Gas Prices Rise at Pumps Despite Falling Global Oil Prices Gasoline and diesel prices at domestic gas stations have risen for six consecutive weeks. While international oil prices have decreased amid expectations of a ceasefire agreement between the U.S. and Iran, this decline has yet to be reflected in local prices. According to Yonhap News and the Korea National Oil Corporation's oil price information system, Opinet, the average price of gasoline at gas stations nationwide for the first week of May (May 3-7) was 2,011.2 won per liter, an increase of 2.6 won from the previous week. The average price of diesel also rose by 2.6 won to 2,005.4 won per liter during the same period. Regionally, gasoline prices were highest in Seoul at 2,051 won per liter, while Daegu reported the lowest price at 1,995.8 won. Among brands, SK Energy had the highest price at 2,016.8 won per liter, while discount gas stations offered the lowest price at 1,993.6 won. International oil prices have fallen, with Dubai crude, the benchmark for imported crude oil, dropping by $4.8 to $102.7 per barrel. The international price of diesel also decreased by $15.4 to $157. However, the price of gasoline on the international market rose by $2.1 to $131.8. This week, international oil prices faced downward pressure due to expectations of progress in the ceasefire agreement between the U.S. and Iran, although reports of military clashes between the two countries limited the extent of the decline. Typically, fluctuations in international oil prices are reflected in domestic gas station prices after a delay of 2 to 3 weeks. Meanwhile, the government has frozen the fifth maximum oil price, which took effect on May 8. As a result, the maximum prices are maintained at 1,934 won per liter for gasoline, 1,923 won for diesel, and 1,530 won for kerosene.* This article has been translated by AI. 2026-05-09 16:33:13

Trump Says He Expects Letter from Iran Tonight Amid Tensions in Hormuz President Donald Trump stated that he expects to receive a letter from Iran regarding ceasefire negotiations soon. Amid renewed military tensions in the Hormuz Strait, the U.S. appears to be prioritizing diplomatic solutions to end the conflict rather than escalating military actions. According to Yonhap News, Trump spoke to reporters at the White House on May 8, local time, and responded to a question about whether he had received a response from Iran regarding U.S. demands, saying, "I will probably receive a letter from Iran tonight," adding, "We will see what happens." This suggests that Iran may communicate its position within hours. Trump's remarks came shortly after clashes occurred between the two nations in the Hormuz Strait. The U.S. and Iran have maintained a ceasefire since April 7, but recent maritime blockades and attempts to breach them have led to renewed hostilities. However, Iran has described the clashes as 'limited' through its state media, indicating a desire to maintain the ceasefire. The two countries held their first high-level ceasefire talks in Pakistan on April 11-12, but no agreement was reached. Since then, they have continued backchannel negotiations under Pakistan's mediation. Recently, the possibility of a ceasefire agreement has been revived. The online news outlet Axios reported on May 6 that the two nations are close to finalizing a one-page memorandum of understanding (MOU) for a ceasefire. This MOU reportedly includes a declaration to end hostilities, the reopening of the Hormuz Strait, limitations on Iran's nuclear program, and discussions on lifting sanctions against Iran over a 30-day period. Iran has not yet provided an official response. Esmail Baghaei, spokesperson for the Iranian Foreign Ministry, stated in an interview with the semi-official ISNA news agency on May 6 that Iran is still reviewing the U.S. plans and proposals, without specifying a timeline for a response. U.S. Secretary of State Marco Rubio also commented during a visit to Italy, expressing optimism that Iran would provide a response regarding the ceasefire agreement, stating, "I hope Iran will present a serious proposal within a few hours." However, uncertainties remain regarding the negotiations. Bloomberg reported that the clashes in the Hormuz Strait have made the ceasefire more precarious, with the U.S. awaiting Iran's response. There are concerns that if Iran rejects U.S. demands or fails to respond within the deadline, the U.S. may consider ramping up airstrikes again.* This article has been translated by AI. 2026-05-09 16:21:23

