Court Issues Arrest Warrants for Kim Dae-ki and Yoon Jae-soon in Budget Misuse Case The Seoul Central District Court has issued arrest warrants for Kim Dae-ki, former chief of staff, and Yoon Jae-soon, former secretary for general affairs, in connection with allegations of illegal budget reallocations during the relocation of the presidential residence from Cheong Wa Dae to Hannam-dong. This marks the first arrest since the special prosecutor's team, led by Kwon Chang-young, was established in February. The court conducted a pre-arrest hearing for Kim Dae-ki, Yoon Jae-soon, and Kim O-jin, former secretary for management, on May 22, starting at 4 p.m. and concluding with the issuance of warrants for Kim and Yoon around 11:30 p.m. However, Kim O-jin's warrant was denied. The court determined that Kim Dae-ki and Yoon Jae-soon posed risks of flight and evidence destruction, warranting their arrest. In contrast, it found that Kim O-jin had acknowledged key facts and complied with bail conditions, thus posing no flight risk. The three officials are accused of illegally reallocating approximately 2.8 billion won (about $2.1 million) from the Ministry of the Interior and Safety's budget, which was unrelated to the relocation, to pay an unqualified contractor, 21Gram, for renovation work. The special prosecutor's team filed for arrest warrants on May 19, citing abuse of power. They revealed that despite objections from relevant departments, the officials illegally diverted funds from the Ministry of the Interior and Safety's budget for the management of government buildings, which was unrelated to the presidential residence. When the relocation was announced, former President Yoon Suk Yeol stated that the total cost for moving the presidential office and residence was estimated at about 49.6 billion won, with the relocation itself costing around 2.5 billion won. Of that, approximately 1.44 billion won was allocated for interior work. However, the special prosecutor's investigation found that the estimate provided by 21Gram for the renovation was about 4.12 billion won, but the presidential office proceeded with the work without verifying or adjusting the estimate. It was also revealed that necessary documents, such as contracts and blueprints, were not submitted at the time. The special prosecutor's team believes that the presidential office pressured the Ministry of the Interior and Safety to illegally reallocate 2.8 billion won in contingency funds to secure the increased construction costs. Reports obtained during the investigation indicated that the Ministry expressed difficulties in creating additional contingency funds. With the arrests of Kim Dae-ki and Yoon Jae-soon, the special prosecutor's team plans to investigate whether higher-ups in the presidential office, including Kim Geon-hee, were involved in the budget execution and contractor selection processes. A spokesperson for the special prosecutor's team stated, "We will adhere to legal procedures while striving to clarify the points of profit arising from illegal activities during the relocation process to address public concerns."* This article has been translated by AI. 2026-05-23 20:08:44

