Public Housing Crisis in Gangil-dong Sparks Debate on Welfare and Independence A public housing crisis in Gangil-dong, Seoul, has reignited the debate over welfare and self-sufficiency. Recently, an anonymous post on the workplace community platform "Blind" claimed that the Gangil-dong situation was a "massive social experiment." The author, identified as A, stated, "Providing nearly free housing for 20 years raises the question of whether it fosters independence or leads to dependency. The conclusion is that despite 20 years of affordable rent, residents have not become self-sufficient." A continued, "Instead, they seem to want to remain in public housing, becoming accustomed to relying on others (taxes) to solve their housing issues." This post quickly gained traction amid ongoing controversies surrounding the renewal and eviction of long-term public housing residents in Gangil-dong. Some residents expressed their distress, saying, "We have built a community here for over 20 years, and now we are being forced out." Critics online argued that public housing has effectively transformed into a permanent living solution. Comments from netizens included, "This experiment shows that increasing welfare can lead to dependency rather than motivation to work harder," and, "Public housing should be a stepping stone to independence, not a permanent residence." Others remarked, "Taxpayer support has only increased dependency," and, "Twenty years is ample time to prepare for independence." The debate has expanded beyond the issue of rental housing, touching on broader concerns about housing inequality and welfare policy in South Korea. There is ongoing disagreement about whether long-term public housing should focus on supporting independence or prioritizing stable housing rights. Meanwhile, the Seoul city government and the SH Corporation stated they are proceeding with legal standards and supply principles regarding contracts and resettlement related to the Gangil-dong public housing. However, as public sentiment intensifies, discussions about the role and sustainability of the public housing system are expected to continue for the foreseeable future. 2026-05-29 10:14:00

Jung Won-oh Urges Early Voting, Promises to Prioritize Citizens' Safety Jung Won-oh, the Democratic Party's candidate for Seoul mayor, focused on voter outreach on the first day of early voting, stating, "This election is about choosing who will take responsibility for citizens' lives. Change the standards of Seoul through early voting." He highlighted recent safety concerns, including allegations of missing rebar in the GTX-A project and the collapse of the Seosomun overpass, pledging to create a safer Seoul for its residents. During a meeting of his central campaign committee, Jung said, "This election is about choosing who will take responsibility for citizens' lives. What Seoul needs now is not political slogans but action." He encouraged voters to change the standards of Seoul through early voting, which runs for two days. He criticized Oh Se-hoon, the candidate from the People Power Party, stating, "To create tangible change that citizens can feel, we must work hand in hand with the central government. However, Oh seeks to drag Seoul into political strife instead of addressing discomfort and insecurity." Jung urged voters to make a wise decision on whether to allow incompetence and irresponsibility to continue or to start a new Seoul that transforms citizens' daily lives. Jung reiterated his commitment to prioritizing citizen safety, referencing the recent safety incidents. He stated, "Life and safety are values that cannot be compromised. I will make citizen safety the top priority of my administration, shifting to proactive governance that predicts and prevents risks before accidents occur." He proposed establishing a Life Safety Committee under the mayor's office to oversee safety inspections across Seoul. He concluded, "The mayor is responsible for the lives of citizens. During Oh's decade in office, what citizens have experienced are repeated accidents, housing insecurity, and neglected livelihoods. Change the standards of safety, housing, and livelihood recovery in Seoul through early voting. Choose Jung Won-oh, a capable mayor for Seoul."* This article has been translated by AI. 2026-05-29 10:08:00

HD Hyundai Oil Bank Recognized as Top Call Center for 18th Consecutive Year HD Hyundai Oil Bank has been recognized as one of South Korea's top call centers for the 18th consecutive year. The company attributes this achievement to its integrated '3-3-3' service model, which ensures that customer calls are answered within three seconds, consultations are completed within three minutes, and follow-up inquiries are addressed within 30 minutes.On May 29, HD Hyundai Oil Bank announced that it has been selected as a top call center and a 'Customer Delight Call Center' in the 2026 Korean Service Quality Index (KSQI) assessment conducted by the Korea Management Association Consulting (KMAC). This marks the 18th consecutive year for the top call center award and the fifth consecutive year for the customer delight recognition, underscoring the company's exceptional customer service capabilities.The KSQI is a service quality evaluation metric developed by KMAC that comprehensively measures the level of service perceived by customers. This year, the assessment covered 346 companies across 50 different industries.Selection as a top call center is based on 17 evaluation criteria, including call reception conditions, consultation attitudes, and task handling. HD Hyundai Oil Bank was recognized for its rapid and accurate consultation capabilities and systematic customer response processes.The 'Customer Delight Call Center' category identifies companies that excel in empathy and genuine communication during customer service interactions. HD Hyundai Oil Bank received high marks for its empathy-based consultation quality and customer-centric response capabilities.Operating under the philosophy that 'the customer's time is the most valuable asset,' HD Hyundai Oil Bank's customer center aims for a one-stop integrated consultation service with goals of answering calls within three seconds, completing consultations within three minutes, and providing follow-up responses within 30 minutes. The company also offers various welfare programs, including open promotion opportunities and one-day classes, to improve the working environment and stress management for its consultants.A representative from HD Hyundai Oil Bank stated, "The customer center is a key communication channel between the company and its customers, and this recognition is particularly meaningful as it acknowledges our empathetic responses and genuine communication. We will continue to focus on developing our consultants' skills and enhancing service quality."* This article has been translated by AI. 2026-05-29 10:04:00