Conflict Erupts Over Yongsan Development Plans Between Candidates Jeong Won-o and Oh Se-hoon Jeong Won-o, the Democratic Party candidate for Seoul mayor, and Oh Se-hoon, the People Power Party candidate, have clashed over the direction of real estate development in Seoul. Jeong's camp criticized Oh for neglecting the Yongsan development for an extended period, while Oh's camp accused Jeong of reverting to the urban regeneration policies of former Seoul Mayor Park Won-soon. On May 9, Jeong posted on Facebook, questioning, "Why has Oh Se-hoon left this land unattended during his four terms as mayor?" He attributed the delays in Yongsan development to a lack of clear responsibility for the project. Jeong stated, "We cannot continue down the path of Oh Se-hoon. I will develop differently." The day before, Jeong announced a pledge to attract a United Nations artificial intelligence hub to the Yongsan International Business District and to concentrate five advanced strategic industries there. Park Kyung-mi, a spokesperson for Jeong's campaign, remarked, "A candidate who has effectively neglected the Yongsan maintenance site for ten years is asking for a fifth chance. Citizens should hold Oh accountable for his decade of mismanagement." Oh's camp took issue with Jeong's comments regarding housing supply. Park Yong-chan, a spokesperson for Oh's campaign, expressed concerns in a statement, saying, "Jeong's remarks about villas raise suspicions that he aims to revive the urban regeneration projects of the Park Won-soon administration." The comments in question were made by Jeong during a meeting with candidates for district councilors on May 5, where he stated that solutions to the rental housing issue could be implemented within two to three years by utilizing villas, officetels, and residential-type accommodations. Park criticized this, stating, "The creation of villa towns was a core project of past urban regeneration efforts, which ended in failure. Are we to attempt this again?" Both sides are also at odds over the scale of housing supply within the Yongsan International Business District. Jeong's camp emphasizes the creation of a mixed-use city that integrates living and working spaces, while Oh's camp argues that this could undermine the international business functions of the area. As real estate policy emerges as a central issue in the Seoul mayoral election, the debate over redevelopment and reconstruction strategies is expected to intensify.* This article has been translated by AI. 2026-05-09 15:45:21

Lee Jung-hoo Records Two Hits Against Pirates, Achieves Multi-Hit Game After Seven Matches Lee Jung-hoo of the San Francisco Giants recorded a multi-hit game for the first time in seven matches. On May 9, in a home game against the Pittsburgh Pirates at Oracle Park in San Francisco, Lee started as the leadoff right fielder and went 2-for-4 at the plate. After struggling with his batting earlier in May, Lee's two hits marked his 12th multi-hit game of the season. This was his first multi-hit performance since May 1 against the Philadelphia Phillies. His batting average improved from .263 to .270. In his first at-bat in the opening inning, Lee popped out to right field. However, in the bottom of the third with one out and a runner on first, he connected with a low splitter from Pirates starter Carmen Mlodzinski for a single to right field. Unfortunately, the next batter, Luis Arraez, grounded into a double play, ending the scoring opportunity. Lee added another hit in the bottom of the fifth. With two outs and no runners on base, he hit a 95.6 mph fastball from Mlodzinski for a single to left field. Again, the following batter failed to drive him home. In a missed opportunity, Lee batted with the bases loaded and no outs in the bottom of the seventh while the Giants led 3-1. He hit a line drive to the second baseman and was unable to bring in a run. Arraez later delivered a two-run single, extending the Giants' lead. Lee also contributed defensively, making a notable play in the top of the sixth by chasing down a foul ball from Bryan Reynolds and catching it just in front of the stands. The Giants defeated the Pirates 5-2, snapping a two-game losing streak. Their season record improved to 15 wins and 23 losses, but they remain at the bottom of the National League West. 2026-05-09 15:27:21

