Seoul Mayoral Candidates to Vote on First Day of Early Voting Jung Won-o, the Democratic Party candidate for Seoul mayor, and Oh Se-hoon, the People Power Party candidate, will cast their votes on the first day of early voting on May 29. According to political sources on May 28, Jung plans to vote at 8:20 a.m. at the administrative complex in Sogong-dong, Jung-gu, where his campaign office is located. His spouse, Moon Hye-jung, will accompany him. Jung's team emphasized the need for active participation from Seoul citizens, stating, "To ensure a safe Seoul, it is essential for residents to vote. We are voting on the first day to encourage early voting." Oh will also visit a polling station on the first day of early voting. He is scheduled to vote at 8 a.m. at the Hannam-dong Community Center in Yongsan-gu. Oh's campaign stressed, "Voting is crucial for Seoul to succeed and for the protection of South Korea. We encourage voters to participate in early voting." Early voting for the June 3 local elections will take place from May 29 to 30 at 3,571 polling stations nationwide, operating from 6 a.m. to 6 p.m. The main election will be held on June 3 from 6 a.m. to 6 p.m.* This article has been translated by AI. 2026-05-28 21:56:00

Candidates Clash Over LegoLand Crisis and Local Knowledge in Gyeonggi Election Debate Candidates for the Gangwon governor position, Woo Sang-ho of the Democratic Party and Kim Jin-tae of the People Power Party, engaged in a heated debate on May 28 regarding the LegoLand crisis and their familiarity with the province. Woo emphasized his status as a candidate from a strong ruling party, while Kim questioned, "Why does every banner say 'sent by the president'? Can't you do anything on your own?" During the Gangwon Election Broadcasting Debate Committee's forum, Woo stated, "The LegoLand crisis has shaken the South Korean economy," adding that according to Namuwiki, Kim is the first person in history to refuse to repay local bonds. He also referenced remarks from Choo Kyung-ho, the People Power Party's candidate for Daegu mayor and former finance minister, who indicated a significant crisis at that time. In response, Kim asserted, "I never said I wouldn't repay. If that caused financial disruption, then the Lee Jae-myung administration created a 100 trillion won market stabilization fund, which caused twice as much financial crisis. Lee declared a moratorium during his time as mayor of Seongnam." He insisted that he had not harmed the state, stating, "I attempted to amend the contract with LegoLand through a rehabilitation process, but we missed that opportunity, which is regrettable." The candidates also clashed over property ownership. Woo questioned why Kim owns an apartment in Daechi-dong, Seoul, instead of purchasing property in Gangwon, to which Kim replied, "I only own one house, and its value increased during the Roh Moo-hyun and Moon Jae-in administrations." Woo raised concerns about Kim's wealth, noting that it increased by 700 million won since he took office. He referenced Kim's previous claim that the increase was due to inheritance from his late father-in-law. Kim clarified, "I was mistaken at that time. The increase was due to election cost reimbursements and the sale of an apartment." He added that he had disclosed all relevant financial information in the official gazette, criticizing Woo for questioning his finances as an ungracious act. Kim pressed Woo on his knowledge of Gangwon, asking him where the Jeongja-ri tourist complex is located. When Woo failed to answer, Kim escalated his questioning by asking about the direction of the Gwangdeok Tunnel. Woo responded, "Don't set traps," to which Kim retorted, "If you're looking at my policy materials to ask questions, saying it's wrong is mocking the voters." Kim also challenged Woo's claim of securing a site for a data center in Gangneung, stating, "The site is still under review; how can it be confirmed? There is no land available for a data center in Gangneung." Kim, a four-term lawmaker, asked Woo if he had ever made a significant proposal for Gangwon. Woo admitted he had not made any primary proposals but had co-sponsored legislation, asserting that it is morally appropriate for local lawmakers to take the lead. He noted that he was a lawmaker for Seoul's Seodaemun District at the time. Despite their disagreements, both candidates agreed on the need to attract businesses and support local enterprises to address population decline and create jobs for young people. Woo acknowledged, "I may not be fully aware of the specifics of Gangwon, and I ask for the understanding of the residents. I have strong connections with the government and the National Assembly, and my abilities are unparalleled." Kim criticized, "Do voters really need to look at Woo's campaign materials?" He added, "If he doesn't even know where the Jeongja-ri tourist complex is located, and if he doesn't manage to open the Gwangdeok Tunnel in Sokcho, it would be a disaster for Gangwon."* This article has been translated by AI. 2026-05-28 21:08:00

