South Korea approves five National Growth Fund projects, bringing total to 8.4 trillion won The Financial Services Commission is moving to step up investment through the National Growth Fund. The FSC said Saturday it approved funding support for five projects at a meeting of the fund’s investment review committee. With the latest approvals, the fund has approved 11 projects totaling 8.4 trillion won in cumulative financing. A key agenda item was a 100 billion won direct investment in Upstage, a South Korean AI venture that develops AI solutions for businesses and government and builds large language models. The FSC said the investment will be used to develop next-generation AI models and build infrastructure to operate large language models, as part of a planned 560 billion won fundraising effort. The committee also approved a project to build a national AI computing center. The FSC said the approval confirms 400 billion won in capital fundraising, with plans to pursue additional loans of up to more than 2 trillion won. A proposal tied to building an advanced industrial belt in Saemangeum was also approved. The National Growth Fund decided to provide Future Graph with a total of 250 billion won in low-interest loans, including 200 billion won from an advanced strategic industries fund. The FSC said the factory project, with 400 billion won to be invested, is expected to establish an annual production base of 37,000 tons of spherical graphite at the Saemangeum National Industrial Complex. Other approved items included an expansion of STGen Bio’s contract manufacturing plant for biopharmaceuticals and low-interest loans for a midsize semiconductor materials company. The FSC said it is accelerating investment planning after creating the 150 trillion won National Growth Fund to foster advanced strategic industries and support an economic rebound. It said it will regularly announce large-scale projects with broad industrial spillover effects while responding on an ongoing basis to diverse funding needs across the advanced-industry ecosystem.* This article has been translated by AI. 2026-05-03 12:05:10

South Korea launches public contest for water-energy integration ideas The government is seeking policy ideas that treat water and energy as a single system, aiming to improve efficiency by linking areas that have been managed separately. The Ministry of Climate, Energy and Environment said Saturday it will run a nationwide “Water-Energy Convergence” idea contest from May 4 to 31. In this context, “water-energy convergence” refers to a cooperation platform that integrates the water and energy sectors into one circular system and applies it jointly in policy and projects. One example cited is an alert service that provides real-time integrated information by combining the advanced metering infrastructure (AMI) remote-metering networks previously operated separately by Korea Electric Power Corp. and Korea Water Resources Corp. Water underpins energy production, including power generation, cooling and hydrogen production, while energy is essential across the full water cycle, from intake and purification to transport and treatment. Because the two sectors depend on each other, calls for integrated management have persisted. The contest is designed to go beyond technical proposals and focus on policy ideas the public can feel. It will accept entries in two categories: policy proposals for young people and practical, everyday saving measures open to all. After preliminary screening, a public vote and final evaluation, the government plans to select six winners. Prizes, including minister’s awards, will total 7 million won. The contest also follows steps to formalize integrated water-energy policy. In February, the ministry launched a Water-Energy Convergence Forum involving 12 public institutions to build a basis for policy cooperation. The ministry said it plans to link policies, technologies and resources across the two fields to establish an integrated management system. “The key task is to merge water and energy policies into one to improve convenience in people’s daily lives,” said Kim Ji-young, the ministry’s director general for water-use policy. “We will reflect ideas found through the contest in policy.”* This article has been translated by AI. 2026-05-03 12:04:29

Korea Fair Trade Commission Fines Jeju Liquor Wholesalers Group for Price, Client Controls Jeju’s liquor wholesale market has long operated under practices that controlled prices and customer accounts, and competition authorities have now sanctioned the trade group at the center of those rules.  The Korea Fair Trade Commission said Saturday it decided to issue corrective orders and fine the Jeju Liquor Wholesalers Association 256 million won for restricting competition among member companies by blocking efforts to win customers and by limiting discounts on selling prices. According to the commission, the association has barred members since 2018 from taking over existing customer accounts under rules titled “Implementation Rules for the Transaction Normalization Council.” It repeatedly shared the policy through meetings, and in 2023 it introduced separate guidelines — “Guidelines for Dispute Mediation Among Members of the Liquor Transaction Cleanup Committee and Measures for Violations” — spelling out sanctions for violations. The association also curbed price competition by setting benchmarks it called “normal price” and “survival price” and pressuring members not to supply liquor below those levels, the commission said. In 2020, it set a rule that, for transactions without support, discounts must stay within 10% of the normal price — effectively blocking members from using price competition to secure customers. The commission imposed a 22 million won fine for restricting competition to win customers and 234 million won for limiting selling prices. It said the impact was broad because most Jeju wholesalers belong to the association. Jeju has only 22 comprehensive liquor wholesale licenses, about 2% of the national total of 1,100, the commission said, making the market especially susceptible to association-led rules.  The commission ordered the association to stop similar conduct and to notify member companies of the corrective order. A wholesaling industry official said business practices in Jeju are likely to change. “The practice of not touching each other’s accounts has effectively been maintained as an unspoken rule,” the official said, adding that “some competition on price or terms may emerge.” A commission official said the agency expects more competition in supply prices for products such as soju and beer, which are popular with Jeju residents and domestic travelers. The official said the commission will continue monitoring collusion in markets closely tied to household prices to reduce the public’s economic burden.* This article has been translated by AI. 2026-05-03 12:03:59

