U.S. Oil Industry Warns of Potential Surge in Oil Prices Amid Middle East Conflict The U.S. oil industry has warned the Trump administration that international oil prices could surge in the coming weeks due to the ongoing conflict in the Middle East, according to a report by Politico, citing four oil executives. The oil industry leaders conveyed this warning to senior White House officials during recent discussions with the Trump administration and the U.S. energy sector. An anonymous oil executive stated, "We are already at dangerously low levels of crude oil inventory," adding, "We have communicated to top government officials what we expect to see around mid to late June." The executive emphasized, "We hope they are paying attention to current crude oil inventories, which are at critically low levels." Since the U.S. and Israel launched a preemptive strike against Iran in late February, Iran has effectively blocked the Strait of Hormuz, a major global energy transit route, leading to a significant reduction in Middle Eastern energy supplies. Countries have relied on their strategic reserves, but these reserves are now at dangerously low levels. According to the U.S. Energy Information Administration (EIA), U.S. crude oil inventories fell by 8 million barrels last week, marking the eighth consecutive week of decline and remaining 3% below the five-year average. Additionally, the Strategic Petroleum Reserve (SPR) also decreased by 8 million barrels last week, nearing the low recorded in July 2023, as reported by Politico. If the decline in crude oil inventories continues at this pace, there is a possibility that international oil prices could spike in June. Last week, Neil Chapman, senior vice president of ExxonMobil, predicted that if the inventory depletion continues, Brent crude prices could rise to $150 per barrel, or even $160, representing an increase of nearly 70% from the current futures price of around $95. He noted, "There is debate about whether that depletion point will be in two weeks or three weeks, but once we reach that point, prices will surge." However, the White House has stated that it has not received such warnings from the oil industry, and a U.S. Department of Energy official denied having had "such discussions" regarding crude oil inventories. Nonetheless, another oil executive countered, stating, "The government has already heard about these issues related to oil." The decline in crude oil inventories is affecting not just the U.S. but the global market as well. Current global crude oil inventories are approximately 7.5 billion barrels, down about 500 million barrels compared to pre-war levels in the Middle East. However, most of these stocks are already allocated to buyers and are not held as reserves, according to Jim Burkhard, vice president and global head of oil research at S&P Global. He remarked, "I have never seen inventory levels decrease so quickly and so significantly," noting that some regions have already reached or are nearing their lowest inventory levels. Meanwhile, President Trump indicated that "final negotiations are underway to end the Iran war," suggesting that a peace agreement with Iran could be reached soon.* This article has been translated by AI. 2026-06-05 15:39:00

Bank of Korea Appoints New Deputy Governors Lee Ji-ho and Kim Je-hyun The Bank of Korea announced on June 5 that it has appointed Lee Ji-ho, head of the Research Department, and Kim Je-hyun, head of the Human Resources Management Department, as new deputy governors. Governor Shin Hyun-song appointed Lee as the deputy governor in charge of research and statistics, and Kim as the deputy governor responsible for management. Lee, a graduate of Seoul National University with a degree in economics, joined the Bank of Korea in 1997 and has worked in various departments, including the Financial Markets Division, Monetary Policy Division, and Research Department. He also served as the Director of the Ministry of Economy and Finance's Livelihood Economy Policy Office. The Bank of Korea praised Lee for enhancing economic forecasts by breaking down growth and inflation trends into quarterly reports since taking over as head of the Research Department, thereby improving the transparency and effectiveness of monetary policy. The bank stated, "We believe he will effectively oversee research on key domestic and international economic issues and long-term challenges in response to changing external conditions as the deputy governor in charge of research and statistics." Kim, also a graduate of Seoul National University, joined the Bank in 1996 and has held various positions, including in the Financial Markets Division, Monetary Policy Division, Human Resources Management Division, and Communications Division. He has served as a policy advisor, chief of staff, and head of the Communications Division. The bank commended Kim for his extensive practical experience and exceptional work capabilities, noting his successful establishment of stable and adaptable personnel systems during recent organizational restructuring and new project initiatives. The bank added, "Based on his deep understanding of the organization, excellent situational judgment, communication skills, and experience assisting the governor, we expect him to perform the role of deputy governor in charge of management effectively." This appointment marks the first executive changes under Governor Shin. It fills the vacancies left by the retirement of former deputy governors Kim Woong and Chae Byeong-deok, whose terms expired. Their terms will last until June 4, 2029.* This article has been translated by AI. 2026-06-05 15:39:00