Exchange Rate Near 1520 Won Amid Middle East Tensions; Authorities Warn of Action Exchange rate rises to near 1520 won; authorities ready to intervene if needed The won-dollar exchange rate has climbed close to the 1520 won mark, prompting foreign exchange authorities to issue verbal interventions to stabilize the rate. This marks the highest level for the exchange rate since early last month. On May 22, the Bank of Korea and the Ministry of Economy and Finance issued a joint statement just before the close of trading in the Seoul foreign exchange market, stating, "The foreign exchange authorities are monitoring the won-dollar exchange rate closely, as it appears to be excessive compared to fundamentals." They added, "We will take decisive action if necessary." On that day, the exchange rate closed at 1517.2 won per dollar, an increase of 11.1 won from the previous session, marking the highest closing figure since May 2 (1519.7 won). The exchange rate opened at 1504.7 won but quickly turned upward, increasing further in the afternoon. At one point, it reached 1519.4 won, nearing the 1520 won threshold. The intraday high was also the highest since May 2 (1524.1 won). National Growth Fund sells out on first day amid high investor interest The National Participation Growth Fund has generated explosive interest, selling out its online allocation on the first day of its launch. The fund, which invests in advanced strategic industries while offering tax benefits and loss buffers, has attracted many investors. According to financial sources on May 22, all allocated amounts of the National Participation Growth Fund at the five major banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) have been exhausted. The total allocation for these banks was 220 billion won, with KB Kookmin receiving 65 billion won, Shinhan, Hana, and Woori each receiving 45 billion won, and NH Nonghyup receiving 20 billion won. Customers flocked to bank branches to sign up, with reports of 'open runs' at some locations where customers waited before opening hours due to concerns about stock depletion. Major securities firms, including Mirae Asset Securities, KB Securities, and Daishin Securities, also sold out their online allocations of the National Participation Growth Fund. Seoul mayoral race tightens as Oh Se-hoon leads Jung Won-o by 2.8 points With just 12 days until the June 3 local elections, the race for Seoul mayor has become extremely close. Recent polling shows Oh Se-hoon of the People Power Party leading Jung Won-o of the Democratic Party by a narrow margin. According to a poll released on May 22, Oh Se-hoon garnered 44.8% support, while Jung Won-o received 42.0%. The gap between the two candidates is 2.8 percentage points, within the margin of error (±3.1 percentage points). The survey, conducted by Research Well on behalf of New Daily from May 20 to 21, included 977 residents of Seoul aged 18 and older. In this poll, Kim Seong-cheol of the Reform Party received 2.1%, while other candidates accounted for 2.6%. Additionally, 6.1% of respondents indicated they did not support any candidate, and 2.4% were unsure. By gender, Oh Se-hoon showed strength among male voters, while Jung Won-o received relatively higher support from female voters. Among men, Oh Se-hoon led with 50.5% compared to Jung Won-o's 38.7%. Conversely, Jung Won-o had 45.0% support among women, while Oh Se-hoon received 39.6%. Age demographics also revealed clear trends. Jung Won-o was favored among voters in their 40s and 50s, while Oh Se-hoon was strong among those in their 20s, 30s, and seniors over 70. Notably, Oh Se-hoon received 57.1% support among voters in their 30s and 51.2% among those over 70, while Jung Won-o had higher support in the 40s (58.5%) and 50s (57.7%). Samsung Electronics union votes exceed 66% on first day amid bonus disputes As voting begins on the tentative wage agreement for 2026 between Samsung Electronics management and labor, the union reported a turnout exceeding 66% on the first day, indicating strong engagement among members. As of 8:25 PM on May 22, the voting rate for the Samsung Electronics union was recorded at 66.16%. The nationwide Samsung Electronics labor union's voting rate also reached 69.15%. This vote is to determine approval of the 'tentative wage agreement for 2026' reached between management and labor on May 20. Voting will continue until the morning of May 27, and if a majority of members participate and approve, the agreement will be finalized. The tentative agreement includes an average wage increase of 6.2%, the establishment of a special performance bonus for the semiconductor sector, and the introduction of a housing loan program of up to 500 million won. Notably, the semiconductor division plans to allocate 10.5% of its operating profit for the special performance bonus, allowing employees in the memory division to potentially receive bonuses up to 600 million won when combined with existing excess profit bonuses. However, there is growing discontent among employees in the non-memory sectors, such as system LSI and foundry, who may receive bonuses around 210 million won, while the DX (Device Experience) division is expected to receive only 6 million won in company stock. Starbucks apologizes again over controversial May 18 promotion; urges restraint towards staff Starbucks Korea has issued another apology following backlash over promotional language used during the May 18 Democratic Movement anniversary. On May 22, Starbucks Korea released a statement in all stores, saying, "We sincerely apologize for the significant hurt caused to the spirits of the May 18 Democratic Movement and to the victims' families and the public." Starbucks Korea clarified that the controversy was "entirely due to a mistake made during the operation of our online business" and distanced itself from store partners. They urged the public to refrain from criticizing the partners who strive to do their best every day. Additionally, they expressed gratitude for any warm consideration shown to partners to ensure they can work in a safe environment. The controversy arose when Starbucks Korea used phrases like 'Tank Day' and 'Bang! on the desk' during a tumbler promotion on May 18, leading to complaints directed at employees in stores. The additional apology appears to be an effort to protect staff from ongoing backlash.* This article has been translated by AI. 2026-05-23 20:06:00

