KOSPI Hits Record High for First Time in Two Months on Chip Optimism, Foreign Buying South Korea’s benchmark KOSPI closed at a record high, lifted by expectations of a semiconductor upturn and renewed foreign inflows. The Korea Exchange said the KOSPI finished Monday at 6,388.47, setting new intraday and closing records for the first time since February. The previous closing high was 6,307.27 on Feb. 26. Market capitalization also hit an all-time high of 5,236 trillion won. The index had slid sharply in March amid heightened U.S.-Iran tensions, but has rebounded this month as optimism over chip earnings and improved foreign demand supported a steady rise. Analysts cited expectations for a recovery in the semiconductor cycle, driven by expanding global demand for artificial intelligence memory and stronger forecasts for first-quarter results, which helped improve investor sentiment. Foreign investors, who had been net sellers in February and March, turned net buyers this month. About 5.6 trillion won flowed into the electrical and electronics sector, highlighting purchases concentrated in large-cap shares. The KOSPI has gained 26.4% in April, the highest among Group of 20 markets despite geopolitical risks in the Middle East. Japan’s Nikkei 225 rose 15.2%, Turkey’s BIST 100 gained 13.2%, India’s BSE Sensex added 9.1% and the S&P 500 climbed 8.9%. Since the start of the year, the KOSPI is up 52%, also the strongest among major markets. Turkey followed at 29%, with Brazil up 22% and Japan up 17%. The exchange said continued government efforts to modernize capital markets, growth in the AI industry and improving chip earnings are supportive factors. It added that profit-taking after the recent run-up and uncertainty in the Middle East remain negative factors.* This article has been translated by AI. 2026-04-21 17:58:36

People Power Party Pledges Free City Buses for Seniors 70 and Older South Korea’s People Power Party said it will push to make city buses free in part for seniors ages 70 and older, and to introduce a locally tailored ride-sharing system dubbed “rural Uber” in areas with few or no taxis. The party also plans to expand transit rebates by raising K-Pass refund rates. Party leader Jang Dong-hyeok announced the mobility welfare package at the National Assembly on the 21st, describing mobility as a universal right and pledging to ensure seniors and young people are not left out. The party’s first priority is a city-bus free-fare policy for those 70 and older. Jang said pilot programs would begin next year in regions where People Power Party candidates win local executive posts in the upcoming local elections, with a later expansion nationwide. He said the central government would provide support “at a reasonable level” so local governments are not left to shoulder the costs alone. Based on population estimates, the party said nationwide adoption would require about 530 billion won. It said limiting free rides during commuting hours could ease fiscal pressure and crowding, while partial national funding would help keep the burden on local governments manageable. Policy chief Jeong Jeom-sik cited Daejeon, which has offered free city buses to residents 70 and older since September 2023. He said the city has spent an additional 13.3 billion won a year beyond its existing bus-deficit subsidies, an increase of about 11% that he described as within a local government’s capacity. The “rural Uber” plan would build a platform with participation from youth startups and local mobility firms, allowing qualified residents to use their private vehicles to provide ride-sharing services. The party said it would target areas with “transportation gaps” where bus or taxi service is lacking, aiming to improve mobility for people with limited transportation options, including older adults and pregnant women. Jang said the party would require a priority-call function for vulnerable riders and set rules covering safety, security and fares. He said it would seek revisions to the Passenger Transport Service Act and push to designate special regulatory zones for mobility services in transportation-gap areas. The party also said it will raise K-Pass refund rates, focusing on young people. It aims to lift the maximum refund rate from the current 20% (basic) and 30% (youth) to 30% and 50%, respectively. It also plans to expand refund rates to as high as 83% for low-income young people and 75% for households with multiple children, saying the changes would boost real income while helping cut greenhouse-gas emissions.* This article has been translated by AI. 2026-04-21 17:57:20

