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Pearl Abyss' 'Crimson Desert' Surpasses 6 Million Sales Worldwide Pearl Abyss' open-world action-adventure game, 'Crimson Desert,' has surpassed 6 million copies in global sales. On June 11, Pearl Abyss announced the milestone via its official social media channels, expressing gratitude to players for experiencing the world in their own ways. 'Crimson Desert' sold 2 million copies on its first day and exceeded 5 million within a month of its release. It achieved the 6 million mark just 83 days after launch, setting an unprecedented sales record in the history of Korean console gaming. User engagement has remained stable since the game's release. Forbes noted that 'Crimson Desert' has maintained a high user retention rate, contrasting with the typical rapid decline in sales seen in single-player open-world games. Pearl Abyss has also revealed plans for a Q3 update and downloadable content (DLC) development, aiming to sustain long-term success through continuous content expansion. Jin-young Heo, CEO of Pearl Abyss, stated, "Despite being a new intellectual property (IP), 'Crimson Desert' has achieved significant success in the global market. We sincerely thank players worldwide and will continue to pursue new challenges to provide enjoyable and high-quality experiences." 2026-06-11 12:18:00 -
Bank of Korea Extends Foreign Currency Liquidity Measures Until Year-End The Bank of Korea has decided to extend its foreign currency liquidity supply measures until the end of the year in response to the surge in the won-dollar exchange rate. This move aims to support banks in securing foreign currency amid ongoing instability in the foreign exchange market and to alleviate upward pressure on the exchange rate. On June 11, the Bank's Monetary Policy Committee held an emergency meeting and voted to extend the interest payment on excess reserves of foreign currency deposits for an additional six months until the end of this year. Initially set to be a temporary measure from January to June, the extension was deemed necessary as the won-dollar exchange rate recently surpassed 1,500 won, increasing volatility in the foreign exchange market. Foreign currency reserves refer to the mandatory reserves that financial institutions must hold when dealing with foreign currency deposits. The Bank of Korea supports banks in securing foreign currency liquidity more stably by paying interest on reserves that exceed the mandatory amount. The interest rate applied to excess reserves will remain aligned with the target range of the U.S. Federal Reserve's policy rate. Meanwhile, foreign exchange authorities are intensifying inspections against market disruption activities. Starting from the previous day, the Bank of Korea and the Financial Supervisory Service have begun foreign exchange inspections targeting banks engaged in foreign exchange operations. The inspections will primarily focus on foreign banks, with both written and on-site checks to assess speculative trading and potential market disruption activities.* This article has been translated by AI. 2026-06-11 12:18:00 -
Government Expands Energy Cashback Program for Households in Second Half of 2026 The government plans to relax the criteria for its household energy cashback program and increase the support amount starting in the second half of 2026. This initiative is a response to the ongoing resource security crisis and energy supply instability caused by the prolonged conflict in the Middle East. On June 11, the Ministry of Climate, Energy, and Environment announced the expansion of the 'household energy cashback' system to address these challenges. The program encourages public participation in energy conservation efforts. Under the current system, households that reduce their electricity usage by more than 3% compared to the average consumption over the same period in the previous two years receive a cashback of 30 to 100 won per kilowatt-hour, which is deducted from their electricity bill. From July to December this year, the key changes include lowering the reduction threshold from 3% to 1% and increasing the cashback amount. The government plans to provide additional support of 20 to 30 won per kilowatt-hour based on the reduction rate, allowing for a maximum cashback of 120 won per kilowatt-hour. In response to recent energy supply uncertainties, the government has intensified demand management efforts. In April, it raised the alert level for oil resource security from 'caution' to 'warning' and upgraded the natural gas alert from 'interest' to 'caution.' Park Deok-yeol, Director of Hydrogen and Thermal Industry Policy at the Ministry of Climate, stated, "Energy conservation is the most economical and effective means of securing energy. We expect that this expanded support will encourage more citizens to participate in energy-saving efforts and reduce their electricity costs."* This article has been translated by AI. 2026-06-11 12:06:00 -
