Hyundai Motor shares rise on expectations for Boston Dynamics’ Atlas developer model reveal Hyundai Motor shares climbed in early trading on expectations surrounding the release of a developer model of the humanoid robot Atlas. According to the Korea Exchange, Hyundai Motor was trading at 567,000 won as of 9:58 a.m. on the 7th, up 3.09% from the previous session. Market watchers said investor sentiment was boosted by a recently released video of Atlas’ developer model from Boston Dynamics, Hyundai Motor Group’s robotics affiliate. The video was first posted on YouTube and showed the robot’s movements. Brokerages also pointed to the potential for an expanded robotics business. Daol Investment & Securities said it expects a “structural rise in valuation” tied to commercialization on multiple fronts, citing Boston Dynamics’ commercialization, Nvidia’s adoption of “AlphaMayo,” and Waymo’s rollout of an autonomous-vehicle foundry business. It maintained a “buy” rating and a target price of 740,000 won. Shinyoung Securities said a key variable for Hyundai Motor’s share price in the second half of the year will be whether the company consolidates Boston Dynamics’ production entity into its financial statements. Shinyoung said that if Boston Dynamics’ production and related operations are consolidated, it could be a strong driver for a valuation re-rating. If the current equity-method structure remains, it said, the outcome would fall short of market expectations. It added that, from an earnings perspective, it is watching raw-material cost pressures from rising prices and the size and timing of settlements within the supply chain. Shinyoung maintained a “buy” rating and a target price of 630,000 won. * This article has been translated by AI. 2026-05-07 10:09:00

DP Floor Leader Han Byung-do Urges Vote on Constitutional Amendment, Calls on PPP to Join Han Byung-do, the Democratic Party’s floor leader who won a second term, said May 7 he would push for swift passage of a constitutional amendment, move quickly to form the National Assembly’s second-half leadership and complete the Lee Jae-myung government’s legislative agenda. Speaking at his first policy coordination meeting since taking office again, Han warned the People Power Party, which has adopted opposition to the amendment as its party line, that it would face “irreversible public judgment” if it continues to block the measure. Han said the National Assembly would convene a plenary session later in the day to vote on the amendment drafted jointly by the Democratic Party and five opposition parties. He said the proposal would add the spirit of the Bu-Ma Democratic Protests and the May 18 movement to the Constitution’s preamble, strengthen parliamentary control over declarations of martial law and spell out the state’s duty to pursue balanced national development. Responding to the People Power Party’s claim that the proposal is an election-driven pledge, Han challenged the party to specify which provisions it considers political. He said giving the Assembly stronger authority over “illegal martial law” is intended to prevent dictatorship, and added that, as President Lee Jae-myung has said, the public would view opponents of the amendment as defending illegal martial law. Han urged People Power Party lawmakers to take part in the vote, saying those with “even a shred of conscience and conviction” should not stay away. If the party avoids what he called a historic responsibility, he said, it would face “irreversible public judgment.” Han also said the second-half organization of the 21st National Assembly took 54 days, and warned against wasting time while neglecting people’s livelihoods. He said he would prepare the new Assembly lineup without gaps to avoid even a brief constitutional vacuum. He said the Assembly would complete the election of the second-half speaker and deputy speakers at a plenary session on May 20, then promptly choose standing committee chairs to begin legislation aimed at addressing the Middle East crisis and stabilizing livelihoods. Han said he would also work to complete the Lee government’s major policy agenda through legislation by the end of this year.* This article has been translated by AI. 2026-05-07 10:06:44