Candidates Clash Over Development Strategies in Jeonbuk Governor Debate Lee Won-taek of the Democratic Party, independent candidate Kim Kwan-young, and Yang Jeong-moo of the People Power Party engaged in a heated debate over regional development strategies and each other's political and legal vulnerabilities during a televised debate on May 22 at KBS Jeonju Broadcasting. During the debate, Kim criticized Lee's "internal development strategy," stating, "While I agree with the idea of nurturing local businesses over attracting external companies, the reality is that local firms have limitations in their assets and capabilities to grow on their own." He emphasized the necessity of attracting external capital and large corporations, pointing out that Jeonbuk's competitiveness index was among the lowest in 2019, indicating that the internal development strategy had already failed. In response, Lee argued that the weakening of local businesses was due to insufficient support for the economic ecosystem and stressed the importance of preparing for future industries while focusing on nurturing local enterprises. "It's not that we shouldn't pursue future industries and investment attraction; the internal development strategy must be at the core," he asserted. Lee also launched an attack on Kim, raising allegations of his complicity in the "insurrection at the provincial office." He questioned Kim's compliance with illegal directives on December 3, stating, "The documents from the provincial office indicate that you followed the Ministry of the Interior and Safety's orders to restrict access to the office." Kim countered, saying, "The second comprehensive special investigation concluded that there were no charges against me. Why should I apologize when that conclusion is not acknowledged?" He challenged Lee's claims, stating, "If the allegations of complicity in insurrection against me and the Jeonbuk provincial officials are false, I would stake my political life on it." Lee rebutted, saying, "During the night of the insurrection, the Yoon Suk-yeol government's illegal martial law should have been opposed, not complied with. I pointed out that you acquiesced to it. I never said I would take political responsibility if the special investigation found no charges." Yang also targeted Kim's political history and legal issues, questioning his ability to address Jeonbuk's pressing issues as an independent governor after changing parties six times. "Can you really resolve many of Jeonbuk's challenges as an independent governor?" he asked. Kim clarified, "I only left the Democratic Party once and returned. This time, I was expelled against my will. To call this a party change or defection is misleading." Yang further raised concerns about allegations of cash payments for a chauffeur service, labeling it a serious crime that could invalidate the election. "If you are elected governor and the judiciary deems your election invalid, it would paralyze the administration and incur huge costs for a re-election," he warned. In response, Kim stated, "It has been clarified that the payments were made to young people for chauffeur services, and I took immediate action to recover the funds. As a legal professional, I have thoroughly reviewed this, and I expect a reasonable outcome from the prosecution and the courts."* This article has been translated by AI. 2026-05-23 20:03:31

Air Premia Joins Growing Trend of Unpaid Leave Amid Rising Fuel Costs As the ongoing conflict in the Middle East continues to drive up fuel prices, Air Premia, a long-haul low-cost carrier, has announced it will implement unpaid leave for its employees. On May 22, the airline informed its current full-time cabin crew that it would accept applications for unpaid leave. The leave period is set to begin on July 1 and last for one month, with the possibility of extending unpaid leave into August if high fuel prices persist. In its announcement, Air Premia stated, "Due to the prolonged conflict in Iran leading to high fuel prices and exchange rates, we are experiencing numerous flight reductions. Therefore, we will offer voluntary unpaid leave for cabin crew within the limits of available personnel in July." This decision is seen as part of a broader trend among low-cost carriers (LCCs) to reduce operational costs amid rising exchange rates, increasing international oil prices, and a slowdown in travel demand. Previously, Jeju Air, the leading LCC in South Korea, began accepting applications for unpaid leave from cabin crew on May 8. Jin Air has also adjusted the hiring schedule for about 50 prospective cabin crew members to the second half of the year.* This article has been translated by AI. 2026-05-23 20:00:55

Samsung Electronics Union Vote Exceeds 66% on First Day Amid Bonus Dispute As voting begins on the tentative wage agreement for 2026 at Samsung Electronics, union participation surpassed 66% on the first day, indicating strong member engagement. According to the Samsung Electronics branch of the Korea Metal Workers' Union, the turnout reached 66.16% by 8:25 p.m. on May 22. The nationwide Samsung Electronics union reported a turnout of 69.15%. This vote is to determine approval or rejection of the '2026 wage negotiation tentative agreement' reached on May 20. Voting will continue until the morning of May 27, and the agreement will be approved if a majority of union members participate and vote in favor. The tentative agreement includes an average wage increase of 6.2%, the establishment of a special performance bonus for the semiconductor division, and the introduction of a housing loan program with a maximum of 500 million won. Notably, the semiconductor sector plans to allocate 10.5% of its operating profit for special bonuses, allowing employees in the memory division to potentially receive bonuses up to 600 million won, including the existing OPI (excess profit bonus). In contrast, employees in the non-memory sectors, such as system LSI and foundry, are expected to receive bonuses around 210 million won, while the DX (Device Experience) division is projected to receive only 6 million won in stock options, leading to increased internal dissent. The union representing the DX division, along with the Suwon branch of the Korea Metal Workers' Union, held a press conference outside the Samsung Electronics Suwon campus, stating, "DX employees have initiated a campaign to reject this tentative agreement," and pledged to collaborate with other divisions to ensure its defeat. Tensions between unions have also escalated. The largest union, the Korea Metal Workers' Union, stated that members of the Donghaeng Union, which did not participate in the joint negotiation team, are not eligible to vote. In response, the Donghaeng Union accused them of changing their stance as opposition votes began to rise. However, given the overwhelming membership of the Korea Metal Workers' Union and the Suwon branch, market sentiment leans towards a high likelihood of approval. If the agreement is ultimately rejected, both parties will need to re-enter negotiations, raising the possibility of a renewed strike at Samsung Electronics.* This article has been translated by AI. 2026-05-23 19:58:13

