Financial authorities to crack down on misuse of state-supported loans SEOUL, May 11 (AJP) - Financial authorities will step up efforts to prevent some businesses from profiting by lending government-funded money to their subcontractors at excessively high interest rates. The Financial Services Commission (FSC) and the Fair Trade Commission (FTC) said on Monday that they will strengthen monitoring and review processes to crack down on improper business practices and other irregularities. They added that companies found engaging in these practices will May 11, 2026

Korea's inflation may soar to 3.7% if Gulf oil crisis persists: KDI SEOUL, May 11 (AJP) — South Korea's inflation could run as high as 3.7 percent this year under the worst-case scenario of an energy shock from the Middle East crisis, according to state think tank Korea Development Institute on Monday. The KDI, which is due to announce its revised economic outlook on Wednesday, predicted a bump-up of between 1 and 1.6 percentage points from this year’s estimated inflation rate of 2.1 percent. The forecast, however, excludes po May 11, 2026

Seoul stays cautious on blaming Iran over HMM Hormuz attack SEOUL, May 11 (AJP) - South Korean Foreign Minister Cho Hyun maintained a cautious stance Monday, stopping short of directly blaming Iran for the attack on a Korean-operated cargo ship near the Strait of Hormuz despite the government’s initial conclusion that the vessel had come under an external strike. “There are still things that need to be studied before making a judgment,” Cho told reporters, signaling Seoul’s reluctance to escalate tensions before the i May 11, 2026

US treasury secretary to visit Seoul ahead of Trump's Beijing summit with Xi SEOUL, May 11 (AJP) - U.S. Treasury Secretary Scott Bessent will visit Seoul later this week, just ahead of U.S. President Donald Trump's visit to Beijing for a summit with Chinese President Xi Jinping. "I will depart on Monday for a quick series of meetings in both Japan and South Korea," Bessent said in a post on X, formerly Twitter. He added, "I will stop in Seoul" on Wednesday before heading to Beijing for Trump's summit with Xi Jinping scheduled for May 11, 2026

Defense minister heads to Washington to push for early transfer of wartime troop control SEOUL, May 10 (AJP) - There will be "no major hurdles" in pushing for the speedy transfer of wartime operational control of South Korean troops to Seoul, Defense Minister Ahn Gyu-back said as he left for Washington, D.C. on Sunday for talks with U.S. officials. Speaking to reporters at Incheon International Airport, Ahn said the two countries made "significant progress" through follow-up talks after both sides reached a relevant agreement in 2015, hinting that May 10, 2026

S. Korea to distribute 2.25 million movie discount coupons to boost film industry SEOUL, May 8 (AJP) - In an effort to boost the local film industry, South Korea will begin distributing 2.25 million movie discount coupons next week, the Ministry of Culture, Sports and Tourism and the Korean Film Council said Friday. The coupons will allow moviegoers to watch films for about 8,000 won to 9,000 won, a significant discount from the regular 14,000 won to 15,000 won ticket price. The coupon program is part of a 461.4 billion won ($314 million) supplementary budget May 8, 2026

South Korea's first constitutional reform push in decades fails amid boycott SEOUL, May 08 (AJP) - South Korea's National Assembly came close this week to passing its first constitutional amendment in nearly four decades aimed at preventing presidential abuses of power such as martial law declarations, but the effort collapsed after a boycott by the opposition People Power Party. National Assembly Speaker Woo Won-shik withdrew plans to resubmit the amendment shortly after Thursday's plenary session opened after the People Power Party warned it would May 8, 2026

Seoul imposes 30-day taxi suspensions, but deeper issues remain SEOUL, May 08 (AJP) - “I thought that was just the normal price at first,” said Teo, a 28-year-old Singaporean who visited Seoul last month after paying around 50,000 won ($36) for a roughly 20-minute taxi ride from Seoul station to his hotel. South Korea will suspend taxi drivers for 30 days from their very first violation if they are caught overcharging foreign passengers, as authorities move to curb mounting complaints from overseas visitors. However, experts say to May 8, 2026

Chip boom feeds record C/A surplus streak in March, overseas stock invest eases SEOUL, May 08 (AJP) -The black in South Korea's current-account balance stretched to new record high of $37.33 billion in March and $73.78 billion for the first three-month period, both more than quadrupled from a year-ago period in line with double-digit growth in exports that more than offset gain in imports from higher U.S. dollar and energy cost amid a war outbreak in the Middle East. Despite the record surplus and exports surge streak, overwhelming demand for oversea stoc May 8, 2026

Lee discusses semiconductor and AI cooperation in first phone call with Dutch PM SEOUL, May 8 (AJP) - President Lee Jae Myung spoke with Dutch Prime Minister Rob Jetten over the phone, Cheong Wa Dae said on Friday. The call the previous day was their first conversation since Jetten took office last February. In a written press briefing, presidential spokesperson Kang Yu-jung said the two leaders agreed to strengthen cooperation in advanced industries including artificial intelligence, semiconductors and other technologies. According to Kang, Lee expressed May 8, 2026