New Bank of Korea Gov. Shin Hyun-song Faces Inflation Risks and Growth Headwinds Shin Hyun-song officially took office as Bank of Korea governor on April 21, beginning a four-year term after a contentious confirmation hearing process. He assumes the post as concerns rise over stubborn inflation and weakening growth. In his inaugural address, Shin said he would pursue “price stability and financial stability through cautious and flexible monetary policy,” signaling a calibrated approach as external conditions shift rapidly. The central bank has said it expects this year’s economic growth to fall below 2.0%, while consumer inflation is likely to exceed its previous forecast of 2.2% by a significant margin. Geopolitical uncertainty in the Middle East has pushed up international oil prices, adding to cost pressures. Shin said supply shocks tied to the Middle East war have “further increased uncertainty” over the paths of inflation and growth, with upward pressure on prices and downward pressure on activity rising at the same time. Markets have often labeled Shin a “pragmatic hawk,” leaning toward the possibility of rate increases. Shin rejected a simple hawk-dove divide, saying it is better to read broader economic conditions, assess how the financial system and the real economy interact, and respond flexibly. Still, he suggested policy action could be needed if inflation risks intensify. At a National Assembly confirmation hearing on April 15, Shin said that if Middle East risks persist and spill over into core inflation or inflation expectations, producing second-round effects, “monetary policy must be used.” On financial stability, Shin called for a broader lens as boundaries blur between banks and nonbanks and between domestic and overseas markets. He said relying only on traditional soundness indicators makes it harder to detect risks, and urged greater use of market price indicators to strengthen early-warning functions, better access to information on the nonbank sector, and expanded analysis to include off-balance-sheet transactions and nontraditional financial products. Shin also outlined priorities for internationalizing the won and advancing digital finance. He cited 24-hour foreign exchange trading and building an offshore won settlement system as tasks to develop currency infrastructure in line with South Korea’s economic standing. He also said the second phase of “Project Hangang” will aim to expand the use of a central bank digital currency and deposit tokens. He indicated the bank will continue to speak out on structural issues highlighted by his predecessor, Lee Chang-yong. Shin said demographic change, widening inequality, and problems tied to real estate and household debt are key variables shaping the environment for monetary policy, adding that the central bank’s in-depth research and policy recommendations should help point the economy in a desirable direction.* This article has been translated by AI. 2026-04-21 17:56:27

Mercedes-Benz Unveils Updated S-Class in South Korea, Focuses on Gas Models Mercedes-Benz, marking the 140th anniversary of its brand, unveiled the updated “The New Mercedes-Benz S-Class” and “The New Mercedes-Maybach S-Class” in South Korea for the first time. The company said it plans to accelerate its push in the market with a broader rollout of new vehicles and changes to its sales system. Mercedes-Benz presented the models and its strategy at a media briefing on April 21 at the Maybach Brand Center Seoul in Seoul’s Gangnam district. The vehicles shown were the refreshed S-Class and Maybach S-Class that debuted globally in January and March, respectively. Both are facelift models and have begun sales in Germany and some other European countries. Mercedes-Benz plans to launch both in South Korea in the second half of this year, with specifications expected to differ slightly from global versions. While the global lineup includes both internal-combustion and plug-in hybrid (PHEV) variants, the company said it will focus on selling internal-combustion models in South Korea. Park Yang-won, an executive director in Mercedes-Benz Korea’s product strategy planning team, said the Maybach is “the first PHEV-applied model at the headquarters level,” but added, “Korean customers seem to want the pure performance of internal-combustion engines, so we are not considering the PHEV.” Vaitl said the new launches are the start of a faster product push in South Korea. “Over the next two years, we will launch more than 40 new models (including global models),” he said. “Not only the S-Class, but across various model lineups, we want to show innovation in every segment through these new product launches.” He also pointed to a revised sales system introduced this month. Mercedes-Benz Korea adopted a new vehicle sales method, “Retail of the Future (ROF),” starting April 13. Under ROF, Mercedes-Benz Korea centrally manages inventory and pricing structures that previously varied by dealer, aiming to let customers buy vehicles on the same terms at any store. Vaitl said the “newly digitized” ROF system allows customers to reserve and purchase online and was introduced to expand digital interaction with customers. He added that customers can also use Mercedes Pay as part of financial services, describing the move as a policy aimed at offering the best pricing. Mercedes-Benz also introduced its global 140th anniversary campaign, “140 Years of Innovation.” The campaign is a tour tied to the new S-Class that will visit six continents and 140 cities, and the Seoul event was held as part of that effort.* This article has been translated by AI. 2026-04-21 17:55:02

