Samsung Compliance Chief Lee Chan-hee: 'Compliance is a Business Insurance' Business growth begins with speed, but sustainability is achieved through principles. Lee Chan-hee, chairman of the Samsung Compliance Committee and president of the Korea Scout Association, addressed the core challenges facing the South Korean economy and society with the concept of 'balance.' He diagnosed that any organization cannot endure if the balance between growth and compliance, competition and responsibility, and technology and humanity is disrupted. As South Korean companies enter a phase of competing in the global market, he emphasized the need to move beyond a purely performance-driven approach. In the past, speed and scale were competitive advantages, but now trust and sustainability are essential for a company's survival. He specifically likened compliance management to 'insurance against accidents,' explaining that it serves as the last line of defense for companies when crises arise. Lee's perspective extends beyond businesses to youth issues, education, and societal values. He diagnosed that today’s youth live in an era of material abundance but increased loneliness. He believes the solution lies in 'connection,' asserting that restoring relationships with nature, communities, and individuals is key to future societal competitiveness. His messages, stemming from his diverse roles as a legal professional, compliance monitor, and youth leader, converge on a single point: 'Uphold principles while maintaining balance.' This applies to businesses, society, and individuals alike as the sustainable path forward. - Why has compliance management become an important topic recently? 'In the past, South Korean companies grew primarily in the domestic market. However, that is no longer the case. We now face a situation where we must compete in the global market. In the global arena, simple price competitiveness or technological prowess is insufficient. Trust in a company becomes a crucial factor, and the foundation for building that trust is compliance. I describe compliance management as 'insurance.' While it is preferable to avoid accidents, compliance systems are the mechanisms that protect companies when issues arise. Ultimately, compliance management is essential for a company’s long-term survival.' - How do you see the culture of South Korean companies changing? 'In the past, the focus was on growth. The key was how quickly one could grow. Now, however, the concept of sustainable growth has gained importance. Concepts like ESG, responsible management, and internal controls have emerged as part of this trend. While growth and sustainability may seem like conflicting concepts, they must actually go hand in hand. I liken this to 'two people in a three-legged race.' If growth and compliance do not keep pace, the company is bound to stumble.' - What is the relationship between compliance and corporate competitiveness? 'Compliance is not a cost; it is an investment. Many companies view compliance as a regulation or burden, but I see it quite differently. Compliance reduces a company's risks and protects it in crisis situations. In the long run, companies that excel in compliance will have greater competitiveness.' - What is needed for companies to establish a global-level compliance system? 'Two things are necessary: internal and external factors. Internally, there needs to be a change in the perception of members. Compliance should be viewed not as something that must be done, but as something that is natural. Externally, companies must maintain independence from politics and power. If external pressures sway them, the compliance system can collapse.' - What role does the board of directors play in corporate governance? 'The board is not merely a decision-making body; it is a key institution that monitors management and provides direction. In the past, boards often operated in a formal manner. However, that is no longer the case. Diversity and expertise in board composition are crucial. It is important to have individuals who can genuinely contribute to corporate management, not just prominent figures.' - How should the internal control system be operated? 'Checks and balances are key. Audits, the board of directors, and compliance monitoring organizations should operate independently while also holding each other accountable. Additionally, a compliance body that manages the entire company in an integrated manner is necessary.' - What are the core principles that companies must adhere to? 'Fairness and innovation. Fairness is important not only within the organization but also in relations with external stakeholders. A structure must be created where no one is discriminated against. Innovation is a condition for a company’s survival. Companies that do not change will ultimately become obsolete.' - What is your perception of youth issues? 