South Korea Launches First Seasonal Management System for Algal Blooms The South Korean government is implementing its first seasonal management system for algal blooms, treating the issue as a seasonal disaster. This initiative aims to shift from reactive measures to proactive management of pollution sources and water flow before algal blooms occur. The Ministry of Climate, Energy and Environment announced on May 14 that the "First Seasonal Management System for Algal Blooms" will be in effect from May 15 to October 15, spanning five months. Algal blooms have been occurring earlier and lasting longer due to climate change. Last year, the country recorded a total of 961 days with algal bloom alerts, the longest on record. The ministry noted that this year, higher temperatures and the possibility of heavy rainfall raise concerns about the influx of phosphorus, a substance that triggers algal blooms. The core of this new strategy is to manage pollution sources intensively before algal blooms develop. The government plans to expand the number of algal bloom prediction sites from nine to thirteen, with a goal of increasing this to 28 sites by 2030, covering all water sources under algal bloom alerts. Additionally, the system for issuing bloom alerts on the day of sampling will be expanded from four locations on the Nakdong River to seven locations, including the Han, Geum, and Seomjin Rivers. Kim Eun-kyung, the ministry's water environment policy director, stated in a briefing, "Starting this year, we will take action before algal blooms occur. We are transitioning from a reactive approach to a system that manages both pollution sources and water flow together." Management in the agricultural and livestock sectors will also be strengthened. The government will implement measures to block nutrients from farmland before the rainy season and will expand the inspection period and frequency of compost piles from spring to both spring and fall. A mobile management system will be used to track and inspect the installation of covers and collection status of compost piles. Furthermore, projects to convert livestock manure into solid fuel and biogas will be expanded. The government will also manage pollution sources from households. It will conduct specialized management of 322 small wastewater treatment facilities and significantly increase support for cleaning small septic tanks from 2,100 households last year to 10,500 this year. Environmental infrastructure, such as public livestock manure treatment facilities, will operate under stricter total phosphorus standards than legally required. In the event of severe algal blooms, the government will implement emergency management measures by sequentially opening eight dams on the Nakdong River. This will be the first time the government has opened all eight dams to reduce algal blooms. The opening period will last 2 to 3 days, with water levels potentially lowered by up to 2.2 meters. However, the decision to open the dams will be based on a comprehensive assessment of algal bloom alert levels, weather forecasts, and the trend of algal bloom spread. The ministry plans to monitor groundwater impacts in real-time during the dam openings and will consider providing alternative wells if issues arise. A ministry official explained, "This is not a full opening; we plan to operate it gradually, considering both agricultural water use and improvements in water flow." Safety management for drinking water and recreational activities will also be enhanced. The government will strengthen water purification management through the installation of barriers around intake areas and treatments with activated carbon and ozone, and will monitor algal blooms at major recreational facilities at least once a week. If algal blooms worsen, restrictions on swimming and water sports will be implemented. Minister of Climate, Energy and Environment Kim Seong-hwan stated, "We will minimize the possibility of algal blooms this summer by blocking phosphorus discharge, which serves as nutrients for algal blooms, and by improving water flow in consultation with local communities."* This article has been translated by AI. 2026-05-14 13:10:14

Tax Corrections for Year-End Settlement Due by June 1 Taxpayers who made errors in applying deductions during the year-end settlement can correct these mistakes without incurring penalties by filing their comprehensive income tax returns by June 1. The National Tax Service announced on May 14 that individuals can amend any missed or incorrectly applied deductions during the comprehensive income tax filing period, which runs from May 1 to June 1. If a taxpayer omitted deductions during the year-end settlement, they can still claim these deductions on their comprehensive income tax return. Refunds will be issued to the taxpayer's account within 30 days after the filing deadline. Local income tax refunds will be processed separately within four weeks. If a taxpayer has over-applied deductions and paid less tax as a result, they can also correct this without penalties during the same period. However, failing to make corrections during the filing period may lead to additional penalties for underreporting (10%, or 40% in cases of fraud) and late payment. Starting this year, the National Tax Service will provide individual notifications regarding errors in dependent family member deductions for the first time. This includes cases of duplicate claims for the same dependent or including deceased individuals or non-eligible family members. Notifications will be sent via KakaoTalk or Naver alerts, and detailed information can be checked on the Home Tax website. Taxpayers should also note that if there are errors in dependent deductions, related deductions such as insurance premiums, medical expenses, educational costs, donations, and credit card usage must also be excluded. Additionally, individuals with multiple sources of income are required to file comprehensive income tax returns. This includes those with business income, other income, or interest and dividend income exceeding 20 million won. Employees receiving salaries from two or more companies due to job changes are also required to report their income collectively. The National Tax Service plans to expand pre-notifications regarding errors in dependent deductions and various other deductions to minimize taxpayers' burdens.* This article has been translated by AI. 2026-05-14 13:10:03

