KOSPI flies over yet another milestone on single chip engine SEOUL, May 06 (AJP) - South Korea’s stock benchmark powered through energy shocks and inflation fears to race past one four-digit milestone after another and outperform the S&P 500, though the rally is increasingly raising concerns over overheating and heavy dependence on a single engine: semiconductors. The KOSPI closed at 7,384.56 on Wednesday, up 6.45 percent, blasting through another psychological threshold without the usual consolidation period. The rally remained May 6, 2026

Han Byung-do reelected as DP floor leader SEOUL, May 6 (AJP) - Three-term lawmaker Han Byung-do was reelected floor leader of the ruling Democratic Party (DP) on Wednesday, becoming the first in the party to win a second consecutive term in the post. Han, who was the sole candidate in the race, won by a majority in a vote that combined ballots from both lawmakers and party members. The exact vote tally was not disclosed under the party's internal election rules. Despite some debate within the party over how to procee May 6, 2026

KOSPI shatters 7,300, outpacing Asia as foreign buying floods chip stocks SEOUL, May 06 (AJP) - South Korea’s benchmark KOSPI surged to a fresh record high Wednesday, sharply outperforming regional peers as foreign investors piled into semiconductor heavyweights, while most Asian markets posted more modest gains and Japan remained closed for the Golden Week holiday. The KOSPI jumped 6.5 percent to close at 7,384.56, after moving between an intraday low of 7,093.00 and a high of 7,426.60, briefly breaking above the 7,400 level during the session. May 6, 2026

Seoul at a strategic crossroads as Hormuz crisis deepens SEOUL, May 06 (AJP) - A third Korea-bound tanker has begun a longer but safer voyage through the Red Sea to carry much-needed crude home, while an HMM cargo carrier damaged by an explosion in the heart of the Strait of Hormuz is being towed toward port — two parallel scenes underscoring the growing price South Korea is paying for its heavy dependence on Middle Eastern energy supplies. With both Washington and Tehran claiming the upper hand over the strategic chokepoint, uncer May 6, 2026

Stocks on unfettered rally, bonds dip as Seoul markets bet on inflation-driven rate hike SEOUL, May 6 (AJP) — The rationale for higher interest rates gained ground in South Korea as inflation, long subdued by lethargic demand, accelerated at the fastest pace in 21 months in April after the blockade of the Strait of Hormuz triggered a surge in imported prices, while the benchmark stock index nearly tripled from a year earlier to touch a new four-digit milestone. According to data released by the Ministry of Data and Statistics (MDAS) on Wednesday, consumer pric May 6, 2026

North Korea drops reunification references in revised constitution, consolidates leader's power SEOUL, May 6 (AJP) - North Korea has added a clause newly defining its territory and removed all references related to reunification with the South in its revised constitution, according to the Ministry of Unification here. In a press conference at the government complex in central Seoul on Wednesday, the ministry said North Korea has defined its territory as the land it shares borders with China and Russia to the north and South Korea to the south including its surrounding waters a May 6, 2026

Apple weighs Samsung for chip supply as Samsung joins $1 trillion club SEOUL, May 06 (AJP) - Apple Inc. is reportedly exploring partnerships with Samsung Electronics and Intel to reduce its heavy reliance on Taiwan Semiconductor Manufacturing Co. (TSMC) for processor production, a shift that coincides with Samsung securing a new 4-nanometer artificial intelligence (AI) chip order from a U.S. firm. According to a recent report by Bloomberg, Apple is in early-stage discussions with Samsung and Intel to manufacture its core processors. The move is widel May 6, 2026

Judge in former first lady's corruption case found dead in Seoul SEOUL, May 6 (AJP) - The presiding judge of the Seoul High Court who oversaw the appeals trial on corruption charges involving former first lady Kim Keon Hee was found dead on Tuesday, according to legal officials. Police found judge Shin Jong-oh's body at around 1 a.m. near the court compound in southern Seoul, after receiving a report from his family that they had been unable to reach him about an hour earlier. The 55-year-old was taken to a hospital, where he was pronoun May 6, 2026

South Korea to send special envoy to Costa Rican president's inauguration SEOUL, May 6 (AJP) - South Korea will send former lawmaker Yang Kyung-sook as a special envoy to Costa Rica as the country's new president is set to be inaugurated this week. In a written press briefing, presidential spokesperson Kang Yu-jung said Yang is set to attend Costa Rican President-elect Laura Fernandez's inauguration ceremony on Friday. She will deliver a personal letter from President Lee Jae Myung to Fernandez and discuss South Korea's foreign policy p May 6, 2026

Police 'liberate ' iconic Statue of Peace for first time in six years SEOUL, May 06 (AJP) - The barricades surrounding the Statue of Peace were dismantled by police on Wednesday after six years of isolation and confinement. The bronze monument, which symbolizes victims of Japanese wartime sexual slavery, is now publicly accessible and free from the immediate threat of vandalism. The Statue of Peace depicts a teenage girl sitting on a chair, staring toward the former site of the Japanese embassy in central Seoul. Since its first installation in 2011, May 6, 2026