, the company announced a $290 million investment to build a 28,000-square-meter bakery facility in Burleson, Texas, aiming for completion by 2027. This facility will serve as a production hub for the southern United States, Canada, and potentially the Latin American market.* This article has been translated by AI. 2026-05-29 13:10:00

Supreme Court Rules on Compensation for School Violence Case The Supreme Court has upheld a ruling requiring lawyer Kwon Kyung-ae to pay 65 million won to the family of a school violence victim after she failed to appear in court three times during the appeals process. The court also stated that the validity of a 90 million won payment agreement Kwon signed after the fact must be reassessed, potentially increasing her financial liability. On May 29, the Supreme Court's first division, led by Justice Seo Kyung-hwan, overturned part of the lower court's ruling regarding the settlement claim filed by Lee Gi-cheol, the mother of the late Park Joo-won, and sent the case back to the Seoul High Court. The Supreme Court confirmed the lower court's decision that Kwon and her law firm, Haemir, must pay Lee 65 million won in damages. The court also upheld the ruling that Haemir must pay an additional 2.2 million won in settlement fees. At the center of the case is the 90 million won payment agreement Kwon drafted after informing the family of her defeat in the appeals process. Kwon stated she would pay 30 million won annually for three years, totaling 90 million won. However, the second court did not recognize the validity of this agreement, determining it was based on the assumption that Kwon's misconduct would not be publicly reported. Once the case received media attention, the conditions for payment were deemed unmet. The Supreme Court disagreed, stating, "The payment agreement does not specify any conditions for the payment, nor does it contain any language that could lead to differing interpretations regarding the existence of such conditions." The court added, "The objective meaning of the content is clear and leaves little room for alternative interpretations," noting that Kwon, as a legal professional, likely understood the implications and content of the agreement well. The Supreme Court's reversal of the lower court's ruling on the agreement's validity means the family's claim for the 90 million won settlement will be reconsidered. Depending on the outcome of the retrial, Kwon's compensation could exceed the currently confirmed 65 million won. The case began when Kwon represented the family of Park Joo-won, a victim of school violence, in their damages lawsuit. The family filed the suit in 2016 against the parents of the perpetrator, the school corporation, and the Seoul Metropolitan Office of Education, with Kwon acting as their legal representative. However, Kwon failed to appear in court for three consecutive hearings during the appeals process. Under the Civil Procedure Act, repeated failure to attend court without just cause is treated as a withdrawal of the appeal, leading to the confirmation of the plaintiff's loss in this case. Kwon did not inform the family of her defeat for about five months, causing them to miss the opportunity to appeal. Subsequently, the family filed a separate damages lawsuit against Kwon and Haemir. The first court deemed Kwon's actions as "gross negligence bordering on intent," ordering her to pay 50 million won in damages. The second court increased the amount to 65 million won, emphasizing that the family's long-standing pursuit of justice for their daughter's death ended in vain due to their lawyer's mistakes. The Supreme Court found no legal misunderstanding in the lower court's rulings regarding damages and property loss, maintaining those decisions. As a result of this case, Kwon received a one-year suspension from the Korean Bar Association in 2023. Meanwhile, the main lawsuit for damages related to the school violence incident is currently being retried at the Seoul High Court. The family argues that Kwon's absence constitutes an "abuse of agency rights," and thus the withdrawal of the appeal should not be recognized. The Seoul High Court has recently resumed hearings and is expected to deliver a ruling on June 24.* This article has been translated by AI. 2026-05-29 12:48:00

