Hong Joon-pyo Slams Conservative Candidates as ‘Shameless’ Ahead of June 3 Local Elections Hong Joon-pyo, former mayor of Daegu, on Monday criticized conservative figures running in the June 3 local elections and by-elections, calling them “shameless” and “thick-faced.” In a Facebook post, Hong said they were seeking office after “ruining the administration,” adding that they were running in by-elections and local government races “just to save themselves.” He also faulted parties for nominating them and voters for supporting them, saying South Korea’s conservative camp had become “a bizarre mess.” He added that some people, after being cut from consideration, did not leave the party and instead focused on attacking from within, asking how elections could succeed under those conditions. Using a metaphor, Hong said it would be better to leave a well and spit than to keep trying to drink from it while spitting into it. “A local election is a local election,” he wrote, but warned that “the bigger confusion will come after the local elections.” * This article has been translated by AI. 2026-05-04 14:07:38

Japan Airlines’ Mileage Programs Tested as Fuel Surcharges Surge Japanese airlines’ mileage businesses are facing a key test as a surge in global oil prices drives up the real cost of award tickets and pushes carriers to tighten program rules. According to the Nikkei business daily, All Nippon Airways and Japan Airlines sharply raised international fuel surcharges for tickets issued starting May 1, after jet fuel prices jumped following the effective closure of the Strait of Hormuz. On one-way flights from Japan to Europe, ANA raised its surcharge from 31,900 yen to 56,000 yen, while JAL lifted its fee from 29,000 yen to 56,000 yen. Some routes saw increases close to double. The higher charges also hit travelers using miles. For example, a June round-trip economy award ticket between Tokyo and London previously required about 55,000 miles plus about 100,000 yen in additional payments, but now requires about 150,000 yen. Even with miles, the cash outlay has risen sharply, weakening the appeal of “bonus” tickets. Mileage programs were designed to secure loyal customers, expanding rapidly after their introduction in the 1990s by allowing points earned from flight distance to be redeemed for tickets. ANA surpassed 10 million members within seven years of launching its program. Over time, miles became a broader revenue model tied to finance and retail, as card and insurance companies bought miles to offer as customer perks and more consumers accumulated miles without flying. For airlines, mileage operations can be a high-margin business: miles sold externally trade at higher prices than general-purpose points, while redemptions are concentrated on the airline’s own tickets. JAL’s mileage, card and other businesses in finance and e-commerce posted EBIT of 45.5 billion yen for the fiscal year ended March 2026, about 20% of the total. The segment’s profit margin was 20%, far above the airline’s core aviation business at 9%. Still, the model is harder to sustain if earning grows while redemption becomes more difficult. Complaints have risen that seats are hard to book even with miles, as award inventory has tightened, especially in business and first class. With fuel surcharges also climbing, Nikkei said the perceived value of miles is falling quickly. Airlines are responding. ANA said it will tighten requirements for premium member card benefits starting in fiscal 2028, restricting some perks such as lounge access if annual spending via ANA cards and smartphone payments falls below 3 million yen. Previously, once status was obtained, members could keep benefits by paying the annual fee; the new structure will require a minimum level of spending. The change is expected to affect Japan’s culture of pursuing elite status, often referred to domestically as “mile runs.” Carriers are also continuing to expand ways to earn miles. JAL recently invested in online life insurer Lifenet Insurance and said it will consider developing insurance products that accrue miles. But industry observers warn that expanding earning opportunities may have limited pull if redemption value keeps eroding. The central challenge, the report said, is restoring the value of using miles. Airlines are considering broader redemption options, including low-cost carriers and non-aviation services, but the report said there is no fundamental solution without making award tickets attractive again. With oil prices adding pressure, Japan’s airline mileage businesses built over more than three decades are at a structural turning point.* This article has been translated by AI. 2026-05-04 14:06:20

