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North Korea conducts multiple missile launches over two days, Seoul says

North Korea launched short-range ballistic missiles toward the East Sea on two occasions Wednesday, Seoul’s military said. In this March photo, people watch reports of a North Korean launch at a train station in Seoul. File Photo by Jeon Heon-Kyun/EPA

SEOUL, April 8 (UPI) — North Korea fired short-range ballistic missiles on two separate occasions Wednesday, Seoul’s military said, marking three launches over two days after South Korean President Lee Jae Myung expressed regret over a drone incursion.

At 8:50 a.m. Wednesday, the North launched several short-range ballistic missiles from its coastal Wonsan area toward the East Sea, Seoul’s Joint Chiefs of Staff said in a text message to reporters.

The missiles flew approximately 150 miles, the JCS said, adding that South Korean and U.S. intelligence authorities are analyzing their exact specifications.

“Under a steadfast South Korea-U.S. combined defense posture, the military is closely monitoring North Korea’s various movements and maintaining the capability and readiness to overwhelmingly respond to any provocation,” the JCS said.

North Korea later fired a single short-range ballistic missile from Wonsan toward the East Sea at 2:20 p.m. Wednesday, the JCS said in a separate message. The missile flew approximately 435 miles.

The launches came one day after the South’s military detected an unidentified projectile fired from the Pyongyang area. The JCS said South Korean and U.S. intelligence officials are still analyzing its detailed specifications.

Hawaii-based U.S. Indo-Pacific Command said it detected both days’ launches and was consulting with regional allies and partners.

“Based on current assessments, this event does not pose an immediate threat to U.S. personnel or territory, or to our allies,” the command said in a statement.

The launches came after a statement by Kim Yo Jong, the powerful sister of North Korean leader Kim Jong Un, describing President Lee as “frank and broad-minded” after he expressed regret over unauthorized drone incursions into the North.

Lee had addressed the drone issue earlier Monday during a Cabinet meeting, following last week’s indictment of three individuals accused of carrying out incursions between September and January.

“Although this was not an act by our government, I express regret to the North Korean side over the unnecessary military tension caused by such reckless behavior,” Lee said during the meeting.

While Kim’s remarks struck a less hostile tone than recent statements from Pyongyang, she still included a warning to the South to “stop any reckless provocation against the DPRK” and to “refrain from any attempt at contact.”

The Democratic People’s Republic of Korea is the official name of North Korea.

North Korea’s first vice foreign minister, Jang Kum Chol, later dismissed Seoul’s positive interpretation of the remarks, calling them a “hope-filled dream reading.”

In a statement released late Tuesday and carried by the official Korean Central News Agency, Jang said that the South’s identity as “the enemy state most hostile to the DPRK can never change with any words or conduct by its chief executive.”

Victor Cha, president of the geopolitics and foreign policy department at the Center for Strategic and International Studies, cautioned against reading into the timing of the launches relative to Kim’s drone statement.

“I’m more and more of the view that the recent missile demonstrations we’ve seen by North Korea are not testing and they’re not political statements — they’re exercising,” Cha told UPI during a press briefing at the Asan Plenum policy forum in Seoul.

“I don’t think [North Korea] had any notion of when the South Koreans were going to convey communications on the drone activity,” Cha said. “If anything, these [launches] just happened to be on parallel tracks.”

North Korea last fired ballistic missiles toward the East Sea on March 14 as the United States and South Korea held their annual springtime joint military exercise. Pyongyang later said the launches were part of a firepower strike drill involving 600mm multiple rocket launchers overseen by Kim Jong Un.

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Seoul takes note of Trump’s remarks in Iran war: official

South Korea has taken note of remarks by U.S. President Donald Trump, seen during a briefing Monday, that Seoul is not doing enough to support U.S. efforts in its war against Iran, a foreign ministry official said. Photo by Bonnie Cash/UPI | License Photo

South Korea has taken note of remarks by U.S. President Donald Trump that Seoul is not doing enough to support U.S. efforts in its war against Iran, an official at the foreign ministry said Tuesday.