Industrial Activity Declines Amid Middle East Conflict Fallout Last month, overall industrial activity, including production, consumption, and investment, experienced a decline, marking the first instance of a "triple decrease" since August of last year. Concerns have been raised that the fallout from the Middle East conflict, which began in late February, is now taking a toll, although some analysts suggest this may be a temporary adjustment. Oil Refining Plummets, Fuel Sales Drop, Investment Weakens According to the "April 2025 Industrial Activity Trends" report released by the National Data Agency on May 29, the index for total industrial production (seasonally adjusted, excluding agriculture and fisheries) fell by 0.6% from the previous month to 117.8 (2020=100). This marks the first decline in total industrial production since January, when it dropped by 0.8%. The significant decrease in mining and manufacturing, which fell by 0.7% from the previous month, was largely influenced by a 19.4% drop in oil refining production. This is the largest decline since May 1988, when it fell by 22.1%, contributing to a 0.6 percentage point reduction in overall mining production. The unprecedented blockage of the Strait of Hormuz has had a major impact, as Iran declared a blockade in response to the ongoing conflict, leaving very large crude carriers (VLCCs) stranded in the Persian Gulf. The disruption in the supply of crude oil and naphtha has also led to a 2.1% decrease in chemical product production, as the petrochemical industry hastened maintenance and repairs due to supply challenges. Domestic indicators are also showing weakness. The retail sales index dropped by 3.6% compared to the previous month, marking the largest decline since February 2024, when it fell by 3.7%. This decline is also attributed to the effects of the Middle East conflict. Sales of vehicle fuel decreased by 8.3% from a month earlier, following the implementation of a rationing policy by public institutions due to heightened concerns over oil supply. The Ministry of Climate, Energy, and Environment had implemented a vehicle rationing policy for public institutions starting March 25. As concerns over oil supply intensified, a two-day vehicle rationing policy for public institution cars and a five-day rationing policy for public parking lots were introduced on May 8. Additionally, the ongoing high prices of oil products have contributed to the decline in retail sales. Investment has also not escaped the downward trend. Facility investment fell by 3.6% from the previous month. While investment in machinery, including semiconductor manufacturing equipment, increased by 0.5%, investment in transportation equipment, such as other transport vehicles, dropped by 11.5%. The data agency noted that a decrease in aircraft import investments significantly impacted this decline. Construction output fell by 1.4% compared to March, with both building (-1.5%) and civil engineering (-1.1%) projects experiencing reduced activity. Coincident and Leading Composite Indices Rise Together; Government Notes Base Effect Despite the decline in domestic industrial activity indicators, the government views this as a temporary adjustment. The coincident composite index, which reflects the current economic situation, rose by 0.2 points to 100.2, remaining above the baseline of 100 for two consecutive months. The leading composite index, which predicts future economic conditions, increased by 0.6 points to 104.1. The consumer sentiment index, which fell below the baseline of 100 last month, rebounded to 106.1 this month. The business sentiment index also reached its highest level in 43 months at 98.9. These positive signals for consumption and investment suggest a continuation of economic recovery. The oil supply, which had previously shocked the South Korean economy, is also showing signs of recovery. According to the Ministry of Trade, Industry, and Energy, the volume of crude oil imports for May to July is expected to be around 22,000 barrels, approximately 85% of the usual level. The government anticipates that there will be no significant issues with oil supply in August. Although the blockade of the Strait of Hormuz has created challenges for Middle Eastern oil supply, the proportion of non-Middle Eastern oil has increased significantly. The share of Middle Eastern oil, which rose to 69.1% last year, is projected to decrease to 48.5% (provisional) for the May to July period this year. During this time, the share of oil from the Americas (35.6%), Africa (8.3%), Asia (7.4%), and Europe (0.3%) has expanded to 51.5%. Additionally, the release of strategic reserves in accordance with the International Energy Agency (IEA) joint resolution is expected to conclude without government intervention. The Ministry of Industry has announced a regulation to reduce the mandatory days for private reserves from 40 to 20. The government is taking policy measures, such as utilizing the strategic oil swap system, to alleviate overall oil supply burdens, viewing the release of strategic reserves as a last resort. Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol chaired an emergency economic meeting and a meeting of ministers related to economic and industrial competitiveness, stating, "As the Middle East conflict continues for an extended period, major institutions are adjusting their growth forecasts for our economy upward. The industrial production in April experienced a temporary adjustment due to base effects from previous high increases, but we expect a recovery trend to resume in May." 2026-05-29 12:46:00