Musinsa's foreign sales hit record high during Northeast Asian 'Golden Holiday' SEOUL, May 09 (AJP) - South Korean fashion platform Musinsa saw its offline sales from foreign tourists reach a record high during the recent "Northeast Asian Golden Holiday," as Japanese and Chinese vacation periods coincided to drive a surge in inbound shopping. According to data released by the company on Friday, sales from foreign customers at 12 of its global-focused stores—including Musinsa Standard and Musinsa Store—rose more than 30 percent between April 29 and May 5 compared to the previous week. The period saw a rare overlap of Japan’s Golden Week (April 29–May 6) and China’s Labor Day holiday (May 1–5). The growth was most pronounced in Seoul’s Seongsu district, a rising shopping hub for international tourists. Combined sales at the Musinsa Standard Seongsu and Musinsa Store Seongsu boutique surged 41 percent week-on-week, fueled by an influx of overseas visitors. For the first time, foreign nationals accounted for more than half of the total revenue at these 12 strategic locations, reaching 53 percent of the total sales mix. The Musinsa Store in Myeongdong recorded the highest international presence, with over 70 percent of its revenue generated by foreign shoppers. Other locations in Hannam, Hongdae, and Seongsu also reported foreign sales shares exceeding 60 percent. Industry analysts attribute the performance to a growing global preference for K-fashion and beauty, coupled with Musinsa's curation of local brands that appeal to independent travelers seeking "hip" South Korean lifestyle experiences. To capitalize on the holiday peak, the platform partnered with Japan’s largest fashion platform, ZOZOTOWN, and China’s WeChat Pay to offer targeted discounts and point-based incentives. “The alignment of major holidays in Korea, China, and Japan drew a concentrated number of global customers to our offline spaces,” a Musinsa official said. “We plan to continue strengthening our online-to-offline marketing and curation to ensure international tourists can experience the latest South Korean fashion trends.” The company is currently running its "On & Off Festival" across all offline locations through May 10, offering exclusive discounts to both domestic and international shoppers. 2026-05-09 15:20:24

Kim Jong Un Sends Victory Day Message to Putin, Reaffirms North Korea-Russia Treaty Commitment Kim Jong Un, the leader of North Korea, sent a congratulatory message to Russian President Vladimir Putin on the occasion of the 81st anniversary of Victory Day, reaffirming his commitment to the North Korea-Russia treaty. Although there has been speculation about Kim's potential visit to Russia amid recent high-level exchanges between the two countries, the visit did not materialize. According to reports from Yonhap News and the Rodong Sinmun on May 9, Kim stated in his message to President Putin, "I reaffirm that we will always be responsible for fulfilling the obligations of the treaty between our two countries." He reiterated his intention to continue cooperation based on the 'Comprehensive Strategic Partnership Treaty' signed last year. The treaty, which was established during Putin's visit to North Korea in June 2024, includes provisions for military support if one side is attacked. North Korea began to deepen military cooperation with Russia by sending troops to Kursk, near the border with Ukraine, in October of the same year. In his message, Kim described the North Korea-Russia relationship as one that is "writing a brilliant new chapter of independence, dignity, peace, and prosperity in accordance with the common ideals and aspirations of our peoples," expressing his satisfaction and pride in the partnership. He also reaffirmed the North Korean government's commitment to valuing and continuously enhancing the comprehensive strategic partnership. Referring to Putin as a "most friendly comrade," Kim emphasized their close ties. He conveyed heartfelt congratulations to Putin, the Russian leadership, and the brotherly Russian people on the 81st anniversary of the Great Patriotic War victory, stating, "On behalf of the government and people of the Democratic People's Republic of Korea, I extend my most sincere congratulations to you and the entire Russian people." Kim also paid tribute to the veterans of the past who fought valiantly against fascism, stating, "I express my profound respect for the previous generations of soldiers who, with indomitable courage and noble patriotism, defeated fascism and defended humanity's freedom and liberation, as well as world peace and security." This gesture comes as Russia uses Victory Day as a symbol of national unity, with North Korea also showing support for Russia's historical narrative through Kim's message. Kim concluded by stating, "Pyongyang is always with you and the brotherly Russian people," and expressed his hopes for the Russian people to achieve only victory and glory in their future endeavors. He emphasized that Russia's great victory history will continue. Recently, high-level contacts between North Korea and Russia have increased around the first anniversary of the 'Liberation of Kursk,' raising speculation about Kim's attendance at the Victory Day events. However, North Korea was not included in the list of attendees announced by Russia, and Kim's visit did not take place. Concerns over local safety issues, including drone attacks from Ukraine, have been suggested as factors influencing this outcome.* This article has been translated by AI. 2026-05-09 15:18:25