'Today’s youth are materially affluent but increasingly lonely. In the past, they naturally socialized with friends, but now they often spend time alone in a digital environment. This can weaken their social skills and sensitivity.' - What is the significance of scouting activities? 'Scouting is not just an activity; it is education. Living in nature and experiencing community teaches cooperation and responsibility. This experience can significantly change a youth's character and worldview.' - What skills do you believe are necessary in the age of AI? 'Memorization and information are no longer competitive advantages. AI can handle all of that. What will be important moving forward is humanity. Insight and empathy developed through diverse experiences and relationships will be key.' - Why have you declined to participate in politics? 'Politics is an important realm. However, the current political environment often prioritizes survival and power over essential values. I have determined that contributing to society in other areas is more meaningful than exacerbating conflicts.' - What is the essence of leadership? 'Balance and service. A leader should not lean toward one side. They must listen to all opinions and make balanced judgments. Additionally, it is the leader's role to help organizational members fulfill their roles.' - How would you like to be remembered as a leader? 'I want to be remembered as someone who lives happily among youth. Not as someone who defeats others, but as someone who is faithful to their own life.' : Lee Chan-hee, Chairman of Samsung Compliance Committee: Lee Chan-hee is a prominent public leader from a legal background. He served as the 50th president of the Korean Bar Association and currently holds the positions of chairman of the Samsung Compliance Committee and president of the Korea Scout Association. He has contributed to establishing corporate compliance and the rule of law while serving as a senior advisor at Yulchon LLC. He defines corporate compliance management not merely as regulation but as the 'foundation for sustainable growth.' Drawing on his extensive experience handling various corporate cases, he has emphasized that companies cannot survive long-term without securing trust. He also has a deep interest in youth education and social values. As president of the Scout Association, he emphasizes character education and community experiences for youth, working to cultivate future leaders. His activities, which connect the fields of law, business, and education, are explained by his philosophy of 'balance.' His leadership is characterized by a principled approach that avoids bias and a perspective that considers both organizations and society. He simply defines the essence of leadership as: 'Make decisions while maintaining balance.'* This article has been translated by AI. 2026-05-09 05:48:57

U.S. April Jobs Report Exceeds Expectations with 115,000 New Nonfarm Jobs The U.S. jobs report for April has significantly exceeded market expectations. As concerns about a recession ease, the timing for potential interest rate cuts by the Federal Reserve may also be reconsidered. The U.S. Department of Labor reported on May 8 that nonfarm employment increased by 115,000 jobs last month, far surpassing Dow Jones' forecast of 55,000 new jobs. The unemployment rate remained steady at 4.3%. Employment in sectors such as healthcare, transportation and warehousing, and retail saw substantial growth, while manufacturing jobs experienced a slight decline. This marks the first time in nearly a year that the U.S. market has shown a clear upward trend for two consecutive months. Prior to the report, there were predictions that job growth would slow significantly due to the ongoing conflict in the Middle East and rising international oil prices. However, the actual job growth figures indicate a robust trend, which may deepen the Federal Reserve's deliberations regarding interest rate cuts. Nonetheless, some analysts express concerns about the uncertainties stemming from the prolonged conflict in the Middle East. Continued high oil prices could lead to inflationary pressures and reduced consumer spending, potentially negatively impacting employment data.* This article has been translated by AI. 2026-05-08 22:00:23

