Stories from Seoul · South Korea

Bitcoin reached 118,000 won on local exchanges, according to a report from YTN Radio. Bitcoin futures closed at 118.03 dollars on the i-C exchange, up 6.1 percent. WTI rose 7 percent to 106.88 dollars.

Thousands of bees gathered under a bicycle saddle near a subway station entrance within minutes. Authorities temporarily closed the subway entrance following reports of the swarm. Local beekeepers were called to carefully collect and relocate the bees to another location.

The KOSPI index closed at 6690.90, marking a 0.75% increase from the previous day. This performance continues a three-day streak of closing at record highs. The index has maintained this upward trend throughout April.

An appellate court reduced the sentence of a soldier who attempted sexual assault during his vacation from 20 years to 13 years in prison. The source noted that these specific sectors drove the record-breaking performance. South Korea's total stock market capitalization has surpassed the United Kingdom to become the 8th largest in the world. The total market cap grew by more than 45% this year, exceeding 4.18 trillion dollars. This growth follows the KOSPI index closing above the 6600 level on Monday. The value represents the total market value of all listed stocks converted to current market prices. The prosecution is seeking a reversal of the initial verdict after previously requesting a 10-year sentence. The Democratic Party is criticizing the People Power Party for nominating a candidate who previously faced a prison sentence and was later granted a pardon.

A major institutional strategy has overtaken BlackRock in terms of total Bitcoin holdings. The strategy acquired 3.7 trillion won worth of Bitcoin in a single week.

The South Korean government has implemented a total ban on naphtha exports to stabilize domestic supply. Previously, 11% of domestic naphtha production was exported. The move follows concerns that industrial production could halt due to shortages of plastics, chemical supplies, and medical items like syringes. The government has secured 2.73 million barrels of crude oil and 2.1 million tons of naphtha to mitigate the impact. Officials are also planning to support companies by subsidizing the price difference for naphtha imports through a supplementary budget. The naphtha supply represents one month of volume, while the crude oil covers more than three months. The government is considering expanding a ban on the hoarding of seven basic petroleum products, including ethylene and propylene produced in Patha.

The ruling was reported by YTN Radio in Seoul.

A defendant received a 35-year prison sentence after prosecutors had requested 45 years. Defense attorney Anthony Malego stated the sentence was a blow to his clients despite the reduction from the initial request.

Democratic Party Seoul mayoral candidate Jung Won-ho announced core campaign pledges ahead of the June 3 local elections. The announcement comes as political parties prepare for intense competition to secure victories in the Seoul metropolitan area, including Gyeonggi and Incheon. The candidate's platform follows internal party conflicts and discussions regarding project feasibility. Jang Wi-in's candidate Jeong Won-ho aims to reduce the current 15-year urban redevelopment period to under 10 years. Meanwhile, People Power Party candidate Oh Se-hoon visited the Seoul 9988 Health Center to promote health as his primary campaign pledge. Democratic Party candidate Jung Won-woo pledged to supply 80,000 housing units annually during his appearance on YTN. Jung attributed the surge in monthly and quarterly rent prices to candidate Oh Se-hoon.

The tire industry is considering price adjustments as production costs rise amid a global economic downturn. Industry observers suggest that proactive government measures are needed to ensure supply chain stability. The report was delivered by YTN's Oh Seung-hoon.