A foreign journalist who covered North Korea’s Punggye-ri nuclear test site demolition reads the Rodong Sinmun, the official newspaper of the country’s Workers’ Party, on a North Korean chartered flight heading to Beijing, China. File. Photo by YONHAP / EPA
April 24 (Asia Today) — Nearly two-thirds of South Koreans oppose allowing access to North Korean websites, while most experts support the idea, the Presidential Advisory Council on Democratic and Peaceful Unification said Friday.
According to the council’s first-quarter public opinion survey on unification, 63.6% of respondents said they did not agree with a proposal to allow access to North Korean websites to help the public better understand North Korean society.
In contrast, 71.3% of 149 experts on unification and North Korea issues said they supported the proposal, showing a sharp gap between the general public and specialists.
The survey also found that 59.2% of respondents supported President Lee Jae-myung’s proposal, presented in a March 1 Independence Movement Day speech, to ease tensions between the two Koreas and work with relevant countries to transform the armistice system into a peace regime.
A separate 61.6% said they supported continuing the government’s policy of peaceful coexistence on the Korean Peninsula.
On the need for reunification, 65.9% said it was necessary, down 2.1 percentage points from the previous quarterly survey. Respondents cited eliminating the threat of war, at 29.2%, and economic development, at 26.3%, as the top reasons for reunification.
Views were mixed on North Korea’s “two hostile states” doctrine.
Among respondents, 27.7% said they do not recognize the North Korean regime but recognize inter-state relations with the North. Another 24.9% said they recognize both the North Korean regime and inter-state relations.
A separate 24% said they recognize neither the North Korean regime nor inter-state relations, while 16.7% said they recognize the regime but do not recognize inter-state relations.
The survey was conducted by Korea Research from March 27-29 on 1,200 adults nationwide. It had a confidence level of 95% and a margin of error of plus or minus 2.83 percentage points.
E-commerce firm Coupang on Friday denied allegations that it lobbied U.S. government officials to pressure South Korea after a data leak controversy. This February 27 photo shows a Coupang distribution center in Seoul. File Photo by Yonhap
E-commerce firm Coupang Inc. on Friday denied allegations that it lobbied U.S. government officials to pressure the South Korean government following a data leak controversy that emerged in November.
The company also rejected claims that its lobbying activities involved security-related issues, calling such assertions unfounded.
Citing disclosures under the U.S. Lobbying Disclosure Act (LDA), Coupang said its lobbying efforts focused on promoting economic cooperation between Seoul and Washington and expanding professional visa opportunities for South Koreans seeking employment in the United States.
The filings show the company also engaged with U.S. authorities on plans to expand investment and commercial activity in South Korea, Taiwan and Japan, without addressing security matters, Coupang said in a text message.
Coupang said it has prioritized communication on artificial intelligence (AI) innovation, investment, job creation and cross-border commerce involving the U.S. and other markets, including South Korea.
The company said it spent 1.6 billion won (US$1.09 million) on lobbying in the January-March period.
“Lobbying activities by both U.S. and South Korean companies are conducted within legal frameworks,” Coupang said, adding that major U.S. firms typically spend three to four times more than it does.
Copyright (c) Yonhap News Agency prohibits its content from being redistributed or reprinted without consent, and forbids the content from being learned and used by artificial intelligence systems.
An infographic illustrates declining employment rates and rising crime involvement among South Korean youth, highlighting how economic hardship and online platforms are fueling participation in high-profit illegal activities disguised as part-time jobs. Graphic by Asia Today and translated by UPI
April 23 (Asia Today) — Economic hardship among young people in South Korea is reshaping crime patterns, with more youths turning to high-profit illegal activities disguised as part-time jobs, experts warn.
The shift marks a departure from traditional survival-driven crimes such as theft toward organized fraud, digital financial crime and so-called “crime-for-hire” schemes promising quick cash.
Economists have long noted the link between opportunity and crime. Gary Becker argued that individuals weigh expected criminal gains against legal income opportunities when deciding whether to commit offenses.
Recent data suggest that calculation is changing for young Koreans.
According to government employment data, the youth employment rate for those ages 15 to 29 fell to 43.6% in March, well below the overall rate of 69.7%. Youth employment declined for 41 consecutive months, with 147,000 fewer young workers compared with a year earlier.
In contrast, employment among older age groups increased, deepening what analysts describe as a “K-shaped” divide in the labor market.
At the same time, youth crime is rising. Prosecutors’ data show the number of young offenders per 100,000 people increased from 3,130 in 2021 to 3,363 in 2024. Fraud is particularly prevalent, with people in their 20s accounting for 23.7% of cases – the highest share among all age groups.
Researchers say unemployment and crime are closely linked. A 2023 study found that a 1 percentage point increase in unemployment leads to a 1.5% rise in theft-related crime.
Experts argue the issue is not just an increase in crime, but a structural shift.
“Young people are no longer committing crimes out of necessity alone, but increasingly pursuing one-time, high-reward opportunities,” one analyst said.
The appeal is stark. While unstable jobs may pay about 2 million won (about $1,480) a month, illegal activities can promise hourly earnings exceeding 500,000 won (about $370), widening the perceived gap between legal and illegal income.
Underlying the trend is growing relative poverty – a sense of falling behind others despite overall economic development. Rising real estate and financial asset values have deepened wealth disparities, reinforcing frustration among young people who see limited chances for upward mobility.
Some openly acknowledge the temptation.
“Sometimes it feels better to go to prison than live in this kind of hardship,” a 27-year-old job seeker said. “I know it’s wrong, but it’s hard just to get by.”
Digital platforms are accelerating the problem.
Recruitment for illegal work now spreads through social media and messaging apps, lowering barriers to entry. Schemes such as “yamibaito,” which advertise high-paying short-term jobs, often involve tasks like money transfers, account lending or acting as intermediaries in voice phishing scams.
Many participants are first-time offenders in their early 20s.
Authorities say similar “crime outsourcing” operations are increasingly coordinated through encrypted platforms such as Telegram, making them difficult to trace due to their decentralized structure.
Young people’s familiarity with online tools, cryptocurrencies and non-face-to-face transactions makes them especially suited to the technical roles required in such operations, further concentrating recruitment within the demographic.
Experts caution that the consequences can be lasting.
“Some young people treat these illegal jobs as simple labor and underestimate the risks,” said criminal profiler Bae Sang-hoon. “Even minor involvement can lead to a criminal record that affects the rest of their lives.”
Analysts stress that the problem cannot be addressed through policing alone.
“Poverty is the mother of crime,” said Kim Yoon-tae, a professor of public sociology at Korea University. “We need to examine structural factors such as employment, education and housing, rather than framing this purely as an issue of personal responsibility.”
He added that stable jobs, fair access to education and stronger housing support are essential to reducing the appeal of illegal income opportunities.
Without such changes, experts warn, more young people could be drawn into a cycle where economic hardship leads to crime – and a criminal record further limits future opportunities.
An old chapel stands in a field in front of cooling towers operating at the Dukovany nuclear power plant operated by CEZ AS, near the village of Dukovany, Czech Republic. Photo by MARTIN DIVISEK / EPA
April 22 (Asia Today) — The Czech Republic said its nuclear power project with South Korea is progressing on schedule, signaling potential expansion of cooperation that could extend to additional reactor construction and broader entry into the European market.