South Korea Faces Economic Crisis Amid Rising Inequality South Korea's economy has entered a phase of "complex polarization," characterized by simultaneous increases in both asset and income inequality. This trend is rapidly weakening the economic status of young people and those without homes, raising concerns that it could diminish productivity and consumer spending, ultimately harming growth potential. According to a report released by the Bank of Korea on June 11, titled "BOK Issue Note: The Reality and Impact of Household Polarization in Our Economy," the Gini coefficient for net assets rose from 0.584 in 2017 to 0.625 in 2025, marking the highest level since the relevant statistics began in 2012. A Gini coefficient closer to 1 indicates greater inequality. The Bank of Korea identified rising real estate prices as a primary cause of the widening asset gap. The surge in housing prices during the COVID-19 pandemic significantly increased the disparity between those who own property and those who do not, while also institutionalizing intergenerational asset inequality, as property ownership is largely concentrated among older individuals. Notably, the number of young people classified as "HENRY" (High Earners, Not Rich Yet) is increasing rapidly. The proportion of high-asset, high-income individuals aged 20 to 34 fell from about 27% in 2017 to approximately 20% in 2025. Even those earning middle to upper-middle incomes are finding it increasingly difficult to ascend to the upper asset tiers, indicating a weakening of the asset formation ladder. Income inequality is also widening again. After showing improvement due to government redistribution policies, the income Gini coefficient experienced a slight uptick in 2024, and market income, excluding policy effects, deteriorated even further. While wages in the IT sector surged due to performance-based bonuses, wage growth in other industries has remained limited, solidifying a "K-shaped" recovery. The spread of artificial intelligence (AI) is seen as a potential exacerbating factor for income polarization. Wage disparities, which previously manifested mainly between regular and irregular employment, are now becoming more pronounced across different industries. Additionally, a Bank of Korea survey indicated that individuals in lower income brackets perceive a higher likelihood of their jobs being replaced by AI. The economic costs of this complex polarization are significant. The Bank of Korea's analysis of a panel of 120 countries found that a 1 percentage point increase in the asset share of the top 10% leads to a 0.16% decrease in total factor productivity. In South Korea, the share of net assets held by the top 10% rose rapidly from 43.0% in 2022 to 46.1% in 2025. This asset structure, heavily reliant on real estate, combined with an aging population, contributes to a phenomenon known as "asset lock-in," further exacerbating productivity declines. The negative impact on domestic consumption is also evident. The proportion of housing expenses for individuals in their 20s and 30s is rising quickly, and the burden of saving for homeownership is reducing discretionary spending capacity. In contrast, older individuals, who have seen their asset values increase due to real estate ownership, struggle to increase consumption due to lower incomes. This trend is reflected in the rising share of young people in the lowest income bracket, which increased from 7.9% in 2020 to 15.2% in 2025. The Bank of Korea believes that existing redistribution policies focused solely on income support are insufficient to address these issues. It calls for policies that diversify asset formation pathways for young people and those without homes, such as investments in the stock market. Furthermore, it emphasizes the need for bold investments in key non-IT industries like shipbuilding, defense, and nuclear power, as well as revitalizing the ecosystem of core industries like semiconductors to ensure that the benefits of growth are distributed throughout the economy. A Bank of Korea official stated, "Our IT sector has a high proportion of imported goods, so even if it grows, a significant portion of the revenue flows out. It is crucial to build a domestic ecosystem. Additionally, industries like shipbuilding, defense, and nuclear power require substantial initial fixed investments, so government policy funding should play a catalytic role."* This article has been translated by AI. 2026-06-11 12:03:00 -
KOSPI Rally Drives Surge in Household Debt; May Bank Lending Rises by 6.9 Trillion Won Last month, as the KOSPI soared, demand for stock investments led to a significant increase in household loans from banks. According to the Bank of Korea's report on financial market trends released on June 11, the balance of household loans from deposit banks, including policy mortgage loans, reached 1,181.8 trillion won at the end of May, an increase of 6.9 trillion won from the previous month. Household loans rose sharply, particularly in other loans, compared to an increase of 2.1 trillion won in the previous month. The balance of credit loans and other loans stood at 240.2 trillion won. After a decline of 600 billion won in April, this category saw a surge of 3.7 trillion won in May, marking the largest increase since April 2021, when it rose by 11.8 trillion won. This surge is attributed to a combination of significant individual stock investments and seasonal funding needs during the traditional family month. Park Min-cheol, head of the Bank of Korea's market management team, stated, "While there is typically an increase in funding needs during the family month, this year's rise in May is largely driven by substantial demand for personal stock investment funds." He added, "In May, foreign investors engaged in large-scale selling for profit-taking and portfolio rebalancing, but individual