Constitutional Amendment Vote Fails Due to Opposition Party's Absence On May 7, a proposed constitutional amendment was presented to the National Assembly, but the vote was invalidated due to the absence of the People Power Party (PPP). Assembly Speaker Woo Won-sik and the ruling Democratic Party plan to reconvene on May 8 to reintroduce the amendment. During the session, only 178 lawmakers participated in the vote, failing to meet the quorum. The amendment aims to enshrine the democratic ideals of the Busan-Masan Democratic Uprising and the May 18 Democ May 7, 2026

Hanyuwon Achieves Zero Penalty for Second Consecutive Year in Public Disclosure The Korea Small and Medium Enterprises Distribution Agency has demonstrated transparent management by achieving zero penalties for two consecutive years in public institution disclosure checks. According to Hanyuwon, the Ministry of Economy and Finance conducts annual evaluations of public institution management information disclosed through the Alio system to ensure accuracy and reliability. In 2025, Hanyuwon was evaluated alongside 317 mandatory disclosure institutions across 20 cate May 7, 2026

GS Retail Reports 39% Increase in Q1 Operating Profit Driven by Convenience Stores and Supermarkets GS Retail reported a 39.4% increase in operating profit for the first quarter of this year, reaching 58.3 billion won, thanks to strong performance in its convenience stores, supermarkets, and home shopping sectors. The company attributed this growth to the expansion of GS25 stores focusing on fresh products, the opening of GS The Fresh franchises, and the rise of GS Shop's private label products.During the same period, sales rose by 3.8% to 2.85 trillion won. GS25 convenience stores generated s May 7, 2026

SK Hynix Faces Growing Pressure Over Bonus Distribution Amid Semiconductor Boom As the semiconductor industry thrives, tensions surrounding SK Hynix's bonus distribution are escalating, sparking widespread debate across the sector. Workers from subcontractors, including those in food service and support roles, are demanding a share of the bonuses, intensifying social conflict. Subcontractor workers have been protesting, stating, "We worked in the same environment but received no compensation," as SK Hynix reports record profits and substantial bonuses. Employees from May 7, 2026

BTS Documentary Sparks Controversy Over New Album 'Arirang' Following the release of a Netflix documentary, controversy surrounding BTS's new album 'Arirang' has resurfaced. BTS released 'Arirang' on April 20, receiving praise for its modern reinterpretation of traditional themes. However, it sparked debate online over excessive nationalism, known as 'gukppong' in Korea. Criticism also emerged towards RM, a key producer for the group. In response, their agency announced legal action against malicious comments directed at the members. The docu May 7, 2026

People Power Party Abstains from Constitutional Amendment Vote, Proposes New Committee People Power Party lawmakers abstained from voting on a constitutional amendment at the National Assembly on May 7. They proposed forming a bipartisan committee in the second half of the 22nd National Assembly to discuss a comprehensive amendment covering everything from the preamble to the restructuring of power. After a party meeting, lawmakers stated, "We will resolutely oppose any rushed, piecemeal constitutional amendments that disregard the public's will," and pledged to prepare a responsi May 7, 2026

Daegu and Gyeongbuk Join Forces to Boost Regional Tourism To address the concentration of foreign tourists in Seoul and the surrounding areas, Daegu and Gyeongbuk have partnered to enhance regional tourism. The government aims to revitalize local economies and combat population decline by promoting tourism, with plans to develop Daegu International Airport as a gateway for foreign visitors. Government Promotes Local Tourism to Combat Population Decline Recently, the Ministry of Culture, Sports and Tourism has focused on creating specialized touris May 7, 2026

Internet Banks Struggle to Find Sustainable Growth Amidst Competition Concerns are growing that internet banks, since their inception, have focused solely on superficial growth without establishing sustainable growth drivers. Their business models heavily rely on household loans, and their interest rates are less competitive than those of traditional banks. Initially aimed at reducing costs through online operations, these banks are now caught in a fierce competition for customer acquisition, neglecting the development of differentiated revenue models.As of the fi May 7, 2026

Shinhan Financial Group Leads in Inclusive Finance Initiatives Shinhan Financial Group is gaining attention as the fastest-moving financial group in response to the government's inclusive finance initiatives. Under Chairman Jin Ok-dong, the group has revived the 'microfinance' program, previously used as a policy finance tool, to differentiate itself in the market.As of May 7, Shinhan Financial has actively integrated microfinance into its inclusive finance strategy, enhancing its presence. Microfinance provides low-interest startup and operational funds to May 7, 2026

Internet Banks Face 'Cherry-Picking' Controversy Amid Lending Criticism Internet banks are facing renewed scrutiny over their lending practices, particularly regarding their role in inclusive finance. Critics argue that these banks primarily serve higher-credit borrowers, contradicting their founding purpose. According to a report from the Korea Federation of Banks on May 7, the three internet banks—K-Bank, Kakao Bank, and Toss Bank—had a combined 33.1% of their credit loan balances allocated to borrowers in the bottom 50% of credit scores as of the end of last May 7, 2026