Korean Shipbuilders Gather at Posidonia 2026 for Major Deals The world's largest shipbuilding and maritime exhibition, Posidonia 2026, is set to open in Athens, Greece, next month, attracting a significant presence from South Korean shipbuilders. The event provides a platform for direct engagement with global shipowners, raising the possibility of major deals. According to industry sources on May 28, HD Hyundai Chairman Chung Ki-sun, Samsung Heavy Industries CEO Choi Sung-an, and HJ Shipbuilding CEO Yoo Sang-cheol will participate in the Posidonia event from June 1 to 5 (local time). Posidonia is recognized as one of the top three maritime exhibitions globally, alongside Norway's Nor-Shipping and Germany's SMM. Chairman Chung plans to aggressively promote liquefied natural gas (LNG) carriers, eco-friendly ships, autonomous navigation technology, and AI-based smart ship solutions. This year, key subsidiaries including HD Hyundai Heavy Industries, HD Hyundai Samho, HD Hyundai Marine Solutions, Avikus, and HD Hyundai Electric will join the event, bolstered by the presence of Vice Chairman Lee Sang-kyun of HD Hyundai Heavy Industries. Hanwha Ocean will also emphasize its competitiveness in LNG carriers and maritime defense technology, focusing on securing new contracts. Samsung Heavy Industries will have CEO Choi Sung-an personally travel to Athens to explore expanding its global shipowner network. The company has recently strengthened its bidding competitiveness in floating LNG production facilities (FLNG) and LNG and eco-friendly ships, planning to leverage its technological expertise to penetrate the market. HJ Shipbuilding, which is enhancing its presence through eco-friendly and specialized vessels, will also attend the event. CEO Yoo Sang-cheol aims to broaden connections with global shipowners. Industry experts believe that this year's Posidonia will serve as a crucial stage to gauge the ordering trends of global shipowners and the future direction of the shipbuilding market. One industry insider noted, "With growing interest in eco-friendly ships, autonomous navigation, and AI-based smart ship technology, domestic shipbuilders are increasingly committed to participating in the event."* This article has been translated by AI. 2026-05-28 18:02:00

POSCO International to Import North American LNG Amid Middle East Tensions As tensions in the Middle East rise due to instability stemming from Iran, POSCO International is set to advance its plans to import liquefied natural gas (LNG) from North America. This move reflects a broader trend among South Korean energy companies to reduce dependence on Middle Eastern energy sources and diversify supply chains. According to industry sources on May 26, POSCO International plans to start importing North American LNG from Cheniere Energy by the end of this year. The annual import volume is expected to be 400,000 tons, secured under a 20-year contract. If final procedures are completed by October, the imports could begin as early as December. The company will utilize the HL Fortuna for transportation. The HL Fortuna, unveiled in May 2025, is POSCO Group's first dedicated LNG vessel, measuring 299 meters in length and 46.4 meters in width, with a capacity of 174,000 cubic meters. It can carry over 78,000 tons per trip, enough to supply South Korea's needs for approximately 12 hours. By combining long-term import volumes with its own transportation capabilities, POSCO International aims to stabilize its supply chain beyond simple trading. The push to secure North American LNG comes at a critical time, as heightened tensions between Israel and Iran have increased uncertainties surrounding oil and LNG logistics through the Strait of Hormuz. South Korea's high dependency on energy imports means that disruptions in Middle Eastern supply chains could lead to increased electricity costs and manufacturing expenses. North American LNG is viewed as a viable alternative to mitigate these risks. U.S. LNG is relatively insulated from maritime transport risks associated with the Middle East and offers greater predictability through long-term contracts. With rising domestic electricity demand driven by the expansion of AI data centers and advanced manufacturing facilities, securing stable LNG supplies has become increasingly important for both corporate and national energy security. Other energy companies are also accelerating their supply chain diversification efforts. SK Innovation's E&S division is expanding its LNG procurement through the Barossa gas project in Australia, which aims to develop a gas field off the northern coast and connect it to the Darwin LNG facility, thereby securing long-term supply sources outside the Middle East. POSCO International is also pursuing participation in an LNG project in Alaska, which could potentially provide 1 million tons of LNG annually over 20 years. Industry insiders believe that if POSCO International's North American LNG imports are confirmed, it