Finance Ministry: Major Countries Expanding Oil Price Support Policies Amid rising oil product prices due to the ongoing war in the Middle East, major countries are implementing measures to alleviate the burden of increasing energy costs. On May 29, the Ministry of Finance reported that Moon Ji-sung, Director of International Economic Management, chaired a video conference with finance officials from 14 countries at the Government Complex in Seoul on May 28. The finance officials are stationed in 16 embassies, supporting cooperation in finance and economic sectors with host governments and international organizations, as well as gathering information on major policy trends. The meeting was convened to reassess the responses of major countries to the protracted Middle East conflict and to share trends in economic cooperation related to the region. Currently, international oil prices have stabilized somewhat compared to the early days of the Middle East war, when prices exceeded $100 per barrel. Notably, as negotiations for a ceasefire between Iran and the United States progress, the ICE Futures Exchange reported that the July futures price for Brent crude closed at $93.71 per barrel, down 0.6% from the previous session. However, the transmission of international oil prices to oil product prices takes time, and international oil product prices remain elevated. In response, finance officials explained that major countries are continuing to pursue policies aimed at stabilizing prices, ensuring supply stability, and fostering international cooperation. They also noted a trend of expanding policies to alleviate the burden on citizens and vulnerable sectors due to rising energy costs. Specifically, Singapore is providing early vouchers of around $500 to all households and increasing special living expense support to $200 for individuals with taxable income below $100,000. Thailand is implementing a matching subsidy policy that supports 60% of consumer spending, up to a maximum of 1,000 baht per month, targeting 13 million welfare cardholders and 30 million citizens over 18 who do not hold welfare cards. France has extended fuel subsidies for transportation, agriculture, fisheries, and construction from May to August and increased mileage allowances for visiting caregivers. Additionally, the tax exemption for employer fuel subsidies has been raised from €300 to €600 annually. The government plans to closely monitor policies and market trends from various countries while maintaining close communication with finance officials. Moon Ji-sung emphasized, "The information that finance officials provide quickly from the field is very helpful for government responses," adding, "Given the high level of uncertainty in the current situation in the Middle East, continuous monitoring will be necessary."* This article has been translated by AI. 2026-05-29 10:02:00

Government Expands Mandatory Reemployment Support Services to Enhance Worker Choices The government is set to gradually expand the scope of mandatory reemployment support services to enhance their effectiveness and introduce a worker-led transition support system. The Ministry of Employment and Labor announced on May 29 that it will issue a legislative notice regarding amendments to the Enforcement Decree of the Act on the Prohibition of Age Discrimination in Employment and the Promotion of Employment for Older Persons by July 8. This amendment follows the announcement of measures to improve the reemployment support service system on May 14. According to the proposed amendments, the current obligation to provide reemployment support services, which applies only to workplaces with over 1,000 employees, will be gradually expanded. Starting in the second half of 2027, the requirement will extend to businesses with more than 500 employees, and by the second half of 2029, it will include those with over 300 employees. This change is expected to improve access to reemployment support services for workers in medium-sized and small enterprises. The operation of reemployment support services will also change. Previously, employers were responsible for directly providing career planning, job training, and employment placement services. In the future, if workers choose to participate in desired vocational training or transition programs, employers will be recognized as fulfilling their obligations by offering flexible work hours, granting leave, or providing financial support. The ministry anticipates that this will allow workers to prepare for reemployment more autonomously, aligning with their individual skills and career paths. For employers, the reduced burden of directly managing programs is expected to encourage greater participation in the system. With the increasing demand for reemployment among middle-aged and older workers due to changes in industrial structures and early retirements, this reform is viewed as a means to strengthen the labor market safety net. There is also a growing recognition of the need for tailored support linked to vocational training in digital and new industries, moving beyond simple job placement services. Kwon Jin-ho, Director of the Integrated Employment Policy Bureau, stated, "This amendment is designed to expand the mandatory reemployment support services while enhancing their effectiveness through worker-led participation. We will improve the system so that employers can provide services more easily, and workers can engage in reemployment support services that match their individual characteristics."* This article has been translated by AI. 2026-05-29 10:02:00