New Commemorative Coins Featuring Korea's Tidal Flats and Bangudae Petroglyphs Available for Pre-Order in June The Bank of Korea will issue two commemorative coins to celebrate the 48th session of the UNESCO World Heritage Committee being held domestically. On May 14, the bank announced it will release one silver coin and one nickel-brass coin to enhance Korea's international standing and increase interest in its natural and cultural heritage. The silver coin has a face value of 70,000 won, with a diameter of 32.0 mm and a weight of 14 grams, made of 99.9% pure silver. The nickel-brass coin has a face value of 30,000 won, with a diameter of 40.0 mm and a weight of 26 grams, composed of 75% copper and 25% nickel. The silver coin features Korea's tidal flats, a UNESCO World Natural Heritage site. The front depicts birds, including the black-faced spoonbill, set against a tidal flat background, highlighting the ecological characteristics and habitat value of Korea's tidal flats. The reverse side realistically portrays the white-legged crab and mudskipper, along with the salt marsh plant, highlighting the vibrancy and biodiversity of the tidal flat ecosystem. The nickel-brass coin is themed around the Bangudae petroglyphs, a registered World Heritage site. The front realistically depicts the actual rock surface and surrounding river and natural scenery, emphasizing some of the petroglyph patterns to enhance the sense of place. The reverse side rearranges images of animals and figures, including whales and deer, along with hunting scenes, to illustrate the relationship between prehistoric humans and nature, as well as their way of life at the time. A total of 14,000 coins will be issued, with 7,000 of each type. Individual coins will be limited to 2,000 each, while a set of both types will consist of 5,000 sets (10,000 coins total). Ninety percent of the total issuance will be available domestically, with the Korea Mint Corporation accepting pre-orders through NongHyup Bank and its online shopping mall. If domestic applications exceed the allocated amount, winners will be selected by random draw. The remaining 10% will be available for international orders through the Korea Mint Corporation's overseas sales network. Any unsold coins will be included in the domestic supply. Pre-orders will be accepted from June 1 to June 23 at Korea Mint Corporation and NongHyup Bank branches and online.* This article has been translated by AI. 2026-05-14 13:09:30

Ruling Party: AI National Dividend Proposal Not Ready for Discussion The Democratic Party of Korea stated that the proposal for an AI national dividend, mentioned by Kim Yong-beom, head of the Blue House policy office, on May 12, is "not ready for discussion." After a meeting of the party's floor leadership, spokesperson Lee Joo-hee told reporters at the National Assembly, "We will provide our position once it is organized." Earlier, Kim posted on Facebook, stating, "The key question of the AI era is not merely about growth rates, but how to socially recognize excess profits." He emphasized that "a portion of the fruits should be structurally returned to all citizens," suggesting the name 'national dividend' for this principle. Kim argued that if a strategic position in the AI infrastructure supply chain creates a structural boom, leading to excess tax revenue, the question of how to utilize that money should be seen as a design issue rather than a matter of choice. On May 8, Kim had also projected that if the semiconductor boom continues until 2027, tax revenues could reach historic levels between 2026 and 2027. Following Kim's comments, the KOSPI index experienced a sharp decline as it approached the 8,000 mark. Bloomberg reported that Kim's mention of the AI national dividend impacted investor sentiment.* This article has been translated by AI. 2026-05-14 13:07:48