could alleviate domestic supply concerns amid growing Middle Eastern risks. If the imports commence as planned by the end of this year, they could serve as a crucial buffer during the winter months when electricity and gas demand typically rises. However, specific contract terms and the exact timing of the imports have not yet been publicly disclosed. Actual delivery schedules may be adjusted based on international LNG prices, shipping costs, domestic demand forecasts, and contract details. Should the North American LNG imports proceed as scheduled, POSCO International is expected to emerge as a leading example of supply chain diversification that mitigates risks associated with Middle Eastern energy dependence. An industry official stated, "As tensions in the Middle East escalate, energy companies are compelled to broaden their procurement channels and reduce transportation risks. POSCO International's North American LNG imports represent a significant move not only for short-term supply stability but also for long-term energy security." 2026-05-28 18:02:00

Blue House Encourages Public Discussion on Redistribution of Corporate Excess Profits On May 28, the Blue House expressed hope for various opportunities for public discourse regarding the social distribution of excess profits from large corporations, in light of an upcoming discussion hosted by the Ministry of Employment and Labor.During a briefing at the Chunchugwan, Chief Spokesperson Kang Yu-jung responded to a question about whether the discussion is a continuation of comments made by Policy Chief Kim Yong-beom regarding excess tax revenue. Kang stated, "Labor Minister Kim Young-hoon has mentioned the need for public discourse on the distribution of excess profits from semiconductor companies, and it seems he is emphasizing the necessity of social dialogue on performance distribution." She added that Industry Minister Kim Jeong-kwan could also address excess operating profits or earnings from the industry's perspective.Kang noted, "As various social issues and tasks that need to be discussed have been raised in this process, it appears that the Labor Minister believes these are matters that our society should openly discuss."The day before, Labor Minister Kim Young-hoon stated during a meeting with reporters, "The only solution for the social distribution of excess profits from large corporations is social dialogue. We plan to hold an urgent discussion on June 1, led by the Ministry of Labor."* This article has been translated by AI. 2026-05-28 18:00:00

LS Cable and Daehan Cable Dispute Over Undersea Cable Technology Escalates The dispute between LS Cable and Daehan Cable over technology leaks has escalated beyond a simple criminal case, reflecting intensified competition for dominance in the domestic undersea cable market. As global investments in offshore wind and power networks increase, undersea cables have emerged as a key growth area in the wire and cable industry, heightening tensions between industry leader LS Cable and challenger Daehan Cable. On May 28, the Southern Gyeonggi Provincial Police Agency referred 13 individuals, including an executive from Daehan Cable, as well as three corporations—Daehan Cable, Gaun Architectural Firm, and a construction company—to prosecutors for violating laws on unfair competition and trade secret protection. This development is expected to further escalate the conflict between the two companies. According to industry sources, LS Cable has effectively led the domestic market in the undersea cable sector. High-voltage undersea cables require significant investment in large-scale facilities and extensive production and construction experience. Competing in this market involves more than just manufacturing products; it requires expertise in cable design, insulation technology, operation of manufacturing facilities, quality verification, and experience in offshore installation. As a result, it has been viewed as a market where latecomers struggle to gain a competitive edge in a short time. Daehan Cable has recently expanded its investments, positioning undersea cables as a future growth driver. The company has established a production base for undersea cables in Dangjin, South Chungcheong Province, and has entered the global bidding competition, directly challenging LS Cable. Industry analysts suggest that the movement of personnel from LS Cable and the use of related technologies have sparked tensions as Daehan Cable accelerates its entry into the undersea cable market. To support its entry into the undersea cable market, Daehan Cable has made substantial investments. Following the establishment of its first undersea cable factory near the Godeabu Pier in Dangjin, the company is also pursuing additional investments aimed at producing high-voltage direct current (HVDC) undersea cables. Daehan Cable has been working to secure dedicated cable-laying vessels and expand international certifications, striving to broaden