Broadcasting Commission Grants KT Skylife 7-Year License Renewal The Broadcasting Media Communications Commission has approved a 7-year license renewal for satellite broadcaster KT Skylife. During its 15th plenary meeting on June 5, the commission reviewed the renewal application for KT Skylife, whose previous license expired last year, and decided to grant a new license valid for 7 years. This review marks the first license renewal assessment for a pay-TV operator since the commission's establishment. The evaluation was conducted in accordance with the detailed plan for pay-TV operator license renewals and offshore retransmission approvals, which was adopted in April. The review committee, chaired by Commissioner Ko Min-soo, consisted of nine experts in broadcasting and media, law, management, economics, accounting, technology, and viewer interests. KT Skylife received a score of 697.52 out of 1,000, surpassing the renewal threshold of 650 points. Consequently, the commission approved the 7-year license renewal. The commission noted that it expanded the quantitative evaluation criteria to enhance objectivity and transparency. It particularly focused on measuring performance against business plans and previous renewal periods to strengthen consistency and predictability in evaluation standards. The conditions for renewal were significantly simplified. While the previous renewal included 20 conditions and five recommendations, the new approval imposes only five core conditions. However, to ensure the public responsibilities of satellite broadcasting, the following five conditions were mandated: submission and approval of an investment plan for sustainability, a plan to provide one-way satellite broadcasting services to over 50% of subscribers, and enhancements to the independence and expertise of the board of directors. Commissioner Kim Jong-cheol stated, "We will rationally improve and operate related systems to harmonize the competitiveness and public nature of the pay-TV industry. I urge KT Skylife, as the sole national satellite broadcaster, to fulfill its role in addressing poor reception and preparing services for unification." In response to the decision, KT Skylife expressed that the approval secures a stable foundation for its satellite broadcasting operations for the next seven years, stating, "We will continue to fulfill our public responsibilities as a satellite broadcaster and strive to enhance viewer rights and develop the media ecosystem."* This article has been translated by AI. 2026-06-05 15:36:00

Interior Ministry Awards Cash Prizes for Contributions to Life Safety Laws The Ministry of the Interior and Safety announced on June 5 that it awarded the "2026 Second Special Achievement Award" to individuals who contributed to the enactment of the "Life Safety Basic Act" and the "Serious Crime Investigation Agency Organization and Operation Act" (Serious Crime Act) at the Government Sejong Center. The special achievement award was introduced this year following President Lee Jae-myung's directive to provide exceptional rewards for outstanding civil servants. This marks the second round of awards, following the first distribution in March. Each team that contributed to the legislative success of the "Life Safety Basic Act" and the "Serious Crime Act" received a special achievement award of 20 million won. The "Life Safety Basic Act" clarifies the responsibilities of the state and local governments while establishing a framework for life safety policy implementation at the national level. The law aims to enhance national accountability in preventing, responding to, and recovering from disasters and accidents, thereby institutionally guaranteeing citizens' right to safety. It is set to take effect in November following approval at a Cabinet meeting in May. The Safety Policy Division's Legal Team, which oversaw the legislation, visited the National Assembly numerous times and collaborated with civic groups to facilitate the drafting and passage of the bill. The Disaster Safety Investigation Division's Investigation Policy Team established a framework for an "independent permanent investigation body" to investigate disaster causes and prevent recurrence. The Serious Crime Investigation Agency Establishment Support Team was recognized for its efforts in promoting the enactment of the "Serious Crime Act," which separates investigation and prosecution for the first time in 78 years, and for establishing a preparatory committee to prevent investigative gaps and protect citizens' rights. Additionally, the Legal Affairs Team and the National Assembly Team from the Planning and Finance Division were included in the award recipients for their contributions throughout the legislative process in various National Assembly committees and the plenary session. Minister Yoon Ho-jung presented the awards and cash prizes to the civil servants on that day. Minister Yoon stated, "The 'Life Safety Basic Act' and 'Serious Crime Act' are important institutional foundations for protecting citizens' lives and safety and safeguarding human rights. I appreciate the dedication of the employees who committed themselves to the legislative process despite the challenging circumstances." He added, "We will continue to promote a performance-oriented organizational culture that allows for special rewards and encouragement for policy achievements that citizens can feel."* This article has been translated by AI. 2026-06-05 15:36:00

