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Korean firms express relief for eased uncertainties over US-Iran peace deal

Prospects of an imminent peace agreement between the United States and Iran have injected a wave of optimism into Korea's petrochemical, aviation and key manufacturing industries, as uncertainties surrounding oil prices and global logistics are expected to ease in the short term. The breakthrough comes as U.S. President Donald Trump said Saturday that a formal peace memorandum of understanding is slated for signing on Friday. Trump also said the Strait of Hormuz, a vital maritime chokepoint for global oil and cargo shipments, would be fully reopened immediately after the signing ceremony. The development has eased concerns over prolonged geopolitical risks for Korea's petrochemical industry, which has borne the brunt of the Middle East conflict among Korea's industries. The Hormuz blockade had severely disrupted the supply of naphtha, a key petrochemical feedstock, forcing domestic naphtha cracking centers (NCCs) to cut operating rates to as low as 50 percent and declare force majeure to overseas customers. Though structural challenges, including oversupply from Chinese rivals, remain, ma

3 MIN READ
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Shinsegae chairman to receive history lesson over 'Tank Day' fiasco

Shinsegae Group Chairman Chung Yong-jin will sit for a “history lesson” after the conglomerate’s Starbucks Korea rattled the country last month with its controversial “Tank Day” tumbler marketing campaign, which provoked democracy supporters and victims of the bloody crackdowns on key pro-democracy uprisings against a military junta in the 1980s. Shinsegae said on Monday that Chung will sit for a lecture on June 24, together with presidents of the group's nearly 50 subsidiaries. The lesson will be in two parts, covering historical consciousness and social sensitivity, delivered by professors from Sungkyunkwan University’s departments of history and sociology. Executives of Emart, which runs Starbucks Korea operator SCK Company, will hear the same lectures on Wednesday. Shop managers of over 2,110 Starbucks cafes in Korea will hear it on Monday. To accommodate the class, the company will close all Starbucks at 3 p.m. on the day of the lecture for shop managers on Monday. The brand has never closed early here since it first opened in the country in 1999. Shinsegae said the deci

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Netflix schedules live world tour for 'KPop Demon Hunters' to leverage global fandom

Netflix announced a live world tour for its blockbuster animated musical film "KPop Demon Hunters," a move expected to expand the entertainment giant's global monetization structure. Rather than concluding with the streaming success of a single title, the strategy establishes a multilayered business model extending to live musical performances, commercial merchandise, interactive fan events and brand collaborations. Netflix confirmed in May the global tour for the 2025 animated feature. The streaming company said the live performance "will bring elements of the two-time Oscar-winning film to life in spectacular ways," adding that host cities, dates and ticket information will be released in the second half of 2026. Released in 2025, the film broke streaming records and achieved global prominence, winning Best Original Song and Best Animated Feature Film at the 98th Academy Awards, the 83rd Golden Globes and the 31st Critics Choice Awards. Netflix partnered with AEG Presents, a global live entertainment promoter whose portfolio includes the Coachella Valley Music and Arts Festival and int

2 MIN READ
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Korea to offer express bus fare discounts to foreign tourists

Korea's tourism agency said Monday it will offer discounts on express and intercity bus fares to foreign visitors to encourage travel beyond the capital region. The Korea Tourism Organization will provide a 5,000 won ($3.3) discount per person to 8,000 foreign visitors who use express or intercity buses to travel to regional destinations, for a month starting Monday. The initiative, in partnership with travel platforms Klook and Go Hanpass, aims to improve access to regional transport and ease the concentration of foreign tourists in the Seoul metropolitan area, officials said. Go Hanpass will offer additional discount coupons to bus users, while Klook will provide free eSIM services to improve convenience for travelers. "We will continue public-private partnership promotions so that inbound visitors can experience the diverse attractions of regional areas by using local transport networks such as buses and railways," the agency said in a release.

