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6-term lawmaker Cho Jeong-sik named candidate for National Assembly speaker

The ruling Democratic Party of Korea (DPK) on Wednesday elected Rep. Cho Jeong-sik, a six-term lawmaker, as its candidate for the next parliamentary speaker. The 63-year-old beat Kim Tae-nyeon and Park Jie-won, both five-term lawmakers, in a vote cast by party lawmakers and members. If elected at a parliamentary plenary session, Rep. Cho will replace Woo Won-shik and serve a two-year term that will cover the second half of the 22nd National Assembly. He is expected to ultimately become the speaker, as it is customary for the largest party in terms of parliamentary seats to take the speaker position, with two vice speaker seats divided between the ruling and main opposition parties. Four-term lawmaker Rep. Nam In-soon was elected as the DPK's candidate for deputy assembly speaker. Rep. Cho is widely considered to have close ties with President Lee Jae Myung, having served as the president's special political adviser before resigning to run for assembly speaker and previously serving as the secretary general of the DPK when Lee was party leader. In Korea, elections for parliamentary speaker

May 13, 2026By Yonhap
6-term lawmaker Cho Jeong-sik named candidate for National Assembly speaker

Ruling, opposition parties rally support for 'judgment' in upcoming elections

Korea's ruling and main opposition parties are making similar calls in rare unison for voter support that the outcome of the upcoming local elections will serve as judgment against the other side, political observers here noted Wednesday. The ruling Democratic Party of Korea (DPK) is wooing support for what it calls a "harsh judgment" against "insurrectionist forces" tied to ousted former President Yoon Suk Yeol and his failed martial law attempt. The conservative People Power Party (PPP), too, is calling for judgment against what it claims is a criminal organization and its leader, the DPK and President Lee Jae Myung, respectively. The DPK has framed the June 3 local elections as a crucial election to "normalize" the country and root out what it calls lingering insurrectionist forces linked to Yoon's short-lived martial law declaration in December 2024. "The insurrection is not over, and the insurrectionist forces behind it, who have shown no sign of remorse, are still active in various places," DPK leader Jung Chung-rae said Sunday in a ceremony marking the launch of the party's electi

May 13, 2026By Yonhap
Ruling, opposition parties rally support for 'judgment' in upcoming elections

Lee slams reports on aide's 'public dividend' remark as 'malicious fake news'

President Lee Jae Myung accused some media outlets Wednesday of distorting his aide's remarks to make it appear that he suggested distributing the excess profits of artificial intelligence (AI) companies among the public. Lee wrote on his X account that certain outlets were distributing "malicious fake news," when the intent of his chief of staff for policy Kim Yong-beom was to propose sharing the surplus tax revenue generated by the recent boom at AI companies, such as Samsung Electronics and SK hynix. "When some news outlets distributed malicious fake news by editing (Kim's) remarks ... he denied it and kindly explained that he was arguing for a review of distributing surplus tax revenue," Lee wrote. "What is the reason they are still carrying such malicious reports? It must be remembered that political accusations and criticism harm democracy if they are not based on facts." Kim wrote on Facebook the previous day that a "public dividend" system could be considered as a way of sharing with the people "the fruits of the AI infrastructure era." The remark prompted fierce backlash among c

May 13, 2026By Yonhap
Lee slams reports on aide's 'public dividend' remark as 'malicious fake news'

Ruling party leader says PPP should face 'harsh judgment' in June 3 local elections

The leader of the ruling Democratic Party of Korea (DPK) said Wednesday that the main opposition People Power Party (PPP) should be harshly judged in the upcoming local elections, stressing the need to wipe out "even the slightest remnants of insurrection" tied to former President Yoon Suk Yeol's martial law bid. Rep. Jung Chung-rae made the remarks during a press conference at the National Assembly, a day before candidate registration opens for the June 3 local elections, calling the PPP an "unconstitutional" political party that needs to be dissolved. "We must ensure that the insurrectionist forces are decisively judged by the public in the local elections and that even the slightest remnants of the insurrection are wiped out," Jung said. "That is why the local elections are so important." "The PPP should face people's harsh judgment in the June 3 local elections before being subjected to a Constitutional Court review on the dissolution of an unconstitutional political party," he added. Jung insisted doing so would be a "historic mission" to normalize the country and support the succes

May 13, 2026By Yonhap
Ruling party leader says PPP should face 'harsh judgment' in June 3 local elections

PM calls for measures to boost K-tourism

Prime Minister Kim Min-seok called Wednesday for the government to look for various ways to boost domestic tourism so it can work as a growth engine for the economy, after data showed the country's travel account balance posted a surplus in March for the first time in 11 years. Kim made the remark during an emergency economic headquarters meeting, citing reports that those going on domestic tours, rather than overseas trips, are on the rise at a time when the government is preparing to roll out a second round of cash aid later this month to help ease financial burdens arising from high oil prices. "Starting May 18, fuel price relief funds will be paid to 70 percent of the population. We should make sure there will be no problem in the course of people applying for and using it," Kim said "In this situation, in particular, there are reports that people are enjoying tours to local regions, rather than overseas trips," he said. "Our travel account balance recorded a surplus in March for the first time in 11 years and four months. We should study various measures to make K-tourism a growth