its foundation for winning global projects. However, if the ongoing investigation leads to prosecution and subsequent trials, it could burden Daehan Cable's accumulated investment achievements and credibility in securing contracts. LS Cable has raised concerns that Daehan Cable's expansion into the undersea cable business may infringe upon its core technologies and know-how. The company argues that information related to the design and production processes of undersea cable factories is not merely documentation but trade secrets accumulated over years of trial and error. In contrast, Daehan Cable contends that it has pursued its business through independent investments and technology development. In response to the referral to prosecutors, LS Cable claimed it has suffered damages amounting to billions of won due to the situation, while Daehan Cable has reportedly denied the allegations, asserting that the contested information does not qualify as trade secrets. Industry observers note that the fundamental reason for the ongoing conflict is the expanding market itself. Undersea cables are critical infrastructure connecting offshore wind farms to onshore power grids. Demand for power network expansion is growing not only in Europe and the United States but also in Asia, making this a market that domestic wire and cable companies cannot afford to overlook. Securing a supply record can influence subsequent project bids, making technological leadership and trust essential in the competition. There are concerns that this dispute could become an unexpected variable in the government's energy highway policy. The energy highway aims to expand large-scale power networks connecting renewable energy generation sites with power demand areas, with undersea cables and high-voltage transmission networks as key components. If the technological dispute between domestic companies drags on, it could raise concerns about supply stability and impact decisions on project orders, certifications, and delivery timelines. The possibility of a prolonged legal battle between the two sides is also being discussed. This could involve ongoing police investigations, prosecutorial judgments, civil claims for damages, and further disputes over trade secret violations. A key issue will be determining the extent to which undersea cable technology is considered a trade secret and how to distinguish between accumulated experience and company-owned technology during personnel transitions. If the conflict continues, it could impose burdens on the entire domestic undersea cable industry. In the global market, European and Chinese companies are competing for large projects. A prolonged legal battle between domestic firms could raise questions about technological stability and supply reliability in bidding processes. An industry insider remarked, "Undersea cables are set to become the most important growth market for the wire and cable industry, so the clash between leading and emerging companies was somewhat anticipated. This issue has escalated beyond the question of specific personnel or document leaks to encompass the leadership of the domestic undersea cable market and the stability of the national power grid project."* This article has been translated by AI. 2026-05-28 17:58:00

Candidates Clash in Negative Debate for Busan North District Busan's North District by-election candidates faced off in a televised debate that was marked more by negative exchanges than policy discussions. Ha Jung-woo of the Democratic Party and Park Min-sik of the People Power Party launched concentrated attacks on independent candidate Han Dong-hoon regarding the controversy surrounding the party's member board and his involvement in the investigation of former President Park Geun-hye.During the debate organized by the National Election Commission at Busan MBC on May 28, Ha questioned Han about the 30-year prison sentence sought for Park, asking, "Even if you did not directly influence the sentence, can it not be said that you contributed significantly?"In response, Han acknowledged his role, stating, "I worked as a dispatched prosecutor in the team led by Yoon Seok-yeol at that time and was involved in that trial. I do not deny it," adding, "I fulfilled my duties as a public servant. I have also served as a prosecutor under other administrations and faced oppression during the Moon Jae-in administration." He expressed regret, saying, "While I did what I had to do, I feel sorry for former President Park. I appreciate the encouragement and advice she gave me during the last general election."Ha also questioned Han about the member board controversy, asking, "Is the news about identity theft true? If not, why haven’t you filed a complaint?" Han retorted, "I have been accused of spreading false information," and added, "While I would expect Park to raise the issue of the member board, I did not expect you to bring it up."Park joined in the criticism of Han, calling the member