Petr Závodský, head of the Czech project company EDU II, said the Dukovany nuclear project has entered a key design phase just 10 months after the contract was signed with Korea Hydro & Nuclear Power.
“We received the first large-scale engineering package, including the conceptual design, last week,” Závodský said at a conference in Busan. “This marks a major contractual milestone, and site investigations have already been completed.”
He added that the next step is to submit licensing documents to Czech nuclear regulators within a year.
Tomas Ehler said the Czech government selected Korea Hydro & Nuclear Power based on its proven ability to complete projects on time and within budget.
“In nuclear projects, the most important factor is execution capability,” Ehler said. “The Korean proposal was evaluated as the best across all criteria.”
He emphasized that nuclear construction involves complex risks and requires close coordination between partners to identify and manage challenges early.
Officials also addressed concerns over a dispute involving France, saying the issue has effectively been resolved after being dismissed by Czech courts. They added that approval procedures with the European Commission for expanded reactor plans are ongoing and expected to be finalized by early 2027.
The Czech government reaffirmed its strategy to increase nuclear power’s share in its energy mix from about 30% currently to 50%-60% in the coming years.
A final decision on constructing additional reactors at the Temelin Nuclear Power Plant is expected next year, with progress on the Dukovany project serving as a key benchmark.
Ehler said that if both projects move forward with Korean participation, significant synergies could be achieved.
Závodský stressed that the partnership goes beyond a typical supplier relationship.
“The Czech Republic cannot build nuclear plants without Korean companies, and Korean firms cannot carry out the project without Czech partners,” he said. “This is a joint project, not just a client-supplier arrangement.”
Officials added that the cooperation could expand beyond the Czech Republic to other European countries, including Slovakia and Poland.
President of Vietnam and General Secretary of the Communist Party To Lam (2-R) and his wife Ngo Phuong Ly (R), South Korean President Lee Jae Myung (2-L) and his wife Kim Hea Kyung (L) pose for a group photo at the Presidential Palace in Hanoi, Vietnam, 22 April 2026. President Lee is on a state visit to Vietnam from 21 to 24 April 2026. Photo by LUONG THAI LINH / EPA
April 22 (Asia Today) — South Korean President Lee Jae-myung held summit talks with Vietnam’s top leader on Tuesday to strengthen cooperation in nuclear energy, infrastructure and supply chains, as both countries seek to navigate rising global uncertainties.
Lee met with To Lam in Hanoi during a state visit, where the two sides discussed expanding strategic cooperation across key sectors, including energy security and critical minerals.
The talks come as prolonged conflict in the Middle East heightens concerns over global energy supply disruptions, prompting both countries to pursue more resilient and diversified supply chains.
South Korea and Vietnam, each among the other’s top three trading partners, agreed to deepen cooperation not only in trade and investment but also in nuclear power, infrastructure, defense and other strategic industries.
The two countries have set a goal of increasing bilateral trade from $94.6 billion in 2025 to $150 billion by 2030.
Lee is expected to express support for South Korean companies seeking to participate in major Vietnamese infrastructure projects, including a new urban development project valued at about 1.1 trillion won ($740 million) and a new airport project estimated at 102.7 billion won ($69 million).
The leaders are also expected to discuss expanding cooperation in science and technology, climate response, artificial intelligence semiconductors and cultural industries, as well as boosting people-to-people exchanges such as tourism.
Ahead of the summit, Lee said relations between the two countries had reached a “comprehensive strategic partnership” following the 30th anniversary of diplomatic ties in 2022.
“Through this visit, we aim to further develop our highest-level cooperation into a more future-oriented and strategic partnership,” Lee said during a meeting with Korean residents in Vietnam.
Lee also paid tribute at the mausoleum of Ho Chi Minh before the summit and is scheduled to attend a state banquet hosted by the Vietnamese leadership.
On Wednesday, Lee is expected to meet Vietnam’s prime minister and National Assembly chair, and attend a business forum with executives from major South Korean conglomerates, including Lee Jae-yong, Chey Tae-won and Koo Kwang-mo.
An AI-generated image illustrates rising consumer debt and credit card borrowing in South Korea. Graphic by Asia Today and translated by UPI
April 21 (Asia Today) — Credit card loans and cash advances in South Korea surged more than 50% in March, signaling growing financial strain among households and raising concerns about rising credit risk in the card industry.
According to data from the Credit Finance Association, card loan usage at nine major credit card companies rose to 11.44 trillion won ($8.4 billion) in March from 7.42 trillion won ($5.4 billion) in February, an increase of about 54%.
Outstanding card loan balances reached 42.99 trillion won ($31.5 billion), up slightly from the previous month and marking a third straight month of increases.
The sharp rise reflects growing demand for short-term, high-interest borrowing as households face persistent inflation and a slowing economy, while tighter bank lending standards push lower-credit borrowers toward credit cards as a last resort.
Industry officials warned the trend could signal deteriorating asset quality, as card loans typically carry higher default risks.
Delinquencies are already rising. Data from the Bank of Korea showed the delinquency rate on credit card loans at commercial banks reached 4.1% at the end of January, the highest level since May 2005.
Loans overdue for more than six months – widely considered difficult to recover – also surged, rising 84% last year to 470.8 billion won ($345 million).
While higher loan volumes can boost interest income, industry officials said the increasing share of low-credit borrowers and longer delinquency periods could weigh on profitability due to higher provisions for bad loans.
Among card issuers, Samsung Card recorded the largest loan volume in March at 2.22 trillion won ($1.6 billion), while Hyundai Card posted the biggest monthly increase.
Cash advance usage also climbed sharply, rising 56% month-over-month to 12.48 trillion won ($9.1 billion), with outstanding balances increasing 4.5% to 6.29 trillion won ($4.6 billion).
A credit card industry official said the combined rise in new borrowing and outstanding balances could become a burden if delinquency rates continue to worsen.
South Korea’s Unification Minister Chung Dong-young speaks to reporters at the Seoul Government Complex on April 20. Photo by Asia Today
April 20 (Asia Today) — South Korea’s unification minister on Monday rejected reports of a rift with the United States over intelligence sharing on North Korea, warning against speculation that could harm bilateral relations.
Chung Dong-young said he was concerned about claims suggesting a crisis in ties between Seoul and Washington following reports that the United States had limited the sharing of satellite intelligence after his recent remarks.
“I explained policy to underscore the seriousness of North Korea’s nuclear issue, and it is deeply regrettable that this is being framed as a leak of classified information,” Chung told reporters at the Seoul Government Complex.
He said his comments referencing a suspected nuclear facility in Kusong, North Pyongan Province, were based on publicly available information and had been mentioned previously during his confirmation hearing in July.
Chung questioned the timing of the controversy, noting that the same reference had been made months earlier without issue.
He added that since taking office, he has not received any classified intelligence reports related to North Korea’s nuclear facilities from domestic or foreign agencies.
South Korea’s Unification Ministry also said the remarks were based on previously published material, including reports by the Institute for Science and International Security, the RAND Corporation and the Center for Strategic and International Studies.
Chung dismissed suggestions that internal divisions within South Korea over alliance policy were behind the issue, saying he did not believe such factors were at play.