HMM Approves Relocation of Headquarters from Seoul to Busan HMM Approves Relocation of Headquarters from Seoul to Busan HMM held an extraordinary shareholders' meeting on May 8 and approved a change to its articles of incorporation to relocate its headquarters from Seoul to Busan. The company plans to first move the CEO's office to Busan and then gradually consider relocating other organizational functions. The meeting took place at Park One Tower in Yeouido, Seoul, where HMM CEO Choi Won-hyuk stated, "As a leading national shipping company, we are committed to participating in the social mission of balanced national development and achieving continuous growth." Samsung Electronics Union Accepts Government Mediation, Resumes Negotiations The labor dispute between Samsung Electronics and its union has shifted from a potential clash to a renegotiation phase. However, the threat of a total strike has not been withdrawn, indicating that tensions may rise again depending on the outcome of future negotiations. According to the inter-company union on May 8, the union agreed to participate in post-adjustment procedures on May 11-12 at the government's request. Previously, the union had announced a total strike for May 21 due to unresolved disagreements over wages and performance bonuses. Industry analysts interpret this decision as more than just a scheduling delay, noting that the government's direct mediation suggests significant implications for the broader industry stemming from the Samsung Electronics labor dispute. Constitutional Amendment Proposal Fails Amid Filibuster by Opposition National Assembly Speaker Woo Won-sik attempted to bring 51 items, including a constitutional amendment proposal, to a vote during a session on May 8. However, the opposition party, People Power Party, requested a filibuster on all bills, leading him to withdraw the proposal. Woo criticized the opposition for abusing the filibuster process. People Power Party floor leader Song Eon-seok remarked after the session that any constitutional amendment pushed through without bipartisan agreement is fraught with dictatorship and misfortune. Woo stated, "I convened today’s session to avoid derailing the first constitutional amendment in 39 years, but seeing the response of a filibuster, I feel that proceeding with the agenda is futile, so I will not present the amendment." Finance Minister Proposes Restructuring Real Estate Market for Actual Users The government has assessed that the real estate market is entering a transition phase focused on actual residents, and it plans to review adjustments to tax benefits for rental business operators. Finance Minister Koo Yoon-cheol stated during an emergency economic meeting on May 8 at the Government Seoul Building, "The recent real estate market is moving away from overheating and is being restructured around actual residents." He added, "Loan regulations and land transaction permits are blocking speculative purchases, and expectations for rising housing prices are diminishing. The investment paradigm is also shifting from real estate to productive sectors like capital markets." Financial Authorities to Boost Inclusive Finance with $2 Billion Investment In light of President Lee Jae-myung's recent emphasis on expanding inclusive finance, financial authorities are set to enhance financial support for social solidarity economic organizations. They plan to supply approximately $2 billion this year through public and private financial institutions to promote social solidarity finance. The Financial Services Commission announced on May 8 that it held the first Social Solidarity Finance Council of 2026 at the Korea Inclusive Finance Agency in Jung-gu, Seoul. The meeting included government officials, policy financial institutions, and mutual finance associations to review the implementation and performance of social solidarity finance and discuss future plans. President Lee had previously stated during a Cabinet meeting on May 6 that the notion that financial institutions exist solely to make profits is problematic and called for strengthening the public nature of the financial sector.* This article has been translated by AI. 2026-05-08 21:57:45

BHC Expands into Vietnam's Chicken Market with Master Franchise Agreement South Korea's leading fried chicken brand is targeting the Vietnamese market. BHC has officially announced its entry through a master franchise agreement, while earlier this year, domestic venture capital firm The Ventures acquired a stake in Chicken Plus to accelerate local expansion. According to reports from Vietnamese media, including Tuoi Tre, BHC's parent company, Dining Brands Group, signed a master franchise agreement with Singapore-based Hao Open Food last month, marking its first step into the Vietnamese market. Hao Open Food operates food and beverage (F&B) and retail businesses across Southeast Asia and has established local distribution networks and logistics infrastructure in Vietnam. BHC is a top chicken chain in South Korea, operating over 2,300 stores worldwide, and aims to open 50 locations in major cities like Hanoi, Ho Chi Minh City, and Da Nang over the next decade. "We plan to steadily expand our store system and build our brand by leveraging the local partner's distribution network and operational capabilities," said Song Ho-seop, CEO of Dining Brands Group. BHC will maintain its core menu items, Bburinkle and Machoking, while also introducing offerings tailored