PPP Floor Leader Says Calling North Korea 'Joseon' Is Unconstitutional, Urges Unification Minister’s Dismissal Song Eon-seok, floor leader of the People Power Party, said on the 29th that Unification Minister Jeong Dong-young’s suggestion of calling North Korea “Joseon” is “clearly unconstitutional.” In a Facebook post that afternoon, Song wrote, “That’s one more reason Jeong should be dismissed.” Song said Jeong had previously used the North’s official name, the “Democratic People’s Republic of Korea,” and that a Unification Ministry official has now issued an official position on whether to refer to North Korea as “Joseon,” saying it would be decided “after public discussion through various channels.” Song argued that calling North Korea “Joseon” would mean recognizing it as a separate, equal state under the North’s “two states” theory. He said that would violate Article 3 of the Constitution, which defines the nation’s territory, and Article 4, which states unification as a national goal. The People Power Party introduced a motion on April 24 urging Jeong’s dismissal and reported it to a plenary session the previous day. The motion was automatically discarded after it was not put to a vote before the deadline. In another Facebook post the previous day, Song criticized the ruling party, writing, “What is a 60-seat majority ruling party so afraid of that it can’t even vote on a dismissal motion?” He added, “If you want to reject it, then reject it—what are you worried about that you use this kind of trick to let it lapse?”* This article has been translated by AI. 2026-04-29 16:18:02

Energy Forum: Middle East shock puts energy security in focus; Korea urged to redesign grid and energy mix Energy supply-chain shocks triggered by war in the Middle East are rattling the global economy and elevating energy security as a key factor in national resilience. Disruptions in crude oil supply and sharp price increases have rippled through inflation, interest rates and exchange rates, quickly affecting household budgets and corporate operations. South Korea, which relies on imports for most of its energy, is among the countries most exposed to external shocks, analysts say. Experts warn the current turmoil is not a temporary price swing but a turning point in which supply-chain instability becomes structural, meaning similar shocks could recur whenever geopolitical tensions flare. That has renewed calls to treat energy security as a top-tier economic strategy and to diversify supply while reshaping the power-generation structure through an “energy mix” that balances renewables, nuclear power and other sources to spread risk and maintain stable supply during crises. At the “2026 Aju Economic Daily 2nd Energy Forum,” hosted by Aju Economic Daily on Tuesday at the Korea Press Center in central Seoul, Kim Hyeong-jun, a chair professor at KAIST’s Moon Soul Graduate School of Future Strategy and Department of AI Futures Studies, said climate change is “not simply an environmental issue but a complex system problem involving energy, water and the economy.” He added, “If we do not change the energy structure, the damage will grow.” Kim said the economic gap widens sharply between limiting temperature rise to within 1.5 degrees Celsius above preindustrial levels and allowing warming to intensify without action. If warming is left unchecked, he said, global damage could reach about $2,300 trillion (about 300 quadrillion won) by 2100, but managing warming at about 1.5 degrees could cut the damage roughly in half. “An era is coming when carbon emissions will be tracked beyond the national level to the corporate level,” Kim said, adding that “a structure is forming in which the cost burden grows if emissions are not reduced.” In the second keynote, Kwak Eun-seop, head of grid planning at Korea Electric Power Corp., said the spread of artificial intelligence is driving a surge in data-center electricity demand, making grid expansion an urgent task. Citing the International Energy Agency, Kwak said global electricity demand is projected to rise from 28,200 terawatt-hours last year to 33,600 TWh by 2030 as the AI industry grows. Over the same period, power consumption by AI data centers is expected to roughly triple. However, shortages in transmission lines, transformers and grid connections are emerging as major bottlenecks, he said. In Texas, he noted, applications waiting for data-center grid connections exceed 150 gigawatts — more than one-fifth of total U.S. peak load — underscoring the strain facing major economies. South Korea faces similar pressures, Kwak said. With the expansion of semiconductors and AI, peak power demand is projected to rise about 28% by 2038, requiring an estimated additional 2.2 gigawatts of supply each year. Demand is concentrated in the Seoul metropolitan area while generation facilities are spread across other regions, worsening regional imbalances. “Building transmission networks typically takes more than 10 years, while new demand such as data centers can surge within two to three years, making mismatches more likely,” Kwak said. He urged parallel mid- to long-term steps, including grid expansion, greater capacity to integrate renewable energy, adoption of virtual power lines (VPL), and development of a more distributed power system. 2026-04-29 16:16:36