Minimum Wage Talks Begin in South Korea, With Debate Over Piecework and Differentiated Rates Deliberations have begun at South Korea’s Minimum Wage Commission on next year’s minimum wage. This year’s talks are expected to feature sharp labor-management clashes not only over the size of any increase but also over who is covered and how the system is applied. Key issues include whether to extend minimum-wage protections to piecework-based workers and whether to set different rates by industry or region. ◆Will platform and nonstandard workers be covered? Labor minister asks for review On the 21st, the Ministry of Employment and Labor said the commission held its first plenary meeting at the Government Complex Sejong. The 27 members representing labor, management and the public interest began full-scale discussions on the minimum wage’s coverage and level. An early flashpoint is the structure of the system itself, particularly whether the minimum wage should apply to piecework workers. The term refers to workers paid based on performance, such as delivery riders and parcel couriers. Labor groups raised the same issue at the commission in 2024, arguing that platform workers and other nonstandard workers should be included. No conclusion was reached then because of disagreements between labor and management and a lack of data. At the request of public-interest members, the government later conducted a fact-finding survey on items such as the target group, scale and income. The issue is expected to move forward this year. Employment and Labor Minister Kim Young-hoon, in a formal request for deliberation, asked the commission to consider “whether to set a separate minimum wage for piecework (or similar) workers for whom it may not be appropriate to set a minimum wage on an hourly, daily, weekly or monthly basis.” Labor argues that as work arrangements diversify, minimum-wage protections should expand. It says the issue can no longer be delayed, particularly because the government’s research was reflected in the minister’s request. Business groups are cautious about expanding coverage. They argue many piecework workers should be viewed as independent business operators rather than employees, and warn that broader coverage could sharply raise labor costs. They also say uniform standards are difficult given varied contract structures. ◆Labor-management fight intensifies over differentiated rates Whether to apply different minimum wages by industry is also emerging as a major issue. Industry-based differentiation was tried once in 1988, the first year the system was implemented, but a single nationwide minimum wage has been maintained since the following year. A vote was held last year as well, but the proposal failed amid strong opposition. Business groups say minimum wages should be differentiated for vulnerable sectors such as food and lodging and transportation, arguing many employers in those industries have limited ability to pay. In 2024, the share of workers paid below the minimum wage in sectors including food and lodging was found to exceed 30%. Labor counters that differentiated rates would undermine the purpose of the system and could lead to structural discrimination. It warns that wages in certain industries could become entrenched, effectively creating a “low-wage benchmark.” Labor also cites concerns about stigmatizing vulnerable sectors and the possibility that differentiation could expand to more industries. Debate is also continuing over regional differentiation. Business groups argue it is unreasonable to apply the same minimum wage nationwide given differences in prices and business conditions between Seoul and other areas. Labor says paying different wages by region is clear discrimination. Some countries, including Japan, apply regional minimum wages, setting higher rates in major cities with higher productivity and prices than in rural areas. Critics, however, say such systems can widen regional gaps and accelerate the decline of provincial areas.* This article has been translated by AI. 2026-04-21 17:53:51