board controversy "a significant wound to the conservative support base" and questioned the legitimacy of the 30-year sentence sought for Park Geun-hye, asking, "Do you think that was justified, especially when compared to heinous criminals like Yoo Young-chul?" Han replied, "I feel personally sorry for former President Park," and criticized the debate for focusing on a former president instead of discussing the future of North Busan.Han then turned to Ha, referencing the controversy over President Yoon's decision to drop charges against Lee Jae-myung, asking, "Do you support or oppose the dismissal of charges? The citizens of Busan have already expressed their opposition to granting such authority, so what more needs to be said?" He also criticized the Busan Global Hub City Special Law, stating, "When President Yoon called it populism, you did not dare to oppose him."Ha shot back, saying, "Is this a prosecutor's interrogation room? This is why people say you can't shake off your prosecutor habits." He emphasized that regarding the dismissal of charges, he would focus on gathering public opinion in the National Assembly and concentrate on the residents of North Busan.* This article has been translated by AI. 2026-05-28 17:56:00

Daehan Cable Denies Allegations of Technology Theft from LS Cable Daehan Cable has denied allegations of technology theft related to LS Cable, asserting that the investigation's initial findings do not confirm any wrongdoing or liability. In a statement released on May 28, Daehan Cable said it is currently verifying specific details regarding the investigation into its submarine cable plant. The company emphasized that it did not utilize or conspire to use any trade secrets from other companies during the construction of the plant.Daehan Cable stated that various specialized firms participated in the construction of the submarine cable plant, and it selected partners through proper procedures based on their relevant experience and expertise. The company argued that the mere fact that some participating firms had prior project experience does not imply that Daehan Cable acquired or used another company's trade secrets.The key issues at stake include whether the information in question qualifies as legally protected trade secrets and whether Daehan Cable obtained or used them improperly. These matters will require thorough legal examination and judgment in future judicial proceedings.In response to concerns raised about similarities in the plant's structure, Daehan Cable countered that the submarine cable plant was constructed considering its business plan, site conditions, production products, equipment specifications, and logistics. The company asserted that common process flows or equipment layouts in the industry do not necessarily indicate the use of a specific company's trade secrets.Daehan Cable noted that the current issues are related to the construction of the submarine cable plant and are separate from the ongoing development of its second submarine cable plant and HVDC submarine cable projects. The company emphasized that its existing operations, production, delivery, international contracts, and future business initiatives are proceeding normally.The possibility of significant damages claims was dismissed by Daehan Cable as an unfounded assertion. The company stated that the actual liability and extent of damages will be determined through strict judicial scrutiny, and viewing the reported amounts as guaranteed is an overinterpretation.Daehan Cable concluded by stating its commitment to responsibly engage in the relevant processes and indicated that it would consider necessary actions against any false or exaggerated reports that could significantly impact its business and shareholder value. 2026-05-28 17:56:00

Pre-Election Campaigns Heat Up Ahead of Local Elections in South Korea With just one day to go before the June 3 local elections and by-elections for the National Assembly, Jung Cheong-rae, leader of the Democratic Party, and Jang Dong-hyuk, leader of the People Power Party, campaigned in Seoul and the Chungcheong region, respectively, on May 28. Jung called for support to work alongside the administration of President Lee Jae-myung, while Jang urged voters to prevent government overreach. Jung emphasized the need to choose a 'strong' Democratic Party to ensure collaboration between the Lee Jae-myung administration and local governments during his campaign in the competitive districts of Gangdong, Gwangjin, and Mapo in Seoul. He argued that the election of candidates such as Seoul mayoral candidate Kim Jong-mu and district heads like Moon Jong-cheol and Yoo Dong-kyun is essential for regional development. He also expressed concern over the consolidation of conservative forces following the support of former Presidents Lee Myung-bak and Park Geun-hye for People Power Party candidates. During his rally in Gangdong, he stated, "Please support President Lee Jae-myung to help