Trump has criticized South Korea, Japan and European allies for not helping the U.S. reopen the Strait of Hormuz, such as by sending warships to escort commercial ships through the waterway, amid the conflict in the Middle East.

“We have been paying close attention to President Trump’s repeated remarks,” Park Il, foreign ministry spokesperson, said in a press briefing.

“The government will carefully review the matter and make a judgment in close coordination with the United States,” he said.

Seoul has reportedly reached out to Washington seeking to clarify Trump’s recent remarks and was told they were not directed specifically at South Korea, but rather reflected broader disappointment over U.S. allies not responding to his calls for assistance.

Both sides share the view that Trump’s comments would have no impact on the bilateral alliance, including efforts to implement trade and security commitments as agreed under the joint summit agreements, sources familiar with the matter said.

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North Korea keeping Iran at arm’s length, reports Seoul | US-Israel war on Iran News

Seoul says Pyongyang has not been supplying Iran with weapons in the hopes of being able to reopen diplomatic dialogue with the US.

North Korea appears to be distancing itself from longtime partner Iran in the hopes of forming a new relationship with the United States, South Korean intelligence believes.

Seoul’s National Intelligence Service (NIS) sees no signs that North Korea has sent weapons or supplies to Tehran since the US-Israel war on Iran began at the end of February, lawmaker Park Sun-won, who attended a closed-door briefing held by the NIS, said on Sunday.

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While Iran’s other allies China and Russia have frequently issued statements on the US-Israel war on Iran, North Korea’s Foreign Ministry has only issued two toned-down statements so far, said the NIS.

While Pyongyang did condemn the US and Israeli attacks on Iran as illegal, it did not issue public condolences after Supreme Leader Ayatollah Ali Khamenei’s death or send a congratulatory message when Khamenei’s son, Mojtaba Khamenei, succeeded him.

The spy agency said Pyongyang is likely adopting this cautious approach to position it for a new diplomatic chapter with the US once the Middle East conflict subsides, said Park.

The NIS also told lawmakers that it now believes Supreme Leader Kim Jong Un is grooming his teenage daughter as his successor, citing a recent public display of her driving a tank.

The NIS said the imagery was intended to highlight the supposed military aptitude of the youngster, who is believed to be around 13 and named Ju Ae.

Such scenes are intended to pay “homage” to Kim’s own public military appearances during the early 2010s, when he was being prepared to succeed his father, Park said.

Kim’s powerful sister, Kim Yo Jong, was earlier thought to be a leading candidate to succeed her brother.

On Monday, she was in North Korean headlines as she welcomed an apology issued by South Korean President Lee Jae Myung on Sunday over a January drone incursion.

“The ROK [Republic of Korea] president personally expressed regret and talked about a measure for preventing recurrence. Our government appreciated it as very fortunate and wise behaviour for its own sake,” Kim Yo Jong said in a statement carried by the official Korean Central News Agency.

Seoul initially denied any official role in the January drone incursion, with authorities suggesting it was the work of civilians, but Lee said a probe had revealed government officials had been involved.

“We express regret to the North over the unnecessary military tensions caused by the irresponsible and reckless actions of some individuals,” Lee said.

Lee has sought to repair ties with North Korea since taking office last year, criticising his predecessor for allegedly sending drones to scatter propaganda over Pyongyang.

His repeated overtures, however, have gone unanswered by the North until now.

Lee’s expression of regret follows Kim’s labelling of Seoul as the “most hostile state” in a policy address in March in which he vowed to “thoroughly reject and disregard it”.

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Seoul Forest emerges as new retail hotspot amid Musinsa push

1 of 2 | A long line of visitors waits outside the “Cocoon’s Private Studio” event venue near Ttukseom Station in Seoul on Thursday. Photo by Asia Today

April 3 (Asia Today) — A once-quiet café district near Seoul Forest is rapidly transforming into a retail hotspot, drawing long lines of visitors as fashion platform Musinsa expands its presence in the area.