In a separate social media post, he also criticized what he described as politically motivated speculation, calling claims of an intelligence leak “groundless.”
The comments come amid heightened scrutiny over information sharing between South Korea and the United States on North Korea’s nuclear program.
A test-fire of strategic cruise missiles and anti-warship missiles from the destroyer Choe Hyon in North Korea, 12 April 2026 (issued 14 April 2026). File. Photo by KCNA / EPA
April 19 (Asia Today) — North Korea launched multiple ballistic missiles on Saturday, just 11 days after its previous test, in what analysts describe as an effort to expand and demonstrate its nuclear delivery capabilities.
South Korea’s Joint Chiefs of Staff said the missiles were fired around 6:10 a.m. from the Sinpo area on the country’s east coast and flew about 140 kilometers over the East Sea.
The launch site, near a key submarine facility, has raised the possibility that the weapons could be linked to submarine-launched ballistic missile development, though officials said further analysis is needed.
The Joint Chiefs of Staff said it is assessing the missiles’ specifications and whether they were launched from land or underwater.
Sinpo is home to North Korea’s main submarine shipyard, where vessels such as the “Kim Gun-ok Hero” submarine have previously been unveiled.
Recent satellite imagery cited by the North Korea-focused outlet 38 North indicated that another submarine had been moved to dry dock, suggesting possible preparations for additional testing.
Yang Wook, a research fellow at the Asan Institute for Policy Studies, said the relatively short flight distance raises questions about whether a full submarine-based launch was conducted.
“Given the 140-kilometer range, it is unclear whether this was a full SLBM test, but the location suggests it could be part of efforts to verify repeated launch capability,” he said.
If confirmed as an underwater launch, the test would mark North Korea’s latest step in diversifying its nuclear delivery systems, following demonstrations involving land-based missiles and sea-based platforms in recent weeks.
Under its latest defense development plan, North Korea has been expanding a range of strategic capabilities, including short-range ballistic missiles, hypersonic weapons, cruise missiles and solid-fuel intercontinental ballistic missile engines.
Analysts say the timing may also reflect broader geopolitical considerations. With the United States focused on conflict in the Middle East, North Korea could be seeking to exploit a perceived security gap while reinforcing its deterrence posture.
Some experts also suggest the launch may be intended to strengthen Pyongyang’s bargaining position ahead of potential diplomatic engagement tied to an expected visit by President Donald Trump to China next month.
Gasoline and diesel fuel prices are displayed on a screen inside a gas station in Seoul, South Korea, 19 April 2026. The average gasoline price in the country rose 0.42 won (0.0003 US dollar) from a day earlier to 2,001.93 won per liter on the same day, according to data from Korea National Oil Corp. Photo by YONHAP / EPA
April 18 (Asia Today) — Average gasoline and diesel prices at South Korean gas stations rose for a third straight week, putting both fuels on the verge of topping 2,000 won per liter.
The average nationwide gasoline price for April 12-18 stood at 1,996.3 won per liter, or about $1.36 a liter and $5.15 a gallon. That was up 28.7 won from 1,967.6 won a week earlier. Diesel averaged 1,990.2 won per liter, or about $1.36 a liter and $5.13 a gallon, up 31.1 won from the previous week.
With both fuels nearing the 2,000 won threshold, the government is set to announce its fourth maximum-price notice on Thursday. The current system partially reflects changes in global oil prices while slowing the pace of retail price increases.
By brand, SK Energy had the highest gasoline price at 2,001.8 won per liter, or about $5.16 a gallon, while self-service budget stations were the cheapest at 1,974.7 won. For diesel, SK Energy was also the highest at 1,995.2 won per liter, while budget stations posted the lowest average at 1,966.1 won.
By region, Jeju had the country’s highest average gasoline price this week at 2,029 won per liter, or about $5.23 a gallon. Seoul followed at 2,026.7 won, or about $5.23 a gallon.
International oil prices have recently eased on expectations that the conflict involving the United States and Iran could wind down. Dubai crude, the benchmark for South Korea’s imported oil, stood at $101.8 a barrel on Wednesday, down $4.7 from $106.5 on Sunday. Changes in global oil prices usually reach domestic pump prices with a two- to three-week lag.
This image, released on March 20, by the North Korean Official News Service (KCNA), shows North Korean leader Kim Jong Un and his daughter, Kim Ju Ae, observing a military exercise involving tanks, drones, and other munitions. File Photo by KCNA/UPI | License Photo
April 19 (UPI) — South Korea’s Defense Ministry said North Korea test launched multiple, short-range ballistic missiles into the East Sea, also known as the Sea of Japan, Sunday morning.
“Detailed specifications are currently under close analysis by South Korean and U.S. intelligence authorities,” officials in Seoul said in a statement, according to ABC News.
“Our military is closely monitoring North Korea’s military activities under a firm combined defense posture and maintains an overwhelming capability and readiness to respond to any provocation.”
The Japan Times said the Defense Ministry of Japan also confirmed the activity.
“North Korea’s series of actions, including the repeated launches of ballistic missiles and other weapons, threaten the peace and security of Japan, the region and the international community,” the ministry said in a statement.
Newsweek said Pyongyang has increased its ballistic missile testing and nuclear weapons development since the conflict between the United States, Israel and Iran began nearly two months ago.
Sunday’s missile launches appear to have come from Sinpho, a coastal city in North Korea where submarines capable of launching such weapons are built.
Sakie Yokota, mother of Megumi Yokota, who was abducted by North Korea, speaks during a rally demanding the immediate return of all abductees in Tokyo on November 3, 2025. Photo by Keizo Mori/UPI | License Photo
Jang Dong-hyeok (L), chief of the main opposition People Power Party, speaks during a meeting of the party’s Supreme Council at the National Assembly in Seoul, 02 February 2026. Photo by YONHAP / EPA
April 17 (Asia Today) — Jang Dong-hyuk, leader of South Korea’s main opposition People Power Party, has delayed his return from a U.S. visit by three days at the request of U.S. officials, party aides said Thursday.
Park Jun-tae, Jang’s chief of staff, told reporters at the National Assembly that Jang had originally planned to return later in the day but would now arrive early Sunday.
“While heading to the airport for departure procedures, special circumstances arose, leading to an extension of his schedule,” Park said.
The delay was made at the request of officials from the U.S. Department of State, Park added. He said speculation about possible meetings with Vice President JD Vance or Secretary of State Marco Rubio remained unconfirmed.
Some members of Jang’s delegation have already returned to South Korea, while others remain in the United States.
Jang departed for Washington on April 11 and was initially scheduled to return Friday via Incheon International Airport.
During the visit, he met with U.S. lawmakers including Bill Hagerty and delivered a speech at the International Republican Institute, where he emphasized the U.S.-South Korea alliance.
He also criticized the South Korean government’s policy toward North Korea, arguing it prioritizes dialogue over deterrence and risks weakening trust in the alliance. Jang called for “peace through strength” to counter North Korea’s nuclear threat.
The missiles were fired near the city of Sinpo on North Korea’s east coast at about 6:10am on Sunday (21:10 GMT, Saturday), South Korea’s military said in a statement. It added that South Korea had bolstered its surveillance posture and was closely exchanging information with the United States and Japan.