Deputy Minister Emphasizes Need for Future Vehicle Parts Ecosystem On May 14, Deputy Minister Moon Shin-hak of the Ministry of Trade, Industry and Energy stated, "To maintain the competitiveness of our automotive industry in the era of future vehicles, establishing a robust parts ecosystem is essential." He added that a comprehensive support plan for the transition to future vehicle ecosystems will be prepared within the first half of the year to actively support the parts industry. During a joint public-private meeting on future vehicle transition hosted by the Ministry of Industry and the Financial Services Commission, the launch ceremony for the Future Vehicle Parts Industry Council was held. This meeting aimed to establish a comprehensive support system to facilitate the transition of the domestic automotive industry to future vehicle ecosystems amid accelerating changes. According to the Korea Automotive Research Institute's 2025 survey on the automotive parts industry, there are approximately 21,000 businesses in the domestic automotive parts sector, employing 456,000 people, with sales reaching 207.6 trillion won and investments totaling 7.1 trillion won. Among these, 4,142 companies focus on internal combustion engine parts, while only 578 specialize in future vehicle parts. Only 6.1% of companies are currently pursuing or planning to diversify their operations. However, among those without diversification plans, 23.2% recognize the need for business transition and diversification. Parts manufacturers cited challenges such as funding, lack of technological competitiveness, and workforce acquisition as barriers to transitioning and diversifying their businesses. In response, the government plans to identify the challenges faced by the parts industry across all sectors, including business restructuring, finance, research and development (R&D), exports, and workforce issues, through the joint public-private Future Vehicle Parts Industry Council. Additionally, the government will focus on supporting the transition to future vehicle ecosystems. Furthermore, the Financial Services Commission announced plans to concentrate a total of 15 trillion won in funding for the mobility sector over the next five years through the National Growth Fund. This year, 9.7 trillion won will be allocated for improving the automotive parts industry, and 8.3 trillion won will be directed toward fostering the future vehicle and autonomous vehicle industries. Deputy Minister Moon noted, "Despite the recent surge in the domestic and global electric vehicle markets due to high oil prices, the proportion of companies specializing in future vehicle parts remains at just 2.7%. While the automotive industry is undergoing restructuring, unlike the steel and petrochemical sectors, proactive and specific structural transitions are necessary." He also urged local governments, regional institutions, and related support agencies to actively identify on-site challenges faced by the parts industry and propose effective policy measures, expressing hope for vibrant discussions on various ideas and policy initiatives for the transition to future vehicles. Financial Services Commission Vice Chairman Kwon Dae-young remarked, "The automotive industry is evolving into a complex advanced industry that integrates artificial intelligence (AI), semiconductors, software, and data into parts, representing a national effort. The Financial Services Commission will provide comprehensive support to ensure that R&D, infrastructure investment, and financial assistance are interconnected in collaboration with relevant ministries."* This article has been translated by AI. 2026-05-14 13:05:48

President Yoon Congratulates Mexico on Hosting the First World Cup President Yoon Suk Yeol spoke with Mexican President Claudia Sheinbaum Pardo on May 14, reaching a consensus on expanding cooperation between the two countries.Chief Presidential Secretary Kang Yu-jeong stated in a written briefing that the two leaders evaluated their ongoing friendly exchanges, which have continued since their first bilateral summit in nine years during the G7 summit last June, including a letter exchange in January.The leaders expressed their admiration for the tens of thousands of fans who gathered at Mexico's Zocalo Square on May 6 to see BTS, agreeing to strengthen cultural exchange cooperation between their nations.President Yoon emphasized the need to expedite the resumption of free trade agreement (FTA) negotiations, noting that Mexico is South Korea's largest trading and investment partner in Latin America. He expressed hope that both countries, sharing similar positions amid increasing global economic uncertainty following the Middle East conflict, would enhance cooperation in various fields, including energy.In response, President Sheinbaum expressed great interest in enhancing practical cooperation with South Korea, including economic ties.Additionally, President Yoon congratulated Mexico on hosting its third World Cup, the first to be held in three countries, and wished for its success. The tournament will take place from June 11 to July 19 across 16 cities in the United States, Canada, and Mexico.Chief Secretary Kang reported that both leaders agreed to accept President Sheinbaum's invitation to visit Mexico and to prepare thoroughly for discussions on further developing bilateral relations.* This article has been translated by AI. 2026-05-14 13:03:18