Samsung Electronics Union Cites Strike Losses as Leverage in Bonus Dispute Samsung Electronics’ union, which is in a dispute over performance bonuses, said production results in the foundry (contract manufacturing) business plunged 58.1% during nighttime hours on the day of a rally on the 23rd. It also said memory production results fell 18.4%. The union added an estimate that an 18-day general strike would cause more than 30 trillion won in damage to the company. In semiconductor fabs, a shutdown is not simply a delay in output; it can also reduce yield, the share of usable chips. If Samsung fails to deliver on time to major customers amid shortages of DRAM and NAND that have fueled the current boom, it could face large penalty payments. There is also a risk customers could shift orders away from Samsung. Samsung sits at the top of a vast semiconductor supply chain, and even a brief strike can ripple through that ecosystem. Ultimately, consumers can feel the impact. Using projected company losses as a bargaining weapon in a strike risks turning pressure into something closer to coercion. Capital and labor carry different risks, reflected in wages and bonuses. Investors accept the risk of losses in exchange for the right to pursue unlimited profit. Workers, in exchange for stable labor, receive wages rather than bearing the full downside. Even in today’s boom, Samsung’s semiconductor division posted large losses in 2023–2024, making future investment difficult to ignore. In a recent lunch with a source, the conversation turned to artificial intelligence. The takeaway was that AI now handles more than 90% of routine company work. A draft report is assigned to AI. After the draft is sent to other departments, feedback returns within an hour — also produced with AI. The expanded report is then consolidated again with AI. When an executive asks for additional items, AI is used to compile a final version. The entire process took less than half a day. AI produced both the draft and the final report, including collecting and analyzing data to extract meaning from the numbers. The CEO who received it then fed the full report into AI and issued a simple instruction: "Summarize only the key points and tell me again." About 10 people were involved along the way, but the question remains whether the report was written by those employees or by AI — and who actually understood it. As a practical matter, AI can end up knowing more than the people who touched the document. The story highlights AI’s productivity, but also how inefficient human workflows can be. It is not surprising that AI is evolving toward systems that operate with minimal human involvement. In semiconductor processes that handle hazardous chemicals, many robots are already at work. Factories where AI automatically runs production and management are no longer far-fetched, and such efforts are underway. Samsung is developing technology aimed at unmanned factories by 2030. AI would handle chip circuit design, while robots equipped with AI would manage toxic chemicals and move wafers among equipment. AI would also take over back-end steps such as inspection and fine assembly. If AI and robots replace workers, the idea of the “skilled worker” could fade. Companies may say robots are being considered to ease labor shortages, but over time the push for unmanned factories could be justified as a way to avoid friction with organized labor.* This article has been translated by AI. 2026-04-29 16:15:19

Lee hosts lunch with minor-party, independent lawmakers, urges broader view in politics President Lee Jae-myung on April 29 invited lawmakers from minor parties and independents to the Blue House for a lunch meeting, including the Rebuilding Korea Party, the Progressive Party, the New Reform Party and the Social Democratic Party. Lee previously met leaders of both major parties at a Jan. 16 lunch that also included leaders of minor parties. On April 7, he held a meeting and lunch of a ruling-opposition-government consultative body on the people’s economy with Democratic Party leader Jung Cheong-rae and People Power Party leader Jang Dong-hyeok. It was the first time Lee invited all lawmakers from minor parties outside the negotiating blocs, along with independents, to a lunch meeting, the presidential office said, calling it a sign of his intent to communicate inclusively. Twelve lawmakers from the Rebuilding Korea Party attended, including floor leader Seo Wang-jin. The Progressive Party sent four lawmakers led by floor leader Yoon Jong-oh. The New Reform Party was represented by floor leader Cheon Ha-ram and lawmaker Lee Ju-young. Social Democratic Party leader and floor leader Han Chang-min attended, along with independent lawmakers Kim Jong-min and Choi Hyuk-jin, for a total of 21 lawmakers. New Reform Party leader Lee Jun-seok did not attend due to a scheduled visit to Busan and Ulsan. Basic Income Party leader Yong Hye-in also did