Police Investigate AI-Generated Fake Articles Distorting May 18 Democratic Movement Police are investigating the authors of fake newspaper articles that distort and mock the May 18 Democratic Movement using artificial intelligence (AI). On May 22, the National Police Agency stated, "We recognize the seriousness of recent violations of the May 18 Democratic Movement Act spreading online," adding that they are also investigating numerous posts claiming that "May 18 was a riot." Recently, images of fake newspaper articles, believed to be created using AI, have been circulating on social media, misappropriating the names of local Gwangju media outlets. These images feature the name of the local daily Gwangju Ilbo and are dated May 20, 1980. They contain false claims such as, "May 18, spies receiving orders from the North seized an arsenal, and the martial law troops launched indiscriminate attacks." A subtitle stating, "Remnants of spies joined forces with rioters to stain peaceful Gwangju with blood," has raised concerns about the distortion of the May 18 Democratic Movement. The police emphasized, "We will actively investigate the dissemination of false information related to May 18 on social media under a zero-tolerance policy," and stated that they are also requesting the deletion and blocking of such content. They added, "We will respond sternly to the dissemination of false information to ensure the significance of the May 18 Democratic Movement is not undermined."* This article has been translated by AI. 2026-05-23 19:55:08

Iran's Revolutionary Guard Claims Control Over Hormuz Strait Shipping Iran has intensified its control over shipping in the Hormuz Strait by effectively requiring prior approval for vessels passing through the strategic waterway. On May 22, the Islamic Revolutionary Guard Corps (IRGC) Navy announced that "35 vessels, including oil tankers and container ships, have passed through the Hormuz Strait in the past 24 hours." The IRGC claimed that all these ships navigated approved routes with Iranian authorization, stating, "While U.S. military actions have destabilized the Hormuz Strait, the IRGC Navy has established safe routes to ensure the continuity of international trade." Iran has recently emphasized that vessels must obtain approval from its military and relevant authorities to transit the Hormuz Strait. On the same day, Iran's state-run Press TV released a video outlining the "guidelines for passing through the Hormuz Strait," detailing specific transit procedures. According to the video, vessels must submit their information via email to the newly established Persian Gulf Shipping Authority (PGSA) to receive prior approval, and may need to pay a toll if required. The video also included a warning that unauthorized navigation or deviation from designated routes would result in a firm response.* This article has been translated by AI. 2026-05-23 19:54:00