South Korea Minimum Wage Talks Begin as Labor, Business Clash Over 2027 Raise Labor and business in South Korea began formal negotiations over next year’s minimum wage, setting the stage for a sharp clash over how much it should rise. Labor groups say a sizable increase is needed after three years of raises below 3%. Business groups argue that growing uncertainty at home and abroad calls for a slower pace. The Ministry of Employment and Labor said the Minimum Wage Commission held its first plenary meeting Monday at the Government Complex Sejong. The commission selected Sookmyung Women’s University professor Kwon Soon-won as its new chair, received a wage-review request sent by Employment and Labor Minister Kim Young-hoon on March 31, and discussed the review schedule. During the meeting, members affiliated with the Korean Confederation of Trade Unions walked out in protest of Kwon’s appointment. The minimum wage system, introduced in 1988, has generally trended upward. The minimum wage for 2026, set last year, rose 2.9% (290 won) from the previous year to 10,320 won an hour, up 59.5% from 2017’s 6,479 won. Labor groups say the latest increase was the lowest for a first year under any administration, and they cite a decline in real wages. Over the past three years, the minimum wage rose an average of 2.4%, while consumer prices increased 2.7% over the same period, they said. Ryu Gi-seop, secretary-general of the Federation of Korean Trade Unions, said the minimum wage is failing to perform its basic role of income protection and redistribution. He also said the number of low-wage workers in the labor market has been growing each year, underscoring the need for an increase. Business groups pushed back, saying the burden on small merchants is heavy as domestic demand recovery remains delayed and uncertainty has intensified, including due to the war in the Middle East. They also pointed to severe debt levels among the self-employed and called for moderation. Ryu Gi-jeong, executive director of the Korea Employers Federation, said self-employed people already carry debt equal to 3.4 times their annual income as of the third quarter of last year. He said the economic shock from the Middle East war is spreading broadly and that the wage decision should reflect employers’ ability to pay. By law, the commission is supposed to finish deliberations within 90 days of the minister’s request, meaning by June 29. However, the deadline is advisory and is often missed, raising expectations that talks could run into early July this year as well. Kwon urged labor, management and the public interest members to keep talking through their differences. He called for intensive deliberations so the minimum wage can be set at a reasonable level despite sharply divided views.* This article has been translated by AI. 2026-04-21 17:52:34

NBC Poll: Trump Approval Hits Second-Term Low as Inflation, Iran War Weigh President Donald Trump’s approval rating has fallen to its lowest level since the start of his second term, according to a new NBC News Decision Desk poll. The survey, released Sunday, put Trump’s job approval at 37%. That was down 2 percentage points from early February and down 8 points from April last year. His disapproval rating was 63%. Views were more negative on inflation and the cost of living. On Trump’s handling of rising prices and living costs, 32% approved and 68% disapproved, including 52% who said they “strongly disapprove.” The results were seen as reflecting growing pressure from higher oil and gasoline prices. The Iran war also appeared to be weighing on public opinion. NBC reports citing the poll said the war and inflation together helped drive down Trump’s approval. Trump said Sunday that gasoline prices would fall immediately after the Iran war ends, but administration officials also suggested the drop could come later. Support among core Republican voters has largely held, though positive views within the party slipped 4 points from the previous survey. Reuters said the combination of higher gasoline prices, inflation and the war is adding to the White House’s political burden ahead of the midterm elections. NBC News Decision Desk conducted the online poll with SurveyMonkey from March 30 to April 13 among 32,433 U.S. adults. The margin of error was plus or minus 1.8 percentage points.* This article has been translated by AI. 2026-04-21 17:51:47