By late morning Thursday, more than 200 people were lined up along Atelier-gil in Seongdong District, even on a weekday. The crowd gathered for a pop-up event tied to Musinsa’s “Back to Seoul Forest” campaign, where musician Code Kunst drew attention by serving coffee in person.

“Seoul Forest is really popular these days,” one visitor in her 20s said. “I’ve been to Yeonmujang-gil many times, so now I’m coming here instead.”

The campaign invites visitors to explore 24 stores in the area, scanning QR codes to collect stamps. Participants who collect four stamps receive promotional items and can enter prize drawings, encouraging foot traffic throughout the neighborhood.

The initiative is part of Musinsa’s broader “Seoul Forest Project,” launched earlier this year to expand consumer activity beyond the already saturated Yeonmujang-gil in nearby Seongsu. The company aims to connect the two areas into a single retail corridor.

Local businesses say the change is already noticeable. A staff member at a nearby lifestyle store said customer traffic surged so quickly during the event that QR code stations had to be moved outside to manage demand, adding that the area attracts a particularly young customer base compared to other locations.

Until recently, the Seoul Forest area was dominated by cafes and restaurants, with relatively short visitor stays. The district has about 35 beverage shops and 91 dining establishments, and its closure rate last year exceeded the city average.

Musinsa saw this as an opportunity. While Yeonmujang-gil faces high rents and heavy foot traffic, Seoul Forest had lower visitor numbers – about 3,000 people daily, roughly one-quarter of nearby Seongsu’s café street – despite being within a 15- to 20-minute walk.

To reshape the district, Musinsa leased about 20 vacant storefronts last year and subleased them to emerging brands, lowering entry barriers for companies seeking offline expansion.

As a result, designer brands that were previously difficult to find in physical stores are beginning to cluster in the area. Several labels, including General Idea, Lookcast and Have a Whale, have opened locations within the past two months, filling previously empty spaces with new retail content.

Kim Young-min, a director at a women’s fashion brand operating in the area, said high rents in neighborhoods such as Seongsu and Hannam had delayed offline expansion plans. “Musinsa offered space here, which made it easier to open a store,” Kim said.

The layout of Atelier-gil has also contributed to the shift. Unlike the large industrial-style buildings in Seongsu, the area consists mainly of smaller structures, reducing initial investment costs and making it more accessible for emerging designers.

While some vacancies remain, Musinsa plans to attract about 20 brands to the area this year. Upcoming openings include specialty retail concepts focused on hats, footwear, children’s products and beauty.

The company said it aims to strengthen its identity within the broader Seongsu district while redefining Seoul Forest as a destination where visitors can explore, shop and experience a variety of content.

The effort is already reshaping the neighborhood, turning previously quiet streets into a growing hub of fashion and lifestyle activity.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260403010001066

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Seoul stocks rebound nearly 3 pct amid hopes for Hormuz Strait reopening

This photo, taken Friday, shows the trading room of Hana Bank in central Seoul as South Korean stocks jumped nearly 3 percent on hopes that the Strait of Hormuz would reopen. Photo by Yonhap

South Korean stocks soared by nearly 3 percent Friday, as Iran’s discussions with Oman on a protocol to monitor traffic through the Strait of Hormuz boosted hopes of easing oil supply disruptions despite heightened tensions in the Middle East. The Korean won strengthened sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) added 143.25 points, or 2.74 percent, to 5,377.30, rebounding from sharp losses in the previous session.

Trading volume was moderate at 1.12 billion shares, with a total value of 22.13 trillion won (US$14.69 billion), as gainers outnumbered losers 664 to 224.

Foreign and institutional investors bought a net 814.57 billion won and 716.93 billion won worth of shares, respectively, while individuals sold a net 2.09 trillion won worth of shares.

The rebound followed news that Tehran was drafting a protocol with Oman to monitor maritime traffic through the Strait of Hormuz, raising hope of progress toward reopening the waterway.

The strategic waterway has effectively been shut since the outbreak of war in the Middle East in late February, driving up global oil prices due to supply disruptions.

