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Lee warns of monitoring, sanctions against unfair price hikes

President Lee Jae Myung said Thursday the government will closely monitor the prices of major items and impose sanctions on companies that unfairly raise prices in an effort to ease cost burdens and stabilize inflation. Lee issued the warning on the social media platform X, sharing a link to a news report about companies lowering prices for instant noodles and cooking oil. "Reducing product prices is not easy, but the government will ease the burden on the public through close market monitoring and inflation management," Lee wrote. "Companies should no longer unfairly raise prices by exploiting their monopolistic positions." Lee ordered law enforcement authorities, the corporate watchdog and the tax service to closely monitor, investigate and impose sanctions on unfair practices, including price collusion and abuse of monopolistic positions. During a meeting with senior aides earlier in the day, Lee also instructed the government to identify sectors that are making unfair profits and take necessary measures. On Thursday, the government designated 23 key items, such as petroleum products,

Mar 12, 2026By Yonhap
Lee warns of monitoring, sanctions against unfair price hikes

Seoul mayor again delays PPP candidate registration for local elections

Seoul Mayor Oh Se-hoon said Thursday he did not register for the main opposition People Power Party's (PPP) candidacy for the June local elections within the extended deadline, expressing dissatisfaction with the party leadership's lack of effort to clearly sever ties with ousted President Yoon Suk Yeol. The fourth-term mayor did not submit his registration for the Seoul mayoral race by the deadline set by the PPP — which had been extended from the original cutoff on Sunday — citing concerns over PPP leader Jang Dong-hyeok's vague stance on calls from within the party to distance itself from Yoon. The former president is currently jailed on insurrection charges related to his failed martial law bid in December 2024. "I regret to say that I was unable to apply for the party primary or candidacy registration ahead of the local elections today," Oh told reporters after an event held in central Seoul. His decision comes as the conservative party continues to struggle to regain public support amid a prolonged internal rift triggered by Yoon's short-lived martial law declaration. In an appa

Mar 12, 2026By Yonhap
Seoul mayor again delays PPP candidate registration for local elections

Incumbent Gov. Kim, six-term lawmaker Choo declare bids for Gyeonggi governor

Incumbent Gyeonggi Gov. Kim Dong-yeon and six-term lawmaker Choo Mi-ae of the ruling Democratic Party of Korea (DPK) on Thursday declared their bids for the June 3 Gyeonggi gubernatorial election. Kim, who is seeking reelection, vowed to work "on the ground" and in line with President Lee Jae Myung's vision during a press conference in Anyang Station, Gyeonggi Province. "My utmost priority is making the Lee Jae Myung administration a successful one," he said, pledging to construct around 800,000 housing units and attract 200 trillion won in investment during his term. Earlier in the day, Choo also announced her bid, vowing to make Gyeonggi Province a province where its residents can take pride in, while promoting AI-driven governance and youth job creation. The Gyeonggi Province governor race is shaping up as a five-way contest with the entries of Kim and Choo, who are widely seen as front-runners in the upcoming election. The DPK plans to hold a preliminary primary from March 21-22 to narrow the field to three candidates before holding the final primary from April 5-7.

Mar 12, 2026By Yonhap
Incumbent Gov. Kim, six-term lawmaker Choo declare bids for Gyeonggi governor

National Assembly passes bill on $350 bil. investment in US

The National Assembly passed a special bill on Korea’s investments in the United States Thursday, establishing a legal framework to manage $350 billion worth of investment projects agreed upon by the two countries. Lawmakers passed the legislation after reaching a bipartisan agreement during a plenary session. Of the 242 lawmakers participating in the session, 226 voted for it and eight opposed, with another eight abstaining. The bill was passed around three months after the two countries signed a memorandum of understanding (MOU) on the investment and tariff issues, and about six weeks after U.S. President Donald Trump threatened to raise tariffs on Korean goods from 15 percent to 25 percent, citing "delays" in the legislation process. President Lee Jae Myung welcomed the passage of the bill. “The bill’s passage is a meaningful example showing that there are no partisan divides when it comes to national priorities,” he wrote in a post on X. “It establishes the legal and institutional foundation needed to implement the Korea-U.S. tariff agreement.” Lee added that the governmen

Mar 12, 2026By Bahk Eun-ji
National Assembly passes bill on $350 bil. investment in US

Ruling party, gov't agree to provide energy vouchers to vulnerable households amid Middle East crisis

The ruling Democratic Party of Korea (DPK) and government officials on Thursday agreed to provide energy vouchers to help vulnerable groups cope with rising prices amid an intensifying war in the Middle East. During a meeting of DPK lawmakers and energy ministry officials at the National Assembly, the ruling party urged the government to ensure that energy costs do not place additional strain on low-income households, Rep. Kim Ju-young told reporters. "The DPK asked that the government maintain a thorough emergency response posture to prevent public inconvenience caused by disruptions in the supply of electricity, while also calling for support in public welfare so that the rising energy costs do not further burden vulnerable households," he said. The government said it would launch an emergency response team, and work with state-run energy companies and private power generators to maintain a stable supply.

