Election Fallout: Song Young-gil's Comments Spark Debate Among Candidates Song Young-gil's assertion that independent candidate Kim Kwan-young is "also a person chosen by President Lee Jae-myung" has ignited controversy, leading to a heated exchange between Lee Won-taek, the Democratic Party's candidate for Jeonbuk governor, and Kim. On May 31, Lee's campaign team criticized Song, stating, "By praising Kim, who was permanently expelled from the party over allegations of illegal cash distribution, as 'a Democratic Party person' and 'a person chosen by the president,' he is undermining the party's official decision and deceiving voters." They further claimed, "Kim's campaign is immediately exploiting Song's comments for election promotion, spreading the narrative that he is 'also a Democratic Party person.' It is a clear distortion of facts and an attempt to obscure the truth that a candidate expelled from the party is masquerading as a Democratic Party member." In response, Kim's camp defended Song's statement, asserting, "It is a clear truth that Kim is a person chosen by the president." They emphasized that President Lee Jae-myung had welcomed Kim into the party on December 10, 2021, stating, "I believe he is a great asset, and it seems the first step toward a grand unification is opening up." Additionally, they criticized the Lee camp for attacking a former party leader who has represented the people's sentiments, urging, "Show proper respect to Song, who is campaigning in a competitive district in Incheon." Meanwhile, in a recent interview with the YouTube channel 'Speaks,' Song stated, "It is contradictory for the Democratic Party to exclude Kim while concentrating its efforts in Jeonbuk. Since Kim is also a person chosen by the president, we should leave it to the people's judgment."* This article has been translated by AI. 2026-05-31 15:24:00

Yoon Suk Yeol Faces Multiple Trials; Acquitted of Perjury Yoon Suk Yeol, who was sentenced to life imprisonment for insurrection and is currently incarcerated, was recently acquitted of perjury charges, drawing attention to his ongoing legal battles. According to legal sources on May 31, the Seoul Central District Court's Criminal Division 32, led by Chief Judge Ryu Kyung-jin, acquitted Yoon of perjury on May 28. This marks the third first-instance ruling among the eight trials he is facing, and it is the first time he has been acquitted. Previously, the special prosecution team for insurrection had sought a two-year prison sentence for him. Yoon was charged with perjury after testifying as a witness in the trial of former Prime Minister Han Duck-soo regarding significant duties during the insurrection. He was accused of falsely claiming that he had planned a Cabinet meeting before Han's recommendation on the day of the emergency declaration. During the trial, Yoon stated, "Cabinet members are not puppets just to maintain appearances; isn't that a question reflecting too much bias?" The special prosecution team deemed this statement as false testimony. However, the court ruled that Yoon's assertion about attempting to convene a legally constituted Cabinet meeting was merely his subjective evaluation and did not contradict the factual record, leading to his acquittal. Currently, there are four cases related to insurrection, including the perjury charge. The main case, concerning the insurrection leadership, resulted in a life sentence in February, and an appeal is ongoing in the Seoul High Court's Criminal Division 12-1, presided over by Chief Judge Lee Seung-cheol. However, Yoon's legal team has filed a request to disqualify the judges, causing a delay in the proceedings. Following the recent rejection of this request, they have filed a further appeal, making it unlikely that the trial will resume until the Supreme Court issues a final decision. In the case of obstructing justice by mobilizing the Presidential Security Service to hinder the execution of an arrest warrant by the Anti-Corruption and Civil Rights Commission, the sentence was increased from the first instance. On April 29, the Seoul High Court's Criminal Division 1, led by Chief Judge Yoon Sung-sik, sentenced Yoon to seven years in prison, up from the five-year sentence in the first instance. This case has been assigned to the Supreme Court's third division, and a definitive ruling is expected by the deadline of July 29, as mandated by the Insurrection Special Prosecution Law. Yoon has also been indicted by the Kim Geon-hee special prosecution team. He faces charges of receiving free public opinion polling services from political broker Nam Tae-kyun, with a first-instance ruling scheduled for June 23, where the prosecution is seeking a four-year prison sentence. Additionally, a ruling on the violation of the Public Official Election Act for disseminating false information during the 20th presidential election is set for July 10. Notably, if a fine exceeding 1 million won is imposed, the People Power Party will be required to return approximately 40 billion won in election expenses, which could have significant political repercussions. The case involving alleged