Dozens of countries are also seeking ways to resume shipments through the Strait of Hormuz after U.S. President Donald Trump warned of an “extremely hard” attack on Iran within the next two to three weeks, while urging countries that rely on the key shipping route for energy imports to “take care of” it themselves.

“Iran has said the measure is intended to ensure safety and improve services, suggesting that the blockade of the waterway may be easing,” Seo Sang-young, a researcher at Mirae Asset Securities, said.

Top-cap shares finished mixed.

Market bellwether Samsung Electronics surged 4.37 percent to 186,200 won, while chip giant SK hynix soared 5.54 percent to 876,000 won.

Defense giant Hanwha Aerospace climbed 2.26 percent to 1,449,000 won, and artificial intelligence investment firm SK Square went up 2.88 percent to 483,000 won. Nuclear power plant builder Doosan Enerbility jumped 3.21 percent to 96,600 won.

Shipbuilders gathered ground. Local industry leader HD Hyundai Heavy spiked 9.23 percent to 479,000 won, and its rival Hanwha Ocean went up 7.29 percent to 128,000 won.

Carmakers finished mixed. Top automaker Hyundai Motor advanced 1.18 percent to 471,000 won, while its affiliate Kia fell 0.27 percent to 150,200 won.

Leading battery maker LG Energy Solution fell 1.48 percent to 398,500 won, and bio giant Samsung Biologics lost 1.96 percent to 1,554,000 won. Leading financial firm KB Financial shed 0.68 percent to 145,500 won.

The local currency was quoted at 1,505.2 won against the U.S. dollar as of 3:30 p.m., up 14.5 won from the previous session.

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Oh Se-hoon calls for centrist-focused campaign team in Seoul race

Oh Se-hoon, right, sits with other prospective candidates during a Seoul mayoral nomination interview at the People Power Party headquarters in Seoul on Sunday. Photo by Asia Today

March 22 (Asia Today) — Seoul Mayor Oh Se-hoon on Sunday renewed his call for the formation of a campaign committee aimed at broadening the party’s appeal to centrist voters, as he completed an interview for the ruling party’s Seoul mayoral nomination.

Oh, who entered the People Power Party primary late, urged party leaders to quickly launch what he described as an “innovation campaign committee” led by figures capable of attracting moderate voters.

Speaking to reporters after the interview at the party’s headquarters in Yeouido, Oh said recent opinion polls show a significant gap in party approval ratings, underscoring the need for a strategy that resonates with centrist voters in the Seoul metropolitan area.

“Without a campaign structure that can expand toward the center, winning the election will be difficult,” he said.

Oh dismissed suggestions that his proposal amounts to sidelining the party leadership under Jang Dong-hyuk, saying his goal is to balance the party’s confrontational stance against the opposition with broader electoral appeal.

“At this point, it would not make sense to ask the leadership to weaken its political stance,” he said.

He also pushed back against media reports portraying his proposal as an attempt to take control of the party or position himself for the next party convention, calling such interpretations “unintended.”

Tensions between Oh and the party leadership are expected to continue. Jang has previously rejected calls for an early launch of the campaign committee, saying it should be formed after the nomination process is completed.

While both sides agree on the need for a campaign body with wider appeal, they remain divided over the timing of its formation.

The interview marked the confirmation of a six-way race for the party’s Seoul mayoral nomination. Other candidates include Rep. Park Soo-min, former Gangdong District Mayor Kim Chung-hwan, former lawmaker Yoon Hee-sook, party official Lee Sang-kyu and business executive Lee Seung-hyun.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260323010006563

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Tax hikes risk pushing up rents in Seoul housing market

A woman passes by property prices displayed at a realtor’s office in Seoul, South Korea. Photo by YONHAP / EPA

March 20 (Asia Today) — This commentary is the Asia Today Editor’s Op-Ed.

With Seoul apartment values posting their biggest increase in five years, concerns are growing that a heavier property tax burden will spill into the Jeonse and monthly rental markets. Jeonse is a unique Korean housing lease system where tenants pay a large lump-sum deposit instead of monthly rent, and get it back at the end of the lease.

