Former PPP leader to run for Busan as races for local elections heat up SEOUL, April 14 (AJP) - Han Dong-hoon, the former leader of the main opposition People Power Party, said he wants to devote himself to improving the lives of residents in Busan, hinting that he will run for local elections slated for early June. Calling the southern port city his "political hometown," Han, who has yet to formally declare his candidacy, said he respects what he described as Busan's role in protecting South Korea and steering the country back on track, April 14, 2026

South Korea rises as attractive offshore oil storage base for Gulf nations SEOUL, April 14 (AJP) - South Korea is moving to capitalize on the prolonged disruption in the Strait of Hormuz by leveraging its extensive oil stockpiling infrastructure to generate additional income while reinforcing its energy security. Although instinctively oil-poor, the country has quietly built one of the most sophisticated stockpiling systems among non-producing nations. Its extensive network of underground storage and refining infrastructure has turned it into an attractiv April 14, 2026

South Korea shares information with Iran on stranded vessels in Strait of Hormuz SEOUL, April 14 (AJP) - South Korea has reportedly shared information on its vessels stranded in the Strait of Hormuz with Iran, multiple government sources said on Tuesday. The development comes just a day after special envoy Chung Byung-ha arrived in Tehran the previous day to request that some 173 crew members aboard about a dozen South Korean vessels stranded in the strait, a critical chokepoint for roughly one-fifth of the world's oil supply, be allowed to pass through th April 14, 2026

Finance chief to attend series of key financial meetings in US this week SEOUL, April 13 (AJP) - Finance Minister Koo Yun-cheol is set to depart for the U.S. on Monday to attend a series of international meetings and other events, the Ministry of Finance and Economy said on Monday. Koo is scheduled to host an investor blitz in New York on Tuesday for major global investment banks, outlining South Korea's economic fundamentals and key policy priorities to attract investment in the country. He will also meet top executives of global asset managers April 13, 2026

South Korea, Poland agree to further deepen ties beyond defense cooperation SEOUL, April 13 (AJP) - South Korea and Poland on Monday agreed to upgrade their bilateral relationship to a "comprehensive strategic partnership" and pledged to expand cooperation in the defense industry and other areas. "South Korea has global competitiveness across a range of industries, while Poland is strong in basic science and technology and has geographic advantages and a skilled workforce. If these strengths are combined in a mutually beneficial way, a ne April 13, 2026

Lee set to hold first summit in decades with Polish leader to boost defense cooperation SEOUL, April 13 (AJP) - President Lee Jae Myung is set to hold talks with Poland's Prime Minister Donald Tusk on Monday. The first meeting between the two leaders also marks the first visit by a Polish leader in 27 years and Tusk's first trip to a non-European country since taking office in December 2023. Tusk, who arrived in South Korea on Sunday for a two-day visit at Lee's invitation, is scheduled to hold talks with Lee, followed by expanded discussions with ke April 13, 2026

S. Korea clears 26.2 trillion won relief as war risks mount SEOUL, April 11 (AJP) - South Korea has approved a 26.2 trillion won supplementary budget on Saturday, authorizing a massive injection of liquidity to shield households and industry from the volatility of a prolonged Middle East war. Prime Minister Kim Min-seok presided over an extraordinary cabinet meeting at the Government Complex Seoul to finalize the spending package, which cleared the National Assembly late Friday night. The legislative consensus marks a rare moment of bipartisa April 11, 2026

Rival parties reach deal on supplementary budget to weather Middle East crisis SEOUL, April 10 (AJP) - The ruling Democratic Party (DP) and the main opposition People Power Party (PPP) on Friday agreed on a supplementary budget to cope with the prolonged Middle East crisis while easing the burden on those hit hardest by soaring fuel prices. The extra budget of about 26 trillion Korean won (US$17 billion), which is expected to be passed at a parliamentary plenary session later in the day, also includes cash handouts to be provided to those in the bottom 70 perc April 10, 2026

Lee to meet Polish PM in Seoul next week SEOUL, April 10 (AJP) - President Lee Jae Myung will hold a meeting with Poland's Prime Minister Donald Tusk next week, Cheong Wa Dae said on Friday. In a written press briefing, presidential spokesperson Kang Yu-jung said Tusk is scheduled to arrive in Seoul on Sunday for talks with Lee. It will be the first visit by a Polish leader in 27 years and Tusk's first trip to a non-European country since taking office in December 2023. Lee and Tusk will sit down for talks o April 10, 2026

Seoul seeks clarity on Hormuz terms as fee risks grow SEOUL, April 09 (AJP) - Seoul is bracing for the inevitability — payments to transit the Strait of Hormuz — expected to push up fuel prices by about 0.5 percent, as it seeks clarity from Tehran while exploring alternative routes to secure Middle East energy supplies. The Ministry of Foreign Affairs said Thursday that a call between Foreign Minister Cho Hyun and Abbas Araghchi is being arranged and could take place as early as later in the day. The talks are expected t April 9, 2026