pressure on investigations and aiding a fugitive, prosecuted by the Marine Corps special prosecution team, has also entered the trial phase. During a hearing on May 27, key witness Lim Gi-hoon, former defense secretary at the presidential office, testified that the so-called VIP anger indeed existed, suggesting a potentially unfavorable outcome for Yoon in future proceedings. Furthermore, the trial regarding allegations of inciting the deployment of drones to Pyongyang to justify the emergency declaration is set for a first-instance ruling on June 12, with the prosecution seeking a 30-year prison sentence. Another case involves the alleged aiding of a fugitive by appointing former Defense Minister Lee Jong-seop as ambassador to Australia following the death of a Marine Corps member, which is currently being heard in Criminal Division 22, led by Chief Judge Jo Hyung-woo.* This article has been translated by AI. 2026-05-31 15:21:00

South Korea Expands Top-Tier Visa Program to Attract Global Science Talent The South Korean government is set to expand its Top-Tier visa program, offering significant incentives to attract world-class science and technology talent. The program will now include professors and researchers in the science and technology fields, aiming to secure 2,000 outstanding foreign professionals by 2030. On May 31, the Ministry of Justice and the Ministry of Science and ICT announced that the new "science and technology Top-Tier visa" system will be implemented starting in June. This improvement is designed to streamline the process by closely linking talent recommendations from the Ministry of Science and ICT with visa evaluations by the Ministry of Justice, significantly lowering barriers for skilled professionals to enter the country. The Ministry of Science and ICT is pursuing a "Brain to Korea" strategy, which aims to attract a total of 2,000 foreign scientists, including 350 top-tier scholars, by 2030. To facilitate this, a "one-stop electronic system" will be launched to ensure that visa issuance can be completed within two weeks when universities, research institutes, or corporate labs seek to recruit foreign experts. The criteria for obtaining a Top-Tier visa focus on demonstrating global research excellence. Applicants must meet at least one of the following requirements: be a recipient of an internationally recognized award such as the Nobel Prize or Fields Medal, be an author of papers in the top 1% of citations, hold triadic patents (registered simultaneously in the U.S., Japan, and Europe), or have experience as an assistant professor at a top 100 global university or as a lead researcher at one of the world's top 500 companies. Even if applicants do not fully meet the quantitative criteria, promising researchers with significant potential can still be recommended through a qualitative assessment by a joint review committee from both ministries. Selected Top-Tier visa holders will receive exceptional benefits for themselves and their families. Upon application, they will be granted a residency visa (F-2) that allows for immediate employment and settlement, along with a preferential entry card. Notably, the residency period required for obtaining permanent residency (F-5) will be significantly reduced from five years to three years. Accompanying family members, including parents and domestic helpers, will also be allowed to stay, enhancing stability for their settlement. The program will not only provide visas but also comprehensive support services from entry to daily life. Upon arrival at the airport, new arrivals will receive protocol services, and dedicated consultants will assist with foreign registration, communication service setup, real estate contracts, and psychological counseling to minimize initial settlement challenges. Justice Minister Jeong Seung-ho expressed optimism, stating, "This system improvement will strengthen the foundation for the swift influx of outstanding foreign science and technology talent into domestic research environments." Deputy Minister of Science and ICT Bae Kyung-ho also emphasized the importance of inter-ministerial cooperation, noting that not only research opportunities but also living conditions and visa support systems must work seamlessly to encourage individuals to choose Korea. This initiative is expected to enhance the global research capabilities of domestic institutions and lay the groundwork for South Korea to become a leading nation in attracting scientific and technological talent.* This article has been translated by AI. 2026-05-31 15:18:00