Royal night revived through open-air concert at Changdeok palace SEOUL, May 03 (AJP) -The glow of lanterns and the sound of centuries-old melodies filled Changdeokgung as a 100-member traditional Korean music ensemble transformed the royal palace into an open-air nighttime stage during a rare spring performance in central Seoul. Held from May 1 to 3 at Injeongjeon Hall, the palace’s main throne hall, the “2026 Royal Palace Concert: Music of Great Peace” invited visitors to step into a royal setting once reserved for kings, court ceremonies and state rituals of the Joseon Dynasty. The concert marked the first time the annual spring gugak performance was staged at the palace’s central ceremonial court, adding fresh life to the UNESCO World Heritage site after sunset. One hundred musicians — including professors, students and alumni from Ewha Womans University’s Korean music department — performed beneath the palace rooflines in an ensemble led by artistic director Kwak Eun-a. The program opened with the stately court piece “Sujecheon,” followed by “Cheonnyeonmanse,” “Suryong-eum” and “Taepyeongga,” alongside a geomungo solo in the style of Han Gap-deuk. A contemporary gayageum composition, “Sound of the Night,” added a modern layer to the historic atmosphere. As cool spring air swept through the stone courtyard, the palace’s wooden halls amplified the deep resonance of strings, drums and wind instruments, blurring the distance between past and present. The night concluded with all 100 musicians joining in a finale performance of “Arirang,” as audience members quietly sang along beneath the illuminated palace eaves — reviving, if only briefly, the soundscape of a royal Korean night centuries ago. 2026-05-04 14:05:21

Lotte Insurance Resubmits Turnaround Plan With Capital-Raising Options Lotte Insurance said its newly resubmitted management improvement plan includes steps to bolster capital adequacy, including a capital increase, a potential third-party acquisition and possible transfer of all or part of its business. The company’s earlier plan was not approved, and it subsequently received a formal management improvement order from regulators. With that backdrop, the specificity and feasibility of the new capital-raising measures are expected to be central to the Financial Services Commission’s review. Lotte Insurance said May 4 that it submitted the plan to financial authorities on April 30. The plan includes cutting expenses, disposing of troubled assets, improving staffing and organizational operations, and increasing capital. It also calls for drawing up plans related to a merger, becoming a subsidiary of a financial holding company under the Financial Holding Companies Act, a third-party acquisition, and transferring all or part of its business. Lotte Insurance submitted its first management improvement plan to the commission in January, but it was not approved. The commission then issued a management improvement order, a step above a management improvement recommendation under Korea’s prompt corrective action framework. Industry watchers said the key issue in the review will be whether the capital-strengthening measures are workable. They noted that after the first plan failed to win approval, regulators are likely to focus on whether proposals such as a capital increase or acquisition-related steps are concrete enough to execute. The commission is expected to decide whether to approve the plan within one month of its submission. If approved, Lotte Insurance would proceed with the measures recognized by authorities, including cost cuts, troubled-asset cleanup, operational changes and capital strengthening. If not approved, additional revisions or follow-up steps remain possible. * This article has been translated by AI. 2026-05-04 14:00:17

KT&G Named to Dow Jones Sustainability World Index for Second Straight Year KT&G said it was included for a second consecutive year in the top-tier “World Index” of the Dow Jones Best-in-Class Indices (DJBIC), a global ESG (environmental, social and governance) assessment that recognizes leading sustainability performance. The company said Monday it was also included in the Dow Jones “Asia Pacific” and “Korea” indices. DJBIC is an annual sustainability evaluation published by S&P Global, and is used by global investors as a benchmark for responsible investment. The World Index includes only the top 10% of companies for ESG performance among roughly 2,500 firms with the largest global market capitalization, KT&G said. It said it was ranked No. 1 within its industry group after receiving high marks across governance, environmental and social categories. KT&G said it earned the highest score in governance-related items including board independence, diversity policies and having an ESG governance structure. In the environmental category, it cited recognition for climate-change response and water-resource management based on its “2030 Green Impact” environmental management vision. In the social category, it said it scored highly for efforts such as implementing human-rights management. “This World Index inclusion is the result of the global capital market objectively recognizing our continued efforts to advance ESG management,” said Shim Young-a, head of ESG management at KT&G. “We will continue to strengthen execution of ESG management in step with enhancing our core business competitiveness and establish ourselves as a trusted company.” KT&G said it is also strengthening its compliance and ethics management system. In January, it elevated its compliance management center to a compliance management office to enhance companywide compliance and ethics oversight. It also designates June 2 each year as “KT&G Corporate Ethics Day” and shares ethics messages with employees. * This article has been translated by AI. 2026-05-04 13:48:31