Japan’s government posted on social media that the ballistic missiles were believed to have fallen near the east coast of the Korean Peninsula. No incursion into Japan’s exclusive economic zone was confirmed.
South Korea’s presidential office said it has held an emergency security meeting, according to media reports.
Such tests violate United Nations Security Council resolutions against North Korea’s missile programme. The diplomatically isolated country rejects the UN ban and says it infringes on its sovereign right to self-defence.
The launches come as China and the US prepare for a summit in mid-May, in which Chinese President Xi Jinping and his US counterpart, Donald Trump, are expected to discuss North Korea.
North Korea has made “very serious” advances in its ability to turn out nuclear weapons, with the probable addition of a new uranium enrichment facility, International Atomic Energy Agency chief Rafael Grossi said on Wednesday.
Late last month, North Korean leader Kim Jong Un said his country’s status as a nuclear-armed state was irreversible and that expanding a “self-defensive nuclear deterrent” was essential to national security.
SMEs and Startups Minister Han Seong-sook (R) speaks during a meeting with representatives of small and midsize companies, chaired by President Lee Jae Myung (4th L), at the presidential office Cheong Wa Dae in Seoul, South Korea, 20 March 2026. Photo by YONHAP /EPA
April 17 (Asia Today) — South Korea will provide 462.2 billion won ($308 million) in emergency support for small businesses and exporters affected by the prolonged Middle East war, the government said Thursday.
Han Seong-sook, minister of SMEs and Startups, visited South Gyeongsang Province to inspect local business conditions and pledged swift policy support for small businesses, exporters and young entrepreneurs.
Han first toured a “glocal” commercial district in Tongyeong, where officials highlighted a local revitalization model that has helped boost sales in the area. The ministry said it plans to expand support for local entrepreneurs and foreign tourism infrastructure beginning in 2026.
Han then visited the Korea SMEs and Startups Agency in Jinju and emphasized special extensions of policy loan maturities and expanded emergency financing. The ministry is pushing to disburse more than 90% of the supplementary budget for logistics support by June to help exporters cope with rising shipping costs.
At Gyeongsang National University, Han discussed expanding the government’s “Startup for All” project with aspiring young entrepreneurs before heading to K-Tech, a defense exporter, for the final stop of the trip.
Companies at the meeting cited soaring raw material costs and higher logistics expenses caused by shipping delays as major difficulties. Han said it could take considerable time for logistics to normalize and for Middle East energy facilities to be fully restored.
“This is a critical moment for a closely woven support safety net to prepare for the fallout from the war,” Han said, pledging to relay companies’ concerns through an inter-ministerial emergency economic response system and to mobilize all available policy tools.
The ministry said the emergency support is part of a broader 1.69 trillion won ($1.13 billion) supplementary budget approved this month, with 462.2 billion won ($308 million) earmarked to minimize damage to export-oriented small and medium-sized firms from the Middle East conflict.
Trade, Industry and Resources Minister Kim Jung-kwan attends a press conference at the government complex in Sejong, central South Korea. Photo by YONHAP / EPA
April 16 (Asia Today) — South Korea will begin receiving 27 million barrels of alternative crude oil in June, part of a broader effort to stabilize energy supplies and diversify import sources amid disruptions linked to conflict in the Middle East.
The Ministry of Trade, Industry and Energy said the shipments are part of crude secured by a presidential envoy team, with additional policy measures being introduced to support refiners facing supply uncertainty.
A senior ministry official said the envoy team secured about 223 million barrels of alternative crude, excluding 50 million barrels previously allocated from Saudi Arabia. Of that, 27 million barrels are scheduled for shipment beginning in June.
The earlier 50 million barrels are expected to be shipped in April and May through the Red Sea port of Yanbu, with confirmation from Saudi Aramco that deliveries will proceed as planned, the ministry said.
South Korean refiners had faced disruptions despite existing contracts, as shipments were affected by instability and constraints linked to the Strait of Hormuz, a key global oil transit route.
The envoy delegation has secured a total of about 273 million barrels of crude from countries including Kazakhstan and Saudi Arabia. Of that, roughly 250 million barrels from Saudi Arabia – which accounts for about one-third of South Korea’s crude imports – are expected to be delivered by the end of the year.
Officials said the government has already secured about 118 million barrels for April and May combined, indicating no immediate risk to domestic supply. Remaining volumes are expected to be shipped sequentially through the end of the year.
In parallel, the government is introducing measures to help refiners diversify import sources. For crude imported between April and June, authorities will ease requirements for refunds of the petroleum import levy and temporarily expand refund limits.
The ministry said it simplified freight cost calculations using an international benchmark index and removed restrictions on shipment volume, duration and frequency. It also temporarily lifted caps on freight cost compensation for diversified imports to expand financial support.
The program is backed by about 127.5 billion won (approximately $95 million) in funding, based on estimated demand from domestic refiners.
Officials said broader reforms may be considered if the situation persists.
The ministry also pushed back against claims that fuel consumption has increased following the introduction of a price cap. Data showed that weekly gasoline and diesel sales fell in five of seven weeks from late February to mid-April compared to the same period last year.
From mid-March to mid-April, after the price cap took effect, total fuel sales declined 12.4% year-over-year, the ministry said, urging observers to focus on overall trends rather than short-term fluctuations.
There’s a couple somewhere in Los Angeles who unknowingly inspired the second season of “Beef.”
Lee Sung Jin, the creator of Netflix’s anthology drama that swirls in the consequences of class struggles, resentment and the absurdity of life’s curveballs, once again found himself inspired by a tense interaction playing out before him. A road rage incident at a stoplight in Hollywood a few years ago, triggered by Lee’s delayed response to a green light, became the catalyst for the first season. An early idea to write about a men’s doubles partnership gone awry lost its luster after “Challengers,” Luca Guadagnino’s drama about a love triangle between tennis pros, came out. But a heated argument coming from a house in Lee’s neighborhood became the next spark that lit a narrative fuse.
“I told the story to people — it caused a little stir in the neighborhood,” he says. “And what I found fascinating was the different reactions. When I told younger folks, I’d get, ‘Did you call the police? Should you go check on them again?’ Very concerned, having an ideological view on relationships. When I told the story to older friends and couples, they were just kind of like, ‘Who among us hasn’t?’ I thought the idea of juxtaposing these couples at different stages felt like ripe ground.”
The overheard in L.A. moment inspired the eight-episode season,
Carey Mulligan and Oscar Isaac square off with Charles Melton and Cailee Spaeny in Season 2 of “Beef.”
(Netflix)
The twist-filled, darkly comic thriller kicks off when a young couple, Ashley and Austin (Cailee Spaeny and Charles Melton), who work at a Montecito country club, witness the explosive altercation between their boss Josh (Oscar Isaac) and his wife, Lindsay (Carey Mulligan), an interior designer, the night before the club’s new Korean billionaire owner, Chairwoman Park (Youn Yuh-jung), takes over. She has her own mess to tend to involving her husband (Song Kang-ho), a doctor whose health is affecting his work on patients. The calamities each couple faces spin out into a web of favors and coercion in this tale of broken systems and characters going to great lengths to get what they want.
“The idea of cycles felt interesting,” he says. “A lot of shows and movies cover marriage through the lens of one couple, you don’t really see that multigenerational juxtaposition.”
