Ministry of SMEs Encourages Entrepreneurship on College Campuses The Ministry of SMEs and Startups is promoting entrepreneurship among young people by visiting college campuses as part of the "Everyone's Startup Project." On May 8, Minister Han Seung-sook and First Vice Minister Noh Yong-seok visited university campuses to raise awareness about the project and engage in discussions with students about entrepreneurship. The application deadline for the project is approaching on May 16. During her visit to Chonnam National University, Minister Han listen May 8, 2026

UAE Responds to Iranian Missile and Drone Threats Following US-Iran Clash The United Arab Emirates (UAE) has begun responding to missile and drone attacks from Iran shortly after a clash between the U.S. and Iran in the Strait of Hormuz. This escalation comes despite U.S. claims that a ceasefire announced a month ago remains in effect, as real-world confrontations continue in the Gulf region. According to the Associated Press on May 8, the UAE Ministry of Defense stated that its air defense systems are actively responding to missile and drone threats. Authoritie May 8, 2026

Lumiere Expands Engine Parts Supply to Hanwha Engine After Exclusive Deal with HD Hyundai Heavy Industries Aerospace company Lumiere is accelerating its expansion into the ship engine parts business. The company is currently supplying solenoids, a key component for ship engines, exclusively to HD Hyundai Heavy Industries while also pursuing supply agreements with Hanwha Engine. The rapid growth of the power demand for artificial intelligence (AI) data centers is emerging as a new growth driver in the power generation engine market. According to investment banking sources on May 8, Lumiere is i May 8, 2026

Ruling Party Criticizes Opposition for Rejecting Constitutional Amendment The Democratic Party has warned that the People Power Party will face judgment from the public and history for its refusal to participate in the parliamentary vote on a constitutional amendment on May 7. During a meeting of party lawmakers on May 8, Democratic Party leader Jung Cheong-rae criticized the opposition for labeling the proposed phased constitutional amendment as hasty. He pointed out that the People Power Party was absent during the crucial parliamentary session where the ame May 8, 2026

Life Insurance Industry to Support Young Victims of Jeonse Fraud with 100 Million Won The life insurance industry will provide 100 million won to support young victims of jeonse fraud in repaying their student loans. On May 8, the Life Insurance Social Contribution Committee announced that it has signed a memorandum of understanding with the Korea Student Aid Foundation. This agreement aims to alleviate the financial burden of student loan repayments for young victims of jeonse fraud, supporting their economic recovery and facilitating their smooth transition into society. E May 8, 2026

Han Dong-hoon Requests Supporters to Send Their Hearts Instead of Attending Campaign Opening Han Dong-hoon, a former leader of the People Power Party, stated that regarding the opening of his campaign office in Busan on May 10, he has asked lawmakers who expressed their intention to attend to "send their hearts from afar this time." Running as an independent candidate for the Busan North Gap seat in the June 3 local elections, Han made these comments during an appearance on MBC Radio's "Kim Jong-bae's Focus" on the morning of May 8. When asked if it would be awkward since the Peo May 8, 2026

Iran Continues Executions of Prisoners Amid War, Families Report Coercion Iran has been executing prisoners almost daily, according to human rights organizations. Reports indicate that families are often informed of the executions only after they occur, and some have faced pressure to remain silent about the events. On May 7, The Guardian reported that the Norway-based Iranian Human Rights NGO (IHRNGO) stated Iran has executed at least 24 individuals since March, with six of those executions occurring within just two days. Human rights groups believe this trend May 8, 2026

Lotte Wellfood Reports 118% Increase in Q1 Operating Profit to 35.8 Billion Won Lotte Wellfood has successfully rebounded in its first-quarter earnings this year through enhanced global competitiveness and improved operational efficiency. The growth of its overseas subsidiaries in countries like India and Kazakhstan has been a key driver of this performance, alongside domestic efforts to streamline low-margin products. On May 8, Lotte Wellfood announced that its consolidated revenue for the first quarter reached 1.0273 trillion won, with an operating profit of May 8, 2026

Financial Authorities Launch Inclusive Finance Initiative with $2 Billion Investment As President Lee Jae-myung recently emphasized that "financial institutions are quasi-public entities," South Korea's financial authorities are intensifying their support for social economy organizations. This year, they plan to inject approximately 2 trillion won through public and private financial institutions to promote social economy finance. The Financial Services Commission (FSC) announced on May 8 that it held the first Social Economy Finance Council of 2026 at the Korea Financial S May 8, 2026

South Korea Passes Special Law to Boost AI Data Center Industry The National Assembly has passed a special law aimed at promoting the artificial intelligence data center industry. While the name is lengthy, its intent is clear: the government is stepping in to ensure South Korea does not fall behind in the competitive landscape of AI infrastructure. This legislation includes provisions for easing facility regulations, establishing special zones, and providing financial support, marking a significant step in redesigning the foundation of the digital economy. May 8, 2026