GS E&C Wins $4.9 Billion Seocho Jinheung Apartment Rebuild Contract in Seoul GS Engineering & Construction will build the reconstruction project for Seocho Jinheung Apartments in Seoul’s Seocho district. The company said in a regulatory filing on Monday that it was selected as the contractor for the Seocho Jinheung Apartments reconstruction and maintenance project near 385 Seocho-daero. The complex was completed in 1979. The existing site consists of seven buildings with 615 households. After reconstruction, it is planned to become a residential complex ranging from five basement levels to 58 stories above ground, with 879 households in total. The construction cost is about 679.3 billion won, equal to 5.46% of the company’s consolidated revenue as of the end of last year. GS E&C proposed the new name ‘Seocho Xi Cullinus.’ Dutch architecture firm MVRDV will take part in the exterior design, and U.S.-based LERA will handle structural design. Landscape design is to be led jointly by SWA, which has worked on Disney World landscaping, and Everland, Samsung C&T’s resort unit. The company expects the project to take 53 months from the actual start of construction. 2026-05-04 13:42:20

Democratic Party race for National Assembly speaker heats up with three candidates The race to choose the National Assembly speaker for the second half of the year began in earnest on May 4 as the Democratic Party opened candidate registration. Five-term lawmakers Kim Tae-nyeon and Park Jie-won and six-term lawmaker Cho Jung-sik each declared their candidacies, setting up a three-way contest. With the Democratic Party holding a majority of seats, its internal primary is widely seen as the decisive contest. Kim pitched an “effective, working Assembly,” Park called for “ending insurrection forces and completing reforms,” and Cho emphasized a “livelihood-focused Assembly.” Kim told a news conference at the Assembly that he proposed the 2020 “Working National Assembly Act” and the 2026 “Effective Working National Assembly Act.” “To complete the era of popular sovereignty through institutions and protect Korea’s future amid a wave of major transformation, we need an Assembly that works well. I, Kim Tae-nyeon, am the right person,” he said. He said the framework is ready to be implemented, arguing that plenary sessions would open automatically, bills would be handled within deadlines, and committee chairs who do not work could be replaced. Kim also pledged to complete legislation for the “popular sovereignty government’s” policy agenda, make constitutional revision a reality, create a strategic council for the people’s economy, elevate parliamentary diplomacy to a national strategy, and turn the Assembly into a venue for social dialogue. Park, the party’s oldest lawmaker, said “insurrection forces” were still blocking the president’s governance and reforms toward what he called a “real Republic of Korea.” He accused the main opposition party of rejecting even minimal constitutional changes, including adding the March 15 uprising, the Bu-Ma Democratic Protests and the May 18 Gwangju Uprising to the Constitution’s preamble and tightening requirements for martial law, while “handpicking and nominating insurrection forces.” “We must make the Lee Jae-myung government a success and open wide the door to the Seventh Republic and recreate the administration — only then can we finally end the insurrection,” Park said. “This is the last wish I want to fulfill as Park Jie-won, who has been able to live again thanks to the people and party members. Give a chance to Park Jie-won, who will support you better,” he added. Park’s pledges included proactive steps on prosecution and judicial reform to “complete the revolution of light,” building a “K-Assembly that works,” strengthening lawmaker diplomacy and special envoys, and creating a tentative “National Assembly Future Special Committee” to prepare for AI, future energy, robots, the population and regional extinction crisis, and low birthrates and aging. Cho, the party’s most senior lawmaker by terms and who stepped down the previous day as the president’s special adviser for political affairs, said the Lee Jae-myung government was showing the public “the effectiveness of politics” through fast results. “Now it’s time to show the public the effectiveness of the National Assembly as well,” he said. “What matters most for a speaker from the ruling party is coordination with the government and stability. As a proven six-term lawmaker, I, Cho Jung-sik, am the right person,” he said, calling the bid his third run for speaker and his final political challenge in Yeouido. Cho’s key pledges included building a “livelihood-focused Assembly” and a “popular sovereignty Assembly,” completing constitutional revision, strengthening the Assembly’s role and standing, and expanding parliamentary diplomacy. Two four-term lawmakers, Nam In-soon and Min Hong-cheol, also entered the race for the deputy speaker post allocated to the Democratic Party. Nam urged support for “a female deputy speaker who communicates and listens,” saying she would raise the Assembly’s sensitivity to human rights. Min said he believed a deputy speaker from Yeongnam — often described as difficult terrain for the party — could become “the signal flare for victory.” The Democratic Party plans to pick its nominees for speaker and deputy speaker on May 13 and later put them to a plenary vote. The party will combine an online vote of dues-paying members (20%) held over two days starting May 11 with an in-person vote by lawmakers on the day of selection (80%). Election in the plenary session requires approval by a majority of all lawmakers. With the Democratic Party holding a majority, passage is expected to be smooth. The Assembly speaker ranks second in the state protocol order and has authority to open plenary sessions and bring bills to the floor. The new speaker’s approach is expected to shape the legislative calendar and handling of contentious bills in the second half of the year.* This article has been translated by AI. 2026-05-04 13:15:18