Speaking from his office on the Raleigh Studios lot in Hollywood, Lee discussed the season’s Montecito setting, the financial anxiety that drives the story and the four-legged breakout star of the show. These are edited excerpts from the conversation, which includes many spoilers.
Why did you want to set this season in Montecito?
Just writing what I know. My goddaughters — their parents are my best friends. They live in Montecito. The dad is my oldest friend in LA. He has a membership to Montecito Club, which is where we shot the exterior of our show. I was house-sitting for him during the writing of all this. He let me use his membership. I remember when he told me about the membership, I was like, “You pay how much? That’s insane, dude.” But then you start using the membership. This idea of hedonic adaptation — how humans so quickly adapt to this new comfort, this new stimulus — it felt like an interesting thing. I was observing how all the members seemed to be mostly boomers and Silent Gen; then all the workers were Gen Z and millennial. I thought: What a perfect metaphor for society right now. No matter how hard the Gen Z and millennials work, they’re never going to get to be members of this club because, as Austin says, “everyone grabbed the bag before they could.” That’s what made me want to set it at a Montecito country club.
Oscar Isaac as Josh Martin and Carey Mulligan as Lindsay Crane-Martin. Cailee Spaeny as Ashley Miller and Charles Melton as Austin Davis. The second season of “Beef,” follows the two California couples from different socioeconomic backgrounds — though both are struggling — as they spiral into a high-stakes feud.(Netflix)
That feeling of survival and resentment and entitlement really looms over this season. There’s speeches about love, but also capitalism. The anxiety about finances is so prevalent right now.
We certainly didn’t set out to make a season about capitalism. But if you’re constantly trying to chase truth as writers, I don’t know how you say anything in the modern era, in 2026, and not have capitalism be a huge variable because it permeates every aspect of life. It’s like going to get gas. Gas is almost $7 right now. You have to fill your tank and there goes $140? That’s crazy. And relationships face so much stress — everyone is being hit by all these curveballs and trying to keep your head above water — how can you enjoy each other?
It became very obvious to us that if you’re going to write a season about marriage and love to these two couples, financial implications have to be a big factor. There’s a lot of talk about the disappearance of the American dream right now. Birth rates are declining. No one’s owning homes anymore. But then you also see headlines about everyone’s scamming. CVS has everything locked down. You’re like, “Yeah, no wonder.” Everything’s connected. We wanted to really show how that survival instinct, the desperation, is starting to come for everyone. I don’t think it’s going to get easier, especially with AI moving on the horizon, and with leaders who refuse to put checks and balances in place.
Part of Ashley’s story is using the video of the fight between Josh and Lindsay as blackmail to get health insurance so she can afford treatment for her endometriosis. And that moment where she’s waiting in the ER for hours and it’s not until she collapses that they realize she needs emergency surgery — her big concern is whether she has to pay the deductible.
I wrote that episode in a literal day because it was based on an experience I had in an ER with my daughter’s mother. She had this illness fall upon her. We spent 12 hours at the ER and, the whole time, I had my Notes app out and was just writing down everything I saw. Almost everything in that scene is stuff that happened in real life. Our healthcare system is absolutely insane. It’s, again, unhinged capitalism and … felt like it really unlocked so much of the season.
There’s a moment where Josh has to sell some of his prized possessions to pay a gambling debt. Have you been there, needing to sell things to cover your financial obligations?
I’ve been there multiple times. I obviously struggled to find my way for a long time, even after becoming a writer. If you’re in a writing partnership, in a staff job on a show — first of all, this is what the guild has been fighting, trying to get these longer-term employment windows because these jobs sometimes are only … maybe eight to 12 weeks. You’re splitting a staff salary in two [if you’re in a partnership], and you probably haven’t qualified for health insurance by the end of that run. Sure, you’re a working writer, but I remember [by the time I landed at] “Always Sunny in Philadelphia,” my first real writing job, I had amassed so much debt, half of which were from parking tickets. I just didn’t have the money to pay these tickets, and so I just let them run rampant. So, yeah, I’ve been there. There’s this one guitar that I loved; it was the first guitar I bought with my own money after college — it was a Fender Telecaster. I think I bought it for $1,200. I ended up selling it for $300. I’ve sold collectibles. I’ve sold anything that had gold in it. I’ve scrapped to just find anything because you’re desperate.
Song Kang-ho as Dr. Kim, Youn Yuh-jung as Chairwoman Park in “Beef.” Recalling the opportunity to direct the pair, Lee says: “It just makes me feel like a little kid again. It stops feeling like work and starts feeling like play.”
(Netflix)
You directed this season. Is there a moment that stands out with this cast?
A peak of my career that I think about daily is the moment in Korea where we were shooting at Amorepacific. It’s one of the most beautiful buildings in Seoul. I’m shooting the scene between the great Youn Yuh-jung and the great Song Kang-ho — two of not only my favorite Korean actors, but favorite actors period. They have never been in a scene together in any Korean film ever. They’ve been in a movie together, but never acted together. And here we are making Korean history by having them shoot that breakfast scene and, while I’m in the middle of shooting that scene, director Bong Joon Ho surprises us on set. He comes over laughing, pulls up to me, looks at my monitor, gives me stage fright, then elbows me and says, “You sure you want to frame it like that?” He was teasing. Then we started shooting the scene, it’s all in Korean, and I look back at video village and Bong’s just doubled over in laughter. He is just cracking up. Younger me, and present me, is looking around like: Here I am in Korea, in this building I’ve always wanted to shoot in, two of the greatest living actors and the greatest living director — what is happening? What a crazy sentence to say. It just makes me feel like a little kid again. It stops feeling like work and starts feeling like play.
How did you want race and identity to figure into this season, particularly through Austin?
Charles was the first piece of the whole thing. After Season 1, I got to go to Korea multiple times. I shot a music video for one of the members of BTS. I was experiencing Austin’s journey of being courted by this level of Korea that I’d never been exposed to before and feeling warm and allured by it — I’m having dinners with K-pop idols, like what is happening? So, I knew I wanted to have that element of elite Korea involved. The writers and I discussed a lot whether it should be a Korean American that’s being pulled. We had covered a lot of Korean American ground in Season 1, [but] one of the things we didn’t get to cover is the half-Korean experience. Several of the writers on staff are either half-Asian or half-Korean. We don’t want to repeat things, but let’s do explore a half-Korean character who is about to have a child suddenly get this pull toward Korea.
Carey Mulligan as Lindsay acting alongside Jones, the dog who plays Burberry, in “Beef.” “Jones is the best dog actor I’ve ever worked with,” Lee says. “A24 is making Burberry merch. There’s going to be a Burberry shirt.”
(Netflix)
There are some pretty gross, petty and violent acts of revenge. One is Ashley swirling her period blood in Josh and Lindsay’s pitcher of orange juice. The other takes place during a flight — Lindsay wiping gunk from the toilet seat and transferring it to the rim of the cup Ashley drinks from. Please explain how you arrived at these acts. Were there any left on the cutting room floor?