Bank of Korea Holds Interest Rate Steady Amid Inflation Concerns The Bank of Korea's Monetary Policy Committee has kept the base rate steady at 2.50% for the eighth consecutive time. Amid rising inflation expectations due to high oil prices and exchange rates stemming from the Middle East conflict, two committee members expressed dissenting opinions advocating for a rate hike, indicating a stronger hawkish stance within the bank. On May 28, the Monetary Policy Committee decided to maintain the base rate at 2.50%. While inflationary pressures are increasing and economic growth is more robust than anticipated, the committee deemed it prudent to keep rates unchanged due to ongoing uncertainties related to the Middle East situation. However, during this meeting, committee members Jang Yong-sung and Yoo Sang-dae voiced their opinions for a 0.25 percentage point increase in the base rate. The committee's statement on monetary policy direction noted, "Future monetary policy will be determined by assessing the extent of inflationary pressures, the trajectory of economic improvement, and financial stability conditions." The hawkish sentiment among committee members was also reflected in their six-month conditional rate forecasts. The most common projection was 3.00%, with ten members supporting it, while seven members forecasted 2.75%. Projections for 3.25% and 2.50% were each supported by two members, suggesting that at least three members expect two rate hikes by November of this year. In its revised economic outlook, the Bank of Korea raised its consumer price inflation forecast for the year from 2.2% to 2.7%, an increase of 0.5 percentage points. The core inflation rate is projected to be 2.4% this year and 2.3% next year. The bank cited rising international oil prices due to the Middle East conflict, persistent high exchange rates affecting import prices, and increased demand-side inflation pressures from rising incomes as contributing factors. The Bank of Korea anticipates that inflation rates could rise to around 3.0% in the second half of the year. Notably, in August, the impact of last year's telecommunications fee discounts is expected to result in both consumer and core inflation reaching their highest levels of the year. There remains significant uncertainty regarding the inflation trajectory due to developments in the Middle East. Should the situation stabilize quickly, inflation rates for this year and next could be 0.2 and 0.3 percentage points lower than the baseline forecast, respectively. Conversely, if the negotiation stalemate persists, inflation rates could rise by 0.3 and 0.5 percentage points, respectively. Lee Ji-ho, head of the Bank of Korea's Economic Research Division, stated at the economic outlook briefing, "The fundamental premise for consumer price inflation is the exchange rate and oil prices, and the ongoing high exchange rate is impacting inflation. Currently, the most significant factor driving prices is the impact of oil prices due to the Middle East situation." Next year, while supply-side shocks from rising international oil prices are expected to ease somewhat, demand-side inflation pressures are projected to expand, leading to both consumer and core inflation rates exceeding target levels. The forecast for the current account surplus has also been significantly revised upward. The Bank of Korea now expects a current account surplus of $250 billion this year and $190 billion next year, up from previous forecasts of $170 billion and $140 billion, respectively. The bank noted that while rising international oil prices will increase energy import costs, the growth in semiconductor exports is expected to offset this, leading to an expanded surplus primarily in the goods balance. * This article has been translated by AI. 2026-05-28 20:26:00