to local tastes. Machoking, launched in 2015, has sold 40 million units and generated approximately 800 billion won in revenue by 2025. The growth potential of Vietnam's fried chicken market is evident in the numbers. According to Insight Asia's '2026 Vietnam Fast Food Market and Consumer Trends Report,' 82% of Vietnamese consumers chose chicken-related items during their most recent fast food visit, significantly outpacing burgers (11%) and pizza (7%). Major competitors in the Vietnamese fast food market include Lotteria (222 outlets), Jollibee (213), KFC (172), and McDonald's (37). In terms of revenue structure, chicken has distinct advantages. Among consumers who chose chicken items, 84% opted for combo meals that include chicken, drinks, and sides. Although combo orders account for only 68% of total orders, they contribute to 72% of sales, indicating high revenue efficiency. Orders through delivery platforms also exceed 47%, making chicken brands the biggest beneficiaries. Taste (74%) is the primary factor in consumer decision-making, followed by convenience (48%) and price (43%). ◆ The Ventures Acquires Stake in Chicken Plus Vietnam, Aiming for 270 Locations in Four Years Earlier in February, The Ventures became the largest shareholder of Chicken Plus Vietnam, marking its official entry into the local F&B market. Since opening its first store in 2016, Chicken Plus has grown to over 500 locations in South Korea and entered Vietnam in 2019, currently operating more than 100 stores nationwide. The Ventures acquired its stake through an overseas investment fund, with a domestic chicken franchise company participating as a strategic investor. There will be no changes to the existing management or staff following the acquisition. The fund plans to increase the number of Chicken Plus locations in Vietnam to 270 within four years by utilizing the existing store network and infrastructure, while also establishing its own poultry farm to enhance cost control and quality management through in-house production, distribution, and sales. Kim Dae-hyun, a partner in charge of Vietnam investments at The Ventures, stated, "The goal of this deal is to enhance asset value by combining the Korean restaurant chain with local infrastructure," adding, "The Vietnamese F&B market has significant growth potential." Meanwhile, Lotteria, operated by Lotte GRS, has been present in Vietnam since 1998 and continues to grow steadily. It has expanded its presence by offering chicken meals paired with rice, reflecting local culinary preferences. Additionally, BBQ has been steadily increasing its stores since entering Vietnam in 2007, focusing on major cities like Hanoi and Da Nang. Other domestic chicken brands, such as Gubne Chicken and Bon Chicken, have also entered the Vietnamese market, driven by local consumer demand for K-chicken.* This article has been translated by AI. 2026-05-08 21:30:51

Over 2.94 million apply for first round of high oil price relief payments More than 2.94 million people applied for the first round of the high oil price relief payments, with total disbursements amounting to 1.67 trillion won. The Ministry of the Interior and Safety announced on May 8 that as of 6 p.m. that day, 2,944,073 individuals had applied for the relief payments nationwide. The highest application rate was in Jeollanam-do at 93.6%, followed by Seoul (92.9%), Jeju (92.9%), and Busan (92.7%). Most regions recorded application rates above 90%, but Gyeongsangnam-do (87.8%), Gangwon (89.3%), and Gyeonggi (89.6%) fell below that threshold. Overall, 91.2% of the eligible 3,227,785 individuals applied for the support. The first round of relief payments targeted vulnerable groups, including basic livelihood recipients, those in the second-lowest income bracket, and single-parent families. Basic livelihood recipients received 550,000 won each, while those in the second-lowest income bracket and single-parent families received 450,000 won each. Additionally, residents of non-capital areas or designated population decline regions received an extra 50,000 won each. The government plans to resume payments for those who did not apply during the first round starting May 18, when the second round of payments begins.* This article has been translated by AI. 2026-05-08 21:09:36