Episode 4 was pouring out of me. And I remember I got to the point where Ashley snooping through the house [where Lindsay and Josh live]. Initially, I had her scratching up the trophy. She opened Josh’s pomade and blew a snot booger into it. I was thinking of juvenile things. But I had the thought of her going to the kitchen and having the thing that happened to her being the expression of her revenge. I remember I was so nervous to show the [writers’] room. The way I wrote it, I had her crouching over the pitcher and Anna Moench, as the main female writer on the show, was like, “Sonny, I don’t think you know this works.” So, we revised it. That’s how the OJ one happened. With Episode 7 [and the toilet seat], we wanted to have a bodily episode on a plane, and there’s just such limited ways to get revenge on a plane. But given the OJ drink — there’s so many mirrors between the two couples, we thought it’d be fun to mirror that with a drink from Lindsay to Ashley. The only place to do that on a plane is bathroom. We shot it on stage with a fake toilet and Carey was almost vomiting. She came to me after that scene, and she goes, “Sonny, in all my years in this business, that is the most vile, disgusting thing I’ve ever had to do.”
The final moments of the finale jumps eight years. Did you always know you wanted a time jump? And did you always know Ashley and Austin were going to repeat the cycle?
The Ashley and Austin side, I knew the inverse graph for both characters would be very satisfying — to me, at least. I didn’t know whether that happened in a time jump or not. That’s something we discovered later. There was great debate in the room. I had a couple writers plead with me, “Why aren’t you ending with the kiss? It’s so sweet. It’s so good. I feel so good at the kiss. Can we just end it at the kiss?” I took it very seriously, but then it felt very similar to Season 1’s ending. Taking two people who start apart and they finally discover that connection but too late. I didn’t want to leave with the same feeling. How we can make it different is the “what happens next?” Life comes at you fast. He’s [Josh] still in prison. She’s [Lindsay] got to move on. Once I started heading down that thought experiment, I’m like, “Whoa, you could do a whole coda showing the literal theme of the show, the cycles, that’s where we can show Ashley and Austin becoming Josh and Lindsay.” That’s where we show, even though they found a connection, it’s lost between Josh and Lindsay — even if they’re still hanging on to the past a little bit. You show Troy and Ava still together [laughs] — they have it all figured out. Then you show the billionaire who, even with all the money in the world, is crying at the graveside of her first love, filled with regret.
We didn’t see where Eunice (Seoyeon Jang)ends up.
I wanted to leave it open. I’m very curious what people think. She really put her neck out there. Austin burned her bad. I don’t know where Eunice is at but it’s probably not good.
Charles Melton as Austin Davis in “Beef.”
(Netflix)
We can’t talk about “Beef” without discussing the needle drops. When you have Austin listening to Billie Eilish’s “What Was I Made For?” it was over for me.
The needle drops are usually pre-picked even before we shoot. The source music that’s playing diegetically, usually we discover in the edit. Before, as scripted, it had him scrolling Instagram and it was [the song playing on] his Instagram feed — you know how those Reels have music overlayed on a POV? It just wasn’t that funny to me in the edit. He’s so down and out and I wanted to find different source music in there. One day, I told my editor, “Can you rip ‘What Was I Made For?’ And can you just temporarily do it where, as she opens the door, he’s like, pressing the volume up, being like ‘sh— … sh— …’ [intending to make the volume go down]?” Our AE [assistant editor] did the ADR temporarily of the “sh—, sh—,” filmed it on my phone and I texted it to Finneas [O’Connell, the show’s composer, who is Eilish’s brother and collaborator] being like, “Hey, is it cool if we do this?” And he was dying laughing. [O’Connell also makes a cameo in the season.]
Ahead of Season 1, you gifted the writers “The Sopranos Sessions” and also assembled a Letterboxd list of films that served as reference points. What guidance did you provide for Season 2?
I sent another Letterboxd playlist. For inspo, we got “Handmaiden,” “Phantom Thread,” “Force Majeure,” “Eyes Wide Shut,” “The Informant.” For some reason, I have “Margaret” on there, the [Kenneth] Lonergan film. I also had “Michael Clayton,” “Who’s Afraid of Virginia Woolf?” “Burn After Reading,” and lastly, it’s a deep cut, there’s this movie called “Like Crazy,” starring Felicity Jones and Anton Yelchin.
Also, can we take a moment for Burberry’s acting?
Oh my god, Jones! Jones is the best dog actor I’ve ever worked with. He would hit his mark. He would listen. He would look at people when he’s supposed to be looking. It was his first time acting. Crushed it. A24 is making Burberry merch. There’s going to be a Burberry shirt.
SEOUL, April 16 (UPI) — Two U.S. nationals were sentenced to federal prison for helping North Korean operatives obtain remote IT jobs with American companies in a scheme that generated millions of dollars for Pyongyang’s weapons programs, the Justice Department said Wednesday.
New Jersey residents Kejia “Tony” Wang, 42, and Zhenxing “Danny” Wang, 39, operated so-called “laptop farms” that made it appear as though overseas workers were based in the United States, allowing North Korean IT personnel to secure jobs using stolen American identities.
The scheme used identities from at least 80 individuals and generated more than $5 million in revenue for the North Korean government, the department said in a press release.
Kejia Wang was sentenced to nine years in prison by U.S. Senior District Judge Nathaniel M. Gorton in federal court in Boston, followed by three years of supervised release, after pleading guilty to conspiracy charges including wire fraud, money laundering and identity theft.
Zhenxing Wang was sentenced to seven years and eight months in prison by the same court, followed by three years of supervised release, after pleading guilty to conspiracy to commit fraud and money laundering. He was also ordered to pay $200,000 in restitution.
The two were additionally ordered to forfeit $600,000 in proceeds tied to the operation.
“This case exposes a sophisticated scheme that exploited stolen American identities and U.S. companies to generate millions of dollars for a hostile foreign regime,” U.S. Attorney for Massachusetts Leah B. Foley said. “By operating so-called ‘laptop farms,’ these defendants enabled overseas actors to infiltrate U.S. businesses, access sensitive data and undermine our economic and national security.”
Prosecutors said the scheme ran from about 2021 through October 2024, with the defendants and their co-conspirators using stolen identities to obtain remote jobs at more than 100 U.S. companies, including several Fortune 500 firms and a defense contractor.
Companies incurred at least $3 million in losses from legal fees, network remediation and other damages, the Justice Department said.
The operation also exposed sensitive data, including export-controlled information governed by International Traffic in Arms Regulations, after an overseas co-conspirator accessed systems belonging to a California-based defense contractor, according to court documents.
Kejia Wang acted as the U.S.-based manager for the operation, overseeing multiple facilitators who hosted hundreds of company-issued laptops at their residences. He also traveled to China in 2023 to meet overseas co-conspirators, including a North Korean national, according to court filings.
Zhenxing Wang was among the facilitators who hosted company laptops and enabled remote access by connecting them to specialized hardware devices.
The two were charged in June 2025 alongside eight foreign nationals who remain at large and are wanted by the FBI.
In a related move, the U.S. State Department on Wednesday offered a reward of up to $5 million for information on the eight co-conspirators, as well as one suspected North Korean IT worker, leading to the disruption of the scheme’s financial networks.
The case comes as North Korea, under heavy international sanctions, has increasingly turned to cybercrime and illicit IT work to generate revenue for its nuclear and ballistic missile programs.