Retailers Expand Quick Commerce Services Across Convenience Stores and Supermarkets The competition among retailers to penetrate consumers' daily lives with quick commerce (instant delivery) is intensifying. Convenience store giants CU and GS25 have announced a 24-hour delivery system, filling the delivery gap from 3 a.m. to 6 a.m. Meanwhile, grocery platforms like Curly, Homeplus, and SSG.com are also entering the local instant delivery market. According to industry sources, CU and GS25 began their 24-hour delivery service in partnership with the delivery platform Coupang Eats on May 19. To capture the surging demand for late-night deliveries due to changing nighttime lifestyles, they have completely filled the previously limited delivery hours during the night and early morning. CU has started deliveries during the previously unavailable hours of 3 a.m. to 6 a.m. through Coupang Eats, achieving a 24-hour service across over 7,500 stores nationwide. CU reported that from January to April this year, late-night delivery sales grew by 120.0%, significantly outpacing the overall delivery sales growth rate of 91.6%. GS25 has also initiated 24-hour delivery at around 1,000 stores in Seoul, Gyeonggi Province, and six major metropolitan cities. Since November of last year, late-night delivery sales have increased by 42.7%, indicating that this time frame has become a new growth driver. GS25 plans to gradually expand its delivery range to all areas where Coupang Eats operates 24 hours. Seven Eleven is set to launch 24-hour delivery through Coupang Eats next month, while Emart24 is considering extending its delivery hours. E-commerce and large supermarkets are also focusing on expanding their local logistics networks to deliver fresh produce and essential goods within an hour. SSG.com’s quick commerce service, 'Baro Quick,' saw its average daily orders triple in April compared to January. Notably, small-sized ingredients like individual zucchini, a pack of green onions, and a block of tofu topped the sales charts. The rise in demand for instant delivery aligns with a shift in consumer behavior towards purchasing only what is necessary for immediate meals, rather than bulk buying due to high inflation. Curly opened its 'Curly Now' quick commerce service in Seocho in March and is preparing to open its fourth location, 'Songpa Store,' near Songpa Station in the second half of this year. Curly has already opened its second location, Dogok Store, following the first location, DMC Store, in Bukgajwa-dong, Seodaemun-gu, in 2024. By concentrating its operations in affluent areas with dense office and residential complexes in Gangnam, Curly delivers over 6,000 products, ranging from fresh food to luxury beauty items, within an hour to meet premium quick commerce demand. Homeplus is strengthening its collaboration with Coupang Eats, expanding its quick commerce stores to 47 nationwide. The company is applying its instant delivery expertise gained from its existing Homeplus Express (SSM) 'Magic Now' service to its larger supermarkets. Homeplus offers free delivery for Coupang Wow members on orders over 15,000 won and is expanding its delivery lineup to include fresh produce, large-volume items, and deli options, enhancing its competitiveness. The quick commerce market is rapidly growing. According to global market research firm Statista, the domestic quick commerce market was estimated at 4.4 trillion won last year and is projected to grow to 5.9 trillion won by 2030. This represents an increase of about 14 times compared to 350 billion won in 2020. An industry insider noted, “As prolonged high prices lead to a trend of purchasing only essential items in small quantities, quick commerce has become a core survival strategy for retailers. The competition to optimize logistics networks will accelerate in the second half of the year, overcoming the spatial limitations of offline stores and driving additional sales.”* This article has been translated by AI. 2026-05-23 19:51:31

Starbucks Apologizes Again Over Controversial 5·18 Slogan, Urges Restraint on Staff Criticism Starbucks Korea has issued another apology following backlash over promotional slogans related to the May 18 Democratic Movement. On May 22, the company released a statement to all its stores nationwide, expressing, "We deeply apologize for the significant hurt caused to the spirits of the May 18 Democratic Movement, the bereaved families, and the public." Starbucks Korea clarified that the controversy stemmed from a mistake made during the operation of its online business and emphasized that it was unrelated to store partners. The company urged the public to refrain from criticizing its employees, stating, "We sincerely ask for your restraint in directing blame toward our partners, who strive to do their best every moment." Additionally, they expressed gratitude for any warm consideration shown to employees, allowing them to work in a safe environment. The controversy arose on May 18, the anniversary of the May 18 Democratic Movement, when Starbucks Korea used slogans such as 'Tank Day' and 'Bang on the Desk!' during a tumbler promotion. Following complaints and criticism directed at store employees, the company issued a further apology aimed at protecting its staff. Internal measures are also underway. On May 20, Starbucks Korea held a town hall meeting at its headquarters in Gangnam, Seoul, to discuss the controversy and response strategies with employees. Reports indicate that about 150 out of 600 employees attended the meeting. During the meeting, executives addressed the disarray within the organization caused by the recent controversy and the dismissal of the CEO, urging employees to continue their work without distraction.* This article has been translated by AI. 2026-05-23 19:48:45

Presidential Office Launches Investigation into Fire Chief Kim Seung-ryong The Presidential Office initiated an investigation into Fire Chief Kim Seung-ryong on May 22. Chief Spokesperson Kang Yu-jeong announced to reporters that President Lee Jae-myung has ordered an immediate inquiry into the fire chief. The investigation is reportedly related to personal misconduct, although the Presidential Office has not disclosed specific details. Kim has been acting in the role since last September, following the dismissal of former Fire Chief Heo Seok-gon over allegations of involvement in a state of emergency. He was promoted to Fire Chief in March.* This article has been translated by AI. 2026-05-23 19:46:18