Busan Mayor Candidate Jeong Yi-han Begins Indefinite Hunger Strike Jeong Yi-han, the Reform Party's candidate for Busan mayor, has begun an indefinite hunger strike to protest his exclusion from a televised debate. In a statement released on May 8, Jeong said, "Despite meeting the legal requirements to participate in the TV debate, my legitimate rights have been completely blocked due to the unilateral exclusion by the broadcasting company. I want to express my protest by putting my body on the line." He criticized the situation, stating, "In the 2018 and 2022 Busan mayoral elections, candidates from the third and fourth parties participated in both official and broadcaster-invited debates. This time, that door has been firmly shut. Silencing candidates ultimately obstructs the citizens of Busan's right to know and deprives voters of their choice." Jeong began his hunger strike at 6 p.m. in front of Busan City Hall in Yeonje District after issuing his statement. The Reform Party plans to file a request for an injunction against the broadcasting companies that excluded Jeong and intends to pursue constitutional complaints regarding the matter. A Reform Party official emphasized, "This issue goes beyond mere participation; it concerns the fairness of the public forum and the fundamental principles of democracy. We will rectify this situation through Jeong's hunger strike and legal action." Meanwhile, Lee Jun-seok, the leader of the Reform Party, plans to visit Busan on May 9 to rally support for Jeong from the citizens of Busan and to visit Jeong's hunger strike site.* This article has been translated by AI. 2026-05-08 20:18:24

Jeju Air Accepts Unpaid Leave Applications Amid Rising Fuel Prices The airline industry is facing challenges due to soaring fuel prices, a consequence of the ongoing conflict in the Middle East, leading to a wave of unpaid leave measures. Following T'way Air, Jeju Air, the largest low-cost carrier (LCC) in South Korea by passenger numbers, has announced it will accept applications for unpaid leave. On May 8, Jeju Air stated it will accept unpaid leave applications from cabin crew members for one month. This decision is seen as a response to the reduction in flight operations due to high fuel costs. Previously, Jeju Air announced a 4% cut in international flight operations for this month and next, attributed to the impact of rising fuel prices from the Middle East conflict. Other domestic airlines are also reducing their flight schedules. The airline industry is considering or implementing unpaid leave to address the issue of surplus staff resulting from these operational cuts. T'way Air is also accepting unpaid leave applications from cabin crew for May and June. Coincidentally, Jeju Air reported strong first-quarter results on the same day. The airline recorded 498.2 billion won in revenue for the first quarter of this year. During this period, it also achieved an operating profit of 64.4 billion won, marking consecutive profits following the fourth quarter of last year. However, industry analysts predict that the impact of high fuel prices will significantly affect performance starting in the second quarter, suggesting that the airline industry is proactively implementing unpaid leave measures in anticipation of declining profitability. A Jeju Air official explained, "The surplus staff is a result of the temporary reduction in flight operations due to high fuel prices. We plan to accept unpaid leave applications freely from those who wish to take time off for childcare, family care, or personal rest during the month of June." * This article has been translated by AI. 2026-05-08 20:03:27

Clear Weekend Weather Expected Nationwide with Significant Temperature Variations On Saturday, May 9, clear weather is expected across the country. However, significant temperature variations are forecasted, particularly in inland areas, with morning lows around 13 degrees Celsius in Seoul. According to the Korea Meteorological Administration on May 8, morning low temperatures nationwide are expected to range from 4 to 11 degrees Celsius, while daytime highs will be between 19 and 25 degrees Celsius. The forecasted morning lows for major regions are as follows: △Seoul 10 degrees △Incheon 10 degrees △Suwon 9 degrees △Chuncheon 6 degrees △Gangneung 11 degrees △Cheongju 8 degrees △Daejeon 8 degrees △Jeonju 7 degrees △Gwangju 6 degrees △Daegu 9 degrees △Busan 11 degrees △Jeju 11 degrees. The expected daytime highs are: △Seoul 23 degrees △Incheon 21 degrees △Suwon 22 degrees △Chuncheon 23 degrees △Gangneung 23 degrees △Cheongju 24 degrees △Daejeon 24 degrees △Jeonju 23 degrees △Gwangju 24 degrees △Daegu 24 degrees △Busan 23 degrees △Jeju 20 degrees. Due to the influence of high pressure, clear skies are anticipated nationwide, with significant temperature differences expected, especially in inland areas. The atmosphere in the Seoul metropolitan area, Chungbuk, and Gyeongnam regions will be dry, and strong winds may increase the risk of fires. Fine dust levels are forecasted to be at a 'good' level across all regions. While there may be some accumulation of fine dust from domestic sources in the morning, improved air circulation in the afternoon is expected to reduce concentrations.* This article has been translated by AI. 2026-05-08 18:27:06