KB Financial Group Establishes $8.5 Million Cooperative Fund with Ministry of SMEs KB Financial Group announced on June 5 that it has established a cooperative fund worth 10 billion won (approximately $8.5 million) in collaboration with the Ministry of SMEs and Startups and the Korea Federation of Small and Medium Enterprises.The fund expands the previous focus on large corporate supply chains to include small and medium-sized enterprises (SMEs) and micro-enterprises.KB Financial plans to support the local economy through investments of 2 billion won in artificial intelligence transformation (AX), 3 billion won in green transformation (GX), and 2 billion won in safety transformation (SX).Additionally, 3 billion won will be contributed to a cooperative fund aimed at impact investments in community-based social economy enterprises and social ventures.Yang Jong-hee, Chairman of KB Financial, stated, "We will continue to contribute to the sustainable growth of small businesses and micro-enterprises, as well as the revitalization of the local economy, based on our social responsibility in finance."KB Financial also plans to invest 10.5 trillion won in support for vulnerable groups and 6.5 trillion won for small businesses and self-employed individuals by 2030.* This article has been translated by AI. 2026-06-05 15:33:00

Korea's Tidal Flats Expected to be Added to UNESCO World Heritage List Korea's tidal flats are expected to be added to the UNESCO World Heritage list. On June 5, the Cultural Heritage Administration and the Ministry of Oceans and Fisheries announced that the International Union for Conservation of Nature (IUCN), an advisory body for natural heritage to the UNESCO World Heritage Committee, has recommended the expansion of the World Heritage designation for "Korea's Tidal Flats Phase 2." The IUCN evaluated that "Korea's Tidal Flats Phase 2" meets the World Heritage criteria for biodiversity and the conservation of endangered species. Consequently, it recommended the approval of a boundary change to expand the existing World Heritage site of "Korea's Tidal Flats." This criterion refers to the most significant and meaningful natural habitats for the conservation of biological diversity, including endangered species, from a scientific and conservation perspective. The application for this expansion includes adding the tidal flats of Yeosu, Goheung, Muan, and Seosan to the existing four tidal flats (Seocheon, Gochang, Sinan, and Boseong-Suncheon) that were inscribed on the World Heritage list during the 44th World Heritage Committee in 2021. If finalized, "Korea's Tidal Flats" will consist of a continuous heritage site with six components: Boseong-Suncheon-Yeosu-Goheung tidal flats, Sinan-Muan Bando tidal flats, Muan Hamhae tidal flats, Gochang tidal flats, Seocheon tidal flats, and Seosan tidal flats. The IUCN suggested that efforts should continue to analyze the additional tidal flat areas and secure community support. It also recommended ensuring the sustainable continuation of traditional fishing and tidal flat resource harvesting practices, as well as strengthening international cooperation with relevant countries to preserve key habitats in the Yellow Sea ecosystem and the East Asia-Australasia migratory bird route. The final decision on the registration of "Korea's Tidal Flats Phase 2" will be made at the 48th UNESCO World Heritage Committee meeting to be held in Busan in July. This will be the first time the World Heritage Committee convenes in Korea. The Cultural Heritage Administration stated, "We plan to actively respond to ensure that the final registration decision is made at this World Heritage Committee meeting, following the recommendations of the IUCN."* This article has been translated by AI. 2026-06-05 15:30:00

Dormant Deposits Can Now Be Received as Toss Pay Money The Financial Consumer Agency has launched a service allowing individuals to receive dormant deposits and insurance payouts as Toss Pay Money. Users can now check their small dormant deposits directly through the Toss app and convert them into prepaid funds for payments. On June 5, the agency announced its collaboration with Toss to initiate this service, starting with dormant deposits and insurance payouts under 500,000 won. The program will be gradually expanded based on the payment trends observed. Dormant deposits refer to funds that have not been accessed for a long period and have reached the expiration of their validity according to laws or terms. The agency manages these funds received from financial institutions and operates the 'Find Your Dormant Deposits' service, allowing rightful owners to check and claim their funds. With this new service, users can verify their dormant deposits in the Toss app and convert them into Toss Pay Money, which can be used for both online and offline transactions immediately. As of the end of May this year, the agency reported that it had returned a total of 167.7 billion won in dormant deposits to rightful owners, with an average payout of 580,000 won per case, marking a 23.2% increase compared to the same period last year. The agency has been expanding its non-face-to-face channels, including financial MyData services, and has been providing mail notifications to the elderly. Starting in the second half of the year, the agency plans to collaborate with the National Pension Service to provide guidance on finding dormant deposits for pension recipients. Dormant deposits can be checked and requested 24/7 on weekdays through the 'Connecting Financial Support' app or the 'Find Your Dormant Deposits' website.* This article has been translated by AI. 2026-06-05 15:27:00

