South Korea Freezes Sixth Oil Price Cap Amid Global Market Stability The South Korean government has decided to freeze the sixth oil price cap, marking the fourth time since the second cap was implemented. Previously announced every two weeks, the oil price caps will now be adjusted every four weeks. The Ministry of Trade, Industry and Energy announced on May 21 that the sixth oil price cap, effective from midnight on May 22, will maintain the prices at 1,934 won per liter for regular gasoline, 1,923 won for diesel, and 1,530 won for kerosene. The government implemented the oil price cap system on March 13 in response to rising inflation pressures due to international oil prices exceeding $100 per barrel. The initial cap set prices at 1,724 won for regular gasoline, 1,713 won for diesel, and 1,320 won for kerosene. The second cap, effective from March 27, set the prices at 1,934 won for gasoline, 1,923 won for diesel, and 1,530 won for kerosene. The third and fourth caps were also frozen, with the current prices remaining unchanged. The decision to freeze the price cap again was influenced by the lack of significant changes in international circumstances since the last adjustment. The cumulative factors contributing to price increases continue to exert pressure on inflation and the cost of living. Yang Gi-wook, head of the Ministry's Resource Security Division, stated, "While there seemed to be progress in the ceasefire negotiations between the U.S. and Iran, they are currently at a standstill, and the U.S.-China summit has not yielded clear results. International oil prices are hovering around the $100 mark, and there have been no significant changes since the fourth price cap decision." He added, "The cumulative increase factors for gasoline have slightly risen to the upper 200 won range, while diesel and kerosene have decreased to the mid-300 won and mid-400 won ranges, respectively." Sales of oil products continue to decline compared to the previous year. In May, gasoline sales decreased by 2% and diesel by 6% compared to the same month last year. Over the past ten weeks since the price cap was implemented, gasoline sales dropped by 8%, and diesel sales fell by 8% compared to the same period last year. Prices at gas stations have mostly remained stable. The government has also decided to extend the adjustment period for the price cap from two weeks to four weeks. Previously, the Ministry adjusted the price cap every two weeks to respond quickly to market changes. However, with the ongoing stalemate in the Middle East conflict, international oil price volatility has decreased. This change aims to enhance predictability and stability for gas station operators, the general public, and drivers reliant on their vehicles for economic activity. Yang emphasized, "If there are changes in the situation, we will adjust the price cap regardless of the schedule. If the situation in the Strait of Hormuz changes, we will immediately begin adjustments. If there are no changes in the Strait of Hormuz, the likelihood of stabilization appears low, so we will monitor the situation closely." Regarding the recent agreement to pursue an oil swap system with Japan during the Korea-Japan summit, he noted, "We have reached a consensus on the general direction, but we need to specify the details through discussions with private companies. Japan has significant reserves, but South Korea has superior refining capabilities, suggesting there may be mutually beneficial solutions to explore." He further explained, "Given Japan's relatively long territory, it may be effective to utilize Ulsan's refining facilities for areas adjacent to the East Sea. We have examined various aspects, including storage facilities, leading to the Korea-Japan agreement. Further details will be developed in the future."* This article has been translated by AI. 2026-05-21 22:04:46

Lottery Winner Shares Surprising Story After Winning Pension Lottery "One day, I suddenly felt like buying a lottery ticket, so I went to a lottery shop and bought both lotto and pension lottery tickets." As interest grows in the winning numbers for the 316th Pension Lottery 720+ on May 21, the story of a winner from the 284th Pension Lottery 720+ has captured attention. The winner, who claimed 1st place (1 ticket) and 2nd place (4 tickets), shared their experience on the Donghaeng Lottery winner's bulletin board, stating, "One day, I suddenly felt like buying a lottery ticket, so I went to a lottery shop and bought both lotto and pension lottery tickets. Later, while checking the tickets at home using the QR code, I discovered I had won 1st place in the pension lottery." The winner expressed disbelief, saying, "I was so surprised that I checked it several times to make sure it was real. Even now, it doesn't feel real. I bought the tickets just for fun, thinking, 'There's no way I'll win,' and now I'm so grateful and happy to have received such great luck." The individual purchased the tickets at a lottery shop in Cheongsan-myeon, Goheung-gun, Jeollanam-do. When asked about their usual lottery purchases, they replied, "I usually buy lotto and pension lottery tickets, and occasionally Spitto." Regarding plans for the winnings, the winner stated, "I still can't believe it, so I haven't made any specific plans yet." Meanwhile, the winning numbers for the 316th Pension Lottery 720+ will be available after 7:05 PM today.* This article has been translated by AI. 2026-05-21 22:03:00