Wage Disparity Worsens in Q1; Low-Income Households Face Increased Deficit Spending Despite improvements in average wage indicators in the first quarter of this year, driven by performance bonuses in large export-oriented companies, the economic sentiment among ordinary citizens remains bleak. The growth in real wages has slowed, and low-income households are experiencing a faster increase in consumption than in income, leading to a deeper structure of deficit spending.According to the Ministry of Employment and Labor's "April 2026 Business Labor Survey Results" released on May 28, the average nominal wage for employees in businesses with one or more regular workers was 4.555 million won, a 3.4% increase (149,000 won) compared to the same period last year.However, when adjusted for inflation, the real wage was 3.847 million won, reflecting only a 1.3% increase (49,000 won). The ongoing rise in consumer prices has significantly offset the nominal wage gains.In March, when performance bonuses and special allowances were concentrated, the wage gap between businesses of different sizes became more pronounced. The average total monthly wage for employees in businesses with 300 or more workers was 6.512 million won, approximately 1.7 times that of businesses with fewer than 300 workers (3.743 million won). The absolute wage gap reached 2.769 million won.Special payments for regular employees increased by 4.4% year-on-year to 526,000 won, reflecting the impact of expanded performance bonuses in major export sectors such as semiconductors, automobiles, and shipbuilding.In contrast, small and medium-sized enterprises, struggling with sluggish domestic demand and high interest rates, have faced challenges in securing funds for performance bonuses, exacerbating the perception of wage polarization. For instance, the total wage in the accommodation and food service sector in March was 2.343 million won, significantly below the overall average.The increase in real wages has also been minimal. In March, real wages were 3.56 million won, showing only a 0.1% increase compared to the same month last year. With consumer price inflation remaining around 2%, the perceived improvement in wages has been limited.The wage gap and stagnation in real wages are also evident in household data. The National Data Agency's "First Quarter 2026 Household Trends Survey Results" revealed that the average monthly income per household was 5.481 million won, a 2.4% increase compared to the previous year. However, the real income growth rate, adjusted for inflation, was only 0.4%.Household consumption expenditure rose by 5.3% to 3.105 million won, significantly outpacing income growth. Consequently, the average household surplus decreased by 3.1% to 1.239 million won, while the average consumption propensity increased by 1.7 percentage points to 71.5%.Notably, the bottom 20% of earners, or the first income quintile, saw their average monthly income rise by 2.7% to 1.17 million won, but their consumption expenditure surged by 7.3%. Their average consumption propensity reached 155.3%, indicating that their spending exceeds their disposable income. This suggests that many households are relying on debt or depleting existing assets to cover living expenses.In contrast, the average monthly income for the top 20% of earners, or the fifth income quintile, increased by 4.2% to 12.378 million won, with disposable income rising by 5.1%. Their consumption expenditure also grew by 6.9%, but their average consumption propensity remained at 57.7%.The income gap continues to widen. The quintile ratio for equalized disposable income rose to 5.91 times, up from 5.82 times in the same period last year. Equalized disposable income is a measure that reflects differences in household size, indicating that a higher figure signifies an increase in income polarization.* This article has been translated by AI. 2026-05-28 20:24:00

Bank of Korea Governor Shin Hyun-sung Signals Rate Hike Amid Inflation Concerns Bank of Korea Governor Shin Hyun-sung stated on May 28 that "inflation, growth, exchange rates, and real estate are all pointing in the same direction," indicating the need for a rate hike at an appropriate time. His remarks suggest a clear intention to tighten monetary policy in the second half of the year. After presiding over his first Monetary Policy Committee meeting, Shin noted that inflation is expected to remain above target for an extended period while growth continues to show solid improvement. He remarked, "Monetary policy can be challenging when multiple objectives conflict, but this time is an exception; the paths for inflation, growth, exchange rates, and real estate are clear." The recently released dot plot revealed a hawkish sentiment among committee members, with 19 out of 21 projections indicating a rate above the current level of 2.50%. Shin emphasized the importance of three factors: when to raise rates, how quickly, and to what extent, suggesting that the dot plot might provide insights into these questions. Market sentiment is leaning towards a July rate hike as a foregone conclusion. Based on Shin's comments, analysts