World Bank Names Min Jin-a as Director for Market and Counterparty Risk The World Bank Group has appointed Min Jin-a, head of credit risk for the state-owned enterprise and reinsurance division at the Multilateral Investment Guarantee Agency, as director for market and counterparty risk, South Korea’s Ministry of Economy and Finance said Sunday. The ministry said Min is scheduled to take up the post on June 1. With the appointment, the number of South Koreans in senior World Bank posts will expand to one vice president and one director. Min is a risk management specialist with about 20 years of experience. After working at private financial institutions including Goldman Sachs, she joined MIGA in 2017 as a senior credit risk officer. Since 2021, she has led credit risk for MIGA’s state-owned enterprise and reinsurance division. Director-level posts in the World Bank Group are key senior positions overseeing organizational operations. The ministry said South Koreans have held such posts only three times, and there has been no Korean director-level official at the World Bank since 2025. In July last year, Kim Sang-bu was appointed the World Bank’s first Korean vice president. The government has promoted policies to expand the hiring and advancement of South Koreans at international financial institutions, including operating junior professional officer and midcareer expert programs and holding recruitment briefings. A ministry official said the government will continue to strengthen cooperation with international financial institutions and create more hiring opportunities to support Korean talent seeking overseas careers.* This article has been translated by AI. 2026-05-03 12:03:14

Lee Says Illegal Loans Exceeding Legal Rate Are Void, Borrowers Need Not Repay President Lee Jae-myung said loan contracts that exceed the legal interest-rate cap are invalid, signaling a tougher response to harm caused by illegal private lenders. The message was widely seen as encouraging victims to report abuses. Lee wrote on X, formerly known as Twitter, on Saturday after sharing a post by Financial Services Commission Chairman Lee Eok-won: “Illegal loans that exceed the legal limit do not have to be repaid.” In his post dated April 28, the FSC chairman said a revised enforcement decree to the Loan Business Act had passed a Cabinet meeting and stressed that any loan contract carrying an annual rate above 60% makes both principal and interest void. The revised decree focuses on lowering barriers for victims to file complaints. It spells out reporting forms in greater detail to make them easier to complete. It also allows the Credit Counseling and Recovery Service, which runs the Inclusive Support Center for 서민금융, to ask the Ministry of Science and ICT to suspend use of phone numbers used for illegal debt collection or loan advertising. The government previously revised the enforcement decree in July last year to establish grounds to void ultra-high-interest illegal loan contracts. Under that revision, contracts deemed clearly unfavorable to borrowers because they involved sexual exploitation, human trafficking, or violence and threats, as well as contracts with annual rates above 60%, can be voided in full for both principal and interest. Financial authorities said the latest revision should make it easier for victims to report illegal private lending and enable faster blocking of contact methods used for unlawful collection. The government says it will strengthen its response to illegal financial practices that harm the public, including ultra-high-interest loans and coercive debt collection. 2026-05-03 11:51:15