stabilize the government. If they (the conservatives) unite, we must unite even more. Show that we support this president more than ever." Jung, who has been actively engaging with voters across the country, has been spending more time in the capital region as the local elections approach. He campaigned in Yeouido, Seoul, and in Gyeonggi Province's Yeoju, Icheon, and Ansan, as well as in Incheon on May 26 and 27. Jang, who had suspended his campaign following the collapse of the Seosomun overpass on May 26, resumed his rallies on May 28, visiting Nonsan and Daejeon. At the Nonsanhwa Market, he criticized President Lee Jae-myung, stating, "Before becoming president, he said, 'If a president commits a crime, he should go to jail.' Now that he is president, he wants to halt his trials and eliminate them altogether. The citizens of Nonsan must rise up and hold him accountable." Jang also pointed out the government's recent actions that seem to encourage a boycott of Starbucks, questioning, "Is it acceptable for a country to interfere with something as simple as the president drinking coffee? We may still enjoy our freedoms, but our children might live in a South Korea where even their ability to breathe is controlled." In conjunction with Jang's visit to the Chungcheong region, the People Power Party announced tailored pledges for each city and county in the area. The plan aims to establish Chungcheong as a key hub for advanced industries and enhance infrastructure, including transportation networks, to invigorate the region. Jang has been focusing on the Chungcheong region, having kicked off his official campaign on May 21 at Daejeon Station. This area is often regarded as a bellwether, with the saying that the party that wins in Chungcheong wins the overall election. The People Power Party views Daejeon and Chungcheongnam-do as competitive regions and is ramping up its efforts there ahead of the early voting period. 2026-05-28 17:56:00

Yen Approaches 160 Mark Again Amid Growing Doubts The Japanese yen is once again nearing the 160 mark against the dollar. Following a market intervention by Japanese authorities at the end of April that temporarily pushed the yen back to the mid-155 range, it has slipped back to the mid-159 range within a month. The 160 yen defense line, which was barely maintained, is now being tested again. According to the Nihon Keizai Shimbun (Nikkei), the yen was trading at 159.57 to 159.58 yen per dollar in the Tokyo foreign exchange market on the afternoon of May 28. This represents a 0.22 yen increase (indicating a decline in yen value) compared to the previous day. At one point in the morning, the yen rose to around 159.60, marking its highest level since April 30. Reports of renewed tensions between the U.S. and Iran during negotiations have driven up oil futures prices, contributing to concerns about Japan's trade balance, which continues to weigh on the yen, according to Nikkei. However, attributing the yen's return to the 160 level solely to Middle Eastern factors is insufficient. During this period, Japan has seen rising long-term interest rates and a record current account surplus, while concerns about market intervention remain. All three factors typically support a stronger yen, yet the currency has weakened. Market attention has shifted to why these factors are failing to support the yen. The most notable aspect is the divergence between long-term interest rates and the yen's performance. Generally, rising government bond yields enhance the attractiveness of a currency. However, in Japan, despite rising long-term interest rates, there has not been a corresponding increase in yen buying. Nikkei reported that the gap between U.S. and Japanese long-term interest rates has narrowed over the past year, yet the yen's weakness persists. The market interprets the rise in Japanese long-term rates not as a sign of economic recovery or normalization of monetary policy, but rather as a reflection of fiscal risks and concerns that the Bank of Japan is lagging in addressing inflation. The impact of interest rate changes on exchange rates varies based on market interpretation. If rising rates signal that the Japanese economy is normalizing, it could lead to yen buying. Conversely, if they signal that higher returns are needed to hold Japanese government bonds, it could indicate anxiety about Japanese assets. Currently, the latter interpretation is gaining traction, making it difficult for foreign capital to actively purchase Japanese government bonds and the yen, even as yields rise. Another complicating factor for the yen's weakness is Japan's external balance. Daisuke Karakama, chief market economist at Mizuho Bank, recently noted that Japan's current account surplus for 2025 is projected to reach 34.52 trillion yen, marking a record high for three consecutive years, while the trade balance has returned to surplus for the first time in five years. On the surface, these statistics suggest little