OpenAI Added to List of Companies Required to Disclose Information Security Practices OpenAI has been newly included in the list of companies required to disclose information security practices due to a surge in domestic users. Platforms such as AliExpress, Musinsa, Tving, and CJ Olive Young, which have rapidly expanded their user bases in South Korea, are also on the list. On May 8, the Ministry of Science and ICT announced the 693 companies that are obligated to disclose their information security practices for 2026. This requirement, established under the Information P May 8, 2026

U.S. Court Ruling Limits Impact of Global Tariffs on South Korea The recent ruling by a U.S. court against President Donald Trump's global tariffs suggests a potential shift in U.S. trade policy. However, experts believe the direct impact on South Korea, particularly regarding completed U.S.-South Korea tariff negotiations and investments, will be limited. According to relevant authorities, the U.S. Federal International Trade Court ruled on May 7 (local time) in favor of plaintiffs, including Washington state and some importers, against the 10% global May 8, 2026

President Lee Warns Against Hoarding Goods Amid Rising Prices President Lee Jae-myung warned on May 8 that hoarding goods could lead to disaster, stating, "Hoarding is a path to ruin; those who think they can make a quick profit through hoarding will end up completely failing." In a post on X (formerly Twitter), President Lee noted, "There are still those who do not realize the world has changed and are heading down a path of ruin with outdated thinking. I want to inform them in advance." As concerns about rising prices due to the prolonged confli May 8, 2026

Homeplus Sells Express Division Amid Liquidity Crisis; NS Home Shopping Expands Offline Presence Homeplus has sold its profitable supermarket division, Homeplus Express, to NS Home Shopping as a desperate measure to escape bankruptcy. However, the company has shuttered 37 stores due to ongoing liquidity issues, unable to wait for the sale proceeds expected in two months. Meanwhile, NS Home Shopping is leveraging this acquisition to establish a nationwide offline presence and expand its omnichannel operations. According to the retail industry on May 8, Homeplus and NS Home Shoppin May 8, 2026

Welfare Spending in South Korea Increased by 130 Trillion Won Over 18 Years South Korea's welfare spending has increased by over 130 trillion won in the past 18 years, primarily due to pension payments. This concentration of funds raises concerns about whether resources are being effectively allocated to other necessary areas. According to a report by the National Fiscal Research Institute, titled 'Trends and Implications of Welfare Sector Finance,' social welfare spending rose from 33.4 trillion won in 2008 to 165.9 trillion won in 2026, an increase of 132.5 trilli May 8, 2026

Ruling Coalition Calls for Legislative Reform of Criminal Procedure Law On May 8, the ruling coalition, led by the Democratic Party and the Innovation Party, argued for the need to reform the Criminal Procedure Law during a discussion forum. They expressed concerns that if prosecutors lead the reform, they might regain investigative powers, emphasizing the necessity for proactive legislative measures by the National Assembly. Democratic Party lawmakers Kim Yong-min and Kim Young-ho, along with Innovation Party lawmaker Park Eun-jung, held a forum titled "Dire May 8, 2026

950 Young Entrepreneurs Launch New Ventures with K-Unicorn Support The Small and Medium Business Administration (SMBA) held the "2026 Startup Launch Ceremony" to support the growth of K-Unicorn companies, which are privately held firms valued at over $1 billion. On May 8, the SMBA announced that the event was organized to celebrate the successful start of 950 young entrepreneurs who joined the 16th cohort of the Youth Startup Academy, the 7th global program, and the 1st deep tech program this year.The first part of the event featured a symposium where alum May 8, 2026

Oh Se-hoon Blames Lee Administration for Soaring Housing Prices in Seongdong Park Yong-chan, spokesperson for Oh Se-hoon, the People Power Party's candidate for Seoul mayor, questioned Jeong Won-o, the Democratic Party's candidate, on May 8 regarding the soaring housing prices and rental crisis in Seongdong. "Is this Jeong's responsibility, or is it due to the Lee Jae-myung administration's flawed real estate policies?" he asked. Park criticized Jeong for blaming Oh, who served as Seoul mayor for five years, for the current housing crisis. He argued that if Jeong May 8, 2026

Woori Bank to Manage 886 Trillion Won of National Pension Fund's Foreign Assets Woori Bank has been selected as the preferred bidder to manage the National Pension Service's (NPS) foreign assets, totaling 886 trillion won. The announcement was made on May 8, marking the first selection of a foreign currency custodian bank since 2021. The contract will run from August 2026 to July 2031.The foreign currency custodian bank will oversee foreign exchange transactions, the opening and closing of foreign currency accounts, and the management of foreign funds during the NPS's overs May 8, 2026

April Apartment Sales Reach Highest Level in 3.5 Years Last month, the number of private apartment sales in South Korea reached its highest level in three and a half years. While supply surged, many analysts view this as a backlog of delayed projects rather than a true market recovery. However, there are signs of supply normalization as annual sales plans increase. According to an analysis by Realhouse, a property evaluation firm, 24,315 private apartments were supplied nationwide in April, marking a 117.3% increase from March's 11,188 units. May 8, 2026