An October report by the 11-country Multilateral Sanctions Monitoring Team described North Korea’s cyber operations as “a full-spectrum national program operating at a sophistication approaching the cyber programs of China and Russia.”
The report said nearly all of the country’s cyber activity, illicit IT work and financial operations are carried out under the direction of entities sanctioned by the United Nations over Pyongyang’s weapons programs.
The U.S. Treasury Department said in November that North Korea had stolen more than $3 billion over the previous three years through cyberattacks on financial institutions and cryptocurrency platforms.
A 2022 Treasury advisory estimated that North Korean IT workers generate hundreds of millions of dollars annually, with some individuals earning more than $300,000 a year.
The Justice Department has stepped up enforcement as part of an inter-agency effort in recent years, announcing multiple related prosecutions, including the sentencing of three Americans in March and a Ukrainian national in February.
Rafael Grossi, director general of the International Atomic Energy Agency, speaks at a press briefing at the Four Seasons Hotel in Seoul on April 15. Photo by Asia Today
April 15 (Asia Today) — Rafael Grossi said Tuesday that North Korea has built a new uranium enrichment facility in the Yongbyon area, signaling a significant expansion of its nuclear capabilities.
Speaking at a press briefing in Seoul, Grossi said assessments by the International Atomic Energy Agency show North Korea’s nuclear activities have expanded across multiple facilities, including a 5-megawatt reactor, reprocessing plants and a light-water reactor.
He said the newly identified building appears similar in scale and infrastructure to the Kangson enrichment facility, indicating a substantial increase in uranium enrichment capacity.
“While it is difficult to calculate exact production levels without on-site access, the external features suggest a significant expansion,” Grossi said. “This points to a serious increase in the ability to produce dozens of nuclear warheads.”
The agency had previously monitored the construction of the facility, noting similarities in cooling and supply systems to existing enrichment sites.
Grossi also warned that nuclear weapons development fuels proliferation and accelerates arms competition, adding that such capabilities do not necessarily improve national security.
On South Korea’s potential pursuit of nuclear-powered submarines, Grossi stressed the need for strict safeguards under the Nuclear Non-Proliferation Treaty.
He raised concerns that nuclear material used in submarines could fall outside routine inspection regimes due to extended underwater operations, particularly if highly enriched uranium is used.
Grossi said South Korea would need to establish special procedures and coordination mechanisms with the agency to ensure transparency and prevent diversion of nuclear material.
He added that discussions with the government, navy and industry would follow if the project proceeds, noting that the development process would take years and involve multiple stages.
A chart shows the number of pet insurance policies in South Korea rising sharply from 51,727 in 2021 to 251,961 in 2025. Graphic by Asia Today and translated by UPI
April 15 (Asia Today) — South Korea’s pet insurance market has expanded more than threefold in the past three years, but low enrollment rates continue to limit its growth, prompting insurers to step up marketing efforts.
According to industry data, the number of pet insurance policies in force reached 251,961 last year, up 55.4% from a year earlier. The figure has increased about 3.5 times from 71,896 in 2022.
New policy subscriptions have also risen steadily, while total premiums surpassed 100 billion won (about $75 million) for the first time, jumping from 28.8 billion won (about $21 million) in 2022 to 129.1 billion won (about $97 million) last year.
Despite the rapid growth, the market penetration rate remains low. Data from the KB Financial Research Institute show that only about 2-3% of pets are insured.
As of late 2024, about 15.46 million people in South Korea owned pets, with an estimated 7.63 million dogs and cats nationwide.
The low adoption rate contrasts with more mature markets such as Japan, where the pet insurance sector is valued at around 1 trillion won (about $750 million).
Industry officials say the market still has strong growth potential, driven by rising pet ownership and increasing veterinary costs. Government data show the average monthly veterinary expense per pet is about 37,000 won (about $28), though costs vary widely by clinic.
To raise awareness, insurers are expanding promotional efforts. Companies are launching supporter programs, hosting offline events and collaborating with influencers and pet trainers to reach potential customers.
For example, a pet-focused insurer recently launched a supporter program in which participants share their experiences using insurance products. Other companies have held in-person promotional events and partnered with well-known dog trainers to produce online content.
Analysts say high premiums and limited coverage remain key barriers. Calls are also growing for standardized veterinary pricing to reduce uncertainty in medical costs.
“As pets are increasingly seen as family members, interest in their health care is rising,” an industry official said. “Insurers are working to tap into latent demand by expanding coverage and improving price competitiveness.”
South Korean Chief of Naval Operations Adm. Kim Kyung-ryul (L) and U.S. Pacific Fleet Commander Adm. Stephen Koehler (R) hold talks in Seoul on Wednesday. The two were also set to meet with Japan’s top naval commander for trilateral talks on strengthening maritime cooperation. Photo courtesy of South Korea Navy
Top naval commanders of South Korea, the United States and Japan gathered in Seoul on Wednesday to hold a series of talks aimed at strengthening their trilateral maritime security cooperation, the South’s Navy said.
The gathering brought together Chief of Naval Operations Adm. Kim Kyung-ryul, U.S. Pacific Fleet Commander Adm. Stephen Koehler and Adm. Akira Saito, chief of staff of the Japan Maritime Self-Defense Force, for bilateral talks and a trilateral dinner meeting, according to the armed service.
The meetings came amid heightened tensions in the Middle East, raising speculation over whether their talks would address the ongoing U.S. blockade of Iranian ports.
U.S. President Donald Trump earlier called on South Korea, Japan and others to send warships to the Strait of Hormuz to help secure shipping lanes.
In the bilateral talks between Kim and Koehler held earlier in the day, both sides exchanged opinions on the robust South Korea-U.S. combined defense posture as well as cooperation in the area of naval maintenance, repair and operations, the Navy said.
Kim and Saito, meanwhile, held in-depth discussions on expanding personnel exchange and resuming joint maritime search and rescue exercises (SAREX) as discussed in a ministerial meeting between their defense chiefs earlier this year, it added.
In January, Defense Minister Ahn Gyu-back and his Japanese counterpart, Shinjiro Koizumi, met in Japan and agreed to resume joint SAREX drills for the first time in nine years as part of efforts to strengthen bilateral defense cooperation.
The top admirals of the three countries were set to attend a dinner meeting later Wednesday to likely discuss trilateral coordination measures to respond to and deter North Korea‘s advancing nuclear and missile threats.
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Comparison of stablecoin market share in South Korea shows Tether dominating domestic trading, while USD Coin leads in global on-chain payment volume. Data from Bank of Korea and CoinDesk. Graphic by Asia Today and translated by UPI
April 14 (Asia Today) — Circle is stepping up efforts to expand its stablecoin footprint in South Korea, aiming to challenge the dominance of Tether through a dual strategy focused on trading and payments.
Tether currently accounts for more than 80% of stablecoin transactions in South Korea and over 60% globally, according to industry data. Circle’s USD Coin, or USD Coin, holds a much smaller share in Korea, at around 10%.
Industry officials said Circle recently met with major South Korean exchanges, including Upbit, Bithumb and Coinone, to expand USDC trading and improve accessibility. The move is aimed at securing liquidity in one of the world’s largest cryptocurrency markets.
Circle CEO Jeremy Allaire visited South Korea this week and signed agreements with local exchanges and fintech firms to promote stablecoin adoption.