Mar 12, 2026By Yonhap
Ruling party, gov't agree to provide energy vouchers to vulnerable households amid Middle East crisis

Lee congratulates Kim Yun-ji on winning second medal at Winter Paralympics

President Lee Jae Myung on Wednesday congratulated para-athlete Kim Yun-ji on winning her second medal at the 2026 Milan-Cortina Winter Paralympics in Italy, calling her a "multiplayer on the snowfield." Lee wrote the message on his Facebook account after Kim clinched a silver medal in the women's cross-country skiing event at the Winter Paralympics on Tuesday (local time) after she won the women's individual sitting title in the 12.5-kilometer biathlon Sunday. "Following the precision she displayed in the biathlon, Kim also excelled in cross-country skiing, powering across the snow with explosive strength and emerging as a true 'multi-player on the snowfield,'" Lee wrote. Lee said her silver medal is particularly meaningful as it marks the first medal won by a Korean female cross-country skier in the history of both the Olympics and the Paralympics, adding that the result has helped the country surpass its previous best performance at the 2018 PyeongChang Winter Paralympics. "She is expanding the horizons of the Republic of Korea's winter sports with her outstanding talent," he added. Ki

Mar 11, 2026By Yonhap
Lee congratulates Kim Yun-ji on winning second medal at Winter Paralympics

Lee says big business-SME cooperation is key to survival

President Lee Jae Myung on Tuesday urged large corporations and small and medium enterprises (SMEs) to work more closely together to sustain the Korean economy and deliver broader growth, describing such collaboration as a “smart survival strategy” for businesses. Lee made the remarks while presiding over a meeting with business leaders at Cheong Wa Dae, the presidential office. The gathering brought together representatives from 10 major corporations — including Hanwha Ocean, Samsung Electronics, SK SUPEX Council and Hyundai Motor — along with 10 SMEs that partner with them. The event aimed to promote mutually beneficial cooperation between large companies and smaller firms. “Cooperation between large corporations and SMEs is not charity but an investment. Put more bluntly, it could even be a survival strategy,” Lee said at the meeting. Lee underscored that cooperation should extend beyond corporate partners, saying that regional youth, small-business owners and investors can also become long-term sources of corporate competitiveness. He noted that companies increasingly fa

Mar 10, 2026By Anna J. Park
Lee says big business-SME cooperation is key to survival

Gov't to set up committee to honor civic resistance to martial law

The government will establish the presidential "Committee of Light" to honor the dedication and spirit of people who contributed to protecting the Constitution and democracy during the Dec. 3, 2024, martial law, the interior ministry said Tuesday. The Cabinet meeting approved a bill earlier in the day on the establishment and operation of the Committee of Light, the ministry said. It will consist of no more than 35 members, including experts in the fields of the Constitution and democracy. The panel will establish basic directions for the spread of Korean-style citizen participation democracy, and issue and award the "certificate of light" to people who contributed to the protection of democracy during the martial law imposition. The government plans to establish the criteria on the issuance of the certificate after deliberation by the committee. The committee will also pursue projects to inherit the spirit of democracy, such as collecting opinions on whether to designate a national commemorative day related to the "revolution of light," which refers to the citizen-led pro-democracy move

Mar 10, 2026By Yonhap
Gov't to set up committee to honor civic resistance to martial law

PPP’s break with Yoon sparks conservative rift ahead of local elections

The main opposition People Power Party’s (PPP) decision to formally distance itself from former President Yoon Suk Yeol is exposing deep divisions within Korea’s conservative bloc as the country approaches the June 3 local elections. The party adopted a resolution Monday rejecting calls for Yoon’s political comeback, marking its clearest attempt yet to separate itself from the so-called “Yoon Again” movement that has gained traction among some conservative supporters following the former president’s conviction over his Dec. 3, 2024, martial law declaration. Political observers say the move reflects growing concerns within the party about its electoral prospects, particularly in the Seoul metropolitan area, where public sentiment toward conservatives has deteriorated sharply. At an emergency meeting of lawmakers, the PPP apologized for the turmoil caused by Yoon’s martial law declaration and said that it opposes “all claims calling for the former president’s political return.” The resolution was issued in the name of all PPP lawmakers. Seoul Mayor Oh Se-hoon welcomed th

Mar 10, 2026By Bahk Eun-ji
PPP’s break with Yoon sparks conservative rift ahead of local elections

FM Cho vows transparency on nuclear submarine project in talks with IAEA chief

Foreign Minister Cho Hyun on Monday spoke by phone with the chief of the International Atomic Energy Agency (IAEA) and stressed that Seoul will maintain transparent communication with the international nuclear watchdog over its plan to build nuclear-powered submarines. During the talks with IAEA Director General Rafael Grossi, Cho said South Korea fully complies with its obligations under the Nuclear Non-Proliferation Treaty (NPT) and will continue transparent consultations with the agency in the process of introducing nuclear-powered submarines, according to the foreign ministry. Grossi said he fully trusts the Seoul government's commitment to nuclear nonproliferation and that the IAEA will maintain close cooperation with South Korea over the issue. U.S. President Donald Trump approved South Korea's push to secure nuclear-powered submarines after his summit with President Lee Jae Myung last year, and the two nations are working to advance the agreement and set details, including cooperation on fuel supply for the submarines. Cho also asked for the agency's support for Seoul's efforts to

Mar 9, 2026By Yonhap
FM Cho vows transparency on nuclear submarine project in talks with IAEA chief
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