1 MIN READ
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KRX issues buy-side sidecar for KOSPI on sharp rise

Korea's bourse operator Monday activated a buy-side sidecar for the benchmark Korea Composite Stock Price Index (KOSPI) as the index spiked sharply, boosted by a peace deal agreement reached between the United States and Iran. Program trading for the KOSPI-listed shares was suspended for five minutes shortly after the market opened, according to the Korea Exchange (KRX). The KOSPI rose 327.7 points, or 4.03 percent, to 8,451.32 as of 9:07 a.m. The KOSPI sharply gained ground as investors scooped up blue chip tech shares after U.S. President Donald Trump said the U.S. and Iran have reached a deal to end their monthslong war in the Middle East and reopen the Hormuz Strait. A formal signing ceremony is expected to take place Friday. A buy-side sidecar is triggered when the KOSPI 200 Futures index increases 5 percent or more for at least one minute.

1 MIN READ
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Boy group Riize to drop 2nd EP 'II'

K-pop boy group Riize will return Monday with its second EP, "II," its agency, SM Entertainment, said. The six-track release is led by the lead single "Do Your Dance," alongside "Soar," "D-d-done," "Overdrive," "Like a Bomb" and "In a Loop." "As this is our first album to be released in Korea this year, it feels like our activities for the year have just begun in earnest," member Anton said in a release from the agency. He added that while the group's previous work focused on growth and concerns it experienced during the process of pursuing its dreams, the new album shifts toward action. "You'll be able to see Riize moving forward through action rather than worrying," he said. "Our journey to go higher and farther has begun." "Do Your Dance" is an uptempo dance track combining hip-hop beats with electronic pop elements, featuring a heavy distorted 808 bass and a contrasting, repetitive chorus. The group said the song highlights their free-spirited energy and confidence. Eunseok described the track as "perfect for when you want a boost of confidence or to forget your worries and just have

1 MIN READ
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Should chip tax bonanza be shared with workers, society?

Korea’s debate over how to share the spoils of a historic semiconductor boom is intensifying, with the government claiming the need for a new mechanism to share unexpected gains from chipmakers — including tax revenues and excess profits — even as business and labor clash over how far the state should reach into corporate earnings. Several top policymakers, including President Lee Jae Myung himself, have recently suggested a national-level — or even international — debate on how to use excess corporate gains, as part of efforts to narrow the pay gap between large and small firms. At the International Labour Organization conference in Geneva last Wednesday, Labor Minister Kim Young-hoon said that gains from the chip boom driven by artificial intelligence (AI) demand should serve as many as possible. “The benefits of AI should not be concentrated only in a few countries and companies, but should also translate into new opportunities for all nations and workers,” he said. Those gains are the result of a semiconductor boom that has sent profits soaring at Samsung Electronics an

4 MIN READ
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Protests over ballot shortages continue for 11th day

Protests demanding a rerun of the June 3 local elections marred by ballot shortages continued for the eleventh day Monday, though the number of protesters sharply declined from the weekend. About 200 protesters were rallying around SK Olympic Handball Gymnasium in Seoul's southern ward of Songpa as of 10 a.m., according to an unofficial police estimate. As many as 20,000 people had gathered in the area over the weekend. Protesters began gathering at the stadium, which served as a ballot counting site, on June 5, days after ballot shortages at some polling stations, mostly in Seoul, disrupted voting during the local elections. According to the National Election Commission (NEC), voting was temporarily suspended at 26 polling stations across the nation, and some voters reportedly returned home without casting their votes due to the lack of ballot papers. While the NEC apologized for the debacle, it said the ballot shortages do not warrant a rerun under the election law. A joint team of police investigators and prosecutors have been investigating the NEC over the shortages. The protesters at

2 MIN READ
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LG Energy Solution courts battery experts in Chicago

LG Energy Solution said Monday it held a conference in Chicago to share its future vision and attract battery technology experts. The company hosted more than 40 researchers from leading U.S. universities and institutions at the Battery Tech Conference in Chicago on Saturday. The event served as both a technology showcase and a recruitment program, featuring LG Energy Solution CEO Kim Dong-myung and other senior executives. "Today, batteries are no longer just a product. They have become critical infrastructure powering virtually every aspect of the global energy ecosystem," Kim said in his opening remarks. "We organized this event to meet talented individuals who will help shape the future of the energy industry alongside us." Participants included master's and doctoral students, as well as researchers, from leading U.S. universities and research institutions, including Massachusetts Institute of Technology, Stanford University, the University of California, Berkeley, the University of Chicago and Argonne National Laboratory. They represented a diverse range of disciplines, including en