LG Electronics Launches All-in-One Heat Pump Boiler to Expand Electric Heating in South Korea LG Electronics is launching an all-in-one heat pump system boiler in South Korea, aiming to capitalize on the shift toward electrification in the heating market. The company plans to expand adoption of residential heat pumps by offering a high-efficiency electric alternative in a market still dominated by gas boilers. The company said Thursday the new product combines the outdoor unit and key system components into a single package. That design eliminates the need for separate refrigerant piping work and can use a home’s existing hot-water pipes, making it easier to meet demand for boiler replacements. LG Electronics has operated a domestic system boiler business since 2011 and has supplied residential all-in-one heat pump system boilers since 2018. The new model uses an air-source heat pump that draws heat from the air to provide space heating and hot water. LG Electronics said it can deliver about four to five times as much heat energy as the electricity it consumes, cutting energy costs by about 40% to 60% compared with fossil-fuel boilers. LG Electronics said the product meets standards tied to a government program to deploy 3.5 million heat pumps by 2035 as part of a plan to cut greenhouse gas emissions by 5.18 million metric tons. While upfront costs are higher than for conventional boilers, the company said government subsidies and energy savings could allow payback within five to six years, depending on usage conditions. The company also highlighted environmental features. It uses R32 refrigerant, which it said has a global warming potential 68% lower than R410A, a refrigerant commonly used in heating and cooling equipment. LG Electronics said the system can supply high-temperature hot water even in low winter temperatures and supports remote control through the LG ThinQ app. Industry observers say South Korea’s heating market remains centered on city-gas boilers, but demand for heat pumps could rise first in new housing and public buildings as carbon-cutting rules and electrification policies take hold. LG Electronics said its heat pump business has already been tested in Europe. At MCE 2026, a global HVAC exhibition held recently in Milan, Italy, both its residential heat pump outdoor and indoor units received awards. The company also cited supply deals for a new housing complex in the Netherlands and projects serving more than 100,000 households across five countries in southern Europe. LG Electronics is also expanding its heat pump lineup beyond residential use to commercial and industrial markets. It supplies its Multi V i system air conditioners to large commercial facilities and is promoting large chillers for industrial sites such as data centers, factories and power plants. The company operates cold-climate research centers in South Korea, Alaska in the United States, Oslo in Norway and Harbin in China to develop next-generation technologies. Lee Jae-sung, president and head of LG Electronics’ ES Business Division, said the company will work to develop the domestic market based on technology and business experience built in Europe and other global markets.* This article has been translated by AI. 2026-05-07 10:05:54

Hyundai Motor Launches Updated Mighty, Pavise and Xcient Trucks, Including Hydrogen Model Hyundai Motor Co. on Wednesday launched three updated commercial truck lines, including a refreshed hydrogen fuel cell model, as it seeks to bolster its position in South Korea’s sluggish freight-truck market. The automaker said it released the 2027 “The New Mighty” and “The New Pavise,” along with the 2027 “Xcient” and “The New Xcient Hydrogen Fuel Cell Truck.” Hyundai said the design updates create a shared family look across the Xcient, Pavise and Mighty lineup, reinforcing a tougher brand identity. Hyundai introduced the Mighty in 2015 and the Pavise in 2019, and is now rolling out the latest facelifted versions. The company said it significantly improved product competitiveness, citing a passenger-car-like driver’s seat and advanced driver-assistance systems. The launches come as the domestic freight-truck market has recently weakened. According to the Ministry of Land, Infrastructure and Transport’s vehicle registration data, South Korea had 3,695,232 freight trucks last year, down 0.6% from 3,716,743 the year before. The decline appears to reflect a combination of a logistics slowdown and fewer drivers. Hyundai said it has released a facelifted Xcient hydrogen fuel cell truck for the first time in four years, aiming to move closer to leading the market for eco-friendly commercial vehicles. Hydrogen trucks, suited for medium- and long-distance hauling, emit almost no carbon dioxide while driving and are seen as a key option for cleaner logistics. Under guidelines from the U.N. Intergovernmental Panel on Climate Change, hydrogen vehicles were assessed as delivering about a 13,000-metric-ton carbon reduction effect compared with diesel commercial trucks over a cumulative 20 million kilometers of driving, the company said. Analysts also say competition in the commercial-vehicle market is shifting toward low-emission models. As South Korea expands its Nationally Determined Contribution targets, domestic commercial-vehicle brands have been rolling out electric- and hydrogen-based freight trucks. Tata Daewoo Mobility has launched the midsize electric truck “Gixen,” and MAN Truck & Bus Korea has said it plans to introduce an electric truck in the country. “Mighty, Pavise and Xcient, which support Korea’s logistics and construction sites, have evolved into tougher and smarter vehicles by actively reflecting customer feedback,” a Hyundai official said. “We will continue innovating as a reliable partner that helps customers succeed in their commercial-vehicle business.”* This article has been translated by AI. 2026-05-07 10:04:58