investors absorbed a significant portion of this selling. It appears that leverage investments using margin loans and bank loans have also increased during this process. However, while investment is a personal decision, it is important to note that if stock prices decline in the future, forced selling could increase market volatility." Mortgage loans rose by 3.2 trillion won to 940.8 trillion won. While the demand for jeonse loans continued to decline, housing transactions in the mid-to-low price range in the metropolitan area increased, along with a rise in demand for interim payments on previously sold properties. Jeonse loans fell by 600 billion won in May, following decreases of 400 billion won in March and 600 billion won in April. Corporate funding needs also grew. Last month, the balance of corporate loans from banks increased by 10.6 trillion won to 1,408.3 trillion won. Loans to large corporations rose by 5.2 trillion won to 317.1 trillion won, while loans to small and medium-sized enterprises increased by 5.4 trillion won to 1,091.2 trillion won. The increase in large corporate loans was driven by ongoing lending activities from banks and the need for working capital to repay corporate bonds, expanding from a previous increase of 5 trillion won. Small and medium-sized enterprise loans continued to grow as banks maintained a trend of expanding corporate credit for productive finance. Corporate bond issuance faced challenges due to rising interest rates, leading to a net repayment of 1.1 trillion won as companies turned to bank loans and other alternative funding sources. Commercial paper and short-term bonds also shifted from a net issuance of 4.9 trillion won last month to a net repayment of 2.1 trillion won. Looking ahead, the flow of household loans is expected to change in response to government real estate policies and stock market trends. Park noted, "After the end of the capital gains tax exemption, the government may introduce measures, and there is uncertainty regarding the direction of the housing market. The stock market is also likely to see significant volatility in other loans depending on market conditions."* This article has been translated by AI. 2026-06-11 12:03:00 -
Public Charging Discounts for Electric Vehicles Boost Usage by 9.2% Charging usage for electric vehicles increased by 9.2% due to a discount policy implemented during weekends and holidays. Based on the success of the spring program, the government plans to continue the discount initiative in the fall months of September and October.The Ministry of Climate, Energy and Environment released the final results of the 'Spring Weekend and Holiday Public Charging Discount' program on June 11, which ran from April 18 to May 31.This initiative was aligned with a seasonal and time-based electricity rate reform that began in April. The goal was to encourage electricity consumption during spring weekends when renewable energy generation is relatively high by temporarily lowering public electric vehicle charging fees.The discount applied to charging sessions conducted on weekends and holidays between 11 a.m. and 2 p.m., benefiting electric vehicle drivers using public chargers operated by the Ministry and Korea Electric Power Corporation. The discount ranged from 40.1 to 48.6 won per kWh, accounting for approximately 12 to 15% of the total charging fee.During the program, approximately 79,114 charging sessions took place across about 13,000 public chargers nationwide, with an average daily usage increase of 9.2% compared to the period before the discount was implemented.By operator, the Korea Automobile Environmental Association managed 60,920 sessions at Ministry-operated chargers, while 18,194 sessions occurred at Korea Electric Power Corporation chargers.The total discount provided to users during this period amounted to approximately 75,458,441 won, with 61,265,591 won for Ministry charger users and 14,197,850 won for Korea Electric Power charger users.This initiative also served as a preliminary assessment of the charging fee structure and operational system ahead of the planned introduction of a time-of-use charging rate system. The Ministry stated that the discount policy successfully alleviated charging cost burdens and promoted electricity usage during periods of high renewable energy supply.Based on the results from the spring program, the Ministry plans to review and enhance the charging facility operation system and fee application system before resuming the discount policy in the fall months of September and October.Jeong Seon-hwa, Director of Green Transition Policy at the Ministry, stated, "This policy was designed to encourage electricity usage during times of high renewable energy supply and expand user benefits. It has become a meaningful first step in assessing the operational system ahead of the future introduction of a time-of-use charging rate system."* This article has been translated by AI. 2026-06-11 12:03:00 -
