Jeju Air Reports 644 Billion Won Operating Profit Amid High Oil Prices Jeju Air has reported a second consecutive quarter of profit despite the pressures of rising international oil prices and exchange rates. The airline attributed its performance rebound to improved fuel efficiency through fleet modernization and a recovery in passenger demand. On May 8, Jeju Air announced that it achieved a revenue of 498.2 billion won and an operating profit of 64.4 billion won in the first quarter of this year. This represents a 36.5% increase in revenue compared to the same period last year, while the operating profit turned around from a loss of 35.7 billion won. The net profit for the period was recorded at 12.2 billion won. Following an operating profit of 18.6 billion won in the fourth quarter of last year, Jeju Air has maintained profitability for two consecutive quarters. This performance is seen as commendable given the challenges faced by most airlines due to high fuel prices and fluctuating exchange rates. The airline cited improvements in its revenue structure through fleet modernization and an increase in passenger demand as key factors behind its improved results. In the first quarter, Jeju Air added two next-generation B737-8 aircraft to its fleet. It also returned two leased B737-800 aircraft that were over 20 years old in November last year and February this year, and sold two older aircraft in March and April. As a result, fuel costs for the airline decreased by approximately 16% compared to the previous year. In addition to the 10 B737-8 aircraft currently in its fleet, Jeju Air plans to introduce five more by the end of the year. The number of passengers in the first quarter totaled 3,311,358, making it the leading low-cost carrier in South Korea. The load factor during this period was 91.9%, surpassing the national airline average of 88.8%. Jeju Air aims to continue its trend of improved performance through efficient route management. To address the uncertainties posed by increased volatility in fuel prices and exchange rates, as well as intensified competition, the airline plans to focus on sound management strategies. A company representative stated, "We will gradually improve our revenue structure based on fleet modernization and efficient route operations."* This article has been translated by AI. 2026-05-08 17:52:20

K-pop girl band BABYMONSTER adds seats for Seoul concert after tickets sell out SEOUL, May 08 (AJP) - K-pop girl band BABYMONSTER will open additional seats for its upcoming Seoul concert series after tickets for the original three-day run sold out immediately upon release. The move aims to accommodate a surge in demand from fans following the group's recent musical comeback. YG Entertainment reported that the 2026-27 BABYMONSTER World Tour Choom in Seoul saw an explosive response during both pre-sale and general ticketing windows. The agency noted that the members themselves expressed a desire to perform for a larger audience after tickets for all three sessions were exhausted. The additional seating will include general admission, restricted-view seats, and a limited quantity of sound-check passes. Fans can purchase these tickets starting at 8:00 p.m. (1100 GMT) on June 13 through NOL Ticket. The concerts are scheduled to take place at the Jamsil Indoor Gymnasium in South Korea from June 26 to June 28. This leg of the world tour comes on the heels of the group's third mini-album release on May 4. The new album features four tracks, including the title song Choom as well as Moon, I Like It, and Locked In. The release has received a positive reception for its diverse genres and unique production style. 2026-05-08 17:51:21

Hana Financial Partners with Kyung Hee University to Support Young Entrepreneurs Hana Financial Group is launching a program to nurture aspiring entrepreneurs to stimulate local youth entrepreneurship. The initiative aims to enhance the startup ecosystem by providing comprehensive support, from AI-based entrepreneurship education to commercialization, market expansion, and investment attraction.On May 8, Hana Financial announced a partnership with Kyung Hee University to recruit participants for the fifth class of the Hana Social Venture University.The Hana Social Venture University is a program operated in collaboration with the Ministry of Employment and Labor to create local job opportunities for youth. It began in 2022 with five regions and ten universities and has since expanded to 30 universities nationwide in 2023. By the end of last year, the program had produced a total of 5,050 graduates, with 431 startup teams currently in operation.Through the fifth class, Hana Financial plans to select around 1,500 aspiring young entrepreneurs from 30 universities across the country. The program will focus on AI-based entrepreneurship education and provide support throughout the entire startup process, including market expansion tailored to different customer types and the establishment of a regional and university-linked startup ecosystem. Additional support will include legal advice on the startup process, investment consulting, and funding assistance.Chairman Ham Young-joo stated, "We will support young people to fully unleash their potential with their unique colors and creative ideas, and we hope their challenges and growth will contribute to revitalizing the local economy."* This article has been translated by AI. 2026-05-08 17:46:55