2 MIN READ
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INTERVIEW Life sciences company bBHC bets on regenerative medicine through Energy Water, novel stem cell platform

Life sciences company bBHC is seeking to position itself at the forefront of regenerative medicine through two technologies developed over decades by its founder and Chairman Lee Kye-ho: Energy Water, a proprietary structured water platform, and KHCs, a novel pluripotent stem cell technology. Founded in 1989 as a life sciences research company, bBHC has spent more than four decades developing technologies that Lee believes could contribute to both environmental sustainability and next-generation human healthcare. “At the center of our work is the idea that life itself can be influenced by the structure and behavior of water,” Lee said during an interview with The Korea Times at the company’s headquarters in Seoul. According to the company, Energy Water is a next-generation water platform developed through proprietary molecular structure control technology designed to enhance stability and functionality. The company says studies in livestock and agricultural systems have demonstrated the potential to improve productivity and growth efficiency. The technology is currently being comme

3 MIN READ
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When lies summon ancient tribe: Musical ‘The Tribe’ explores joy of being oneself

The Seoul Metropolitan Musical Theater is bringing back its original musical “The Tribe” with a significantly scaled-up second edition that sharpens its focus on “being true to yourself” and the power of solidarity. The show, which premiered in 2024 at the Sejong Center of the Performing Arts’ S Theater to strong word-of-mouth and solid ticket sales, now returns through June 27 with expanded choreography, music and character arcs that push the central questions of identity and honesty to the fore. The work began as a graduation project by Jeon Dong-min at the Korea National University of Arts before being developed into a full staging last year when it charmed audiences with its playful premise: Whenever someone lies, an ancient tribe appears and dances, exposing hidden truths. In the musical, that setup drives the story of Joseph and Chloe, characters who have long tried to match themselves to the roles that society expects. When they accidentally break an ancient mask on display in a museum, they trigger a strange phenomenon in which the tribe appears each time they lie, dan

3 MIN READ
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Exploring historical sites of Dokdo

In May 1881, amid growing foreign encroachment on the Joseon Dynasty (1392-1910), King Gojong appointed military officer Lee Gyu-won as inspector of Ulleungdo to respond to the illegal settlement of Japanese nationals on the island. Lee left Seoul on April 10 the following year, spent 15 days inspecting Ulleungdo and returned to Changdeok Palace on June 5 to report to the king. According to Lee’s "Uldosan Sea Records," the Japanese had erected markers without permission on Ulleungdo and written "(Great Japan’s) Songdo" — in Japanese, Matsushima — on them. "Those people are cunning and deceitful," Lee told Gojong, saying Joseon should send an official letter to Hanabusa Yoshitada, the Japanese minister, and another to Japan’s foreign ministry. Gojong’s reply became the starting point for a long trail of records, monuments and territorial claims. "Now that I see this, we cannot leave it neglected even for a moment," he said. "Even a single piece of land cannot be abandoned." Lee answered that he would deliver the royal instruction to senior ministers, saying even an inch of ance

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Ban on foreign access to Anthropic models highlights need for AI sovereignty

Anthropic's ban of foreign nationals' access to its most advanced artificial intelligence (AI) models in response to a U.S. government order highlights how cutting-edge AI tools have effectively become strategic assets subject to government export controls, experts said Sunday. With the Korean government and firms restricted from accessing those models, the move has reinforced calls for Korea to hedge against such risks through a more strategic approach and by strengthening its AI sovereignty. Anthropic on Friday cut off foreign access to its Fable 5 and Mythos 5 models, saying the U.S. government believes there is a method of bypassing a safeguard against using the model to find cybersecurity holes. Mythos 5 is Anthropic's security-focused model designed to identify software vulnerabilities at an expert level, while Fable 5 is a safety-tuned version developed for broader public deployment. The latest restrictions were imposed in the form of a U.S. export control measure, according to Anthropic. News website Semafor reported that the move was prompted by concerns that a China-linked grou

3 MIN READ
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Parties push for constitutional reform of election agency