suggest that consecutive increases in July and August are also feasible. Kim Sung-soo, a researcher at Hanwha Investment & Securities, stated, "The Bank of Korea is now in an environment where it can focus solely on price stability. The decision to hold rates steady this time was likely a move to provide guidance before a hike, making a July increase almost certain." Baek Yoon-min, a researcher at Kyobo Securities, noted, "While we expected inflation to peak in the second half of the year, the ongoing conflict in the Middle East could keep international oil prices elevated for an extended period, impacting inflation. It is reasonable to anticipate two rate hikes within this year as a basic scenario." Additionally, the Bank of Korea raised its economic growth forecast by 0.6 percentage points to 2.6%. Shin explained that while the Middle East conflict is expected to lower this year's growth rate by about 0.4 percentage points, stronger-than-expected semiconductor performance and increased IT exports could boost growth by 0.7 percentage points. He also noted that the government's supplementary budget and a booming stock market are expected to raise consumption and investment, contributing an additional 0.2 and 0.1 percentage points, respectively. In its optimistic scenario for the semiconductor market, the Bank of Korea anticipates that semiconductor export volumes could expand to the mid-20% range this year and maintain a high level in the mid-10% range next year, potentially increasing domestic growth rates by 0.5 percentage points this year and 0.3 percentage points next year, pushing economic growth above 3%. Conversely, in a pessimistic scenario where semiconductor export volume growth slows to the mid-10% range this year, the growth rate is expected to decrease by 0.3 percentage points this year and 0.2 percentage points next year.* This article has been translated by AI. 2026-05-28 20:24:00

National Pension Service Increases Domestic Stock Target Allocation to 20.8% The National Pension Service has decided to increase its target allocation for domestic stocks from 14.9% to 20.8% this year. This adjustment reflects the significant rise in the KOSPI index, which has pushed the actual share of domestic stocks held well above the initial target. According to Yonhap News Agency, the National Pension Fund Management Committee held its fifth meeting on May 28, where it reviewed and approved a proposal to adjust the target allocations for various asset classes and the medium-term asset allocation plan for 2027 to 2031. The medium-term asset allocation plan outlines the target allocations and management directions for stocks, bonds, and alternative investments over the next five years. It serves as a guideline to enhance the fund's profitability and stability. Initially, the target allocation for domestic stocks was set at 14.4% as per the fund management plan approved in May of last year. However, as the domestic stock market continued to rise, the committee raised the target allocation to 14.9% in January, with an upper limit of 19.9% including allowable ranges. As the KOSPI continued to surge, the actual allocation of domestic stocks reached 24.5% by the end of February. In light of this, the committee decided to raise the target allocation to 20.8%, considering market conditions, fund profitability and stability, and the impact on financial markets. The committee explained that this decision was made to enhance long-term profitability and stability while considering the potential structural changes in the domestic stock market and the need to mitigate market shocks from rebalancing. The adjusted target allocation will take effect at the end of next month, when the current rebalancing suspension ends. Other asset class target allocations will also be adjusted in line with the increased domestic stock allocation. By the end of this year, the target allocations for various asset classes will be 34.7% for overseas stocks, 23.1% for domestic bonds, 7.4% for overseas bonds, and 14.0% for alternative investments. To respond to the volatile domestic stock market, the committee has temporarily expanded the allowable range for strategic asset allocation (SAA) for domestic stocks. However, specific allowable ranges will not be disclosed to ensure market stability and fairness in fund management. Additionally, to minimize market impact, the committee has improved related rules, including reducing the maximum daily rebalancing size. The committee plans to reassess the SAA allowable range by the end of this year. The committee also confirmed the medium-term asset allocation plan for 2027 to 2031, which maintains the focus on