Police Investigate Decision-Making Before Seoul Overpass Collapse Police investigating the Seosomun overpass collapse in Seoul are examining the decision-making processes of construction officials before and after the incident. According to Yonhap News on May 31, the Seoul Metropolitan Police Agency's dedicated investigation team is analyzing evidence collected from the construction firm Heung-Hwa Construction and the city's Urban Infrastructure Headquarters. The police conducted searches at seven locations, including the Urban Infrastructure Headquarters, the construction company, and the supervising firm on May 29. The investigation team is reviewing safety management plans, structural designs, and work directives to determine how the demolition was originally planned. They are also assessing whether safety management plans were properly established during the design and construction phases and if the demolition work was executed as planned. Police are also looking into the communication that occurred among personnel on-site, the construction company, the city government, and the Ministry of Land, Infrastructure and Transport before and after the collapse. Notably, about 12 hours before the incident, signs of potential collapse were observed, including a step difference in the structure. Investigators are focusing on who made decisions at that time and whether necessary actions were taken. Concerns about safety had been raised prior to the incident. The Korea Safety Management Agency had advised the city in June 2024 to establish reinforcement plans, including temporary supports, and to review safety based on the demolition sequence, but these recommendations were not reflected in the safety plan, according to Yonhap News. Similar issues were raised again in October of the previous year, but the construction firm did not implement adequate measures, and the demolition proceeded with the city's approval. Additionally, it has been claimed that Heung-Hwa Construction and the city failed to notify the Korea Rail Network Authority or Korea Railroad Corporation about the discovered step difference, and train operations continued until one minute before the collapse. In fact, 59 trains carrying passengers passed through the tracks below the collapse site before the incident. The Ministry of Land, Infrastructure and Transport has also begun investigating the cause of the accident. The ministry announced it would form a construction accident investigation committee to examine the cause and develop measures to enhance safety management for demolition and dismantling work. This incident has evolved beyond a simple workplace accident, intertwining issues of design, safety management, on-site judgment, and inter-agency reporting systems. Police plan to summon officials from the construction company and the city for questioning once the analysis of the evidence is complete.* This article has been translated by AI. 2026-05-31 15:03:00

Foreign Investors Shift Funds from Semiconductors to AI and Bio, Achieving Record Net Purchases in KOSDAQ Foreign investors have engaged in significant net selling in the KOSPI while achieving record net buying in the KOSDAQ. They have shifted their funds from large-cap semiconductor stocks to growth sectors such as AI and biotechnology. According to the Korea Exchange on May 31, foreign investors sold a net 44.46 trillion won ($39.5 billion) in the KOSPI market in May, marking the largest monthly outflow on record, surpassing the previous high of 35.75 trillion won set in March. The selling trend persisted throughout the month, with foreign investors recording net sales for 16 consecutive trading days from May 7 to 29, the longest streak since the global financial crisis in 2009. The sell-off was concentrated in large-cap semiconductor stocks. Foreign investors sold a net 20.72 trillion won in SK Hynix and 16.07 trillion won in Samsung Electronics. Other notable sell-offs included Hyundai Mobis at 2.59 trillion won and SK Square at 1.42 trillion won. The combined net selling of SK Hynix and Samsung Electronics reached 36.74 trillion won, accounting for approximately 82% of the total net selling in the KOSPI. The funds withdrawn from semiconductor stocks were redirected to the KOSDAQ market, where foreign investors recorded a net purchase of 2.84 trillion won, the highest on record. This trend contrasts sharply with the KOSPI, highlighting a strong buying interest in growth stocks. In the KOSDAQ, investments flowed into companies involved in AI infrastructure, semiconductor value chains, biotechnology, and secondary batteries. Analysts suggest that foreign buying is particularly focused on companies expected to benefit from the expansion of the AI industry. Among the top net purchases, Pado led with 437.4 billion won, followed by EcoPro BM at 155.3 billion won, ABL Bio at 125.3 billion won, IOTech at 121.5 billion won, and Hana Micron at 120.6 billion won. These companies span various sectors, including storage devices for AI data centers, semiconductor equipment and post-processing, biotechnology, and secondary batteries, but they share the commonality of being in growth industries. Market analysts indicate that the recent changes in foreign investment reflect a shift in investment portfolios beyond mere profit-taking, suggesting a broader strategy that includes equipment, components, and biotechnology as beneficiaries of the AI industry's expansion. 2026-05-31 15:03:00