Korean box-office hit, indie drama Invited to Shanghai film festival SEOUL, May 29 (AJP) - Jang Hang-jun's box-office hit "The King's Warden" and Yoon Ga-eun's drama "The World of Love" have been invited to this year's Shanghai International Film Festival. The two films will be screened in the Asian Collection section of the festival's 28th edition, which opens June 12, according to the festival lineup. The Shanghai International Film Festival is one of China's major international film events, along with the Beijing International Film Festival. The Asian Collection section presents films from across the region. "The King's Warden" follows the exiled life of King Danjong, born Yi Hong-wi and played by Park Ji-hoon, the sixth king of the Joseon Dynasty. The historical drama has drawn 16.88 million admissions in South Korea so far, making it the second-most-watched film in the country's box-office history. It trails "Roaring Currents," which drew 17.61 million admissions, and stands ahead of "Extreme Job," which attracted 16.26 million viewers. The festival introduced "The King's Warden" on its official WeChat account as the top Korean box-office film of the year. "The World of Love" follows Ju-in, an 18-year-old high school student who faces conflict after refusing to join a petition opposing the release of a sex offender. The film, directed by Yoon, has also been selected for major international festival programs, including Toronto's Platform section. 2026-05-29 12:45:39

i-dle enters Forbes 30 under 30 Asia list ahead of July comeback SEOUL, May 29 (AJP) - K-pop girl group i-dle has been named to Forbes' 2026 30 Under 30 Asia list in the entertainment and sports category, the group's agency Cube Entertainment said Friday. The annual list recognizes young figures and teams across industries in Asia and the Pacific region. The recognition places i-dle among a select group of K-pop acts to have appeared on the list. The five-member group — Miyeon, Minnie, Soyeon, Yuqi and Shuhua — was included among this year's honorees ahead of its planned comeback in July. The group released the digital single "Mono (Feat. skaiwater)" in January and has since carried out a series of U.S. promotions, appearing on NBC's "Today" show, "The Kelly Clarkson Show" and "iHeart KPOP with JoJo." i-dle was also recently featured on the digital cover of U.S. magazine PAPER, which highlighted the group's creative identity and musical direction. The group is currently on its fourth world tour, "2026 i-dle WORLD TOUR ," and is scheduled to release a new album in July. It is also set to perform at Lollapalooza, one of the largest music festivals in the United States. 2026-05-29 12:44:31

UPDATE: Korea's April factory output and spending retreat on Gulf energy shocks *updated with additional information and market response SEOUL, May 29 (AJP) — The energy shocks from a months-long disruption of the Strait of Hormuz arising from Middle East conflicts have landed on South Korean shores, battering industrial activity, corporate investment, and consumer spending in April, official data showed Friday. Factory output fell 0.7 percent month-on-month, marking the first contraction since January, as the crucial refining sector was hit hard by the suspension of crude shipments from the Gulf, according to the Ministry of Data and Statistics. By sector, petroleum refining production collapsed by 19.4 percent, registering its sharpest drop in approximately 38 years since May 1988, when output plummeted following a massive nationwide industrial and petrochemical restructuring during the wake of Asian financial crisis. The historic contraction underscored the severe transmission of the Hormuz shock into domestic refiners. The factory floor displayed widespread friction as automaker output plunged 10.0 percent on components bottlenecks, though a 3.1 percent uptick in semiconductors capped steeper industrial losses. Mirroring the manufacturing slowdown, the manufacturing average capacity utilization rate dropped 1.2 percentage points from March to stand at 73.7 percent. Concurrently, manufacturers faced inventory overhangs, with the index rising 1.7 percent