Oh Se-hoon Criticizes Lee Jae-myung's Real Estate Policies Oh Se-hoon, the candidate for Seoul mayor, sharply criticized the current government's real estate policies on May 9, stating, "I will stand with the citizens until the end," alongside district mayor candidates in Seoul. In a statement titled "Standing with Citizens Against Real Estate Tyranny" shared on his social media, Oh remarked, "Seoul is currently a real estate hell where everyone suffers, whether they own a home, are looking to buy, or want to sell," directly targeting Lee Jae-myung's real estate policy. Oh specifically addressed the recent surge in apartment assessed values in Seoul, noting, "The assessed value of multi-family homes in Seoul has risen by 18.6% in just one year, with some areas like Seongdong, Gangnam, Songpa, and Yangcheon nearing a 30% increase." He criticized the government, saying, "It is the administration's policy failures that have driven up housing prices; why should responsible citizens bear that burden?" He also expressed deep concern for those without homes, stating, "There are currently zero rental listings in complexes with thousands of units," and emphasized, "We have entered an era where tenants must interview in front of landlords." He argued that merely increasing the supply of multi-family and multi-household units will not suffice, insisting that new apartment construction must be allowed to alleviate the overall market. Oh took a firm stance against the proposed abolition of the Long-Term Holding Special Deduction (LTHSD), stating, "To label citizens who own a single home they have worked a lifetime to acquire as speculators is a cruel act that undermines the middle class's housing ladder," and called for an immediate halt to such measures. He also criticized loan regulations, stating, "The dual barriers of DSR (Debt Service Ratio) and LTV (Loan-to-Value) effectively mean that only cash-rich individuals can buy homes," and pointed out that redevelopment and reconstruction projects are stalled due to blocked relocation loans, leaving members of associations in limbo. Oh implicitly targeted President Lee Jae-myung and ruling party candidate Jeong Won-o, questioning, "How can a candidate who only seeks to appease the president represent the cries of the citizens?" In conclusion, Oh vowed, "I will protect the hopes of ordinary citizens and youth dreaming of homeownership, the valuable assets of lifelong laborers, and the crumbling housing ladder. I will confront the misguided real estate tyranny head-on." Political analysts interpret this message as a strategic move to seize the real estate issue, a key factor in public sentiment ahead of the June 3 local elections. They note that it particularly targets the anxieties of residents in middle-class neighborhoods and areas undergoing redevelopment and reconstruction.* This article has been translated by AI. 2026-05-09 15:12:25