Korea's two major parties are both pushing for the reform of the National Election Commission (NEC) following widespread backlash over ballot shortages in the June 3 local elections. Although there is general consensus among the public for an overhaul of the agency, the move faces challenges as the rival parties differ on how to reform it, with any change to the independent body requiring a constitutional amendment, which would need to pass in a national referendum. The shortages, which led to the suspension of voting at dozens of polling stations, drew fierce criticism for infringing on voting rights. The incident exposed a broader accountability gap. While constitutional protections were designed to guarantee the NEC's independence, Constitutional Court rulings blocking external audits have instead left the watchdog operating with a lack of oversight, fostering a culture of lax internal management. The ruling Democratic Party of Korea (DPK) put emphasis on ramping up external checks and balances as well as boosting the watchdog's expertise by overhauling the current system. Rep. Lee Ju-

2 MIN READ
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1 in 4 Seoul residents don’t drink at all, survey finds

Nearly one out of four residents in Seoul reported not drinking alcohol at all in the past year, according to a new citywide survey that shows drinking frequency decreasing and flexible forms of vegetarianism on the rise. The survey, based on responses from more than 3,000 adults and released Sunday by the Seoul Metropolitan Government, showed that 23.7 percent of respondents said they had not consumed alcohol at all over the last 12 months — up from the previous year’s 21.6 percent. Among those who do drink, the number of Seoul residents drinking several times a week appears to be declining. The share of respondents who said they drink four or more times a week was 1 percent, down from 1.4 percent the previous year. Those drinking two to three times a week fell to 12.5 percent from 13.4 percent, while those drinking two to four times a month dropped to 23 percent from 31.5 percent. Less frequent drinking also became more common. The share of people who said they drink about once a month rose to 22.6 percent from 19.8 percent, and those who drink less than once a month increased to

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US tech firm files defamation suit against KBS over report on its technology

U.S. tech firm SeeDevice has filed a defamation lawsuit against Korean Broadcasting System (KBS) and its U.S. affiliate, KBS America, accusing them of inaccurate reporting on its technology that cost the company a major commercial opportunity and wasted years of research. The company said last week that a trial has been set at the U.S. District Court for the Central District of California to begin in January 2027. The case stems from an August 2024 KBS report alleging the Korean government decided to retract its research grant after finding the company's technology to be fraudulent. At the center of the dispute is QMOS, SeeDevice's proprietary sensor technology designed to simultaneously detect visible light as well as X-rays, ultraviolet and short-wave infrared wavelengths invisible to the human eye, without the specialized materials and processes that many conventional infrared sensors require. In its reporting, KBS cited an insider who alleged that the technology, developed by Korean American Kim Hoon, founder and CEO of SeeDevice, lacked substance. It reported it had raised questions

2 MIN READ
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Editor's Pick

‘It’s about democracy, suffrage, sovereignty of people’

‘It’s about democracy, suffrage, sovereignty of people’

University students across the country denounced the ballot shortages in last week's local elections as a fundamental violation of the right to vote and the Constitution, demanding sweeping reforms at the National Election Commission (NEC). They warned the political parties, both liberal and conservative, that they should not use the issue for their own political gains, saying the students are calling for a thorough investigation to establish the reason behind the ballot shortages and measures to prevent a repeat of the incident. Student bodies at 18 universities issued a joint declaration Wednesday, a week after at least 91 polling stations nationwide faced ballot shortages, leaving many voters unable to cast their ballots or forced to wait past the 6 p.m. closing time. Former NEC Chairman Roh Tae-ak resigned days later to take responsibility, and a joint police-prosecution investigation was launched this week. “We gathered here not merely to speak about the flaws in the electoral system, but to speak about the one vote that was taken from us,” Hwang In-seo, emergency council head

3 MIN READ

Life in Korea

Indie music festival answers Busan's calling

Indie music festival answers Busan's calling

Five music venues across Busan will unite to host over 30 live music acts for the first-ever Busan Calling Music Festival on Friday and Saturday. Although seemingly only in its first year, the festival is actually a rebrand of last year's Debaser Fest, run by Jamie Finn, editor of Debaser Magazine. "I was never super keen on the name Debaser Fest. It was a decision made with deadlines approaching. So, to keep things simple, I named it after the mag," Finn admitted. "We've called it Busan Calling to reflect the aims of the fest, which is to build a bridge between the really underrated Busan music community and other musical places." Finn has been heavily active for years supporting the local music scene across Korea, publishing his own magazine, running a massive English-language Kakao group chat and organizing music festivals. As well as Busan Calling and Debaser Fest, he's also been running Block Party, a similar multivenue event in Seoul, for the last four years. Finn added that planning has already begun for Block Party's return to central Seoul's Haebangchon and Gyeongnidan in Septemb