reason for the yen to weaken. However, in the foreign exchange market, what matters is not just the statistical surplus but the actual flow of money leading to yen purchases. If dollars earned overseas do not convert to yen upon entering Japan but are reinvested locally or remain in foreign asset forms, the current account surplus does not increase yen demand. Karakama pointed out that while Japan's current account surplus for January to March was 9.54 trillion yen, the actual cash flow surplus, excluding overseas reinvestment income that does not lead to yen purchases, was only about 1.6 trillion yen. The concern is what will happen if oil prices rise again. With the yen unable to escape its weakness despite a record current account surplus, an increase in oil prices could jeopardize the trade surplus that has been supporting the external balance. Karakama analyzed that the decline in oil prices last year was a key factor in Japan's return to a trade surplus. If geopolitical instability in the Middle East leads to higher oil import costs, the trade balance could deteriorate over time, increasing selling pressure on the yen. Will There Be Market Intervention Again? The remaining safety net is the possibility of market intervention by authorities. As the yen approaches 160 again, there are growing concerns that Japanese authorities may intervene in the market, similar to April. However, even if intervention temporarily boosts the yen, it does not eliminate the underlying pressure for a weaker yen. The yen still has a low funding cost compared to major currencies. With major overseas stock markets rising, investor sentiment for risk assets is also reviving. In this environment, even if intervention temporarily strengthens the yen, the yen carry trade—where investors borrow yen to invest in higher-yielding assets like dollars—could resurface, renewing selling pressure on the yen. Nikkei noted that if intervention leads to a rebound in the yen, long-term selling pressure from carry trades could quickly reemerge, further pushing the yen down. Therefore, the market suggests that even if the Bank of Japan raises rates in June, without a clear commitment to further increases, it will be difficult to curb carry trades, and the effect on yen appreciation will be limited. Ultimately, all three trends converge on one point: rising long-term interest rates, a record current account surplus, and the potential for market intervention are not being interpreted as compelling reasons to buy the yen. Concerns about fiscal and inflation instability accompany interest rates, while the current account surplus is hindered by a lack of actual yen buying demand, and intervention faces limitations due to carry trades. To prevent further yen depreciation, the Bank of Japan must demonstrate a willingness to raise rates, but its options are not straightforward. Raising rates could trigger instability in the long-term bond market and increase long-term interest rates. According to Nikkei, Japan's 10-year government bond yield recently reached 2.8%, the highest level in 29 and a half years, indicating an already unstable situation. The Bank of Japan will discuss the possibility of further rate hikes and plans to reduce government bond purchases at its monetary policy meeting next month. Slowing the pace of bond purchase reductions could stabilize the bond market, but it may also delay the withdrawal of liquidity from the market, increasing pressure for a weaker yen. The strategies to prevent yen depreciation and stabilize the bond market are in conflict. The market is closely watching the next move of the Bank of Japan, which finds itself in a difficult position.* This article has been translated by AI. 2026-05-28 17:46:00

Police Charge 13 in Alleged Undersea Cable Technology Theft Case Police investigating allegations of technology theft involving LS Cable have concluded that Daehan Electric improperly acquired trade secrets. The Southern Gyeonggi Police Agency announced on May 28 that it has referred 13 individuals, including an executive from Daehan Electric and four employees, as well as seven officials from Gawon Architectural Firm and two from a construction company, to the Suwon District Prosecutors' Office on charges of violating laws related to unfair competition and trade secret protection. The Daehan Electric employees are accused of unlawfully obtaining LS Cable's trade secrets during the design phase of a factory for undersea cables in Dangjin, South Chungcheong Province, between 2022 and 2023. Police believe that Gawon Architectural Firm violated a confidentiality agreement with LS Cable by providing internal documents to Daehan Electric without authorization. Daehan Electric has faced suspicion of selecting Gawon Architectural Firm as the design contractor to gain access to LS Cable's accumulated expertise in undersea cable technology, which is considered a trade secret. Under relevant laws, trade secrets are defined as information