South Korea to Expand Community Solar, Aiming for 700 'Sunlight Income Villages' This Year The South Korean government is moving to expand resident-led solar power projects, gathering on-the-ground feedback as it pushes to build more than 700 “Sunlight Income Villages” this year through regulatory tweaks and stronger administrative support. The Ministry of Climate, Energy and Environment said it held a policy forum on Thursday morning at the Han River Flood Control Office in Seoul’s Seocho district. Climate Minister Kim Seong-hwan attended along with members of the Sunlight Income Village task force, energy-related agencies, ReSCO companies, experts, industry representatives and financial institutions. Participants discussed hurdles in implementation, hands-on support and post-completion management. Sunlight Income Villages are community-participation projects in which residents join solar generation through cooperatives and return profits to the local community. The government views the program as a model that can expand renewable energy while boosting local economies, and expects wider solar deployment to raise energy self-sufficiency at the community level. Key topics included financing, grid connection, securing sites and permitting procedures. Based on the forum, the ministry said it will review ways to streamline administrative steps that developers have sought to improve, including facility confirmation under the Renewable Portfolio Standard, technical reviews and pre-use inspections. It also said it will use a public-private field support team and ReSCO partners to assist projects from cooperative formation through operations, and will strengthen checks on profit distribution after completion. Kim said the initiative is “the most practical energy transition model” in which residents participate and share benefits, pledging to create more than 700 villages this year and quickly lay the groundwork for nationwide expansion. He also vowed to tighten oversight from planning through operations so projects proceed “more transparently and stably.”* This article has been translated by AI. 2026-05-07 10:04:08

KOSPI briefly tops 7,500 for first time as AI chip rally powers Seoul stocks SEOUL, May 07 (AJP) - South Korean stocks surged to another record Thursday, with the benchmark KOSPI briefly topping the 7,500 mark for the first time as easing oil prices, renewed optimism over a potential U.S.-Iran agreement and another global surge in AI-linked chip shares fueled heavy buying in Seoul’s largest technology stocks. The main index climbed as high as 7,531.88, breaking above the 7,500 mark after Wall Street’s three major indexes closed sharply higher overnight. The KOSDAQ also edged up 0.36 percent to 1,214.50 in early trading. The rally was again led by semiconductor heavyweights, which continued to dominate market momentum. Samsung Electronics rose 2.07 percent to trade at 271,500 won and SK hynix gained 1.12 percent to 1,619,000 won. The advance followed another record-setting day in the United States, where the Dow Jones Industrial Average rose 1.24 percent while the S&P 500 and Nasdaq Composite climbed 1.46 percent and 2.02 percent, respectively, both setting fresh all-time highs. Investor sentiment improved after U.S. President Donald Trump said Iran appeared willing to abandon its nuclear ambitions and pursue a deal, raising hopes that tensions in the Middle East could ease despite lingering geopolitical uncertainty. Oil prices tumbled on expectations that a broader regional conflict could be avoided, easing inflation concerns that had weighed on global equities in recent weeks. Brent crude fell 7.83 percent to settle at $101.27 a barrel, while West Texas Intermediate crude dropped 7.03 percent to $95.08. The global chip rally accelerated after U.S. chipmaker AMD posted surprisingly strong earnings, sending its shares up 18 percent overnight and lifting broader AI-related stocks. NVIDIA climbed 5.77 percent after announcing plans to expand optical manufacturing facilities in the United States with Corning, while Intel gained 4.49 percent and Micron Technology advanced 4.12 percent. The momentum spilled into Seoul, with semiconductor, auto and heavy industry shares remaining resilient despite heavy foreign selling, as retail investors stepped in to support the market after its recent record-breaking surge. Auto stocks traded higher, with Hyundai Motor jumping 5.45 percent to 580,000 won and Kia advancing 2.91 percent to 159,100 won. Among defense and heavy industry names, HD Hyundai Heavy Industries climbed 3.55 percent to 671,000 won, and Doosan Enerbility surged 6.85 