Supreme Court Rules Tattooing by Non-Medical Professionals Is Not a Violation of Medical Law The Supreme Court has ruled that the typical tattooing practices performed by non-medical professionals do not constitute unauthorized medical practice. This marks a significant change in legal precedent after 34 years since the court's previous ruling in 1992 that deemed such actions a violation of medical law.On May 21, the Supreme Court's full bench unanimously overturned the lower court's ruling that had imposed fines on defendants A and B for violating medical law and sent the case back to the Seoul Western District Court and Suwon District Court with an acquittal recommendation.Defendant A was charged with performing scalp tattooing at a beauty salon in Yongsan, Seoul, from January to December 2020, while Defendant B was charged with providing lettering tattoos at a fashion accessory store in Seongnam, Gyeonggi Province, in May 2019. Both were fined 1.5 million won and 1 million won, respectively, in the first and second trials.The key issue in these cases was whether typical cosmetic tattooing practices fell under the unauthorized medical practices prohibited by Article 27, Section 1 of the former medical law.The Supreme Court stated, "The typical cosmetic tattooing practices performed by the non-medical defendants do not constitute unauthorized medical practices as defined by Article 27, Section 1 of the former medical law." It added that the lower court had maintained the guilty verdict from the first trial, which misinterpreted the legal principles regarding medical practices and affected the judgment.The court explained, "Since the Supreme Court's ruling in May 1992, which classified eyebrow tattooing as unauthorized medical practice, advancements in medical technology and changes in the healthcare environment have significantly improved access to medical services for consumers. Additionally, the general public's knowledge and practice of health and hygiene have markedly improved."It further noted, "Individuals seeking tattoos are in a position to freely decide whether to undergo tattooing as a means of expressing their individuality and pursuing happiness, based on information regarding the health risks and management associated with typical cosmetic tattooing practices."The court emphasized that when determining whether typical cosmetic tattooing constitutes unauthorized medical practice, various interpretations should favor the constitutional rights of individuals seeking tattoos, including their freedom of occupation, freedom of expression, and the right to pursue happiness.Moreover, the court pointed out that tattooing requires not only technical skills for safe procedures but also the ability to achieve a desired level of aesthetic quality, which is not necessarily possessed by medical professionals. It warned that a blanket prohibition against non-medical professionals could infringe upon the constitutional rights of individuals seeking cosmetic tattooing, including their general personality rights and freedom of expression derived from Article 10 of the Constitution.A Supreme Court official stated, "According to the full bench ruling, typical cosmetic tattooing practices are no longer considered unauthorized medical practices under Article 27, Section 1 of the former medical law. Comprehensive regulations regarding this matter are expected to be implemented under the Tattoo Law and related legislation, which will take effect on October 29, 2027."The official added, "However, even before the implementation of the Tattoo Law, if a tattoo artist causes injury due to negligence, it does not negate the possibility of criminal penalties or the introduction of regulations to protect public health as defined by relevant laws such as the Criminal Code or Public Health Management Act."* This article has been translated by AI. 2026-05-21 22:00:25

Starbucks Controversy Sparks Industry Reassessment of Promotions The controversy surrounding Starbucks Korea's 'Tank Day' event is reverberating throughout the retail industry. The promotion, which coincided with the May 18 Democratic Uprising Memorial Day, has faced criticism for trivializing historical trauma. This concern intensified after President Lee Jae-myung referenced a Musinsa advertisement from seven years ago. Retailers are now reviewing not only their ongoing promotions but also past advertisements and content, adopting a cautious approach in light of the situation. According to industry sources on the 21st, a beauty company is currently assessing its ongoing promotions, previously distributed advertisements, and social media content. A company representative stated, "We are examining whether there are any inappropriate historical references following the Starbucks Korea Tank Day controversy." The household goods sector is experiencing a similar response. Although there has been no official directive from the company, it is reported that departments have been asked to review existing marketing content. A company representative explained, "In light of the Tank Day controversy and the renewed discussion of past