Hanwha Ocean Wins $3.7 Billion Order for Three Very Large Ammonia Carriers Hanwha Ocean said Monday it has won an order worth 507.4 billion won ($3.2 billion) from an African shipowner for three very large ammonia carriers, or VLACs. Including the latest deal, the company said it has secured orders for a total of 10 ammonia carriers so far this year, expanding its presence in the segment. Hanwha Ocean has continued to develop technology for building zero-carbon ships, including obtaining approvals in principle in 2022 from Bureau Veritas and Lloyd's Register for an ammonia carrier design. Last year, it also began work with the Korean Register on developing a 150,000-cbm very large ammonia carrier. The VLAC market has faced greater short-term uncertainty as exports have fallen amid the war in the Middle East, the company said. Still, it said overall cargo volumes have been maintained as exports from other regions, including the United States, have increased. With major importers concentrated in Asia, a shift in export weight from the Middle East to the United States and other areas is lengthening shipping distances. Against that backdrop, ammonia carriers are emerging as a new specialized ship type for South Korea's shipbuilding industry, following LNG carriers, where South Korean companies hold more than 80% of the market, the company said. Hanwha Ocean said it will continue its selective order strategy focused on high value-added and eco-friendly vessels to respond flexibly to market volatility, and will keep strengthening competitiveness in ship types tied to rising demand for vessels using cleaner fuels. The company said it has booked orders this year for 18 ships — 10 very large crude carriers, four LNG carriers, three VLACs and one wind turbine installation vessel — totaling about $3.2 billion. "As ammonia is considered a key energy source in the transition to a hydrogen economy, demand for carriers is also expected to rise steadily," an industry official said. "South Korean shipbuilders are likely to maintain market leadership based on their technology and construction experience."* This article has been translated by AI. 2026-05-04 13:12:15

Daewoong Pharma Wins Approval to Use Fexuclue in H. pylori Eradication Therapy Daewoong Pharmaceutical said Sunday that South Korea’s Ministry of Food and Drug Safety has approved its gastroesophageal reflux disease drug, Fexuclue Tablets 40 mg (fexuprazan hydrochloride), for use in combination antibiotic therapy to eradicate Helicobacter pylori. Fexuclue can be taken regardless of meals. With the added indication, its approved uses now include treatment of erosive GERD, improvement of gastric mucosal lesions in acute and chronic gastritis, prevention of nonsteroidal anti-inflammatory drug-induced peptic ulcers, and combination therapy for H. pylori eradication. H. pylori infection has a high prevalence in South Korea, at about 50%, and is known to contribute to chronic gastritis, gastric ulcers, duodenal ulcers and gastric cancer, prompting recommendations for active eradication treatment. As resistance to clarithromycin, used in first-line eradication therapy, has increased, demand has grown in clinical practice for a wider range of treatment options, the company said. Daewoong Pharmaceutical said results from a domestic Phase 3 trial conducted at multiple institutions from February 2024 to April last year showed Fexuclue’s treatment effect was particularly pronounced in patients with clarithromycin resistance. A company official said the eradication rate for a Fexuclue-based regimen in the clarithromycin-resistant group was 54.76%, about 26 percentage points higher than a lansoprazole-based regimen at 28.57%.* This article has been translated by AI. 2026-05-04 13:06:16