With Dunamu, the operator of Upbit, Circle is working on initiatives focused on regulatory compliance, transparency and user education. With Bithumb, the companies agreed to explore integration of multi-chain digital asset infrastructure and stablecoin technologies. Promotions such as fee discounts and airdrops are also being used to boost USDC trading on platforms like Coinone.
Beyond exchange trading, Circle is also expanding its payment infrastructure. The company is promoting its proprietary network to support real-world payments and cross-border transfers, including partnerships with South Korean fintech firm Hecto Financial.
Analysts say this reflects a broader strategy to compete with Tether not only in trading volume but also in real-world financial use cases.
USDC is backed by cash and U.S. Treasury assets and publishes regular disclosures, a structure that has made it attractive to financial institutions. It also operates across multiple blockchain networks, offering flexibility in transaction speed and fees.
Data suggests USDC has gained traction in payments and transfers. According to industry estimates, its on-chain transaction volume reached about $17 trillion last year, exceeding Tether’s roughly $12.9 trillion, indicating stronger usage in real-world transactions rather than exchange trading.
Experts say competition between the two stablecoins is shifting from market share to function.
“Stablecoin competition is no longer about issuance volume but about use cases,” said Gautam Chughani of CoinShares, adding that USDC is expanding rapidly in payments and institutional finance.
Analysts say Tether is likely to maintain its strength in trading liquidity, while USDC could gain ground through integration with the broader financial system.
Circle said it does not plan to issue a Korean won-pegged stablecoin directly, signaling instead that it may participate as a technology provider in a future bank-led consortium structure.
Data from Stanford University Human-Centered AI Institute’s “2026 AI Index Report.” Graphic by Asia Today and translated by UPI
April 14 (Asia Today) — South Korea ranked first in the world for artificial intelligence patent filings per capita in 2024, underscoring the country’s high concentration of AI innovation even as the broader global market remains dominated by the United States and China, according to Stanford University’s 2026 AI Index Report.
The report said South Korea recorded 14.31 AI patent filings per 100,000 people, the highest among countries surveyed. Luxembourg followed with 12.25, while China posted 6.95, the United States 4.68 and Japan 4.3.
South Korea also posted the largest increase in AI use among 30 countries surveyed. Its usage rate rose to 30.7% in the second half of 2024 from 25.9% in the first half, an increase of 4.8 percentage points.
The United Arab Emirates ranked first in overall AI adoption at 64%, followed by Singapore at 60.9%, Norway at 46.4% and Ireland at 44.6%. South Korea ranked 18th in overall usage despite recording the sharpest increase.
China accounted for 74.24% of AI patents worldwide, far ahead of the United States at 12.06%, the report said. Stanford researchers said China has nearly closed the performance gap with the United States in AI, while Washington continues to hold advantages in capital, infrastructure and AI semiconductors.
The report said China has shown particular strength in physical AI fields such as patents, research papers and autonomous robotics, while countries such as South Korea are competing by building on their own specialized advantages.
It also said the number of countries with government-backed supercomputing clusters rose to 44 after major AI infrastructure investment in Europe and Central Asia last year. Stanford’s AI Index, now in its ninth year, is widely used as a data-based benchmark for tracking the global AI industry.
PUSAN, South Korea — After President Bush lauded South Korea’s troop contribution to Iraq’s reconstruction as a “gesture of friendship,” White House officials sought to downplay reports today about that country’s intention to draw down its forces.
Published reports quoted South Korean government sources as saying the country intended to reduce its contingent of about 3,600 troops by one-third. But a U.S. spokesman said Bush administration officials were “unaware of any such formal announcement.”
The reports could prove particularly embarrassing for the U.S. president because they surfaced while he was in the country to take part in an annual gathering of Pacific Rim leaders at which cooperation on Iraq promised to be a major discussion point.
Bush stood beside South Korean President Roh Moo-hyun on Thursday and thanked him for his country’s participation in the reconstruction, but there was no mention of a possible South Korean troop reduction.
“We’re bound by our love of freedom,” Bush said. “And those commitments by your government indicate how close we are in terms of promoting the values of freedom and democracy.”
A White House spokesman, Frederick Jones, said today that the topic of a South Korean troop reduction had not come up during the leaders’ private discussions.
“President Roh was very proud of the accomplishments of Korean forces,” Jones said.
White House counselor Dan Bartlett later said the administration had received “guidance” that the South Korean government’s official stance had not yet changed, and that the debate was continuing in the parliament.
“I think it’s premature to say this is any indication of what’s going one way or the other,” Bartlett said.
There was no official comment from South Korea’s Defense Ministry. But Defense Minister Yoon Kwang Ung told ruling party legislators in a closed session of the National Assembly that changed conditions in Iraq made the reduction of troops possible, the semiofficial Yonhap news agency said.
Members of the ruling Uri Party have in recent months called for a troop reduction, citing reports of similar moves by Britain, Australia and Japan.
The war in Iraq has been extremely unpopular in South Korea, and even advocates of the troop deployment here have maintained it was done only out of an obligation to a long military alliance with the United States.
Oh Young Shik, a spokesman for the ruling party, said that those South Korean troops brought home first would be doctors, nurses and construction workers.
Losing about 1,000 South Korean troops, which focus primarily on peacekeeping, would not be a setback from a military standpoint. But South Korea’s contingent is the third-largest in the coalition, behind the United States and Britain.
And coming as Japan is also set to consider its own drawdown of troops and with Congress growing increasingly wary of U.S. policy in Iraq, the announcement was the latest in a series of setbacks for the Bush administration’s effort to maintain support for the war.
This week, the Republican-led Senate rejected calls for a timetable of troop reductions but voted to require the administration to provide more detailed reports on Iraq.
The White House has stepped up its defense of Iraq policy, firing off a scathing statement Thursday accusing U.S. Rep. John P. Murtha (D-Pa.) of espousing views held by the “extreme liberal wing” of the Democratic Party because he called for U.S. troops to be withdrawn.
Bush kicked off his participation in the Asia-Pacific Economic Cooperation summit by sitting down for the fifth time this year with Russian President Vladimir V. Putin, another Iraq war critic.
The two were expected to discuss a proposed law in Russia that would force numerous nongovernmental organizations, including international heavyweights such as Human Rights Watch and the Ford Foundation, to face government examinations of their operations. Russian officials would ensure that the groups are not pursuing political activities funded by other countries.
Groups have warned that the law could force them to close their doors in Moscow, and the law underscores broader concerns on the part of the White House and human rights groups that Putin is rolling back post-Soviet democratic reforms.
The two leaders were also expected to discuss nuclear proliferation in North Korea and Iran. Russia is building a nuclear reactor in Iran, despite U.S. objections, and Putin has resisted calls by Bush to refer Iran to the United Nations Security Council.
However, Moscow does support efforts to eliminate North Korea’s nuclear arms programs and prevent Iran from acquiring atomic weapons.
Unlike at some of their past meetings, the two leaders did not take questions or offer details of their conversation.
“You going to say something to the press?” Bush asked as the two settled into their meeting in a hotel suite. Putin shook his head, and Bush said, “OK, me neither.”
Wallsten reported from Pusan and Demick from Seoul.