Im Kwang-hyun: National Tax Service to Evolve into Comprehensive Revenue Agency Im Kwang-hyun, head of the National Tax Service (NTS), outlined plans on June 11 to transform the agency from a tax collection body into a comprehensive revenue agency, known as the Korea Revenue Service (KRS). This initiative aims to innovate tax administration through the use of generative artificial intelligence (AI) and establish a unified collection system for non-tax revenues. During a briefing at the Government Sejong Center, Im stated, "The past year was a time to eliminate unfair practices and establish tax justice. The coming year will be a period of significant progress that exceeds the expectations of the public." Over the last year, the NTS focused on establishing tax justice and supporting economic stability. The agency intensified audits targeting unfair trading practices in the capital market, such as stock manipulation, tunneling, and illegal trading rooms, as well as tax evasion related to real estate and inflation-driven tax violations. By utilizing AI and big data analytics, the NTS enhanced its ability to respond to new forms of tax evasion and increased efforts to collect from high-value and habitual tax delinquents. Notably, the overdue tax management team, launched in July of last year, achieved a record collection of 3.1 trillion won through precise tracking using financial information and asset changes. To further strengthen its collection capabilities, the NTS plans to establish a new overdue tax management team for non-tax revenues starting in July. The NTS also expanded taxpayer support in response to challenges faced by individuals affected by wildfires and the prolonged conflict in the Middle East. Measures included extending payment deadlines, deferring audits, and suspending seizures and sales. Customized support for small businesses and early refunds were also implemented. As a key initiative for the second year of the citizen-led government, the NTS proposed the transition to a comprehensive revenue agency (KRS). While the NTS has traditionally focused on tax collection, it aims to broaden its role to encompass the management of all state revenue, including fines, fees, and compensation payments. To achieve this, the NTS plans to push for the enactment of a unified collection law and reorganize its structure and IT systems to streamline the management of state revenue. The operation of the overdue tax management team for non-tax revenues will mark the beginning of a phased expansion of unified collection functions. The NTS is also accelerating AI-driven innovations in tax administration. Plans include expanding generative AI chatbots and AI telephone consultation services, as well as introducing AI search functions on the Home Tax platform to enhance taxpayer convenience. AI will be actively utilized in audits, tax evasion detection, and overdue management to improve operational efficiency. By 2028, the NTS aims to implement an "AI tax administration era," where AI will analyze taxpayers' income and deductions to automatically prepare tax returns and provide personalized tax consulting. This initiative will help taxpayers complete their tax filings easily and conveniently without having to navigate complex tax laws. Im emphasized, "We will ensure the success of the AI transformation, thoroughly manage overdue taxes, and steadfastly advance as a comprehensive revenue agency focused on the public." 2026-06-11 12:03:00 -
Coupang Expresses Regret Over Record Fine from Privacy Commission Coupang has expressed regret over a record fine of 624.68 billion won imposed by the Personal Information Protection Commission (PIPC) for data breaches. The company indicated it would pursue legal action to clarify the facts surrounding the decision. In a statement released on June 11, Coupang apologized for the concerns caused to customers and the public due to the recent data breach incident. The company pledged to strengthen its personal information protection framework and work diligently to regain customer trust. However, Coupang expressed disappointment with the PIPC's ruling. The company stated, "We regret that the proactive measures taken to prevent secondary damage related to last year's data breach and our clear explanations based on factual circumstances were not adequately reflected in the PIPC's decision." The PIPC announced that Coupang had leaked personal information of approximately 37.5 million users and unlawfully collected and stored online activity records of 11.17 million members without legal grounds, leading to the record fine. This is the largest penalty ever imposed for violations of South Korea's personal information protection laws. Coupang also defended its operations related to the 'Coupang Partners' program, which was included in the sanctions. The company stated, "Coupang Partners is a program that allows thousands of domestic creators, bloggers, and small businesses to recommend products and generate revenue. We operate it legally and protect customer data using the same affiliate model as other global companies." Coupang concluded by stating, "We hope that the facts will be clearly established through legal procedures after receiving the official resolution from the PIPC."* This article has been translated by AI. 2026-06-11 11:48:00 -