percent to 135,700 won. In the financial sector, Samsung Life Insurance edged up 0.34 percent to 299,000 won, while KB Financial Group slipped 0.38 percent to 158,300 won. Battery-related shares underperformed the broader market, with LG Energy Solution falling 1.66 percent to 474,000 won. Hanwha Aerospace also dropped 3.21 percent to 1,387,000 won despite continued strength in defense-related plays overall. Market concentration has intensified rapidly as Korea’s equity rally becomes increasingly dependent on semiconductor heavyweights. As of Wednesday’s close, the combined market capitalization of Samsung Electronics common shares, Samsung Electronics preferred shares and SK hynix reached about 2,848 trillion won, accounting for roughly 47 percent of the KOSPI’s total market value of 6,058 trillion won and responsible for nearly 80 percent behind KOSPI rally. Including related affiliates such as SK Square, Samsung C&T and Samsung Life Insurance pushes that figure above 50 percent, underscoring growing concerns that the market’s gains are becoming narrowly concentrated around a small group of conglomerate-linked AI beneficiaries. The divergence between large and small stocks has widened sharply in recent weeks. Over the past month, the KOSPI large-cap index rose 38 percent, compared with gains of 21 percent for mid-cap shares and 11 percent for small-cap stocks. Since the start of the year, when the KOSPI began its explosive climb on AI-driven optimism, large-cap stocks have surged 82 percent, more than four times the gain posted by small-cap shares. Even during Wednesday’s historic surge into the 7,000 milestone, large-cap stocks climbed 7.22 percent, while mid-cap shares were nearly flat and small-cap stocks declined. The growing divide reflects continued investor demand for large-cap stocks with stronger earnings outlooks amid ongoing geopolitical and energy market uncertainty. Foreign investors bought a net 7.23 trillion won worth of KOSPI shares over the past month, with most inflows concentrated in Samsung Electronics, SK hynix and Doosan Enerbility. Brokerages expect momentum in semiconductor, power equipment, defense, brokerage and renewable-energy shares to continue through the first half, as global AI infrastructure spending and liquidity-driven foreign inflows continue to dominate market direction. 2026-05-07 10:04:03

Korea Fair Trade Commission to Brief Big Conglomerates on Disclosure Rules South Korea’s antitrust regulator will hold tailored briefings online and in person for disclosure officers at major conglomerates, aiming to prevent repeat violations.  The Korea Fair Trade Commission said May 7 it will host the sessions with the Korea Chamber of Commerce and Industry from May 11 to 13 for companies designated as disclosure-target business groups, commonly known as large conglomerates.  The commission holds quarterly briefings each year to improve understanding of disclosure requirements and curb recurring violations. Groups that breach the disclosure system can face corrective orders and administrative fines of up to 100 million won.  Last month, the commission newly designated 11 groups as large conglomerates: Line, the Korea Teachers’ Credit Union, Woongjin, Shielders, Daemyung Chemical, Toss, Kolmar Korea, Heesung, Orion, QCP Group and Iljin Global. Including the newly designated groups, the total number of large conglomerates in South Korea is 102. At the briefings, the commission will also explain obligations related to status disclosures, disclosures of large internal transactions, and disclosures of key matters for unlisted companies, reflecting cases in which the controlling person of some groups has changed to a natural person. It will provide additional guidance tied to this year’s group designations and set aside time for questions and answers, offering company-specific assistance.  The commission said it will continue outreach online. In the first half of the year, it plans to produce explanatory videos on large internal transactions, key matters for unlisted companies and group status disclosures, and release them on its official YouTube channel. In the second half, it plans to hold “on-site disclosure briefings” for conglomerates based outside the capital region. * This article has been translated by AI. 2026-05-07 10:03:21