Financial Authority Strengthens NPL Management System for Credit Unions Financial authorities are set to enhance the management system for non-performing loans (NPLs) within credit unions by specifying the scope of asset purchases and pricing criteria for credit union asset management companies. On June 5, the Financial Services Commission announced it will issue a legislative notice for the amendment to the Enforcement Decree of the Credit Union Act. The notice period will last until July 15. This amendment aims to establish detailed provisions mandated by the revised Credit Union Act, which was promulgated in April, and is scheduled to take effect on October 22. The credit union asset management company will be able to purchase assets acquired as non-performing loans by unions and central associations, as well as fixed assets that must be disposed of due to management or financial condition improvements, and fixed assets no longer used in operations due to mergers or business transfers. The purchase price will be based on objective valuations, such as appraised values, while also considering senior claims and lease rights. If determining the price proves difficult, post-settlement will be allowed. The criteria for appointing standing auditors will also be revised. Regional and group unions with total assets exceeding 300 billion won must have a standing auditor. However, certain religious organizations, incorporated associations, and occupational group unions that meet specific criteria may be exempt. Unions with total assets between 200 billion won and 300 billion won can appoint standing auditors voluntarily. The Financial Services Commission expects that this amendment will strengthen the management of non-performing loans and enhance the financial health of credit unions, while also alleviating the operational burdens on smaller unions. The amendment is expected to be finalized in October following reviews by the Legislation Office and approvals from the vice-ministerial and cabinet meetings.* This article has been translated by AI. 2026-06-05 15:21:00

APR Strengthens ESG Management with Release of First Sustainability Report APR announced on June 5 that it has published its 2025 Sustainability Management Report and is establishing an Environmental, Social, and Governance (ESG) management system.According to APR, the report includes key business and financial performance data from January 1 to December 31 of the previous year, along with strategies for promoting sustainable management across environmental, social, and governance areas.The report identifies key ESG issues based on a materiality assessment, which analyzes the impact of corporate activities on the environment and society, as well as how external environmental changes affect the company's finances.The report was prepared in accordance with the Global Reporting Initiative (GRI Standards 2021), a standard for international sustainability reporting. It also incorporates global disclosure indicators such as the Sustainability Accounting Standards Board (SASB) standards and the United Nations Sustainable Development Goals (UN SDGs).In the environmental and social sections, the report introduces the environmental management system, health and safety management, ESG management in the supply chain, and social contribution activities. APR also shared examples of operating standard workplaces for people with disabilities and community donation activities to support vulnerable groups.In the governance section, the report details the strengthening of compliance and ethical management systems. APR is enhancing its related systems centered around an independent compliance organization. Last March, it obtained ISO 37001 certification, an international standard for anti-bribery management systems. The company also completed anti-corruption training and related signature procedures for all employees.An APR representative stated, "We will strengthen trust with stakeholders based on responsible management activities and transparent information disclosure."Meanwhile, APR reported a consolidated revenue of 593.4 billion won and an operating profit of 152.3 billion won for the first quarter of this year, marking increases of 123.0% and 173.7%, respectively, compared to the same period last year.* This article has been translated by AI. 2026-06-05 15:18:00

South Korea Expects Constructive Role from Xi Jinping's Visit to North Korea On June 5, the South Korean government expressed hope that Chinese President Xi Jinping's upcoming state visit to North Korea will play a constructive role in regional stability. The Blue House stated, "We are closely monitoring the situation and expect China to take a constructive role regarding the Korean Peninsula issues." The government added that it hopes exchanges between North Korea and China will contribute positively to peace and stability on the Korean Peninsula, emphasizing ongoing diplomatic communication with China on these matters. A senior official from the Blue House told reporters that they do not view Xi's visit as a sign of a North Korea-China-Russia alliance, but rather as a high-level exchange between North Korea and China. The official clarified, "We do not interpret this as a movement involving the three countries, and we are uncertain how it connects to the U.S.-China summit." A representative from the Unification Ministry stated, "Our policy for peaceful coexistence on the Korean Peninsula supports dialogue and seeks to avoid confrontation. We hope President Xi's visit will advance peaceful coexistence on the Korean Peninsula and in Northeast Asia." Earlier, a spokesperson for the International Liaison Department of the Communist Party of China announced that Xi will visit North Korea from June 8 to 9 at the invitation of Kim Jong Un, General Secretary of the Workers' Party of Korea and Chairman of the State Affairs Commission. This visit marks Xi's second trip to North Korea since Kim Jong Un took power and the first since June 2019. The last meeting between the leaders of North Korea and China occurred about nine months ago when Kim visited Beijing to attend the 80th anniversary of China's victory in the War of Resistance Against Japanese Aggression.* This article has been translated by AI. 2026-06-05 15:18:00