expanding overseas and alternative investments. By the end of 2031, the target allocations for various asset classes are expected to be approximately 55% for stocks, 30% for bonds, and 15% for alternative investments. For next year, the target allocation for domestic stocks will remain at 20.8%. The allocations for overseas stocks, domestic bonds, overseas bonds, and alternative investments have been set at 35.6%, 21.8%, 7.4%, and 14.3%, respectively. Jeong Eun-kyung, Minister of Health and Welfare, stated, "This medium-term asset allocation is a decision made in response to recent market changes, aimed at enhancing the long-term profitability and stability of the fund while also considering its impact on financial markets. We will continue to closely monitor market conditions to ensure that fund management balances principles and flexibility."* This article has been translated by AI. 2026-05-28 20:06:00

Dabangti Raises Prices of Coffee and Beverages by Up to 500 Won, Americano Prices Unchanged Dabangti will raise prices of its coffee and beverages by up to 500 won, excluding the Americano. According to a notice posted on Dabangti's website on May 28, prices for some beverages will increase by 100 to 500 won starting May 29. The price of a large Vanilla Deep Latte will rise from 3,500 won to 3,700 won, while the jumbo size will increase from 5,500 won to 5,700 won. Cold Brew prices will go up from 3,300 won to 3,700 won, and the jumbo size will increase from 5,300 won to 5,700 won. The price of the Icheon Rice Latte will increase from 2,800 won to 3,300 won, and the Jeju Cheonggyul Sparkling will rise from 3,200 won to 3,300 won. Other coffee menu items, including Hazelnut Vanilla Latte, Cold Brew Latte, Vanilla Cream Cold Brew, and Hazelnut Cream Cold Brew, as well as some beverages like Icheon Black Sesame Red Bean Latte, Tropical Sparkling, and Lychee Chamomile Sparkling, will also see price increases. Dabangti explained, "Due to ongoing cost pressures from unstable international conditions and difficulties in store operations, we have had to adjust the prices of some menu items."* This article has been translated by AI. 2026-05-28 20:02:00

SK On CEO Lee Seok-hee Resigns, Yoon Wook Takes Over Sole Leadership Lee Seok-hee, CEO of SK On, is resigning due to health issues. On May 28, industry sources reported that Lee announced his decision in a letter to SK On employees, stating, "I wish to conclude my duties as CEO of SK On by the end of May," and added, "It has been a great honor to work alongside SK On members at the center of the secondary battery industry." He explained, "I have been deeply contemplating the significant responsibilities of the CEO role since the end of last year, but I delayed my resignation to ensure the successful completion of key management issues, including the conclusion of our U.S. joint venture." Appointed as president of SK On in December 2023, Lee previously held positions at Intel and served as a professor in the Department of Electrical and Electronic Engineering at KAIST. He also worked as the head of DRAM development at SK Hynix and as Chief Operating Officer. Lee is recognized as an expert in global manufacturing, having received the Intel Technology Award three times, and is seen as the ideal leader to transform SK On into a top-tier global battery company focused on advanced technology. He has played a crucial role in expanding SK On's presence in the North American market and establishing partnerships with automotive manufacturers. In October of last year, SK On appointed Yoon Wook, former CEO of SK Siltron, as president, creating a dual leadership structure alongside Lee. With Lee's resignation, SK On will transition from a dual leadership model to a sole leadership structure under Yoon Wook.* This article has been translated by AI. 2026-05-28 19:42:00

Candidates Present Visions for Integrated Gwangju-Jeonnam City in Debate In a televised debate ahead of the June 3 local elections, candidates for the Gwangju-Jeonnam integrated special city mayoralty presented their visions for integration and balanced development. However, their proposals for utilizing the allocated 20 trillion won in resources differed significantly. The candidates also addressed the need to check the dominance of the ruling party and the call for accountability from the opposition party. Min Hyung-bae of the Democratic Party, Lee Jung-hyun of the People Power Party, and Kang Eun-mi of the Justice Party participated in the candidate debate held on May 28 at the KBS Gwangju Broadcasting Center. As the first candidates for the newly established Gwangju-Jeonnam mayoralty, they outlined plans for integrated