not attend because of a standing committee review schedule for the Framework Act on Life Safety. From the presidential office, Chief of Staff Kang Hoon-sik and Senior Secretary for Political Affairs Hong Ik-pyo attended. Rep. Cho Jung-sik, a presidential special adviser for political affairs, also joined. ◆Minor-party floor leaders press for action on Pyeongtaek law, housing policy Regional issues including the Pyeongtaek Special Act and real estate policy were among the main topics. Seo said residents of Pyeongtaek have “endured major sacrifices for decades” for national security, citing the relocation of a U.S. military base and the hosting of the Navy’s 2nd Fleet. While a special support law exists, he said, “special support linked to the base relocation is still limited.” He said the law is operated as a temporary measure that has been repeatedly extended and called for converting it into a permanent law, asking for Lee’s attention and support. Yoon called for overhauling the long-term holding special deduction, saying it “undermines tax fairness” and causes a “lock-up” in property listings. He said the Progressive Party has already introduced a bill to revise the comprehensive real estate holding tax law after the president pointed to the need to better reflect holding-tax burdens on ultra-high-priced homes and address companies’ non-business land holdings. Yoon previously submitted, on April 8 with some Democratic Party lawmakers, an income tax bill to abolish the long-term holding special deduction and cut the lifetime cap on tax breaks available when selling a home to 200 million won. Cheon proposed budget support for the Jeonnam-Gwangju integration and a state responsibility system for lawsuits involving teachers. He said 57.3 billion won in funding essential to the integration was entirely cut during the review of the supplementary budget, comparing it to Lee having “arranged the marriage” of Jeonnam and Gwangju but then saying, “Pay for the wedding yourselves.” Cheon also said frontline teachers are left to handle malicious complaints and civil lawsuits without help, and urged a system so teachers would not have to go to police stations and courts when incidents occur. Han called for pushing an “online monopoly regulation law,” saying the Coupang issue involves not only the leak of personal information of tens of millions of people but also serious abuses against small merchants and violations of labor rights. He said it must be addressed responsibly at home, beyond being treated as a diplomatic matter. The presidential office took a cautious stance on the Fair Trade Commission’s decision to designate Coupang board chairman Kim Beom-seok as the head of a large business group in practice. In a briefing after the lunch, senior presidential spokesperson Kang Yu-jung, asked whether the designation could negatively affect South Korea-U.S. security and trade talks, said, “It was decided by the Fair Trade Commission based on its own laws and principles,” adding, “It is the commission’s decision.” ◆Lee urges unity on foreign, security issues; “Politics needs a broader view” In remarks after the floor leaders spoke, Lee said that even when countries fight over domestic issues, it is hard to find cases where they engage in “self-destructive acts” on external matters such as diplomacy and security. “Unfortunately, it seems some of those elements still remain within us,” he said. Lee added, “I am not saying that applies to anyone here,” but said the public would want politics to show the capacity to unite in times of crisis. Lee said the external environment is “very unfavorable,” adding that while domestic turmoil can be overcome with the country’s own strength, worsening external conditions are not easy to solve alone. He urged lawmakers to take a public-minded approach when viewing foreign relations. “Politics is, by nature, doing others’ work on their behalf,” Lee said. While pursuing political beliefs matters, he said what is truly important is a better life and future for the country and its people. “That is why politics needs a broader view,” he said. He said real politics is competing over what is better for the country and people and earning voters’ choices, despite differences and interests. “Of course, the biggest responsibility lies with me. I will also make efforts,” Lee said, asking for cooperation to “gather the nation’s strength” and overcome difficulties at home and abroad. To attendees, Lee said they likely had much to say and that he also had much he wanted to hear, promising to try to hold such meetings more often. The lunch menu included shrimp and radish rolls with garlic sauce, sweet pumpkin porridge, pan-fried sea bream and mung bean pancakes, braised short ribs topped with chestnuts and ginkgo nuts, mushroom pot rice and clam seaweed soup. The presidential office said the meeting was meant to convey solidarity and gratitude to lawmakers who have cooperated in efforts to overcome crises and stabilize state affairs, while stressing bipartisan cooperation on livelihood issues and legislation.* This article has been translated by AI. 2026-04-29 16:13:13