advertisements, we are proactively checking for any potentially problematic elements." The industry's heightened sensitivity stems from the potential for the historical trivialization controversy sparked by Starbucks to extend to past content. The day before, President Lee publicly criticized a 2019 Musinsa advertisement featuring the phrase, "I slammed the desk and said, 'Oh my,'" which was noted for evoking memories of the late Park Jong-cheol's torture and death. In response to the President's remarks, Musinsa issued another apology, stating, "We deeply acknowledge that the wounds left by our hasty judgment seven years ago are not trivial even today." The controversy surrounding Musinsa had been resolved through the deletion of the content, an official apology, and visits to the bereaved families and the Park Jong-cheol Memorial Association for further apologies. CEO Jo Man-ho and other executives personally sought forgiveness, and it is reported that the association accepted Musinsa's apology. Following this, Musinsa invited history instructor Choi Tae-sung to conduct historical education for its employees. CEO Jo continues to be active as a member of the Park Jong-cheol Memorial Association. The retail industry believes this controversy could extend beyond a single company and affect the entire sector. The fact that President Lee received information about the Musinsa advertisement has raised concerns among businesses. There is a possibility that previously created advertising phrases or images could resurface through online reports. The Starbucks Korea controversy has also escalated into discussions of executive accountability. Jeong Yong-jin, chairman of Shinsegae Group, Starbucks Korea's parent company, has been reported for defamation, and there are calls for his resignation. An industry source stated, "In the future, marketing approvals will likely involve stricter scrutiny of expressions that could be linked to historical events, social tragedies, or specific individuals." In fact, Starbucks Korea has temporarily suspended some promotions and marketing schedules ahead of the summer peak season. The company announced through an internal notice the day before, "We are postponing or canceling events with a heavy sense of responsibility and a reflective mindset." They also decided not to operate their booth at the '18th Seoul Jazz Festival' scheduled for the 22nd to 24th. Summer is the peak season for beverage sales in the coffee franchise industry. Consequently, the postponement or cancellation of major events by Starbucks is expected to impose unavoidable pressure on short-term sales. An industry insider remarked, "This controversy has attracted international media attention and prompted responses from Starbucks headquarters. If similar issues arise with the company's name mentioned, the brand burden is significant, leading companies to act more swiftly than usual."* This article has been translated by AI. 2026-05-21 21:57:39

Starbucks Faces Boycott and Customer Exodus Amid Tank Day Controversy The controversy surrounding Starbucks Korea's "Tank Day" has escalated into a boycott movement, refund relays, and political and ideological disputes. Industry experts warn that this situation could undermine Starbucks' core competitive advantage, its loyal customer base, brand image, and overall revenue structure. As of May 21, posts sharing methods for refunding Starbucks cards have rapidly spread across online communities and social media platforms. Some users have encouraged participation in the boycott by posting screenshots of their membership cancellation on the Starbucks app or refund certification photos. Videos showing users smashing Starbucks tumblers and mugs with hammers, dubbed "boycott certifications," have also emerged. Additionally, tips for covering or marking out the Starbucks logo on their products with stickers have been shared. The backlash has reached the political arena and local communities, with criticism that Starbucks has belittled the May 18 Gwangju Democratization Movement. Within the Democratic Party, a directive has been issued to avoid entering Starbucks locations, and organized boycotts have begun in the Gwangju and Jeonnam regions among local governments and businesses. On May 21, the city of Gwangju released a statement declaring that it views the Starbucks Korea incident not merely as a mistake by a staff member but as a significant social disaster caused by a CEO lacking historical awareness. The city announced a ban on using Starbucks gift cards at various events it organizes. Gwangju Bank, which has previously distributed Starbucks products to thousands during major events like savings and card launches, has also announced a complete halt to its distribution of Starbucks products and mobile coupons. Industry analysts are closely monitoring the potential impact of the boycott, refund requests, and app cancellations on Starbucks' customer retention structure, which has been crucial to its growth. Starbucks has employed a strategy that combines a prepaid charging system with a rewards program to keep loyal customers within its ecosystem. According to the Financial Supervisory Service's electronic disclosure system, SCK Company reported a record prepaid balance of 427.6 billion won at the end of last year, with