Coupang Launches Emergency Relief Program with Rocket Delivery Coupang announced on May 14 that it is launching an "Emergency Relief Coupang Hope Box" program to deliver relief supplies to disaster victims via its rocket delivery service during domestic disasters and emergencies. The company plans to stockpile 2,500 sets of emergency relief supplies at its fulfillment center in Sejong, ready for immediate dispatch in the event of a disaster. This number was determined based on the patterns of domestic disasters, the annual number of disaster victims, and the needs of evacuation shelters. Sejong is strategically located for nationwide delivery connections. On May 13, Harold Rogers, Coupang's interim CEO, visited the fulfillment center to inspect the stockpiled relief supplies. "Let’s actively help disaster victims facing difficulties when disasters occur nationwide by utilizing our rocket delivery logistics network," Rogers said. Coupang has established an operational system to quickly deliver emergency relief supplies to disaster sites across the country, including the Yeongnam and Honam regions. After delivery, the relief supplies will be handed over to the disaster relief organization Peace Winds Korea, which will distribute them to evacuees in temporary shelters. The emergency relief supplies consist of ten items from Coupang's private brand subsidiary CPLB, including living boxes, comforters, pillows, towels, socks, compressed wet wipes, and foldable three-layer mattresses. If disasters persist or the scale of damage increases, additional relief supplies will be produced and distributed based on the situation on the ground. Jung Seok-yun, the executive director of Peace Winds Korea, stated, "The speed of initial response is crucial in disaster situations. We expect that combining Coupang's nationwide logistics network and delivery capabilities will enable faster and more reliable emergency relief." Last year, Coupang delivered over 35,000 relief items, including daily necessities and snacks, to wildfire-affected areas in Uiseong, North Gyeongsang Province, in March. In July of the same year, it also supported over 40,000 relief items, including daily necessities, hygiene products, and clothing, to areas affected by heavy rainfall.* This article has been translated by AI. 2026-05-14 13:02:08

Jung Won-oh Denies Assault Allegations, Accuses Opponents of Fabrication Jung Won-oh, the Democratic Party's candidate for Seoul Mayor, stated that a 31-year-old assault case is indeed related to the May 18 Democratic Uprising, asserting, "This is also reflected in the court ruling." He announced plans to respond legally against the People Power Party, which has raised allegations of false explanations regarding the incident. Speaking at a forum hosted by the Editors' Association in Seoul's Jung-gu on the morning of May 14, Jung claimed that the repeated disclosures by the People Power Party regarding the assault case are inaccurate. In response to related questions, he stated, "The claims made by Kim Jae-seop (of the People Power Party) are false and fabricated," adding, "This is clear from the court ruling and the articles that were reported at the time." The court ruling indicated that Jung assaulted a secretary of a National Assembly member from the Democratic Liberal Party during a dispute over the punishment of those involved in the June 27 elections and the May 18 incident while he was serving as a secretary to the Yangcheon District Mayor in 1995. Jung challenged, "Please consider whether the unilateral claims of a member of the Minjoo Party, as recorded in the Yangcheon Council minutes, hold more weight than the court ruling," asserting, "While I understand what the People Power Party aims to achieve through manipulation, what awaits them is the judgment of the law." He continued, "The Democratic Party filed a complaint the previous day for violations of election law based on false facts, and the truth will be revealed clearly in the future." However, he refrained from commenting on whether he had apologized to the victim of the incident, stating only, "The campaign will respond to various claims at a press conference today." Earlier, on May 13, Kim Jae-seop of the People Power Party claimed, based on the Yangcheon Council minutes, that the 1995 assault incident involving Jung occurred after he demanded that a female employee of a café stay overnight and was refused, contradicting Jung's assertion that it was a dispute stemming from political differences. While Jung remained silent throughout the day, his campaign office released clarifications citing media reports and court rulings from that time, denying the allegations. On the same day, Joo Jin-woo, a member of the People Power Party, released audio recordings purportedly from the victim of the assault. The individual in the recording stated, "I have no memory of any argument related to May 18 or receiving an apology afterward."* This article has been translated by AI. 2026-05-14 13:00:14