Kim Jeong-gi Appointed as New Head of Korea Fair Trade Mediation Agency Kim Jeong-gi, former commissioner of the Fair Trade Commission, has been appointed as the seventh head of the Korea Fair Trade Mediation Agency as of May 29. Kim is an expert in fair trade, having served as the director of the Market Surveillance Bureau, the Competition Policy Bureau, and as a commissioner at the Fair Trade Commission. He graduated from Seoul National University with a degree in business administration and earned an MBA from Thunderbird School of Global Management. He entered public service after passing the 37th national administrative examination. During his tenure as the director of the Market Surveillance Bureau, he imposed significant penalties on unfair advertising practices by major educational institutions and publishers, and led the largest fine in history under the Electronic Commerce Act against Nexon for manipulating game item probabilities. As the head of the Competition Policy Bureau, he contributed to the legal foundation for the self-compliance program through amendments to the Fair Trade Act. In his inaugural speech, Kim stated, "As we approach the 20th anniversary of the agency's establishment, we are at a turning point for a new leap forward. I feel a heavy responsibility to shape the future direction of the agency together with everyone." He added, "We will strengthen the effectiveness of dispute resolution services and enhance our rapid damage relief functions to establish a practical support system that the public and businesses can feel." Kim also emphasized the importance of solidifying the support system for people's livelihoods through the stable establishment of the newly created Fair Trade Comprehensive Support Center, and promoting a culture of voluntary cooperation and expanding the fair trade research ecosystem. The Korea Fair Trade Mediation Agency, under the Fair Trade Commission, mediates disputes among businesses in six areas, including general unfair trade, subcontracting, and franchising, and is also responsible for evaluating compliance with self-regulatory programs.* This article has been translated by AI. 2026-05-29 10:02:00

South Korea to Issue 200 Billion Won in Retail Bonds in June The South Korean government plans to issue a total of 200 billion won in retail bonds next month. The additional interest rates will be flexibly adjusted based on market conditions. The Ministry of Finance and Economy announced on May 29 that it will issue 30 billion won in three-year fixed-rate bonds and 70 billion won in three-year compound interest bonds, along with 600 billion won in five-year bonds, 1 trillion won in ten-year bonds, and 300 billion won in twenty-year bonds, totaling 200 billion won. The coupon rates will be based on the auction rates of similar government bonds issued in May: 3.565% for three-year bonds, 3.940% for five-year bonds, 4.295% for ten-year bonds, and 4.145% for twenty-year bonds. The additional interest rates will be adjusted flexibly in response to recent sharp increases in the coupon rates of government bonds and overall market conditions. Consequently, an additional 0.1% will be added to the five-year bonds, 0.5% to the ten-year bonds, and 0.8% to the twenty-year bonds. No additional interest will be applied to the three-year bonds, considering the yields of financial market products. If held to maturity, the pre-tax yields for the June-issued retail bonds will be approximately 10.7% for three-year fixed-rate bonds, 11.1% for three-year compound interest bonds, 21.9% for five-year bonds, 59.7% for ten-year bonds, and 162.6% for twenty-year bonds. The subscription period will be from June 10 to June 16, during business hours from 9 a.m. to 4 p.m. Individual investors can apply by visiting the sales agency Mirae Asset Securities or online during this period. The minimum subscription amount is 100,000 won, with an annual purchase limit of 200 million won per person. Additionally, retail bonds issued between June 2024 and May 2025 can be redeemed early during June. However, in this case, investors will only receive the principal and interest based on the coupon rate at the time of purchase, without benefits such as compound interest or separate taxation on interest income. The government has been issuing retail bonds since June 2024. Each month, it announces the issuance plan for the following month, with subscriptions typically taking place during the five business days leading up to the issuance date. The Ministry of Finance and Economy issued a total of 200 billion won in retail bonds last month as well.* This article has been translated by AI. 2026-05-29 10:02:00