Insurers’ K-ICS Solvency Ratios Improve as Higher Rates Cut Liabilities Major insurers affiliated with financial holding groups posted broadly improved K-ICS solvency ratios in the first quarter, helped by rising interest rates that reduced insurance liabilities and by additional capital raising, the industry said. According to the insurance industry on Tuesday, Tongyang Life’s first-quarter K-ICS ratio rose to 185.8% from 127.2% a year earlier. KB Insurance’s ratio increased to 188%, while Shinhan Life and KB Life improved to about 200% and 277%, respectively. The K-ICS ratio measures whether an insurer can pay claims even after unexpected losses, serving as a gauge of financial strength. The main driver was higher interest rates. Insurers typically carry large long-term liabilities, and when rates rise, the present value of those liabilities falls, easing the balance-sheet burden and lifting solvency ratios. Company actions also contributed. KB Life increased sales of protection-type policies to build its contract service margin, or CSM, reflecting expected future profit from insurance contracts in present-value terms. Tongyang Life strengthened capital through steps including issuing subordinated debt. Looking ahead, the industry expects a shift from focusing on headline K-ICS ratios to managing solvency based on “core capital.” Starting next year, a system will separately assess the share of capital that can directly absorb losses, such as paid-in capital and retained earnings. An industry official said securing higher-quality capital will matter more than simply increasing capital.* This article has been translated by AI. 2026-04-29 16:12:17

Seoul Apartment Listings Diverge Ahead of Capital Gains Tax Surcharge Deadline With the deadline 10 days away for the end of a temporary suspension of heavier capital gains taxes on home sales, Seoul’s apartment market is showing a sharper split in how quickly listings are being cleared. In the Han River belt and outer districts, bargain-priced homes are being snapped up by end users, while transactions in the Gangnam area have largely stalled. According to the real estate big-data platform Asil, Seoul had 72,699 apartment listings as of the previous day. That is down for six straight weeks from a peak of 80,080 in the third week of March (March 16-22), meaning about 9.22% of total listings were sold or pulled from the market in roughly a month. The decline has been led by outer and midpriced areas. Listings fell by double digits in several districts, including Jungnang (-16.9%), Nowon and Gangbuk (each -13.4%), Guro (-12.9%), Dongjak (-11.5%) and Seongdong (-11.1%). The drop was attributed to newlyweds and first-time buyers, strained by the rental market, purchasing quick-sale homes mainly in the 600 million won to 1 billion won range. Gangnam has moved in the opposite direction. With land-transaction permit rules, tighter lending and owner-occupancy requirements combining to curb demand, the area remains in what the market calls a “transaction cliff,” where listings accumulate but deals do not follow. The gap is clearer in absorption rates. Using Ministry of Land, Infrastructure and Transport transaction data and Asil figures, the absorption rate in March for seven Han River belt districts — including Seongdong, Mapo, Yeongdeungpo, Dongjak and Yangcheon — was 36.9%, about 2.2 times the 16.6% recorded in four core districts: Gangnam, Seocho, Songpa and Yongsan. By district, Yangcheon saw 54.4% of new listings traded within the month, while Seocho recorded 7.3%. Yeongdeungpo (50.7%), Mapo (46.3%) and Dongjak (44.0%) also posted high absorption rates. Analysts attributed the polarization to differences in price levels and regulation. Major complexes in the Han River belt have median prices of 1 billion won to 1.3 billion won, limiting the impact of lending rules, while Gangnam’s 3 billion won to 4 billion won price range narrows the buyer pool. Owner-occupancy requirements have also raised barriers to entry. Inventory turnover showed the same pattern. In March, the Han River belt’s turnover rate was 7.22%, about 3.1 times the 2.31% rate in the four core districts, suggesting a faster “circulating” market outside Gangnam and a more stagnant one in the south. Even so, prices in Gangnam have not fallen much despite weak trading, and some complexes have shown signs of a slight rebound. Song Seung-hyeon, head of City and Economy, said, “For the government’s supply-inducing policies to work evenly across Seoul, a differentiated approach tailored to local supply and demand conditions is needed rather than uniform regulation.” He added, “The outer districts need expanded supply, while Gangnam needs measures to ease transaction bottlenecks.”* This article has been translated by AI. 2026-04-29 16:11:21

