Stories from Seoul · South Korea

Over 73 percent of eligible recipients applied for high oil price relief subsidies as of April 27, according to the Ministry of the Interior and Safety. Brent crude prices rose approximately 3 percent, briefly exceeding $120 per barrel. The conflict is impacting fuel costs, with gas prices in California averaging $6.01 per gallon. Mediators in Pakistan are reviewing a modified proposal from Iran today. The potential closure of an Iranian port could disrupt global trade and increase prices for energy and fertilizers for several years. Analysts suggest a permanent end to the war is not imminent despite an open truce. The closure of the Strait of Hormuz could cost the world up to 10 billion meals a week. Rising energy prices are creating inflationary pressure, according to reports. Massachusetts Democrat Elizabeth Warren stated that insiders are profiting from information regarding the war.

President Lee Jae-myung reported a 45 percent decrease in voice phishing damages from January to March compared to the previous year. The president designated voice phishing as one of seven major abnormal crimes and ordered the rapid execution of measures to eradicate it. A Gallup Korea poll conducted from April 28 to 30 among 1,002 adults aged 18 and older showed President Lee Jae-myung's approval rating at 64 percent, a decrease from the previous week. Two trade unions in South Korea are planning separate large-scale rallies to promote workers' rights. A total of 45,000 people are expected to attend both events. The Democratic Confederation of Trade Unions will hold a 2026 May Day rally at Sejong-daero intersection to honor a recently deceased cargo worker and resolve to hold a general strike in July.

Fu Cong stated that the international security situation is deteriorating. He said the need to prevent war and chaos on the Korean Peninsula amid protracted regional conflicts.

A South Korean company reported 164 trillion won in revenue, according to a public disclosure. Energy prices, specifically fuel, drove the inflation with a 20.9 percent surge compared to February. Consumers are reportedly hesitating to shop due to these rising costs. The March index was reported by the South Korean Ministry of Commerce. The index reflects the prices of goods and services consumed by households. The Federal Reserve uses these inflation targets to judge economic stability. South Korea's inflation rate continues to exceed target levels, according to YTN Radio. This trend has led to projections that the central bank may delay interest rate cuts. There are currently no expectations for interest rate hikes in the coming months. Analysts suggest that interest rate changes may not be expected until early 2027.

South Korean stock markets have surged, with the total market capitalization nearing twice the nation's GDP.

Former Presidential Chief of Staff Chung Jin-suk announced his candidacy for a National Assembly seat via a Facebook post. He stated his intention to restore parliamentaryism within his political camp.

President Lee Jae-myung is hosting a Labor Day ceremony at the Blue House with approximately 120 invited guests. He stated that all workers should enjoy fundamental labor rights and said a path of coexistence between labor and corporations. The market currently fluctuates around the 1,200 level, significantly lower than the 3,000 level seen during the dot-com era. Concerns include the high prevalence of penny stocks and stock price manipulation. Financial authorities are expected to implement measures in July to address these issues. The proportion of penny stocks on the KOSDAQ has increased from 3.8% in 2021. During a Labor Day ceremony attended by approximately 20 people from various professions, the South Korean President said the importance of coexistence between labor and management. Labor groups held gatherings in the capital to mark the occasion.

Apple reported iPhone 17 series sales of $112 billion for the period of January to March. This represents a 17% increase compared to the previous year. The revenue surpassed the market expectation of $109.6 billion. Earnings per share reached $2.01, exceeding the Wall Street forecast of $1.95.

Australia and South Korea have released a statement promising pre-emptive action to secure resilience in energy supplies. The agreement reached in Seoul focuses on ensuring safe and reliable supplies of diesel and liquefied natural gas. Australian Foreign Minister Penny Wong noted the move addresses existing vulnerabilities in energy security. Canberra is dispatching a high-level government delegation to Japan and China as part of this initiative. The agreement aims to address broader energy security concerns. The announcement followed a visit to Japan, the Republic of Korea, and China by Australian Foreign Affairs Minister Penny Wong. The statement was released in response to the impact of the war in Iran. Both nations agreed to cooperate on supply stability and commit to mutual notification and consultation in the event of potential supply disruptions.

South Korea will implement new mandatory national standards for the real-name registration and activation of civilian unmanned aerial vehicles. The Ministry of Environment is implementing phased regulations to manage air quality during May, a month typically characterized by poor air quality. Stage 1 measures include restrictions on outdoor activities and mask mandates. Stages 2 and 3 involve vehicle restrictions where odd-numbered license plates are permitted on odd-numbered dates and even-numbered plates on even-numbered dates.