Yu Jang-hee Warns of Global Economic Reset, Urges Korea to Diversify Export Markets The global economic order is being reshaped at speed, with war, tariffs and technology rivalry colliding and undermining the free-trade system that long underpinned growth. Yu Jang-hee, head of the National Council of Elders’ Wonjiwon, described the moment not as a routine downturn but as a “transition of order,” citing the Russia-Ukraine war, conflict in the Middle East, U.S. tariff policy and U.S.-China tensions. Yu said higher energy prices and unstable supply chains could drive inflation while slowing growth. He argued South Korea’s heavy reliance on external demand leaves it among the first to feel global shocks, despite its top-10 economy and competitiveness in manufacturing, semiconductors and cultural industries. As a response, Yu called for “market diversification,” urging South Korea to reduce dependence on exports centered on the United States and China and expand into India, Africa, Latin America and other regions. He also said Korean companies’ strength lies in their ability to adapt quickly and adopt new technologies such as artificial intelligence, adding that outcomes will depend on strategy. “Korea is still a competitive country, and if it sets the direction correctly, it can create opportunities,” he said. - How do you view the global economy now. “Today’s global economy is hard to describe as a simple slowdown or recession. It is closer to a structural transition in which the international order itself is being shaken. In the past, economic and security issues were partly separated. That is no longer the case. The Russia-Ukraine war, Middle East conflict and U.S. tariff policy are binding the economy and security into a single structure. At the same time, technological innovation such as AI is changing the business environment fundamentally. In this situation, conventional countercyclical policy is not enough. Geopolitical risk and competition for technological dominance are working at the same time. This is not a ‘business cycle’ crisis but a ‘change in order.’ And it will not end quickly; it could last more than 10 years.” - What is the root cause of the free-trade order weakening. “The free-trade system provided a stable growth environment for about 20 years after the WTO launched in 1995. But the decisive turning point was U.S.-China conflict. China expanded its global market share on price competitiveness while using state-led industrial policy to foster specific industries. That undermined market fairness, and the United States came to see it as a threat. Tariff policy took hold under the Trump administration, and the conflict became structural. This is not a simple trade dispute. It is a ‘hegemony competition’ linking technology, security and industrial policy, so it is difficult to resolve and likely to be prolonged.” - How will the recent Middle East situation affect the economy. “The Middle East has always had a major impact on the global economy because of energy. When conflict breaks out, oil supply becomes unstable and prices rise. Higher energy prices raise production costs and increase inflation pressure. The biggest concern is stagflation — rising prices with slowing growth. Policy responses are difficult: raising rates deepens a downturn, while cutting rates can push prices higher. Another key point is that the conflict is unlikely to end quickly. Ending a war is harder than starting one, and if energy infrastructure is damaged, restoration can take years. So this is not just a short-term shock; it could affect the global economy over the medium to long term.” - How do you assess South Korea’s current position. “Objectively, South Korea has reached a very high level. It has a top-10 economy and global competitiveness in semiconductors, manufacturing, bio and cultural content. But it also has clear structural vulnerabilities. The biggest is high external dependence — a large export share and heavy reliance on specific countries. In that structure, external shocks show up quickly. If global demand falls, exports drop and growth is affected immediately. In short, Korea has strengths and weaknesses at the same time: it is competitive, but highly exposed to the external environment.” - What is the solution to overcome these limits. “The most important thing is market diversification. Korea has relied heavily on two pillars, the United States and China. They remain important, but dependence on them alone is risky. Korea should actively expand into India, Africa, Latin America and Southeast Asia. These regions have growing populations and strong potential for economic growth, making them important long-term markets. Diversification is not just about increasing exports. It is about stabilizing the national economy by changing a structure in which the whole economy can be shaken by conditions in a single country.” - How do you assess the competitiveness of Korean companies. “Korean companies’ biggest strength is adaptability. They respond quickly when conditions change and actively adopt new technologies. That matters in global competition. That strength is likely to continue in the AI era. Korea has strong digital infrastructure and IT capabilities, giving it an advantage in applying AI to industry. There may be gaps in foundational technology, but in practical use and application, Korea can be competitive. That is why Korean companies can find opportunities even in a crisis.” - How important is South Korea-U.S. economic cooperation. “Cooperation remains very