month-on-month, lifting the ratio of inventory to shipments by 5.1 percentage points to 98.2 percent. Amid the manufacturing retreat, industry-wide output stood at 117.8 in April, shedding 0.6 percent from the previous month to mark its first decline in three months. While public administration expansion offered a minor cushion, synchronized declines across services and construction dragged down the broader economy. Service sector output decreased 1.0 percent from the previous month, as spikes in domestic borrowing costs forced a 7.7 percent drop in financial and insurance services, alongside a 1.5 percent drop in wholesale and retail trade. The real-economy squeeze was equally visible in consumer markets, where retail sales tumbled 3.6 percent month-on-month—the sharpest pull-back since the beginning of the year. High price stickiness weighed down demand, leading to an 11.1 percent collapse in consumer durables like telecommunications equipment and computers, while non-durables including vehicle fuels shed 1.1 percent as motorists rationed expensive gasoline and diesel. Corporate investment lines turned equally defensive, with equipment investment retreating 3.6 percent from March, driven by an 11.5 percent drop in transport equipment such as aircraft imports. Domestic machinery orders received, a key forward-looking indicator for capital outlays, shrank 7.6 percent year-on-year. Concurrently, construction completed at constant prices dropped 1.4 percent month-on-month, registering a 5.5 percent contraction compared to the same period last year. Despite the broad-based retreat across current output and consumption, business cycle indicators continued to signal divergence due to historical lags. The cyclical component of the coincident index crawled up 0.2 points from March to 100.2, supported by previous export volumes. Meanwhile, the cyclical component of the leading index, a gauge for future economic health, advanced 0.6 points to 104.1, driven primarily by gains in the stock market and export-import price ratios before the full weight of the supply-chain shock consolidated. Despite the widespread retreat in April's macroeconomy, the benchmark KOSPI opened up 2.43 percent from the previous session at 8,384.31, catalyzed by breaking news that a peace agreement between the United States and Iran is imminent. Tech heavyweights Samsung Electronics and SK hynix continue to rewrite their historical highs, surging past 310,000 won ($207.3) and 2.3 million won, respectively. The morning rally was heavily fueled by the combination of South Korea’s robust 1.7 percent gross domestic product (GDP) growth in the first quarter—propelled by soaring semiconductor prices and resilient global demand—and Thursday's reports that a final peace accord between Washington and Tehran now awaits only the formal signature of U.S. President Donald Trump. 2026-05-29 12:44:14

KOSPI Touches 8,424 Before Pulling Back, Fluctuates Around 8,300 The KOSPI index touched 8,424 during trading but later reduced its gains, fluctuating around the 8,300 mark. According to the Korea Exchange, as of 11:58 a.m. on May 29, the KOSPI was up 185.32 points (2.26%) at 8,370.61. The index opened at 8,384.31, rising by 199.02 points (2.43%) from the previous session, reaching a high of 8,424.53 before pulling back to the 8,300 level. In terms of trading activity, individuals and foreign investors sold a net 667.5 billion won and 1.4883 trillion won, respectively, while institutions bought a net 2.111 trillion won, helping to support the index. The top stocks in the securities market showed mixed performance. Samsung Electronics rose by 3.51%, SK Hynix by 0.48%, Samsung Electro-Mechanics by 15.09%, Hyundai Motor by 4.73%, LG Energy Solution by 5.03%, Samsung Life by 3.92%, and Samsung C&T by 5.63%. Conversely, SK Square fell by 1.13% and HD Hyundai Heavy Industries by 1.28%. Meanwhile, the KOSDAQ index was down 30.22 points (-2.74%) at 1,074.14 at the same time. The index opened at 1,112.15, up 7.79 points (0.71%) from the previous session, but reversed course due to selling pressure from foreign and institutional investors. In the KOSDAQ market, individuals bought a net 192.8 billion won, while foreign and institutional investors sold a net 96.2 billion won and 110.3 billion won, respectively, contributing to the index's decline. The top stocks in the KOSDAQ exhibited varied trends. EcoPro BM fell by 0.69%, Alteogen by 0.68%, EcoPro by 2.21%, Kolon TissueGene by 7.05%, Samchundang Pharm by 0.15%, Rino Technology by 2.42%, and Peptron by 4.84%. In contrast, Rainbow Robotics rose by 1.14%, Juseong Engineering by 0.48%, and HLB by 0.20%.* This article has been translated by AI. 2026-05-29 12:16:00