South Korea to Provide 3.1 Billion Won in Aid to Fish Farmers Hit by Cold-Water Losses The government has provided 3.1 billion won in support to fishing households that suffered losses from abnormal weather and other natural events. The Ministry of Oceans and Fisheries said Sunday that it provided disaster relief payments and loans to affected households on April 30 to help with recovery. Low water temperature refers to a sharp drop in sea-surface temperatures during winter cold snaps. Farmed species are vulnerable because their immunity weakens, while feed intake and digestion decline, raising the risk of die-offs. To limit damage from low temperatures this year, the ministry provided 1.5 billion won to aquaculture households that carried out emergency releases. It also paid 1.4 billion won in disaster relief to oyster farms that were damaged last year by abnormal water temperatures. In addition, 200 million won in support was applied retroactively to fishing households harmed by disasters that occurred before revisions to the Framework Act on the Management of Disasters and Safety took effect. The ministry said it will assess the scale of losses and extend repayment deadlines for existing fisheries policy loans accordingly. It will also reduce interest on policy loans for one year for damage rates of at least 30% but less than 50%, and for two years for damage rates of 50% or more. Fishers seeking support can apply through the National Federation of Fisheries Cooperatives and Suhyup Bank. Choi Hyeon-ho, director general for fisheries policy at the ministry, said the government will pay recovery funds as quickly as possible to help stabilize management at fishing operations. He said the ministry will continue working with local governments and other related agencies to minimize damage from natural disasters.* This article has been translated by AI. 2026-05-03 11:45:15

South Korea’s June 3 Local Elections: Parties Urged to Focus on Livelihood Issues South Korea’s June 3 local elections are a month away. Voters will choose leaders of 16 metropolitan and provincial governments, along with mayors, county chiefs and local council members. The vote carries added weight as the first nationwide election since the current administration took office a year ago. The ruling party is seeking to extend its power from the legislature and the executive branch into local governments, while the opposition is aiming for a late turnaround to regain momentum. But what voters want to hear is less about who wins and more about solutions that improve daily life. Many analysts say the ruling party currently has an edge, citing a steady run of high presidential approval ratings and the early-term preference for stability. The opposition is arguing for checks on what it calls one-sided control by the government and ruling party, but is seen as lacking a decisive catalyst. Still, the outcome could shift with undecided voters, turnout, economic conditions and the strength of candidates by region. A central concern is that both sides are treating the local elections as an extension of national politics. Local races are meant to choose officials who will run communities. Voters need clear plans to improve urban transportation, create jobs for young people, respond to the risk of regional decline, and strengthen caregiving and education services. Instead, campaign messages are dominated by calls to punish or support the administration and by attacks on rivals, pushing local issues to the margins. Regional pressures are mounting. The Seoul metropolitan area faces high housing prices and traffic congestion, while other regions are grappling with population decline, industrial hollowing-out and worsening local finances. Young people leave in search of work, and older residents struggle with gaps in medical care and caregiving. Local universities worry about survival, and small business owners say weak consumption makes it hard to hold on. If the election is reduced to a partisan showdown, the purpose of local elections will be undermined. The ruling party, the editorial said, should not take favorable forecasts for granted. Relying on approval ratings and central power while discounting local sentiment can quickly trigger a backlash. The opposition, it said, should not count on protest votes alone; simply repeating a message of restraint will not be enough without credible regional development strategies and capable candidates. Nominations also need to change, it said. Parachute candidates, faction-based allocations and picks driven by name recognition do little to strengthen local competitiveness. Parties should prioritize experience in local administration, policy expertise, integrity and the ability to communicate. Local autonomy is not a subcontract of national politics, it said, but a system in which regions build their own growth engines. The election should not be judged only by whether the ruling party sweeps the races or the opposition pulls off a late reversal, the editorial said. The standard should be which party diagnoses local problems more accurately and who offers more practical solutions. An election in which livelihoods lose, even if many candidates win, would be meaningless, it said, urging politicians to set aside calculations and focus on residents’ lives. 2026-05-03 11:40:19

Democratic Party lawmaker Cho Jung-sik resigns as presidential aide to seek National Assembly speaker post Cho Jung-sik, a Democratic Party lawmaker running in the race for speaker of the National Assembly in the second half of the 22nd Assembly, said Saturday he will resign as presidential special adviser for political affairs. In a Facebook post, Cho said he was stepping down from the post under President Lee Jae-myung to pursue what he called a “bolder path,” pledging to move toward a “people’s sovereignty National Assembly” and a “livelihood-focused National Assembly.” Cho said that since being appointed in December, he worked to strengthen communication and serve as a bridge linking the party, government and presidential office. “Over the past four months since my appointment, I worked with a heavy sense of responsibility as a ‘bridge of communication’ connecting the party, government and presidential office as one,” Cho wrote. He said he coordinated key state affairs so the ruling party could move “in one breath” for the success of the Lee administration. Cho added that he would devote himself to his public duty with the “proven stability” of a six-term lawmaker. Lee responded in a comment, saying, “You worked very hard. You were always with us, and I sincerely thank you.” Cho, a six-term lawmaker, is expected to register Sunday as a candidate in the Democratic Party’s primary for National Assembly speaker. The party plans to pick its speaker nominee through a two-day vote of dues-paying party members starting May 11 and an in-person vote by lawmakers on May 13.* This article has been translated by AI. 2026-05-03 11:35:41