Vietnam's Parung Shipyard Expands High-Value Ship Production with South Korea Vietnam's Parung Shipyard has delivered a 13,000 DWT (deadweight tonnage) tanker and chemical ship while simultaneously commencing construction on a new vessel, continuing its trend of securing high-value ship orders. The shipyard's collaboration with South Korean owner Yentec is also expanding, strengthening its position in the international market. On May 29, local time, Vietnamese media reported that Parung delivered the 13,000 DWT tanker and chemical ship BS NGHI SON (series number 13K-YN04) to Yentec and held a steel cutting ceremony for the new vessel 13K-YN08 at the same event. This occasion highlighted Parung's consistent production system for the 13,000 DWT series. The delivered BS NGHI SON is a 13,000 DWT tanker and chemical ship designed by South Korea's Far East Ship Design (FESDEC) and certified by Korean Register (KR). The vessel measures 128.6 meters in length, 20.4 meters in width, and 11.5 meters in depth, with a design draft of 8.7 meters. This Handysize-class vessel is widely used for transporting oil and chemical products on international routes. The company stated that after completing construction, sea trials, and technical inspections, the ship met all contractual quality, safety, and technical standards before delivery to the owner. The steel cutting for the 13K-YN08 marks the first step in the new construction project, transitioning into the production phase. The simultaneous delivery of BS NGHI SON and the commencement of 13K-YN08 clearly demonstrate the uninterrupted production of the 13,000 DWT series. The vessel was received by South Korean company Yentec, which has been a key partner for Parung in various collaborations. Earlier, on April 22, Parung signed a construction contract and a memorandum of understanding (MOU) with Yentec for ten 6,500 DWT tanker and chemical ships. These vessels will feature a double-hull structure and are planned to be approximately 109.45 meters long, 18.2 meters wide, with a design draft of 6.8 meters and a cruising speed of 13.5 knots. The project will adhere to Korean Register (KR) standards and will be implemented over several years. Parung is a subsidiary of Vietnam's state-owned shipbuilding group SBIC. The company began its operations as a marine vessel repair facility, with its first new construction product being a 4,200-ton floating dock, followed by a 6,300 DWT cargo ship. It has since expanded its range to include bulk carriers from 6,500 to 20,000 DWT and 34,000 DWT vessels. With nearly 50 years of operation, the company has built a workforce of around 950 and has accumulated thousands of repair records while broadening its collaboration with foreign owners from countries such as Russia, Germany, South Korea, and Greece. Tanker and chemical ships must meet stringent standards for hazardous material transport, fire prevention, environmental protection, and operational safety. A company representative explained that the delivery of BS NGHI SON and the start of 13K-YN08 construction are results of close collaboration among the owner, partners, and in-house technical teams. Looking ahead, Parung plans to focus on new construction and repair projects, enhancing production management, process control, and quality and safety management to actively respond to the needs of domestic and international customers. The delivery of the 13,000 DWT vessel and multiple construction contracts for 6,500 DWT ships exemplify Parung's solidifying foundation in the tanker and chemical ship sector.* This article has been translated by AI. 2026-05-31 14:39:00

CJ Group Chairman Lee Jae-hyun Reviews North American Strategy, Promotes K-Lifestyle CJ Group Chairman Lee Jae-hyun has been actively overseeing the company’s North American K-lifestyle strategy by visiting key business locations in the United States. This management initiative, which began at the CJ Cup in Texas, has extended to Minnesota and California, signaling a commitment to intensify efforts in the U.S. market through a synergy of food, beauty, and content sectors. On May 31, CJ Group announced that Chairman Lee inspected the first CJ Olive Young store in Pasadena, Los Angeles, on May 29, where he discussed plans for expanding North American operations. He was accompanied by key executives, including Kim Hong-ki, CEO of CJ Corporation; Lee Sun-jung, CEO of CJ Olive Young; and Lee Sun-ho, head of the Future Planning Group at CJ Group. Lee stated, "The opening of the first Olive Young store in the U.S. is not just about launching a single store; it marks our first step into the world's largest market and a great beginning for our global expansion. We must spread a healthy and stylish lifestyle culture among American consumers." He particularly urged on-site employees to take pride in their role as a bridge to discover capable small K-brands and help them grow into global mega brands, thereby establishing a sustainable K-beauty ecosystem. The Pasadena store features products from 400 brands, with a majority being from small and medium-sized enterprises. CJ plans to establish a core market for Olive Young in California before gradually expanding into the eastern and midwestern regions. The company is also exploring ways to create synergies with its food and entertainment businesses, including Bibigo, Tous