National Assembly Deputy Speaker Lee Hak-young Pledges Policy Support for Energy Shift National Assembly Deputy Speaker Lee Hak-young said on the 29th that he would do his best to reflect voices from the field in national policy so South Korea can move toward becoming a global leader in energy. Speaking at the '2026 Aju News Energy Forum' at the Press Center in Jung-gu, Seoul, Lee said the National Assembly would not spare legislative and institutional support needed for a successful energy transition and for building firm energy security. Lee called the reshaping of supply chains and a redesign of South Korea's energy strategy the country's most urgent and important national tasks. He said the international community is facing unprecedented instability in global energy supply chains and a rapid push toward carbon neutrality to address the climate crisis. "Energy is no longer simply an industrial driver; it is a core issue that determines the fate of national security and the economy," he said. For South Korea, with its manufacturing-centered industrial structure and heavy reliance on energy imports, he said a rapid reorganization of energy supply chains could be both a major crisis and an opportunity for a new leap forward. Lee said he was pleased that leading experts and industry leaders had gathered at a critical time, and he expressed hope that the forum would offer clear direction for South Korea amid global competition for energy leadership and spur active discussion of effective policy alternatives.* This article has been translated by AI. 2026-04-29 16:06:06

Sega Signs MOU With Thailand’s CP Group to Explore Entertainment Collaboration Japan’s game company Sega said it signed a memorandum of understanding on the 27th with Thailand’s CP Group (Charoen Pokphand Group) to explore entertainment collaboration in Thailand and nearby areas. The companies aim to combine Sega’s intellectual property and content-creation capabilities with CP Group’s broad business ecosystem to offer new, locally rooted entertainment in the region. The review will proceed in stages. In the initial phase, the companies will examine business development using Sega IP such as “Sonic” and “Angry Birds,” and consider a collaboration framework aimed at sustained growth. Later, they plan to pursue wider cooperation, including joint IP development targeting the Association of Southeast Asian Nations, business expansion using merchandise licensing and distribution networks, and potential expansion beyond Thailand. Sega President Haruki Satomi said in a statement, “Through this collaboration, we will further accelerate the global rollout of Sega IP and create new entertainment experiences for the ASEAN region and the world.” 2026-04-29 16:05:21

U.S. Blocks Chipmaking Equipment Exports to China’s Hua Hong, Tightening AI Chip Curbs U.S. authorities have moved to block equipment exports to Hua Hong, China’s No. 2 semiconductor foundry, raising pressure in the race over artificial intelligence chips. The step comes at a sensitive time ahead of President Donald Trump’s planned visit to China in May. U.S. blocks equipment exports over concerns about advanced processes Reuters reported on April 28 that the Commerce Department recently sent letters to U.S. equipment makers including Lam Research, Applied Materials and KLA, directing them to stop shipping certain tools to Hua Hong. The letters restrict exports of semiconductor equipment and other materials tied to two manufacturing facilities that U.S. officials believe could be used to produce China’s most sophisticated chips. Reuters described the move as the latest U.S. step to slow China’s advanced-chip development and an extension of policies aimed at protecting U.S. technological advantages in AI and other leading-edge chipmaking. The action follows reports of progress at Hua Hong. The company is China’s second-largest foundry after SMIC, and has been reported to be developing manufacturing technology for advanced chips, including AI semiconductors. Its affiliate, HLMC, has been reported to be preparing to introduce a 7-nanometer process at a Shanghai plant. SMIC is effectively the only company in China seen as capable of producing chips on a 7-nanometer process. Analysts say Washington is concerned that if Hua Hong also commercializes advanced production, China’s drive for semiconductor self-reliance could accelerate. There has also been speculation that Huawei is working with Hua Hong to shift some AI chip production that has been made through SMIC. Congress moves to tighten export-control laws, aiming to institutionalize China curbs The Hua Hong step fits into a broader U.S. effort to restrict technology flows to China on national security grounds, particularly in AI and advanced semiconductors. The House Foreign Affairs Committee recently approved a package of bills that includes the “Multilateral Alignment for China Technology Controls Act,” or MATCH Act, aimed at strengthening export controls in coordination with allies. The push has been viewed as Congress seeking to constrain the Trump administration after it signaled it could ease some China-related export restrictions ahead of an expected U.S.