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Lifestyle

Luxury hanok reshapes high-end tourism deep in mountains of Gangwon Province

For global jet setters, Korea’s cultural footprint is typically defined by Seoul’s neon-lit corridors and K-pop spectacle. But a quiet enclave tucked deep into the rugged mountains of Gangwon Province is making a bid to redefine the country’s luxury travel market, offering a slower, deeply traditional alternative to the urban rush. The Hanok Heritage, a sprawling 337,000-square-meter cultural complex in Yeongwol, about 100 miles east of Seoul, recently served as a primary host for "Explore Seoul with Connections 2026." The high-concept tourism initiative, organized jointly by the Seoul Metropolitan Government and the international luxury travel network Connections, aimed to introduce a side of Korea rarely featured in slick promotional campaigns. Over a three-day familiarization tour, travel advisors and agency executives from the United States, the United Kingdom, Spain, Lithuania and Hong Kong bypassed standard five-star hotels to stay in hanok — traditional Korean homes. The itinerary focused heavily on regional culture, preservation, gastronomy, architecture and wellness. Gu

2 MIN READ
Luxury hanok reshapes high-end tourism deep in mountains of Gangwon Province

K-Culture

Seventeen's Hoshi to drop new digital single during military service

Hoshi of K-pop boy group Seventeen, currently serving his mandatory military duty, will release a new digital single titled "Snapback" on Monday, his agency Pledis Entertainment said. The track, unveiled to coincide with the singer's birthday, blends old-school guitar sounds with a polished rhythm to create an upbeat mood. It playfully captures an irresistible attraction toward his love interest. Hoshi participated in both the lyrics and composition of the song set for release at 6 p.m., the agency added. The K-pop star enlisted in September last year and is serving as an active-duty soldier in the South Korean Army.

1 MIN READ
Seventeen's Hoshi to drop new digital single during military service

Celebrities

Actor-singer Lee Jun-young to begin military service, leaving behind packed roster of projects

Korean actor and singer Lee Jun-young will enlist in the military on July 21, temporarily sidelining a surging television career that has made him one of the country's most popular young stars. Lee, 29, shared the news Sunday in a handwritten letter posted to his social media accounts, writing that he wanted his fans to hear about the enlistment directly from him. Conscription is mandatory for nearly all able-bodied Korean men, who must serve roughly 18 to 21 months, depending on the branch of the armed forces. The announcement comes at a creative high point for Lee. He is currently starring in the hit JTBC weekend drama, "The New Employee, Chairman Kang," which began with a modest 3.7 percent viewership rating but has steadily broken its own audience records each week. In the series, Lee plays a young man navigating a body-swapping mishap, a performance that local critics have praised for its grounded nuance despite the outlandish premise. While military service typically stalls a rising actor's momentum — a phenomenon known locally as the "military hiatus" — Lee has meticulously st

1 MIN READ
Actor-singer Lee Jun-young to begin military service, leaving behind packed roster of projects

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Opinion

Top 10 Stories

  1. US tech firm files defamation suit against KBS over report on its technology

  2. Trump says interim deal reached to end Iran war, Strait of Hormuz to reopen

  3. Mexican man apologizes for racist gesture toward Korean YouTuber at World Cup

  4. Trump says Iran deal complete, Strait of Hormuz to reopen upon signing Friday

  5. Ban on foreign access to Anthropic models highlights need for AI sovereignty

  6. Should chip tax bonanza be shared with workers, society?

  7. Korea to offer express bus fare discounts to foreign tourists

  8. Parties push for constitutional reform of election agency

  9. Mirae Asset Securities fails to secure SpaceX IPO shares, frustrating Korean investors

  10. KRX issues buy-side sidecar for KOSPI on sharp rise

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