Les Jours, and KCON. ◆ Lee: "We will be the fastest-growing food company in the U.S. this year" Earlier, Lee visited CJ CheilJedang's North American subsidiary in Minneapolis, Minnesota, for the first time since acquiring the frozen food company Schwans in 2019. During this visit, he emphasized the importance of synergy across the company’s diverse sectors, stating, "CJ is a 'life company' with numerous characteristics, including food, beauty, style, and convenience. It is crucial that we work as one team to create synergy. We must aim to be the number one company in the food market based on our Only One spirit, which focuses on being the first, the best, and differentiated." After tasting the new 'Crunch Time' pizza, which cooks in just five minutes in a microwave, he remarked, "I want to offer customers a product that is cheaper, more convenient, and of better quality than delivery pizza, allowing them to save real money. This is the direction we need to pursue." He expressed confidence, stating, "By the end of this year, I am certain that we will be the fastest-growing company among U.S. food businesses." Lee also drew attention with gifts he presented at both locations. He gave Olive Young face masks and sunscreen to employees in Minnesota and a Tous Les Jours cake to staff at the LA Olive Young store. He emphasized, "CJ is not just a cosmetics company; we also sell food. We are a lifestyle company that showcases trendy lifestyles to our customers." Additionally, Lee reviewed expansion plans for CJ Foodville, CJ ENM, and CJ Logistics in North America. He is expected to remain in the U.S. until early next month to assess the competitiveness of future content businesses, such as ScreenX and 4DX, and to discuss global collaboration opportunities with industry stakeholders in the content and media sectors. * This article has been translated by AI. 2026-05-31 14:33:00

Shift from Home Loans to Credit Loans as Stock Investments Surge The focus of household lending is shifting from mortgage loans to credit loans. As expectations for a stock market rally grow, demand for investment funds has surged, with credit loans from the five major banks increasing by more than 100 times the amount of mortgage loans in May. As of May 28, the total balance of personal credit loans at KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup banks reached 106.99 trillion won, an increase of 2.65 trillion won from the end of April, when it stood at 104.34 trillion won. This monthly increase is the largest since April 2021, when the KOSPI first surpassed the 3,200 mark. The current balance of credit loans is also the highest since November 2023, when it was 107.72 trillion won, marking a 2.5-year peak. In contrast, mortgage loans have remained stagnant under the government's strict lending regulations. The balance of mortgage loans at the five major banks was 612.27 trillion won in May, increasing by only 250 billion won compared to the previous month. This is a significant slowdown from the previous month, when mortgage loans increased by 1.91 trillion won. Consequently, the increase in credit loans in May exceeded that of mortgage loans by more than 100 times. The expansion of credit loans has been primarily driven by overdraft loans. The balance of personal overdraft loans at the five major banks rose from 39.79 trillion won at the end of April to 41.93 trillion won by May 28, an increase of 2.14 trillion won. This marks the first time since April 2021 that the balance of overdraft loans has increased by over 2 trillion won in a month. The current balance is also the highest since December 2022. Typically, overdraft balances decrease around the 25th of each month when salaries are paid, but this month saw the opposite trend. The balance, which was 41.28 trillion won on May 21, increased by about 650 billion won within a week. Market analysts believe that borrowers are opting to draw additional funds for stock investments rather than repaying their loans with their salaries. The recent surge in the KOSPI, which has been hitting record highs, is also cited as a factor behind the increase in credit loans. However, the concern is that loan interest rates are hovering around 6%. As of May 29, the interest rates for credit loans at the five major banks ranged from 4.16% to 5.85% (for top credit ratings and one-year terms). This is higher than the rates at the end of last year (3.84% to 5.36%) and also above the rates from March this year (3.85% to 5.53%), when geopolitical tensions in the Middle East caused market rates to spike. Market analysts anticipate that the Bank of Korea may raise interest rates at least twice this year. Such increases could not only heighten the burden of interest payments for borrowers but also act as a downward pressure on the stock market, creating a dual challenge for investors engaged in debt-funded investments. A banking industry official stated, "The recent increase in credit loans is largely driven by demand for investment purposes. We cannot rule out the possibility of rising delinquency risks centered around credit loans."* This article has been translated by AI. 2026-05-31 14:33:00