total contractual liabilities, including unused reward points, reaching 454.3 billion won. However, the growth rate of prepaid balances has noticeably slowed due to intensified competition in the café industry. The growth rate for Starbucks' prepaid balance, which reached 19.1% in 2022, dropped to 8.2% last year. Analysts suggest that the rapid penetration of low-cost coffee brands into Starbucks' core market is diminishing its appeal to loyal customers. In this context, the possibility of accelerated customer attrition due to the current situation cannot be ruled out. Above all, it seems inevitable that the brand's image will suffer. Some conservative online communities have referred to Starbucks as "Patriotbucks" and "Anti-Communist Café," launching a "support movement" alongside AI-generated images of former President Chun Doo-hwan. Concerns are rising that if the brand becomes a proxy in ideological conflicts, it could lead to a permanent loss of general customers. There are also speculations that if the situation escalates into a political issue, Starbucks' headquarters in the U.S. may intervene directly. The company has emphasized its neutrality, stating on its official website that "Starbucks is not a political organization." If the headquarters does intervene, the call option clause in the equity agreement with Shinsegae Group could be triggered. In July 2021, E-Mart acquired additional shares from Starbucks Coffee International (SCI), the U.S. parent company, and currently holds a 67.5% stake in Starbucks Korea. However, the call option held by the headquarters includes a clause that allows it to acquire all of E-Mart's shares at a 35% discount to fair value if the contract is terminated due to E-Mart's fault. If the headquarters were to reclaim management rights due to brand value deterioration, it could lose a key cash cow with annual sales of 3.238 trillion won, placing significant pressure on Shinsegae Group. Lee Jong-woo, a professor of retail marketing at Namseoul University, stated, "It is quite dangerous for a consumer-facing brand to become embroiled in political controversies. There needs to be authentic actions that consumers can understand, such as supporting content related to democratic values or contributing to education, to turn the situation around."* This article has been translated by AI. 2026-05-21 21:55:13

Yoon Ho-jung: Government to Halt Starbucks Promotions Over Controversy Yoon Ho-jung, the Minister of the Ministry of Interior and Safety, announced that the government will cease providing promotional items from Starbucks Korea following controversy surrounding the company's planned 'Tank Day' event coinciding with the May 18 Democratic Uprising memorial. On May 21, Yoon stated on X, "Democracy is built on the sacrifices and dedication of citizens," adding, "Disregarding that history or commodifying it is not something we can take lightly." He expressed deep regret over Starbucks Korea's "anti-historical behavior" that sparked recent outrage. Yoon explained that government agencies, including the Ministry of Interior and Safety, have previously utilized mobile gift cards, such as coffee vouchers, for surveys, contests, and public participation events. He emphasized that, moving forward, they will not provide products from companies that undermine the history of democracy or exploit social values for commercial gain. He also expressed hope for understanding and participation from other institutions and the public. Earlier, President Lee Jae-myung also criticized the matter strongly, calling it an act that "insults the sacrifices and struggles of citizens" and labeling it an inhumane behavior that denies democratic values. He stated that there must be moral, administrative, legal, and political accountability, questioning whether an apology would be forthcoming. The controversy erupted when Starbucks Korea used phrases like 'Tank Day' and 'Bang on the Desk' in a tumbler promotion set to begin on May 15. As criticism grew that these expressions trivialized the May 18 Democratic Uprising and the torture and death of Park Jong-cheol, the company decided to halt the event. Following this, Chairman Jeong Yong-jin issued a public apology, stating, "I take full responsibility for this matter."* This article has been translated by AI. 2026-05-21 21:52:16

Lee Criticizes President Yoon for Interfering in Elections Over GTX-A Issues Jang Dong-hyuk, leader of the People Power Party, criticized President Lee Jae-myung on May 21 for allegedly interfering in the upcoming elections by directing an investigation into the missing rebar issue at the GTX-A Samsung Station construction site. Jang shared an article on his Facebook page detailing President Lee's instructions to the Ministry of Land, Infrastructure and Transport regarding the rebar situation, stating, "Jung Won-o (the Democratic Party's candidate for Seoul mayor) is struggling, so Lee Jae-myung is in a hurry." He linked the government's push for a special investigation into incidents involving President Lee to the current situation, questioning, "Is the Ministry of Land, Infrastructure and Transport, which is responsible for the incident, being told to cover up its mistakes?" Jang added, "Seoul citizens already know the truth about Jung Won-o, so it won't