important. The United States has top competitiveness across advanced technology, finance and manufacturing, and it basically maintains a free-market system, which provides a stable basis for cooperation. There may be short-term friction over tariffs or industrial policy, but over the long term the relationship is likely to hold. In technology, cooperation is essential. In semiconductors, AI and bio, cooperation with the United States is a major help to Korea’s economy.” - What is your outlook for shipbuilding and defense industries. “Shipbuilding is facing a very interesting opportunity. U.S. shipbuilding competitiveness has weakened significantly. If Korean companies enter, they can secure market leadership. Defense is similar. As the global security environment becomes more unstable, demand is rising. Korea has technology and production capacity, so it can be competitive. These two industries are likely to become important growth pillars for Korea’s economy.” - What is the future of the semiconductor industry. “Semiconductors are a core industry for Korea. There are risks, but it is also the biggest opportunity. Korea is very strong in advanced semiconductors. The key is to sustain innovation. Korea must move beyond production-centered growth and secure high value-added technology. With intensifying global competition, continued investment and R&D are needed.” - Where does Korea stand in the AI era. “AI is a technology that will change every industry. Korea may lag in foundational technology, but it can be competitive in applications. AI use is spreading quickly, especially in manufacturing and content industries. Speed is critical. Because change is so fast, a slow response can widen gaps. The government and companies should invest aggressively together.” - What is the biggest long-term risk. “Population cliff, talent cliff and labor cliff. The talent issue is the most serious. In the AI era, talent is competitiveness. Korea lacks talent and also faces outflows abroad. If it cannot solve this, long-term growth will be difficult.” - Even so, are you optimistic about Korea’s economy. “Yes. Korea has proven competitiveness in many areas — manufacturing, technology, culture and defense, among others. Another important factor is trust: global trust in Korean products and companies is high. With those strengths, if Korea sets the direction well, it can grow.” :Yu Jang-hee, Wonjiwon chief: Yu is a leading South Korean expert in international economics and trade. He graduated from Seoul National University’s economics department and earned a doctorate in economics in the United States, then worked across academia and policy. He led multiple economic and trade-related institutions, including the Korea Institute for International Economic Policy (KIEP), and was deeply involved in shaping South Korea’s external economic policy. He has played an important role in South Korea-U.S. economic cooperation, working with major U.S. think tanks and corporate networks to help broaden the foundation for Korean companies’ global expansion. He has continued research on changes in the international economic order and trade policy, and has spoken consistently on issues including U.S.-China tensions, expanding protectionism and global supply-chain restructuring. Yu is seen as combining academic analysis with a policymaker’s practical perspective, offering solutions that can be applied to economic policy and corporate strategy. He continues to study global economic trends and South Korea’s response strategies, advising both companies and government. He has emphasized “market diversification” and “corporate competitiveness” as key themes for South Korea’s economic survival amid rapid change in the global order. 2026-05-07 09:59:45

SK Telecom Posts 5.376 Trillion Won Q1 Operating Profit as AI Data Center Sales Surge SK Telecom (SKT) said it showed signs of recovery in the first quarter after the fallout from a hacking incident last year. Revenue and operating profit edged down from a year earlier, but sales from its AI data center business nearly doubled, and the company maintained net additions in 5G subscribers, keeping a 45.7% market share. SKT said Thursday that on a consolidated basis it posted first-quarter 2026 revenue of 4.3923 trillion won and operating profit of 537.6 billion won. Revenue fell 1.4% from a year earlier and operating profit slipped 5.3%, but the company returned to operating profit in the 500 billion won range, boosting expectations for the second half. Wireless revenue declined 3% to 2.5813 trillion won. Still, 5G continued to expand as a share of handset subscribers, reaching 81%. Net additions of 5G subscribers continued, and SKT’s 5G market share held steady at 45.7%. Marketing expenses rose 7.1% from a year earlier to 740.8 billion won, but fell 3.0% from the previous quarter. In the wireline business, revenue from fixed-line communications rose 2.2% to 295.4 billion