May 13, 2026By Yonhap
PM calls for measures to boost K-tourism

Top presidential aide floats 'AI national dividends'

The top presidential aide for economic policy has proposed the country should come up with a national dividend policy that returns the excess tax revenue generated by Korea's booming artificial intelligence (AI)-related industries to the public. “The fruits of the AI infrastructure era are not the outcome of individual companies alone, but are built on the industrial foundation that the entire nation has accumulated over the past half-century,” Kim Yong-beom, presidential chief of staff for policy, wrote on Facebook Monday. His remarks come as public debate grows over how and whether companies such as Samsung Electronics and SK hynix should share their massive operating profits generated by soaring global demand for AI-related products, including high-performance memory chips. While Samsung's labor unions are threatening to strike over their demands for performance-based bonuses, similar to what SK hynix promised to its workers, there have been calls for systems similar to Kim's idea on an online anonymous forum that outsized gains of such big companies should be shared with the pub

May 12, 2026By Park Ji-won
Top presidential aide floats 'AI national dividends'

Candidate registration for June 3 local elections to begin this week

Candidate registration for the upcoming local elections and parliamentary by-elections will open this week, the election watchdog said Tuesday, about three weeks before the polls widely seen as a gauge of the public's view on President Lee Jae Myung's first year in office. The National Election Commission (NEC) will receive candidacy registrations on Thursday and Friday. Official campaigning will kick off May 21 and last 13 days until the eve of the June 3 elections, with only limited forms of electioneering permitted before the official campaign period begins. Up for grabs in the local elections are mayor and governor seats in 16 metropolitan cities and provinces, along with superintendents of education and chiefs of smaller administrative units. Key contests include the mayoral races in Seoul and the traditional conservative strongholds of Daegu and Busan. The race for Seoul mayor will be mainly between incumbent Mayor Oh Se-hoon of the main opposition People Power Party (PPP) and candidate Chong Won-o of the ruling Democratic Party of Korea (DPK), while in Busan, Park Heong-joon, the

May 12, 2026By Yonhap
Candidate registration for June 3 local elections to begin this week

Rival parties seek to woo voters with key campaign pledges ahead of local elections

Rival parties have unveiled a package of campaign pledges ahead of the local elections, with the ruling Democratic Party of Korea (DPK) focusing on promoting balanced regional development and artificial intelligence, while the main opposition People Power Party (PPP) is vowing efforts to improve the housing market. South Koreans will hit the polls on June 3 to elect governors and mayors, as well as city councilors and school superintendents in the elections held every four years. Also up for grabs are 14 National Assembly seats, mostly vacated by lawmakers vying for gubernatorial and mayoral posts in the elections. As its top pledge, the DPK vowed to establish the foundation for balanced regional development and push for the integration of local governments to create more megacities beyond the planned merger between Gwangju and South Jeolla Province. President Lee Jae Myung's administration is seeking to shift away from a Seoul-centric development model toward one centered on fostering five major regional blocs and three special self-governing provinces amid the declining population in

May 12, 2026By Yonhap
Rival parties seek to woo voters with key campaign pledges ahead of local elections

Lee urges proactive fiscal policy to boost people's livelihoods

President Lee Jae Myung on Tuesday instructed officials to pursue a proactive fiscal policy in the second half of the year and beyond to help improve people's livelihoods. Lee delivered the instruction at a Cabinet meeting, insisting that now is the time to nurture the nation's potential through investment and that greater investment will yield bigger returns. "(The government) should focus on paving the way for a great leap forward in the national economy through fiscal (policy)," the president said, adding that the economic growth plan for the second half and the drafting of next year's budget should be based on such a principle. Citing research results, Lee said that "proactive fiscal management" helps improve people's livelihoods, while bold fiscal spending helps revitalize the broader economy. The president said that South Korea's national debt structure remains more sound than that of "any other country," adding that its "real debt ratio," which reflects the government's actual indebtedness, stands at around 10 percent of the gross domestic product. "I don't mean to encourage lavish

May 12, 2026By Yonhap
Lee urges proactive fiscal policy to boost people's livelihoods

Lee vows to address predatory financial practices tormenting debtors

President Lee Jae Myung on Tuesday pledged to address what he called predatory financial practices burdening low-income debtors, referring to cases of defaulters excluded from a government debt cancellation program. The president made the remarks on his X account, posting a link to a news article highlighting cases of defaulters struggling with snowballing debts due to crushingly high interest rates. The article said that a privately run bad bank that had taken over the debts of the defaulters did not participate in the Lee administration's debt cancellation program for low-income borrowers, leaving its debtors ineligible for benefits, while pocketing huge profits. "I did not know this primitive, predatory financing has survived to this day to strangle ordinary people," Lee said. "Why have the authorities in charge not discovered this absurdity until now?" the president noted, vowing to find ways to resolve the issue. The president said there are "limits" in companies' profit-seeking activities, stressing the importance of coexistence.

May 12, 2026By Yonhap
Lee vows to address predatory financial practices tormenting debtors
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