Trump Floats ‘Project Freedom’ to Move Ships Stuck in Strait of Hormuz, Easing Korea Oil Supply Fears 도널드 트럼프 미국 대통령이 호르무즈 해협에 발이 묶여 있는 제3국 선박을 안전하게 이동시키는 '해방 프로젝트(Project Freedom)' 추진을 시사했다. 계획이 예정대로 시행되면 한국의 원유 수급에도 도움이 될 수 있다. 다만 이란의 반발이 즉각 나오면서 불확실성은 여전하다는 지적도 나온다. 4일 관계 부처에 따르면 트럼프 대통령은 3일(현지시간) 트루스소셜에 "전 세계 여러 나라에서 호르무즈 해협에 갇힌 자국 선박들을 풀어줄 수 있는지 문의해 왔다"며 "이들은 이 분쟁과 아무 관련이 없는 중립적이고 무고한 방관자일 뿐"이라고 적었다. 그는 "우리는 선박들이 안전하게 해협을 빠져나갈 수 있도록 지원해 자유롭고 원활하게 사업을 진행할 수 있도록 하겠다고 약속했다"며 "자유 프로젝트는 중동 시간으로 월요일 아침에 시작될 예정"이라고 밝혔다. 또 "이란과 매우 긍정적인 논의를 진행하고 있으며 이러한 논의가 모두에게 매우 긍정적인 결과를 가져올 수 있을 것"이라며 "어떤 식으로든 이 인도주의적 절차가 방해를 받는다면 유감스럽게도 강력한 조치를 취할 수밖에 없다"고 강조했다. 이 구상이 물류 불확실성을 낮출 수 있을지 주목된다. 현재 페르시아 만에 고립된 선박은 약 2,000척으로 추정된다. 산업통상부에 따르면 이 가운데 한국 정유사와 관련된 유조선은 7척이며, 이 중 4척은 국적 선사가 운항한다. 해당 선박에 실린 원유는 약 1,400만 배럴 수준이다. 정부는 5월 원유 수급에는 큰 문제가 없을 것으로 보고 있다. 다만 해방 프로젝트가 계획대로 추진되면 추가 물량 확보에 도움이 될 것으로 기대하고 있다. 산업통상부에 따르면 5월 대체 원유 확보 물량은 평시 도입 물량의 87% 수준인 7,462만 배럴이다. 호르무즈 해협에 계류 중인 원유가 한국에 도착하려면 약 3주가 걸리는 만큼, 단순 계산으로는 5~6월에 현재 계류 중인 유조선이 입항할 수 있다는 관측이 나온다. 정유업계의 중동산 원유 의존도가 높은 만큼 단기간 숨통이 트일 수 있다는 것이다. 다만 계획이 현실화될지는 미지수다. 이란에서는 해당 구상이 휴전협정 위반이라는 반발이 나왔다. AFP 통신에 따르면 에브라힘 아지지 이란 의회 국가안보·외교정책 위원장은 트럼프 대통령의 계획 공개 직후 X(옛 트위터)에 "호르무즈 해협의 새로운 해상 질서에 대한 미국의 어떠한 개입도 휴전 위반으로 간주될 것"이라고 경고했다. 지난달 초 중동전쟁 휴전 합의 이후 호르무즈 해협을 빠져나간 선박이 극소수에 그치고 있다는 점도 불확실성을 키운다. 군사적 충돌 가능성이 여전히 높아 선주 등이 신중한 태도를 보이고 있기 때문이다. 트럼프 대통령이 강경 발언과 협상 가능성을 동시에 내비치는 행보를 반복하는 점도 변수로 꼽힌다. 정부는 신중한 입장이다. 산업부 관계자는 "5월 원유 수급에는 문제가 없는 상황"이라며 "해방 프로젝트로 7척의 초대형 원유 운반선(VLCC)이 빠져나오면 수급에 도움이 되겠지만 실제로 프로젝트가 이행될지 지켜봐야 할 것"이라고 말했다.* This article has been translated by AI. 2026-05-04 12:09:17