Landlords are already showing signs of passing higher holding costs on to tenants through steeper rents and larger Jeonse deposits. If the government now moves to raise taxes further, including on single-home owners whose properties are deemed non-residential, it risks worsening instability in the rental market.

According to the Korea Real Estate Board, Seoul apartment Jeonse prices rose for a 57th straight week as of the second week of March, with the cumulative increase reaching 4.79%. Monthly rents climbed even faster. In February, the average monthly rent for an apartment in Seoul stood at 1.515 million won, or about $1,010, up 12.5% from a year earlier.

The sales market, by contrast, has cooled. Apartment prices in Seoul’s three Gangnam districts and Yongsan-gu have fallen for four consecutive weeks. But the Jeonse and monthly rental markets are becoming more unstable as new apartment supply shrinks and listings for existing units tighten. The shortage has been aggravated by the reinstatement in May of a capital gains tax surcharge on owners of multiple homes.

Against that backdrop, higher officially assessed home values are likely to add even more upward pressure on rents. The Ministry of Land, Infrastructure and Transport said this year’s official values for multifamily housing in Seoul rose 18.67% from a year earlier. That was the third-largest increase on record, behind only 2007 and 2021, both periods of sharp home-price gains.

In the three Gangnam districts and the Mapo-Yongsan-Seongdong area, where assessed values climbed more than 20%, many homeowners could see property tax bills rise by more than 50%. Even without a revision to tax law, the annual burden can increase by as much as 50%. Once local education taxes and the rural special tax are included, the actual increase can be even greater.

The number of single-home owners subject to the comprehensive real estate tax also rose sharply. Homes assessed above 1.2 billion won, or about $800,000, now total 487,362, up 170,000 from a year earlier.

For many elderly homeowners living on national pension payments, interest income or dividends, annual property taxes running from several million won to tens of millions of won can be difficult to absorb. Assessed values are also used to calculate regional health insurance premiums and can affect existing pension burdens, making the overall impact even heavier.

South Korea has already seen what happens when landlords shift tax costs onto tenants. During the previous progressive administration, rising tax burdens contributed to sharp increases in monthly rents and Jeonse deposits. Past data show that when the property tax rate rises by 1 percentage point, about 30% of the additional burden is passed on through Jeonse deposits and roughly 40% to 50% through monthly rent.

Even so, the government is considering higher property taxes or smaller long-term holding deductions to curb what it calls high-value single-home investments used for non-residential purposes. But real estate taxation can have broad collateral effects. If efforts to suppress housing prices go too far, tenants may once again end up paying the price.

The government should scrap any reckless plan to raise property tax rates on single-home owners.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260319010005978

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Seoul mayor hopeful Kim pledges rent freeze, 100,000 homes

1 of 3 | Kim Hyung-nam, a preliminary Seoul mayoral candidate from the Democratic Party, speaks during an interview with Asia Today in Seoul. Photo by Asia Today

March 20 (Asia Today) — Kim Hyung-nam, a Seoul mayoral hopeful from the ruling Democratic Party, said Friday he would freeze rent increases and expand public rental housing if elected, framing housing insecurity as the city’s most urgent problem.

Kim, a former secretary-general of the Military Human Rights Center, told Asia Today he would seek to separate the sales market from the rental market to help stabilize housing costs in Seoul. He said he would pursue a temporary 0% cap on rent increases during his term.

Born in 1989, Kim described himself as a younger candidate but said he does not support a separate youth platform. He said problems facing younger residents should be treated as issues affecting all generations, arguing that unresolved housing and economic pressures on people in their 20s and 30s will eventually weigh on broader society.

At the center of his housing agenda is a proposal for the Seoul city government to buy villas and multifamily homes and secure 100,000 public rental units. Kim said public authorities must take the lead in the rental market to reduce housing instability and curb rent burdens.

He also criticized redevelopment policies around university districts, saying they failed to reflect steady demand for small rental units and helped drive up monthly rents by reducing supply.