-China leaders’ meeting in May. Bloomberg called it “the most significant legislative attempt” to overhaul export-control policy since 2018, reflecting congressional dissatisfaction with what it described as a cautious approach by the administration. Pressure is not limited to semiconductors. The Wall Street Journal reported that dozens of Democratic House members recently urged Trump to ban Chinese automakers from producing and selling vehicles in the United States. They also called for maintaining existing tariffs and blocking Chinese companies from building U.S. production facilities. The request followed Trump’s recent comments that Chinese companies could be allowed to enter if they build factories in the United States and create jobs, as the possibility of Chinese electric-vehicle makers entering the U.S. market is being discussed ahead of the expected summit. Manus dispute adds to tech tensions ahead of expected summit With tensions rising across advanced industries including semiconductors and autos, observers say the expected May U.S.-China summit is likely to focus more on competition than cooperation. A recent dispute involving the Chinese AI startup Manus has underscored that trend. U.S. tech company Meta announced in December that it would acquire Manus for about $2 billion, but the Chinese government moved to block the deal, saying it would review whether the transaction fell under technology export controls. On April 27, it ultimately decided to ban the investment. The move was widely seen as part of China’s effort to prevent the overseas transfer of AI talent and technology assets. Some observers, however, say the two leaders may choose to emphasize more practical issues, such as purchases of Boeing aircraft or agricultural trade, rather than putting advanced-technology disputes at the center of the talks. * This article has been translated by AI. 2026-04-29 16:04:11

Korea Construction Groups Clash Over Expiring Small-Project Protections South Korea’s construction industry is heading toward a direct clash as a sunset clause approaches for a “protected segment” in the cross-entry market system. Specialty contractors are calling for permanent safeguards for their right to perform work directly, while general contractors argue the current framework should remain to promote fair competition. According to the Korea Research Institute for Construction Policy on Tuesday, Japan has maintained an “exclusive right” structure in which civil engineering and building contractors hold only oversight authority over specialty contractors, while construction rights require specific experience and qualifications. In the United States, California has also maintained exclusive rights for about 40 specialty building trades when general contractors take on single-trade projects. The institute said that in major overseas markets, specialty contractors — the main actors in direct construction — play a central role, while in South Korea, even after cross-entry was allowed, an unfair registration system has kept specialty firms in a vertical prime-subcontractor relationship. It said a fundamental review of the current production system is urgent. South Korea’s cross-entry system gradually allows general and specialty contractors to enter each other’s markets. To protect small specialty firms, general contractors are barred from winning specialty projects worth less than 430 million won. That protected segment is set to expire in December, and bidding is expected to be allowed starting next year. Specialty contractors say the change could accelerate general contractors’ entry into the specialty market because barriers differ sharply. General contracting licenses cover five categories, while specialty contracting licenses cover 14. Holding a general civil engineering and building license allows a firm to perform 11 of the 14 specialty categories, while specialty licenses — such as for ground formation and paving — have narrower scopes. The institute said the average competition rate for public bids on specialty projects in 2022 rose 3.91 times from 2020. The Korea Specialty Contractors Association and the Korea Mechanical Facilities Construction Association held a news conference Monday outside the Government Complex Sejong and submitted 408,391 petitions from member companies to the Ministry of Land, Infrastructure and Transport. The specialty contractors association said that since the system took effect, general contractors have entered “indiscriminately” into a specialty market where 99% of projects are under 1 billion won, and that the specialty sector is being encroached upon. In the National Assembly, a proposed amendment to the Framework Act on the Construction Industry has been introduced that would raise the protected threshold from 430 million won to 1 billion won. The Korea Construction Association, representing general contractors, is gathering petitions in opposition. It argues the system was introduced to eliminate harmful market segmentation and encourage sound competition, and that the market should not be distorted solely to protect specialty firms. The ministry has been conducting an analysis of the effects of market opening for specialty and general contractors since October last year, commissioning the Korea Research Institute for Human Settlements to carry out the study. * This article has been translated by AI. 2026-04-29 16:01:33