matter," and challenged, "If you're innocent, let's have a debate about Samsung Station." Earlier, Jung Won-o called for a halt to the GTX-A Samsung Station construction, suggesting that it should be paused until safety concerns are addressed. The Democratic Party announced plans to hold a task force meeting on May 22 to investigate the allegations surrounding the missing rebar. In response, Oh Se-hoon, the People Power Party's candidate for Seoul mayor, criticized Jung, saying, "He is only focused on amplifying public anxiety to gain an electoral advantage. The Ministry of Land and the Korea Railroad Corporation concluded after 17 days of test operations that there are no safety issues, yet he wants to stop it for political reasons." Lee Jun-seok, leader of the Reformist Party, remarked, "Saying that the GTX-A Samsung Station construction should be stopped is essentially declaring that you want to disrupt the commuting routes for residents of Hwaseong. Using safety as an excuse to halt the GTX project is merely a political maneuver against candidate Oh." He emphasized, "I will not stand by while the Democratic Party sacrifices the commuting routes of Hwaseong residents for their electoral calculations. We cannot allow the already delayed full opening of GTX-A to be postponed further due to the political logic of candidate Jung and the Democratic Party."* This article has been translated by AI. 2026-05-21 21:51:00

Woori Bank's 106-Year Legacy: A Visit to the Jeonju Financial Center On May 18, I arrived at Wansan-gu Paldal-ro after a 20-minute bus ride from Jeonju Station. Amidst ordinary buildings, one structure stood out, reminiscent of European architecture. Inside, employees were bustling about, and visitors filled the space at the Woori Bank Jeonju Financial Center, which has been a fixture for 106 years.The Jeonju Financial Center, which opened in 1920 as the Jeonju branch of Hanil Bank, has played a crucial role in supporting the local economy. It has evolved into a regional financial hub, serving not just as an old branch but as a central player in the Jeonbuk area. The center is particularly focused on supporting small and medium-sized enterprises and self-employed individuals, reflecting the unique characteristics of its location near Jeonju Hanok Village and a high-tech industrial complex.In an interview, Lee Seung-hwa, the center's director, stated, "The Jeonju Financial Center has been a representative branch of Woori Bank, accompanying the growth of local customers and the regional economy for over 100 years. We have consistently supported the financial needs of local businesses and residents, and we continue to serve as a key financial hub in the area."The Jeonju Financial Center has gained increased attention recently due to its pivotal role in Woori Financial Group's plan to enhance financial infrastructure in Jeonbuk Province.Woori Financial is actively building financial infrastructure in Jeonbuk, which is emerging as a key area for balanced development under the '5 poles and 3 specialties' initiative.The focus is on providing corporate financing to stimulate the local economy. Woori Bank plans to establish the 'Jeonbuk BIZ Prime Center,' a specialized corporate finance branch, to concentrate its corporate financing capabilities. This initiative aims to enhance synergy among local branches centered around the Jeonju area and expand business attraction and transaction bases.Additionally, Woori Bank is promoting a venture startup support program called 'Dino Lab Jeonbuk Center' to foster small and medium-sized enterprises and startups, with plans to supply approximately 1.6 trillion won in funding over five years to local small businesses and self-employed individuals. The number of employees in the Jeonbuk region is also set to increase from 200 to 300, contributing to job creation through local talent recruitment.Lee emphasized, "Jeonbuk is a region where the capital market and advanced industries are growing together, and I believe the interest and role of the financial sector will continue to expand. We will further enhance on-site financial support to contribute practically to revitalizing the local economy and establishing a financial hub."* This article has been translated by AI. 2026-05-21 21:48:00

Woori Bank Expands Global Reach with 100 Years of Expertise Woori Financial Group is leveraging its 100 years of expertise to expand its global footprint. The company is establishing a financial network to support South Korean firms in overseas semiconductor and defense sectors, creating new growth opportunities and productive finance.According to the financial sector on May 21, Woori Financial has established a new base in Austin, Texas, to enhance its corporate banking operations.As Texas emerges as a new "land of opportunity" that rivals Silicon Valley, global companies are flocking to the area. Samsung Electronics, a key client of Woori Bank, is expanding its semiconductor operations by constructing additional foundry facilities. Woori Bank has been a partner of Samsung since the 1960s, and as Samsung grows its local business, Woori is actively securing a new network of branches. This aligns with the group's management goal of "co-prosperity," extending its reach internationally. Woori Bank aims to manage employee