On broader regional policy, Kim said Seoul’s high housing costs are worsening overcrowding in the capital region. He said people should move to other regions because of opportunity, not because they are priced out of Seoul. For that reason, he called proposals to absorb parts of Gyeonggi Province into Seoul a step backward rather than a fundamental solution.

Kim also pointed to his decade of activism on military human rights issues as evidence of his administrative ability, saying his experience in budget oversight and policy advocacy prepared him to move from criticism and proposals to planning and execution.

He said his broader political goal is to make Seoul a city where people can live without being pushed to the edge by housing and living costs, and pledged to protect what he called “citizens’ tomorrow.”

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260319010005894

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Seoul mayor hopeful Kim Young-bae pledges practical fixes

1 of 3 | Kim Young-bae, a preliminary Seoul mayoral candidate from the Democratic Party, speaks during an interview with Asia Today in Seoul. Photo by Asia Today

March 20 (Asia Today) — Kim Young-bae, a lawmaker and preliminary candidate for Seoul mayor from the ruling Democratic Party, said Thursday he would focus on practical policies to improve daily life for residents, promising to “give back one hour a day” by reducing commuting, caregiving and administrative waiting times.

Kim, a former Seongbuk district mayor and former presidential secretary, described himself as the most prepared candidate in the June 3 local election, citing experience in local administration, national politics and foreign affairs.

“What citizens really want is for someone to change even a small part of their lives,” Kim said in an interview with Asia Today. “The times call for practical politics and bread-and-butter politics focused on people’s lives, not ideology or division.”

Kim said his central campaign theme is “time inequality,” arguing that long commutes, caregiving burdens and inefficient public services leave residents with less time to plan their lives or pursue new opportunities.

As part of that agenda, he proposed high-density mixed-use development in four central Seoul areas – Yeongdeungpo, Sinchon, Cheongnyangni and the Dongdaemun Stadium area – to expand affordable housing near jobs. He also called for a better-linked public transit system connecting electric bikes, neighborhood buses, subways and city buses to create what he described as a more comfortable “10-minute station area.”

Kim said his strength over primary rivals lies in what he called a combination of administrative ability, political skill and global perspective. A two-term lawmaker, he currently serves as the ruling party’s senior member on the National Assembly Foreign Affairs and Unification Committee and as secretary-general of the Korea-U.S. Parliamentary Alliance.

He also criticized incumbent Seoul Mayor Oh Se-hoon, saying Oh should not seek another term after serving a combined 10 years in office. Kim pointed to a recent audit involving the Han River Bus project and argued that Seoul needs new leadership.

Among his other campaign proposals, Kim pledged to turn Seoul into a K-culture hub city and promote multi-core growth zones around gateway areas bordering Gyeonggi Province to reduce long commutes and ease congestion.

Kim said he wants to work with President Lee Jae-myung to usher in an era of practical politics that delivers tangible results for citizens.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260320010006220

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Seoul stocks jump over 5 pct on chip rally

This photo, taken Wednesday, shows the trading room of Hana Bank in central Seoul as South Korean stocks surged more than 5 percent on a semiconductor rally. Photo by Yonhap

South Korean stocks surged more than 5 percent Wednesday, on a semiconductor rally boosted by the ongoing U.S. chip giant Nvidia’s global artificial intelligence (AI) conference. The Korean won strengthened against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) closed up 284.55 points, or 5.04 percent, to 5,925.03.

The index came under strong buying pressure from foreigners and institutional investors, triggering the Korea Exchange (KRX), the country’s main bourse operator, to issue a buy-side sidecar near the closing bell.

Program trading for the KOSPI was suspended for five minutes at 2:34 p.m., according to the KRX.

Offshore and institutional investors snapped up a combined net 4 trillion won (US$2.7 billion) worth of equities. Retail investors, on the other hand, offloaded 3.9 trillion won.

Trade volume was heavy at 1.1 billion shares worth 26.1 trillion won, with winners far outnumbering losers 614 to 278.

Investors’ appetite for semiconductors increased, following remarks from Nvidia’s Chief Executive Officer (CEO) Jensen Huang on Samsung Electronics, Lee Kyoung-min, an analyst at Daishin Securities, said.