that is not publicly known, has been kept confidential, and holds economic value. The police began their investigation in 2023 after receiving a tip-off and have now concluded the case nearly three years later, referring the matter to prosecutors. LS Cable stated that it has suffered damages amounting to hundreds of billions of won due to this incident, while Daehan Electric reportedly contends that the information in question does not qualify as a trade secret. Other involved parties, including Gawon Architectural Firm, have also denied the allegations, asserting that the information does not constitute a trade secret. Should the prosecutors and courts find Daehan Electric guilty, it is anticipated that astronomical civil lawsuits will follow. In response to the police investigation, an LS Cable representative stated, "LS Cable plans to respond according to principles against acts of technology theft and infringement to protect the core technologies and industrial ecosystem accumulated through decades of effort, dedication, and significant investment by our employees." 2026-05-28 17:46:00

Korean authorities step in to contain lodging prices ahead of BTS Busan concerts SEOUL, May 28 (AJP) -South Korean authorities moved quickly to respond to BTS' call for restraint in overcharging the group's beloved global fans traveling to the southern port city of Busan for the next stop on their worldwide tour. The government has secured more than 1,300 alternative accommodation options ahead of the concerts next month, after the group publicly criticized sharp price hikes around the event. The measures were announced Thursday at a task force meeting jointly led by the Ministry of Economy and Finance and the Ministry of Culture, Sports and Tourism to address price gouging around major events. BTS is scheduled to hold its "ARIRANG" world tour concerts on June 12 and 13 at Busan Asiad Main Stadium. The shows have triggered complaints from fans after some hotels and other accommodation providers in Busan reportedly raised room rates sharply around the concert dates—with some rooms said to have jumped from under 100,000 won to several million won per night. During a Weverse Live broadcast on Tuesday, BTS members addressed the controversy while speaking with fans. "There have been too many news reports about lodging businesses ahead of the Busan concerts. I hope businesses do not do that," RM said. "I understand there are peak-season rates, but I hope they keep it reasonable." RM also said he had heard some fans were considering staying overnight without lodging or using jjimjilbang — Korean public bathhouses with rest areas — because of the high accommodation costs. "That is not right," he said. "Shouldn't people think long term?" Jimin also expressed concern, saying he wanted fans to have a good experience in Busan. "I feel bad because I hope fans can have a good time in Busan," Jimin said. "They should keep it reasonable. How can they raise prices several times over?" Jungkook, who is from Busan, added in Busan dialect, "Goma haera" — meaning "Enough already." The controversy prompted President Lee Jae Myung to comment Wednesday that Busan's image had been hurt by complaints over what he called lodging price gouging linked to the BTS concerts, and that improvements were needed, underscoring the weight of the Kpop superstar who recently swept three awards—including their second-ever Artist of the Year trophy—at last week's American Music Awards with their new album ARIRANG just released two months ago. In response, the government said universities, religious facilities, public-sector training centers and youth training facilities in nearby areas including Busan, Yangsan and Changwon, will provide paid or free lodging for domestic and foreign visitors. Information on available facilities and reservation methods will be posted on the Visit Busan and Visit Korea websites. Authorities will also conduct special joint inspections of lodging businesses near the concert venue on Friday and again on June 8 and 9. The inspections will focus on hygiene conditions and possible price-fixing among accommodation providers. Businesses found to have violated regulations could face immediate administrative measures, including correction orders or business suspensions. Complaints filed through the 120 local call center or the 1330 tourist complaint center will be referred to local governments and subsequently to the National Tax Service for possible investigation into tax evasion. Accommodation providers confirmed to have engaged in excessive pricing will also face tougher penalties in hotel rating evaluations, with the maximum deduction raised to 30 points from the current 10. The government also plans to revise rules on reward payments for reports of unfair practices, including collusion. Under the planned changes, the current payment cap would be removed, and whistleblowers could receive up to 10 percent of the fines imposed. 2026-05-28 17:41:52