Jung Cheong-rae Urges Supporters of Lee Jae-myung to Vote for Jeong Won-o Jung Cheong-rae, the head of the Democratic Party, encouraged all citizens supporting President Lee Jae-myung to vote for Jeong Won-o on the first day of early voting for the local elections on May 29. He emphasized, "If you support President Lee and want this government to operate more stably, please vote for the Democratic Party." During a meeting of the Central Election Countermeasures Committee at Jeong's campaign headquarters, Jung stated, "Voting is stronger than a bullet. Power does not come from the barrel of a gun but from the ballot box," urging citizens to come out and vote. He added, "If you vote, you can win. I appeal to all citizens supporting President Lee and the people of Seoul to go to the polls." Jung described this local election as a chance to empower President Lee, urging those who believe he is doing a good job to support Democratic candidates. He also continued to express the need to check the opposition party, People Power Party, as early voting commenced, marking the start of the election phase. He criticized the People Power Party, saying, "Seeing them still dreaming of a revival of Yoon Seok-yeol and shouting 'Yoon Again' makes me wonder what era they belong to. Is it a nomination for rebellion or rebellion for nomination? They continue to show a regressive attitude, trying to turn the water wheel with water that has already flowed away." Jung pointed out that the commonality among Yoon Seok-yeol, Lee Myung-bak, and Park Geun-hye is that they are all imprisoned. He stated, "The people will never tolerate attempts to reverse the history of South Korea by these three. The Democratic Party is not finished until the end. We will conduct our campaign with humility and a low profile until the last moment."* This article has been translated by AI. 2026-05-29 10:00:00

Celltrion begins primate trials for quad-target obesity drug SEOUL, May 29 (AJP) - Celltrion has kicked off primate toxicity trials for its next-generation obesity drug candidate CT-G32, moving the compound into the final stretch of preclinical development ahead of a planned investigational new drug (IND) submission in the first half of 2026. CT-G32 simultaneously targets four biological pathways, including GLP-1, making it what Celltrion describes as a potential first-in-class therapy. The company said the drug is designed to address persistent shortcomings of existing GLP-1 treatments — including inter-patient variability in weight loss, muscle loss, and durability — while maximizing fat reduction. The ongoing toxicity study covers 252 rats and 48 monkeys to assess the compound's safety profile and establish appropriate clinical dosing ranges. Celltrion said it will also evaluate CT-G32's pharmacokinetic and pharmacodynamic properties alongside the toxicity assessments. In earlier preclinical work, CT-G32 demonstrated superior weight loss compared to a reference compound at equivalent doses, while preserving lean body mass — a key differentiator in a market increasingly focused on muscle retention during treatment. "CT-G32 is being developed as a next-generation drug that addresses the limitations of existing GLP-1-based therapies and extends beyond obesity to cover metabolic diseases," said a Celltrion spokesperson. The company is also developing an oral obesity drug in parallel, targeting an IND filing in the second half of 2028. 2026-05-29 09:56:51

Korea, US to open talks on nuclear submarine, uranium enrichment rights SEOUL, May 29 (AJP) - South Korea and the U.S. will hold talks in Seoul next week on implementing agreements reached by their leaders, including Seoul’s plan to build a nuclear-powered submarine, the Foreign Ministry said Friday. The meeting is scheduled to take place in Seoul from June 2 to 3 to discuss follow-up measures in the security field under the Joint Fact Sheet issued last November after the Korea-U.S. summit, according to the ministry. South Korea’s delegation will be led by First Vice Foreign Minister Park Yoon-joo and include officials from key security, energy, science, industry and nuclear safety agencies. The U.S. delegation will be led by Allison Hooker, under secretary of state for political affairs, and include officials from the NSC, State Department, Energy Department and Department of War. The State Department also said Hooker will visit South Korea from June 1 to 3, leading an interagency delegation to advance nuclear cooperation initiatives reached during U.S. President Donald Trump’s visit to South Korea last October. The meeting is expected to cover key security-related agenda items agreed upon by the two leaders, including the construction of nuclear-powered submarines, Seoul’s push to secure uranium enrichment and spent fuel reprocessing rights, and shipbuilding cooperation. The South Korean government believes a separate agreement with the U.S. is needed for Washington to supply military nuclear fuel for the planned nuclear-powered submarine. For uranium enrichment and spent fuel reprocessing for civilian nuclear power generation, Seoul would need to revise the existing Korea-U.S. agreement on the peaceful use of nuclear energy. The government has reportedly been preparing closely with the U.S. at the working level so the launch meeting can produce substantive progress rather than remain a courtesy meeting. Seoul is seeking to advance the security agreements as much as possible during Trump’s term, as nonproliferation concerns remain strong in Washington. The meeting had initially been expected to take place earlier this year, but was delayed as Washington raised issues related to South Korea’s investment in the U.S. and Coupang, while also focusing on the Iran war and the U.S.-China summit. Hooker is also expected to discuss other pending issues during her visit. The State Department said Hooker will discuss a range of bilateral and global issues with South Korean officials to strengthen the alliance, including cooperation in security and economic affairs. “The U.S.-ROK Alliance remains the linchpin of peace and security on the Korean Peninsula and across the Indo-Pacific region,” it said. 2026-05-29 09:55:23