During the ongoing four-day event in California, Huang said on Monday he wants to “thank Samsung, who manufactures the Groq LP30 chip” for the company, adding that the chips are in production and would be shipped in the second half of this year.

“The stock market’s sensitivity to geopolitical issues in the Middle East is markedly declining,” Lee added.

Most large cap shares ended bullish.

Top-cap Samsung Electronics jumped 7.53 percent to 208,500 won, while its chipmaking rival SK hynix climbed 8.87 percent to 1,056,000 won.

Nuclear power plant builder Doosan Enerbility rose 2.78 percent to 107,300 won, on anticipations alternative energy sources would benefit from the recent spike in oil prices.

Brent crude, the international oil benchmark, has remained at the US$100 per barrel level for the past five sessions.

In contrast, defense shares lost ground as investors went to lock in profits. Hanwha Aerospace inched down 0.43 percent to 1,390,000 won, and LIG Nex1 retreated 2.27 percent to 689,000 won.

The Korean won was quoted at 1,483.1 won against the U.S. dollar as of 3:30 p.m., up 10.5 won from the previous session.

Bond prices, which move inversely to yields, closed higher. The yield on three-year Treasurys fell 6.3 basis points to 3.261 percent, and the return on the benchmark five-year government bonds retreated 6.7 basis points to 3.511 percent.

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PPP candidates urge Seoul mayor to end nomination standoff

Seoul Mayor Oh Se-hoon speaks during a New Year’s greeting event at the headquarters of the Korea Chamber of Commerce and Industry in Seoul, South Korea, 07 January 2026. Photo by YONHAP / EPA

March 13 (Asia Today) — Several candidates from South Korea’s conservative People Power Party publicly urged Seoul Mayor Oh Se-hoon on Friday to apply for the party’s nomination for the upcoming local elections, as his refusal to do so has prolonged internal tensions.

Oh has delayed submitting his candidacy application while calling for broader party reforms, prompting criticism from party members who say the standoff is deepening divisions ahead of the June 3 local elections.

Incheon Mayor Yoo Jeong-bok, who has secured the party’s nomination for his reelection bid, visited the party’s headquarters in Seoul and called on Oh to move forward with the nomination process.

“The party is in confusion,” Yoo said. “I hope Mayor Oh will quickly apply for the nomination and confidently join the party’s path forward.”

Yoo also urged former nomination committee chairman Lee Jung-hyun – who abruptly resigned earlier in the day – to reconsider his decision and return to the role.

“I ask Chairman Lee to withdraw his resignation and fulfill his responsibility to ensure a successful nomination process,” Yoo said, while also calling on party leader Jang Dong-hyuk to strengthen unity within the party.

South Chungcheong Province Gov. Kim Tae-heum also called on Oh to demonstrate leadership as a senior party figure.

“I understand Mayor Oh’s position,” Kim said. “But as a senior member of the party, I hope he will show dedication to keeping the party united.”

Kim had previously delayed submitting his own nomination application alongside Oh but completed the process Thursday after discussions with party leadership.

Some party figures have issued sharper criticism.

Lee Sang-kyu, a People Power Party candidate for Seoul mayor, accused Oh of creating unnecessary pressure within the party while insisting on the creation of an “innovation campaign committee.”

Another mayoral hopeful, Yoon Hee-sook, wrote on social media that it is not the time for internal disputes over candidate registration.

“Primary candidates must unite and focus on confronting the Lee Jae-myung administration while working toward party reform,” she said.

Criticism has also emerged within the party leadership over Oh’s proposal to launch a reform-oriented campaign committee.

Park Jun-tae, chief of staff to the party leader, questioned whether the proposal effectively amounted to a demand for Jang to step down.

“If the proposal implies that the party leader should resign, it would be difficult for the party to accept,” Park said.

Senior lawmaker Na Kyung-won also criticized Oh’s position in a social media post Thursday, urging him to stop escalating tensions within the party.

— Reported by Asia Today; translated by UPI

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Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260313010004055

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