South Korea

Joongang Ilbo | English | News | Nov. 18, 2025 | Accidents

The search for victims of the Ulsan Thermal Power Plant boiler tower collapse has concluded with the recovery of all seven workers' bodies. The last victim, a 62-year-old man named Kim, was found eight days after the structure's collapse on November 6, 2025. This tragic incident resulted in seven fatalities.

Following the conclusion of the search, President Lee Jae Myung ordered an expedited and thorough investigation into the accident. A joint task force including officials from the Ministry of Employment and Labor, National Forensic Service, Korea Occupational Safety and Health Agency, and police has been established. The probe will focus on how the weakening process of the boiler tower's Unit 5 was conducted, especially the order in which structural elements were weakened.

The investigation will target Korea East-West Power, the contractor HJ Shipbuilding & Construction, and subcontractor Korea Kacoh. The demolition work was originally scheduled for completion by June 2026. President Lee expressed deep sorrow over the accident, emphasizing the need to prevent similar workplace tragedies in the future and pledging strict measures to enhance public safety.

Korea Herald | English | News | Nov. 18, 2025 | Regulation

Korea will mandate that Kospi-listed companies with assets of at least 2 trillion won ($1.4 billion) file key regulatory disclosures in English starting May 2026. This requirement will expand to all Kospi-listed firms by 2028, according to the Financial Services Commission (FSC). The initiative is part of a three-phase rollout to improve foreign investor access and counter the devaluation of Korean stocks.

The first phase, which began in January 2024, required companies with assets exceeding 10 trillion won and significant foreign ownership to publish disclosures in English. The second phase, starting next year, will cover 265 companies with assets above 2 trillion won. The final phase in 2028 will include all 848 Kospi-listed companies, though the exact timeline may adjust based on the number of listed firms. Larger firms with assets over 10 trillion won must submit English disclosures on the same day as their Korean filings, while companies over 2 trillion won have a three-day window.

The scope of English disclosures will also widen in May 2026 to cover all 55 items defined as "major affairs of management" by the Korea Exchange, up from a limited subset currently. Additionally, from March 2026, all firms will have to disclose detailed voting results for each shareholder meeting agenda item to increase transparency. The FSC will encourage companies to hold shareholder meetings in April to avoid scheduling conflicts and will require more detailed disclosures on executive compensation in semiannual reports from 2027.

Yonhap | English | News | Nov. 18, 2025 | UndeterminedTech Development/Adoption

Hyundai Motor Group announced it will invest 125.2 trillion won (approximately US$86 billion) in South Korea over the next five years, from 2026 to 2030, focusing on artificial intelligence (AI), robotics, and other future technologies. This investment aims to bolster the group's domestic manufacturing capabilities and secure fundamental growth drivers. The amount represents a more than 40 percent increase compared to the 89.1 trillion won invested during the previous five years.

Of the total investment, 50.5 trillion won will be dedicated to future businesses such as AI, software-defined vehicles (SDVs), and robotics. Another 38.5 trillion won will fund research and development (R&D), while 36.2 trillion won will be allocated to production facilities. The investment plan follows a Seoul–Washington trade agreement that lowered U.S. tariffs on Korean cars and auto parts from 25 percent to 15 percent, expected to save Hyundai Motor Group around 4 trillion won in costs.

Hyundai also intends to retroactively cover U.S. tariffs imposed this year on key partner companies supplying parts to its U.S. plants. The group pledged to continue supporting South Korea’s economic growth through large-scale domestic investments and expanded assistance programs for partner firms to strengthen the competitiveness of the local automotive industry. The announcement came shortly after Hyundai Motor Group Executive Chair Euisun Chung met with South Korean President Lee Jae Myung and other business leaders to discuss trade and economic strategies.