S. Korea, U.S. coordinate investment pipeline ahead of new trade law launch SEOUL, May 09 (AJP) - South Korean Trade Minister Kim Jung-kwan met with U.S. Commerce Secretary Howard Lutnick on Saturday to finalize the details of major investment projects slated for rollout under a landmark bilateral investment framework. The meeting, held in Washington, follows the recent signing of a memorandum of understanding on the "MASGA" shipbuilding initiative. However, the talks between the two chiefs focused more broadly on the implementation of South Korea’s "Special Act on Strategic Investment Management," which is set to take effect on June 18. The legislation serves as the domestic legal foundation for Seoul’s $350 billion U.S. investment pledge, a strategic commitment made last year to secure a 15 percent tariff rate on South Korean exports. Minister Kim’s visit aimed to concretize the first batch of projects to be officially designated under this new law. During his stay in Washington, Kim addressed speculation regarding the first major project under the initiative. While a liquefied natural gas (LNG) export terminal in Louisiana has been cited as a primary candidate, Kim told reporters it was "too early to confirm" whether it would be the official "No. 1" project, though he acknowledged it remains under active consideration. The high-level coordination comes at a critical time as South Korea seeks to navigate Washington’s evolving trade policies. While recent U.S. court rulings have challenged some of President Donald Trump’s tariff mechanisms, Seoul remains focused on industrial partnerships as a hedge against potential Section 301 investigations and broader trade friction. The discussions also touched upon the upcoming establishment of the Korea-U.S. Shipbuilding Partnership Center, which will serve as a hub for the $150 billion maritime portion of the investment package. “The focus of this meeting was to ensure that our investment pipeline is fully operational the moment the special act takes effect next month,” a ministry official said. “We are moving from the stage of high-level agreements to the practical execution of projects that will reinforce the bilateral economic alliance.” Minister Kim is expected to continue consultations with other U.S. trade officials, including the Office of the U.S. Trade Representative (USTR), to discuss ongoing tariff and trade environment issues before returning to Seoul. 2026-05-09 12:54:16

Trump Responds to Fire on Korean Ship with 'I Love Korea' On May 8, U.S. President Donald Trump stated that a response from Iran regarding the ceasefire conditions proposed by the United States is imminent. According to Yonhap News, Trump told reporters at the White House, "I will probably receive a letter from Iran tonight," adding, "We will see what happens." This comment suggests that Iran may soon provide an official stance on the U.S. demands. The U.S. and Iran began ceasefire negotiations following a truce on April 7, but the initial high-level talks ended without significant progress. Since then, both sides have continued private negotiations mediated by Pakistan, during which the U.S. reportedly proposed that Iran suspend uranium enrichment for 20 years and gradually reopen the Strait of Hormuz as conditions for a ceasefire. U.S. Secretary of State Marco Rubio, while visiting Italy, expressed hope that Iran would present a serious proposal within hours. In a related matter, when asked about the recent fire on the Korean bulk carrier HMM Namoo, Trump responded, "I love Korea," which raised eyebrows. The question referenced Trump's earlier claim that the Namoo had been attacked by Iran, a statement that Iran has denied. Trump's response appeared unrelated to the question, leaving some to wonder if he misunderstood it or intentionally gave a non-answer. Meanwhile, a South Korean government investigation team boarded the Namoo on May 8 in Dubai, United Arab Emirates, to begin an inquiry into the cause of the fire. 2026-05-09 11:18:24

'The King's Warden' dominates 62nd Baeksang Arts Awards with grand prize win SEOUL, May 09 (AJP) - The historical blockbuster "The King's Warden" swept the 62nd Baeksang Arts Awards on Friday, with lead actor Yoo Hae-jin securing the Grand Prize (Daesang) in the film category. The film, which recently became the second highest-grossing South Korean production of all time with 16.8 million admissions, took home four awards at the ceremony held at COEX in Seoul. Beyond the night’s top honor, the production earned the Gucci Impact Award, while co-star Park Ji-hoon won both Best New Actor and the Naver Popularity Award. “I want to thank the nearly 17 million moviegoers who chose to see this film,” Yoo said in his acceptance speech. “It is rewarding to see that the distinct appeal of the theatrical experience remains as strong as ever.” The film’s success was mirrored in the television category by actor Ryu Seung-ryong, who won the Grand Prize for his role in the JTBC drama The Dream Life of Mr. Kim. The simultaneous wins for Yoo and Ryu drew significant attention as the two have remained close friends since their days as struggling theater actors three decades ago. Other top honors included Park Chan-wook’s No Other Choice for Best Film and the Netflix series Eunjung and Sangyeon for Best Drama. Individual acting accolades went to Hyun Bin for his role in Made in Korea and Park Bo-young for Unknown Seoul. Established in 1965, the Baeksang Arts Awards is considered one of South Korea's most prestigious honors in entertainment, recognizing excellence across film, television, and theater. 2026-05-09 11:01:31