won, supported by net additions in high-speed internet subscribers and a higher share of gigabit internet users. High-speed internet subscribers increased to 7.311 million. Pay-TV revenue fell 1.3% to 471.9 billion won, and enterprise revenue slipped 1.7% to 274.7 billion won. IPTV subscribers totaled 6.75 million. Against softer telecom results, the AI business helped drive the recovery. AIDC revenue rose 89.3% from a year earlier to 131.4 billion won, helped by higher utilization at new data centers and expanding sales of graphics processing unit as a service, or GPUaaS. AI business-to-business and business-to-consumer revenue fell 10.3% to 45.0 billion won, reflecting weaker cloud revenue. SKT said it expects demand for AI infrastructure to surge, led by global big tech companies, and plans to strengthen competitiveness across the AI data center value chain while continuing to expand its infrastructure footprint. The company also said it will step up shareholder returns and has resumed dividends that had been suspended. The first-quarter dividend is 830 won per share. Chief Financial Officer Park Jong-seok said the first quarter was “a meaningful period” in which the company delivered results aligned with its goals for the year, including strengthening core competitiveness around customer value and restoring profitability through a streamlined AI business. “We will continue focusing on improving performance through sustained results,” he said. 2026-05-07 09:53:15

Finance Minister Koo to Announce Fifth Oil Price Cap at 7 p.m.; Anti-Hoarding Ban Extended to July Deputy Prime Minister and Finance and Economy Minister Koo Yun-cheol said the government will announce the fifth round of a cap on petroleum product prices at 7 p.m. on May 7, ahead of its application starting May 8. He also said the ban on hoarding petroleum products will be extended by two months, through July, and that the government will move to strengthen the system, including introducing administrative fines. Koo made the remarks while chairing the eighth meeting of the interagency task force on special management of consumer prices at the Government Complex in Sejong on May 7. He said the fifth price cap, to take effect from 12 a.m. on May 8, will be set after considering international oil price trends, petroleum consumption, and the fiscal and household burden. “To block misconduct such as refusing to sell under the pretext of the price cap, we will extend the notice banning hoarding of petroleum products through July,” Koo said. He added, “We will also prepare improvement measures, including creating administrative fines and using reward programs, to increase the effectiveness of price-stabilization steps.” On recent price conditions, Koo said that despite the fallout from the Middle East war, the April consumer price inflation rate held at about 2.6% due to the price cap and expanded shipments of agricultural products. He said the price cap, along with steps such as fuel tax cuts, helped reduce the rise in prices by about 1.2 percentage points. Koo also said South Korea’s inflation has been relatively stable compared with other countries. With consumer prices in major economies such as the United States and the United Kingdom running above 3%, he said, South Korea has maintained inflation in the low-to-mid 2% range. The government said it will intensify efforts to manage consumer prices. It will conduct daily checks on key items closely tied to household spending, including petroleum products, agricultural goods, processed foods and daily necessities, and will work with the food industry to promote discount events for about 4,300 items throughout May. As follow-up steps to improve the tariff-rate quota system, the government plans to strengthen inspections across the distribution process, considering the price-stabilization effect of imported agricultural and fisheries products. It also plans to pursue legal revisions, including imposing additional taxes and creating orders to remove goods from circulation. The government will also expand customs clearance support for items affected by the Middle East war. It will strengthen screening for key imports such as petroleum products and naphtha and support diversification of import sources. It said it will simplify procedures to apply preferential tariff rates to Canadian crude oil, seeking to secure up to 33 million barrels a year. To stabilize supplies of medical products, the government said it will conduct special crackdowns on hoarding of essential medical items such as syringes and strengthen responses by prioritizing supply to essential areas such as hemodialysis. “Uncertainty is high as the Middle East war drags on, but we will build a breakwater for the people’s economy,” Koo said. “We will make every effort to stabilize prices and supplies of essential items such as energy and food.”* This article has been translated by AI. 2026-05-07 09:52:13