'Backroom' Thrives in South Korea and North America, Surpassing 300,000 Viewers in Five Days "Backroom" is experiencing significant success in both South Korea and North America. In South Korea, the film surpassed 300,000 viewers within just five days of its release, while in North America, it debuted at the top of the box office on its opening day, emerging as a dark horse for this summer's theater lineup.According to the integrated ticket sales network, as of May 31, "Backroom" has accumulated over 300,000 viewers in its first five days. This achievement is faster than recent hits in the same genre, such as "Noise," which reached 300,000 in eight days, "Spring Garden" in eleven days, and "Exit 8" in twelve days. Despite having fewer screens, it has shown a steep growth curve among films released during the same period, establishing a strong presence in the South Korean market.The film's early performance was notable. On its opening day, May 27, "Backroom" attracted 54,100 viewers, bringing its total to 54,629, making it the top foreign film at the box office. This figure surpassed the opening day numbers of "Exit 8" with 31,965 viewers and "Noise" with 28,162 viewers. On its second day, it maintained its lead with a cumulative total of 87,859 viewers."Backroom" is also achieving rapid success among A24's releases in South Korea. "Minari" surpassed 100,000 viewers within three days of its March 2021 release, while "Everything Everywhere All at Once" exceeded 110,000 viewers in twelve days. With over 50,000 viewers on its opening day alone, "Backroom" is quickly breaking records for A24 films in the country.In North America, the film continued to perform well. On its preview night, it earned $10.4 million, setting a new record for A24's highest preview earnings. This figure significantly surpassed the previous record of $2.9 million set by "Civil War." With a production budget of approximately $10 million, the film's preview earnings nearly matched its production costs, marking a strong start in the North American market.Director Kane Parsons, at just 20 years old, is gaining attention for placing his debut feature at the top of the North American box office. The film features performances by Chuitel Edgiofo, Renate Reinsve, Mark Duplass, Finn Bennett, Aivan Georgia, and Lukita Maxwell, enhancing its immersive experience.The film's unique premise, based on the "Backroom" universe, has also contributed to its success. It tells the story of Clark and Mary, who encounter inexplicable events in a bizarre space characterized by yellow walls and endless fluorescent lights. The expansion of this internet-based horror universe into a feature film, combined with the collaboration between A24 and producer James Wan, generated significant interest prior to its release.With simultaneous success in both South Korean and North American markets, "Backroom" has emerged as a new variable in this summer's theater scene. Having surpassed 300,000 viewers domestically in just five days and set a record for A24's preview earnings in North America, there is growing anticipation regarding its potential for long-term success.* This article has been translated by AI. 2026-05-31 14:33:00

U.S. Defense Secretary Confirms Strong Iran Maritime Blockade Amid Military Actions U.S. Secretary of Defense Pete Hegseth reaffirmed the commitment to maintaining a maritime blockade against Iran, stating that military intervention could resume if peace negotiations fail. On May 30, during a press conference at the U.S. Embassy in Singapore following the Shangri-La Dialogue, Hegseth emphasized, "We have the capability to resume operations if necessary, and our resources are more than adequate both there and globally." He added, "This reflects how we balance precision weapons with ample ammunition." Hegseth noted that the blockade operations against Iran are "firmly in place" and mentioned that the issue of the Strait of Hormuz was frequently discussed during bilateral meetings at the conference. He stated, "The Strait of Hormuz will be an open waterway, a toll-free passage for the world, as it should be." On the same day, the U.S. military launched missiles at a Gambian-flagged cargo ship heading for an Iranian port, according to U.S. Central Command (CENTCOM). CENTCOM reported that the vessel was observed transiting international waters toward the Iranian port in the Gulf of Oman and that it had received over 20 warnings regarding violations of the U.S. maritime blockade. Military authorities confirmed that the ship was incapacitated by the missiles and is no longer heading to Iran. No information on casualties has been released. When asked whether the U.S. is considering a permanent withdrawal of troops from Middle Eastern bases attacked by Iran, Hegseth responded, "That is a decision for President Trump to make," adding that such decisions will be based on the final outcomes of peace negotiations with Iran. He concluded, "Currently, we are focused on maintaining our readiness to re-engage militarily if necessary."* This article has been translated by AI. 2026-05-31 14:30:00