National Assembly Reports Investigation Demand Over Ballot Shortage, Initiates Election Reform The National Assembly completed the reporting process for a demand for a national investigation into the ballot shortage that occurred during the June 3 local elections. Both ruling and opposition parties have deemed the incident serious and emphasized the need for a swift investigation, prompting the Assembly to move quickly toward reforming the National Election Commission. On the morning of June 11, the Assembly held a plenary session to report the investigation demands related to the ballot shortage submitted by both parties. Speaker Cho Jung-sik stated, "Both negotiating groups have submitted demands for a national investigation regarding the ballot shortage. Elections are the foundation of democracy. The incidents that occurred during this local election have undermined citizens' fundamental rights and eroded trust in election administration." He added, "I hope that through this investigation, we can accurately diagnose the issues within the current election management system and establish comprehensive improvement measures to ensure a trustworthy electoral system for the public." Previously, on June 8, the Democratic Party and the People Power Party each submitted demands for a national investigation into the ballot shortage. The Democratic Party's demand, led by floor leader Han Byung-do, focuses on several key areas: the legality and adequacy of the criteria and review process for determining the number of ballots printed; the circumstances surrounding the shortage of ballots at polling places; the appropriateness of the response measures taken; the investigation into the closure of polling stations and administrative paralysis; and the need for reforms in election management guidelines and systems to prevent recurrence. The People Power Party, represented by floor operation chief Yoo Sang-bum, outlined its demand to investigate the causes and circumstances of the ballot shortage, the simultaneous voting and counting process, the decision to halt counting, the extent of voter rights violations due to the ballot shortage, the circumstances surrounding the exit poll announcements before voting ended, the police's handling of public violence, and the National Election Commission's dereliction of duty. Both parties agree on the necessity of a thorough investigation into the incident. However, they differ on the composition of the special committee for the national investigation, with the Democratic Party advocating for appointments based on the proportional representation of negotiating and non-negotiating parties, while the People Power Party insists on equal representation. Additionally, during the plenary session, the oath of office for lawmaker Kim Sung-beom, who was absent due to personal reasons during the previous session on June 5, was administered, and the establishment of a special committee on climate crisis was also approved. Kim stated, "Politics should safeguard the lives and happiness of the people, and I will seek the wisdom of my senior lawmakers to address these challenges."* This article has been translated by AI. 2026-06-11 11:48:00 -
Labor Minister Kim Young-hoon Calls for Urgent Measures After Fatal Accident at POSCO E&C Site Following another fatal accident at a POSCO E&C construction site, the government has initiated a rigorous response, including headquarters oversight and mandatory investigations. On June 9, a worker fell to his death at the construction site of the Shinansan Line double-track railway in Gwanak-gu, Seoul. The Ministry of Employment and Labor announced on June 11 that it plans to implement special measures, including enhanced oversight of POSCO E&C's headquarters and construction sites nationwide. The incident occurred at approximately 5:26 PM in an electrical conduit room at the construction site, resulting in one fatality. According to the ministry, there have been a total of 10 deaths at POSCO E&C since 2023, with one death in 2023, three in 2024, five in 2025, and one this year. Notably, the Shinansan Line construction site has experienced repeated fatalities. Labor Minister Kim Young-hoon, currently attending the International Labour Organization (ILO) conference in Geneva, Switzerland, instructed that immediate and decisive measures be taken following the report of the accident. The ministry plans to conduct joint inspections with the Ministry of Land, Infrastructure and Transport at seven work sections of the Shinansan Line construction site to assess overall safety management practices. If significant risks such as falls or collapses are identified during the inspections, the ministry will issue safety and health diagnosis orders and designate dedicated supervisors for focused management. Unannounced inspections will also be carried out at other POSCO E&C construction sites. Additionally, the ministry will oversee POSCO E&C's headquarters to verify compliance with safety and health management system improvements recommended by the government in January. Any deficiencies will require the company to develop improvement plans. In connection with this incident, the ministry plans to pursue compulsory investigations, including searches, to determine the cause of the accident and investigate potential violations of the Industrial Safety and Health Act and the Serious Accidents Punishment Act. Upon his return, Minister Kim intends to convene representatives from POSCO E&C and other affiliates of the POSCO Group to review safety management practices and demand measures to prevent future incidents. Minister Kim stated, "The recurrence of fall accidents due to the failure to implement basic safety measures raises questions about the effectiveness of disaster prevention measures. We will hold accountable any violations and strongly demand fundamental measures to prevent serious accidents from happening again."* This article has been translated by AI. 2026-06-11 11:45:00