Si Woo Kim Rises to No. 26 in World Golf Ranking, Matching Career High Si Woo Kim climbed to No. 26 in the men’s world golf ranking after finishing third at the PGA Tour signature event RBC Heritage, which had a $20 million purse. In the rankings released on the 20th (Korean time), Kim rose four spots from No. 30 last week. Kim posted a 16-under 268 total at the RBC Heritage, which ended on the 20th, finishing behind winner Matt Fitzpatrick of England and runner-up Scottie Scheffler of the United States, who both finished at 18-under 266. It was Kim’s third top-five finish and fifth top-10 result of the season. He matched his career-best world ranking of No. 26, a mark he first reached in February, returning to that position two months later. Kim is the only South Korean player inside the top 50. Im Sung-jae is No. 76, Kim Seong-hyeon No. 137 and Kim Ju-hyeong No. 139. The top two were unchanged, with Scheffler at No. 1 and Rory McIlroy of Northern Ireland at No. 2. Fitzpatrick jumped to No. 3 from No. 7 last week.* This article has been translated by AI. 2026-04-21 17:51:02

Coupang Eats Says Cheongnyangni Market Sales Rose 54% After March Promotion Coupang Eats said a promotion it launched to help revitalize traditional markets is showing measurable results. The company said Tuesday that sales at participating merchants on its platform rose about 54% in March from February, based on orders, after about 100 shops at Cheongnyangni General Market joined its “Our Neighborhood Traditional Market” campaign. Coupang Eats said the campaign was designed to promote products from small merchants at traditional markets, which it described as a backbone of local economies, and to encourage consumer spending. Cheongnyangni Market was selected as the first site, with participating businesses ranging from well-known food alleys — including fried chicken, jokbal and bossam, and soondae-guk and hangover soup — to grocery-style vendors selling side dishes, fresh fruits and vegetables, and seasonal seafood. A member of Coupang Eats’ store marketing team said the company offered Wow members a 2,000-won discount coupon during the promotion, helping customers buy market foods and groceries at lower prices, and that the benefit contributed to higher sales. Ohwadang, which sells Korean-style desserts at the market, said its sales jumped fivefold from the previous month as orders surged, adding that the increase helped introduce customers to items including butter glutinous rice cakes and other desserts. Yungane, a Korean restaurant that has operated at Cheongnyangni Market for 23 years, said orders and sales increased and that the coupon event was a major help. Gohyang Jokbal, which sells jokbal, said March is typically a slow period as the weather warms, but its sales nearly doubled as orders rose. Coupang Eats said it plans to run the “Our Neighborhood Traditional Market” campaign next at traditional markets in the Daegu area and expand it further. Kim Myeong-gyu, CEO of Coupang Eats Service, said the results at Cheongnyangni show traditional markets can strengthen their competitiveness through online channels, adding that the company will continue providing practical support so local markets can grow steadily.* This article has been translated by AI. 2026-04-21 17:50:12

Iran Military Says It Is Ready to Respond Immediately to Any U.S. Hostile Acts Iran’s military warned it is prepared to respond immediately and forcefully if the United States resumes what it called hostile actions, as expectations rise for a possible second round of talks between the two countries. Iran’s semiofficial Tasnim news agency reported that Ali Abdollahi, commander of the Khatam al-Anbiya Central Headquarters, which coordinates Iran’s armed forces, said in a statement on 21 (local time) that Iran’s military, “united with the government and the people,” is ready to deliver a “firm, decisive and immediate response” to threats and actions by the enemy, in line with the supreme leader’s guidance. He said Iran’s military remains in a position of advantage and would not be misled by what he called false claims and propaganda by the U.S. president aimed at distorting battlefield conditions, particularly regarding control of the Strait of Hormuz. He added that Iran would respond appropriately to any breach of agreements by the enemy. The United States and Iran, after entering a war on Feb. 28, accepted a “two-week ceasefire” proposal by Pakistan on the 7th of this month and held their first ceasefire talks in Islamabad, but failed to reach an agreement. The ceasefire was originally set to run through 21, but U.S. President Donald Trump extended it by one day, to the evening of 22 in U.S. Eastern time (23 in Iran). Despite the heightened tensions, reports say the two sides have again sent delegations, fueling expectations that a second round of ceasefire talks could be held in Pakistan on 22. Iran has not officially confirmed its participation, leaving uncertainty over whether the meeting will take place. * This article has been translated by AI. 2026-04-21 17:49:22