development. Min emphasized, "As I stated in my candidacy announcement, the first priority is growth, followed by balance. By fostering growth in each region, we can expand the economic pie, leading to improved living standards for ordinary citizens through balanced development." Kang also stressed the importance of tangible balanced development for successful integration, stating, "We must publicly address sensitive issues like the location of the government office and financial distribution through a citizens' deliberation committee to prevent power and resources from concentrating in any one area." Conversely, Lee criticized the rushed nature of the Gwangju-Jeonnam integration, saying, "Issues like the medical school and airport relocation have remained unresolved for 20 years, yet the integration was completed in just two months. We do not know what disasters or failures this may bring to our region. We will proceed slowly, centering on Gwangju." The candidates' plans for utilizing the 20 trillion won set aside for the integrated city varied. Min proposed using 80% of the funds to develop industries that will secure the future of Gwangju and Jeonnam, with 10% allocated for talent development and 10% for building community safety nets. He stated, "This 20 trillion won should not just be spent and disappear; it must be invested to yield returns for the citizens, serving as seed money for the next 100 years." Lee focused on job creation, asserting, "We need to concentrate on attracting ten major corporations to Gwangju and Jeonnam, bringing in partner companies and research institutes to create more jobs." Kang added, "We must invest for future generations, create sustainable foundations, and contribute to reducing regional disparities through balanced development." The debate also highlighted the longstanding narrative of the Democratic Party's dominance in Gwangju and Jeonnam, alongside calls for accountability from the People Power Party regarding the December 3 martial law. Kang diagnosed, "Monopolistic politics without competition has harmed Gwangju and Jeonnam." In response, Min acknowledged the negative aspects of a lack of competition but countered that the People Power Party has failed to fulfill its role as the main opposition party. Lee pointed out that while the Gwangyang steel mill produces 27 million tons, there are no manufacturing plants for shipbuilding or automobiles nearby, criticizing the monopolistic power for failing to create jobs. Min challenged Lee's approach, questioning whether he was running as a candidate for the integrated mayoralty or attempting to suppress his opponent through political rhetoric. The candidates continued their attacks on the People Power Party. Min noted, "The failure to include the May 18 Democratic Movement in the constitutional preamble was due to the People Power Party," while Kang criticized the party for politicizing the controversy surrounding Starbucks' trivialization of the May 18 movement. Lee stated he has always supported including the May 18 movement in the constitutional preamble and expressed regret over the party's actions regarding the Starbucks marketing controversy, saying, "As a member of the People Power Party, I feel disappointed and angry about these remarks and behaviors. I apologize for this."* This article has been translated by AI. 2026-05-28 19:24:00

Campus dips into May festival mood SEOUL, May 28 (AJP) - Students and visitors filled the campus of Yonsei University in western Seoul on Wednesday as university festival season continued across South Korea. Club band performances and student-run booths took place throughout the Sinchon campus near central Seoul, while students wearing school uniforms and varsity jackets moved between food stalls and performance areas, enjoying the festive atmosphere. International students were also seen joining the celebrations and experiencing South Korea’s distinctive campus festival culture. Yonsei University is holding its four-day Muak Daedongje festival, titled “UNIT:Y,” to mark the school’s 141st anniversary. The festival began on May 26 with the “Blue Run” event organized with the student council’s athletics department. On May 27, the university’s international campus in Songdo, Incheon, hosted water slide attractions, performances and food events. Events at the Sinchon campus in Seoul continue through May 29, featuring student booths, live performances and celebrity appearances along Baekyang-ro. Crowds gathered across the campus as students waited for celebrity performances and enjoyed live music by campus bands, adding to the lively atmosphere of the annual university festival. 2026-05-28 18:59:39