Dongkuk Steel Launches 'Luxteel Playlist' to Engage Younger Generations Dongkuk Steel is launching a brand content project called 'Luxteel Playlist,' which combines music with the industrial landscape, based on its premium color steel brand, Luxteel. According to the steel industry on May 8, Dongkuk Steel will unveil the first content of Luxteel Playlist at 6 PM on its YouTube channel, Luxteel TV. This content features a playlist format that blends the actual sounds of steel production from factories and offices with K-pop music. The project, developed in collaboration with Broadplay, aims to provide consumers with a new brand experience by narrating Dongkuk Steel's story in the steel industry through music, appealing to the MZ generation (Millennials and Generation Z). The inaugural video was filmed at Dongkuk Steel's Busan plant. The approximately 1 hour and 10-minute playlist video showcases the color-coated steel products produced at the Busan plant along with scenes from the production site. Dongkuk Steel plans to release a total of four episodes in the Luxteel Playlist series this year. Future content will be filmed at locations such as the Dosung Center and the Ferum Tower headquarters, with plans for content featuring architectural structures utilizing Luxteel to be considered in 2027. Dongkuk Steel stated, "We wanted to present a bright and lively image of the workplace, rather than the heavy and dangerous steel production environment, through Luxteel Playlist. This video reflects Dongkuk Steel's identity of creating new value by adding diverse colors to steel."* This article has been translated by AI. 2026-05-08 18:24:34

New Committee Launched to Support Integrated Special City in Jeonnam-Gwangju The Ministry of Interior and Safety announced on May 8 that it will hold the inaugural ceremony and first meeting of the "Jeonnam-Gwangju Integrated Special City Preparation Committee" on July 1, aimed at ensuring the successful launch of the integrated special city. The committee has signed a memorandum of understanding with Jeollanam-do and Gwangju Metropolitan City. The preparation committee officially commenced its activities with the inaugural ceremony and a full meeting on the same day. This committee serves as a public-private partnership body that will provide direction for the integration process. It is tasked with discussing and mediating issues that cannot be resolved through the existing "City-Province Policy Council" between Jeollanam-do and Gwangju Metropolitan City. The committee comprises 17 members, including 14 private sector experts in local administration, urban development, and economic industry, recommended by Jeollanam-do, Gwangju Metropolitan City, and the Ministry of Interior and Safety, along with three ex-officio government members. Regular meetings will be held in Jeollanam-do and Gwangju Metropolitan City until June. The preparation committee will engage in various discussions regarding key policies related to the launch of the integrated special city. The three entities have agreed to actively cooperate to ensure that the committee's deliberations are faithfully reflected in future policies concerning the integrated special city. During the inaugural ceremony, certificates of appointment were presented to the private members, and the first meeting was held. The meeting included reports on the progress of the integrated special city initiative, the current state of preparations, an overview of the committee, and operational plans. The committee's purpose and functions were also discussed, along with the election of a chairperson and the establishment of operational rules. Following the ceremony, a memorandum of understanding was signed by Kim Young-rok, Governor of Jeollanam-do; Kang Ki-jeong, Mayor of Gwangju Metropolitan City; Kim Tae-kyun, Chair of the Jeollanam-do Council; Seo Yong-kyu, Acting Chair of the Gwangju Metropolitan City Council; and Kim Min-jae, Vice Minister of the Ministry of Interior and Safety. The parties committed to respecting the committee's discussions based on mutual respect and trust, and to diligently work together to ensure the smooth launch of the integrated special city, which aims to become a central axis for balanced national development. Minister of Interior and Safety Yoon Ho-jung stated, "The integrated special city, the first of its kind in history, will serve as a focal point for balanced regional development, overcoming the concentration of power in the metropolitan area and the crisis of regional extinction. The central and local governments will work as one team to ensure thorough preparations for the launch." Additionally, the Ministry of Interior and Safety plans to announce legislative proposals related to the integrated special city from May 8 to June 5 to facilitate its successful establishment. This includes the need to grant a status equivalent to that of Seoul and to revise standards for administrative positions and personnel numbers.* This article has been translated by AI. 2026-05-08 18:22:41