‘Super Mario Galaxy’ Holds No. 1 at Korea Box Office for Second Straight Day The film 'Super Mario Galaxy' continued its holiday run at the top of the Korean box office, holding the No. 1 spot for a second consecutive day. According to the Korean Film Council's integrated ticketing network, the movie drew 157,843 admissions the previous day to remain No. 1. Total attendance reached 499,472. The film opened April 29 and has been gaining momentum over the May holiday period, attracting family audiences. 'Super Mario Galaxy' follows brothers Mario and Luigi, who rise from Brooklyn plumbers to heroes who save the world. In the new installment, they launch another adventure after rescuing Yoshi, who gets lost while on a mission in the Sand Kingdom. With the previous film, 'Super Mario Bros.,' having set a record for the highest single-day admissions for an animated film on Children's Day, attention is on how the new release will perform through the May holiday stretch. 'The Devil Wears Prada 2' ranked No. 2, selling 153,933 tickets the same day for a cumulative 590,985. The story centers on Miranda, editor-in-chief of the legendary fashion magazine 'Runway,' Andy, who returns as a planning editor after 20 years, and Emily, now a luxury brand executive, as they reunite and compete for influence in fashion amid a changed media landscape. Viewers have been drawn by the reunion of Meryl Streep and Anne Hathaway after two decades. The Korean film 'Salmokji' placed third, drawing 128,030 admissions the previous day for a total of 2,512,387. Released April 8, it has sustained a long run, boosted by word of mouth for its fresh premise and immersive horror. It has far surpassed its break-even point of 800,000 admissions. 'Salmokji' is a horror film about a production crew that heads to a reservoir for a reshoot after an unidentified figure appears on a road-view image, only to confront something in the dark, deep water. It was directed by Lee Sang-min and stars Kim Hye-yoon, Lee Jong-won, Kim Jun-han, Kim Young-sung, Oh Dong-min, Yoon Jae-chan and Jang Da-a.* This article has been translated by AI. 2026-05-03 11:34:53

Reform Party’s Cho Eung-cheon calls Seoul-area candidates meeting over special counsel bill Cho Eung-cheon, the Reform Party’s candidate for Gyeonggi governor, on May 3 criticized a Democratic Party-backed bill to appoint a special counsel to probe alleged “fabricated indictments,” calling it “a special counsel bill to cancel indictments” and “a bill to erase crimes” aimed at covering up “all of President Lee Jae-myung’s offenses.” He proposed an emergency joint meeting of Seoul-area candidates for metropolitan government posts. Speaking at a morning news conference at the National Assembly, Cho said candidates who agree the country is in an emergency should meet at 3 p.m. to coordinate a response. The Democratic Party on April 30 introduced a special counsel bill to investigate allegations that prosecutors under the Yoon Suk Yeol administration fabricated indictments in cases including the Ssangbangwool remittances to North Korea case and the Daejang-dong case. Cho singled out Choo Mi-ae, the Democratic Party’s candidate for Gyeonggi governor, as the starting point of the controversy. “At the beginning of all this is candidate Choo, who is excited about her dream of becoming Gyeonggi governor,” he said, adding that as the previous chair of the National Assembly’s Legislation and Judiciary Committee she pushed “all kinds of strange special counsel bills” and led what he called a “monstrous” bill. He also criticized Choo for, in his words, giving up her committee post to Rep. Seo Young-kyo after deciding to run for governor and then offering no explanation “as if she has nothing to do with it.” He urged her to “stop hiding” and state clearly, “as a lawyer,” whether the bill has problems. Cho encouraged participation by People Power Party Seoul mayoral candidate Oh Se-hoon and Gyeonggi gubernatorial candidate Yang Hyang-ja. “I’m waiting for a response from Seoul-area candidates for metropolitan government posts, including candidate Oh Se-hoon, who is a lawyer,” he said, adding that it would carry weight if they gathered across party lines to speak with one voice. Asked whether the meeting had been coordinated in advance and whether it might fall through, Cho said there had been no prior coordination. If the meeting cannot be held due to time constraints, he said, he could ask to have his name included if a joint statement is issued.* This article has been translated by AI. 2026-05-03 11:34:01