accounts while also catering to demands for facility investment and trade finance. Domestic suppliers accompanying Samsung's expansion are also potential clients for Woori Bank. Nearby, major corporations like Tesla, Apple, and Oracle are establishing their presence, further enhancing revenue opportunities.In Europe, Woori Bank is seeing increased corporate finance activity in Poland, with expectations for significant results starting this year. As defense, electric vehicle, and secondary battery companies enter the Polish market, Woori Bank has become the first domestic bank to establish a local sales network. Securing business licenses from local financial authorities is notoriously challenging, but Woori's century-long expertise has earned the trust of these regulators.Woori Bank is also increasing its presence in retail finance in overseas markets, particularly in Vietnam. Despite some domestic companies withdrawing from Vietnam, Woori Bank has gained traction among expatriates and locals, leading to growth in retail finance. The demand for services like non-face-to-face loans is rising, and Woori's digital and IT systems have successfully localized to meet this demand. Consequently, the total comprehensive income of the Vietnam branch quadrupled in the first quarter compared to the previous quarter.Experts attribute Woori Financial's global capabilities to its century-long history. A financial industry insider noted, "By establishing the first overseas branch of a commercial bank in Tokyo, Woori has quickly identified local demand. The strategy of establishing branches whenever domestic companies expand abroad has recently yielded positive results."Woori Financial plans to utilize its 458 networks across 24 countries to support domestic companies in their international ventures through productive finance. The company is also set to provide 3 trillion won in productive finance support for export and import businesses, aligning with this strategy.A financial industry source remarked, "As domestic lending regulations tighten, overseas operations have shifted from being a supplement to becoming a core source of revenue. Financial institutions are likely to accelerate their expansion into adjacent regions based on existing footholds."* This article has been translated by AI. 2026-05-21 21:46:01

Court Sentences Former National Intelligence Service Chief Cho Tae-yong to 18 Months in Prison Cho Tae-yong, the former chief of South Korea's National Intelligence Service (NIS), was sentenced to 18 months in prison for failing to fulfill his reporting obligations to the National Assembly during the declaration of martial law on December 3, 2024, and for submitting false responses to conceal his involvement. However, the court found him not guilty of the key charges of negligence and political involvement. The Seoul Central District Court's Criminal Division 32, presided over by Judge Ryu Kyung-jin, delivered the verdict on May 21. Cho was convicted on charges including negligence, violations of the National Intelligence Service Act, violations of the National Assembly Testimony and Evidence Act, evidence destruction, preparation and use of false documents, and perjury. The sentence is significantly lower than the seven years sought by the special prosecutor's team led by Cho Eun-seok. The court acquitted Cho of the negligence charge, stating that while he received documents related to martial law from former President Yoon Suk Yeol on the day of the declaration, it could not be definitively concluded that he clearly understood the instructions regarding the arrest of politicians from former NIS Deputy Director Hong Jang-won. The court noted, "It cannot be ruled out that the defendant may have perceived the information received from Hong as mere rumors arising during the martial law process. Therefore, it cannot be concluded that the obligation to report to the National Assembly under the NIS Act arose." The court also ruled that there was insufficient evidence to support the claim that Cho selectively provided CCTV footage of Hong's movements to the ruling party, thus finding him not guilty of political involvement. Additionally, allegations that Cho participated in the deletion of electronic information from secure phones used by Yoon and Hong after the martial law declaration were also dismissed, as the court acknowledged the possibility of security measures being in place at that time. However, the court did find Cho guilty of making false statements regarding his receipt of martial law documents during the Constitutional Court impeachment trial and the National Assembly's investigation. The court stated, "As the NIS chief, the defendant should have sincerely addressed public concerns and taken responsibility for any wrongdoing. Nevertheless, he prepared false responses to minimize and conceal his responsibility and even committed perjury in the Constitutional Court." The court emphasized that such actions deceive the public and significantly undermine trust in the National Intelligence Service, warranting a serious penalty. Following the verdict, the special prosecutor's team announced plans to appeal the acquittal, expressing disappointment over the rejection of Hong's testimony. * This article has been translated by AI. 2026-05-21 21:43:33