Gasoline and Diesel Consumption Drops 3% and 8% Following Price Cap Implementation 정부가 석유제품 최고가격제를 시행 중인 가운데 제도 시행 이후 휘발유와 경유 소비량이 각각 3%, 8% 감소한 것으로 나타났다. 양기욱 산업통상부 산업자원안보실장은 14일 중동전쟁 대응본부 일일브리핑을 통해 "석유제품 소비량은 3월 소폭 상승했지만 4월과 5월 1~2주 모두 하락세를 나타냈다"며 "최고가격 시행 이후 9주간 휘발유와 경유 소비량도 감소 추세를 나타내고 있다"고 말했다. 산업부에 따르면 3월 휘발유 소비는 4% 증가한 반면 경유 소비는 1% 감소하면서 전체 소비량은 1% 증가했다. 4월은 휘발유 7%·경유 11% 줄어들면서 총 10% 감소했고 5월 1~2주는 휘발유 2%·경유 6% 감소하며 총 4% 줄었다. 양 실장은 "5월 1주 석유제품 소비량은 크게 감소한 가운데 2주차에는 늘어난 것으로 집계됐다"며 "국제 가격을 반영했으면 소비량이 더 내려갔을 가능성도 있지만 어떤 방식이 바람직한지는 논쟁할만한 이슈일 것"이라고 설명했다. 국내 에너지 물가 상승률은 높은 수준이지만 국제 평균을 밑도는 상황이다. 경제협력개발기구(OECD)가 최근 발간한 보고서에 따르면 올해 3월 기준 회원국들의 에너지 물가 상승률은 8.1% 수준이다. 석유파동 이후 가장 높은 수준인 가운데 한국은 5.2% 수준으로 미국(12.5%), 독일(7.6%), 프랑스(7.1%) 등 주요국에 비해 상대적으로 낮다. 각국에서도 고유가에 대응한 정책에 나서고 있다. 일본과 헝가리, 폴란드 등은 정유사 보조금 지급과 가격상한제 등 고강도 유가안정 정책을 통해 유가 상승률을 낮게 유지하고 있다. 유류세 비중이 높은 유럽국가의 경우 유류세 인하와 동시에 시장관리에 나서고 있다. 양 실장은 "우리나라의 석유제품 최고가격제가 예외적이라는 주장도 있지만 다른 국가에서도 국민 물가 부담과 경기 위축 등을 우려해 다양한 정책을 도입하고 있다"며 "에너지발 인플레이션이 전체 경제에 미치는 영향이 큰 만큼 전세계가 정책적인 노력을 기울이고 있다"고 내다봤다. 이달 내에 정유사 손실보전 고시를 만들기로 한 것과 관련해 산업부 관계자는 "이미 정유사들과 소통하고 있는 상황에서 현재도 진행 중"이라며 "첫 고시에 '원가 등에 기반해 손실보전을 계산한다'고 돼 있는 만큼 원가를 계산해 손실보전을 하는 것이 원칙"이라고 말했다. 최고가격제 종료 시점과 관련해 양 실장은 "최고가격제가 급격하게 종료될 경우 가격이 오를 가능성도 있다"며 "전쟁 전으로 유가가 돌아가지는 않더라도 국제유가가 100달러 이하로 내려가는 상황을 살펴봐야 할 듯 하다"고 짚었다. 한편 산업부는 4~5월 국내 정유사의 비축유 스와프(SWAP) 신청 물량은 약 3100만 배럴로 집계됐다고 밝혔다. 기업의 요청에 따라 나프타 생산 비중이 높은 콘덴세이트에 대해서도 스와프를 완료했다.* This article has been translated by AI. 2026-05-14 12:57:09

Samsung Heavy Industries Secures $750.5 Million Contract for Two LNG Carriers Samsung Heavy Industries announced on May 14 that it has secured a contract worth 750.5 billion won ($750.5 million) for two liquefied natural gas (LNG) carriers from a shipping company in the Oceania region. This order, along with the LNG-FSRU contract disclosed on May 4, underscores Samsung Heavy Industries' commitment to strengthening its competitiveness in the LNG value chain lineup. Since the beginning of this year, Samsung Heavy Industries has been on a robust order streak, driven by a selective order strategy focused on eco-friendly and high-value vessels. This has heightened expectations for achieving its annual order target. To date, Samsung Heavy Industries has secured a total of 19 vessels, including nine LNG carriers (one LNG-FSRU), two ethane carriers, two gas carriers, two container ships, and four oil tankers, amounting to $3.9 billion. This figure represents approximately 68.4% of its annual target of $5.7 billion for new ship orders, achieving more than two-thirds of its goal before the first half of the year concludes. Industry experts believe that the recent supercycle in shipbuilding is likely to sustain the trend of LNG-focused orders for the foreseeable future. Consequently, there are optimistic projections for additional orders for Samsung Heavy Industries in the second half of the year. In particular, the growing demand for eco-friendly vessels globally has renewed interest in LNG-related ship types. As the proportion of high-value vessels increases and stable workloads continue, expectations for improved profitability are also rising. A representative from Samsung Heavy Industries stated, "With the recent orders for LNG carriers following the LNG-FSRU, the momentum in LNG vessel orders is gaining strength. We will continue to pursue selective orders focused on profitability across all areas of the LNG value chain to maintain this upward trend in orders."* This article has been translated by AI. 2026-05-14 12:55:56