Samsung Electronics Union Accepts Government Mediation Ahead of Strike The labor dispute between Samsung Electronics and its union has shifted from a potential clash to a phase of renegotiation. However, the threat of a general strike remains, and tensions could rise again depending on the outcome of upcoming negotiations. On May 8, the union announced it would participate in post-adjustment procedures on May 11-12 at the request of the government. Previously, the union had warned of a general strike on May 21 due to unresolved disagreements over wages and performance bonuses. Industry analysts interpret this decision as more than just a postponement. The government's direct involvement in mediation suggests that the labor conflict at Samsung Electronics could have significant repercussions across the industry. Particularly as Samsung accelerates its efforts to regain semiconductor competitiveness and transition to a company-wide artificial intelligence (AI) strategy, any production disruptions or organizational instability could increase management burdens. Internally, Samsung is simultaneously addressing high-bandwidth memory (HBM) competition, investing in next-generation packaging, and implementing AI-driven organizational innovations. The union appears to be strategically using government mediation to secure a stronger negotiating position and public support rather than immediately launching a general strike. However, the union has reiterated that it will proceed with a strike if satisfactory results are not achieved, indicating that tensions could escalate if the post-adjustment talks do not lead to a substantive agreement. Business circles anticipate that future discussions will focus not just on wage increases but also on the criteria for performance bonuses and the predictability of the compensation system. Given the significant performance disparities among different divisions within Samsung, conflicts over the compensation structure may recur structurally. One industry insider remarked, "The government's direct intervention indicates that this is viewed as a matter beyond a simple labor dispute. In a competitive environment for HBM and AI, a prolonged strike would pose significant burdens for Samsung Electronics."* This article has been translated by AI. 2026-05-08 17:43:30

President Lee and Canadian Prime Minister Carney Discuss Strengthening Security and Economic Cooperation On May 8, President Lee Jae-myung spoke with Canadian Prime Minister Mark Carney to discuss enhancing cooperation in security, economy, energy, critical minerals, and advanced industries. Chief Presidential Secretary Kang Yu-jeong reported in a written briefing that the two leaders assessed the smooth implementation of follow-up actions from their summit during the APEC meeting in Gyeongju last year. They agreed on the need for closer collaboration between their countries in achieving a peaceful resolution to the current situation in the Middle East, ensuring freedom of navigation in the Strait of Hormuz, and stabilizing energy supply through international efforts. As their relationship expands beyond security cooperation to encompass various fields including economy, energy, advanced industries, and culture, they expressed a commitment to deepen strategic cooperation based on this trend. President Lee stated, "Canada is a key ally for South Korea, and in light of the complex international order and unstable global energy supply chains, I hope we can further strengthen our cooperation in security, economy, energy, critical minerals, and advanced industries." Prime Minister Carney responded, "It is important for middle powers like Canada and South Korea to strengthen their ties through a more pragmatic approach." The two leaders also agreed to maintain regular communication to actively develop bilateral relations and to expedite discussions at all levels to achieve concrete and practical results in various fields. This conversation comes as South Korea is competing for a contract in Canada’s estimated 60 trillion won ($45 billion) Canadian Patrol Submarine Project (CPSP). The CPSP is a major project to build up to 12 diesel submarines to replace the four Victoria-class submarines, which are set to retire in the mid-2030s. The Hanwha Ocean and HD Hyundai Heavy Industries consortium from South Korea and Germany's Thyssenkrupp Marine Systems (TKMS) are on the shortlist and are currently in final competition ahead of an announcement in June.* This article has been translated by AI. 2026-05-08 17:41:20

REIT Stocks Struggle Despite KOSPI Surge, Investors Urged to Differentiate The KOSPI index has recorded a rise of over 77% since the beginning of the year, continuing its bullish trend. However, the listed REIT market appears to be left out of this rally. Experts attribute the decline in investor sentiment to downward pressure from delayed global interest rate cuts and the recent corporate rehabilitation filing by JR Global REIT. They predict that while short-term volatility is inevitable, this situation will lead to a clearer differentiation between quality and poor-performing REITs. According to the Korea Exchange, as of market close on May 8, the KRX Prime Office REIT Index recorded zero returns since the start of the year. Similarly, the KRX Real Estate REIT Infrastructure Index saw only a 0.01% increase during the same period, indicating a stagnant trend. This starkly contrasts with the KOSPI's 77.92% rise since January. Analysts suggest that as investors focus on risk assets and growth stocks driven by the semiconductor sector, the appeal of REITs, which are generally considered defensive investments, has diminished. The situation worsened on April 27 when JR Global REIT filed for corporate rehabilitation at the Seoul Bankruptcy Court. With assets based in the Brussels Finance Tower and Manhattan office in New York, JR Global REIT faced a cash trap due to a decline in asset value, failing to meet loan-to-value (LTV) requirements, and ultimately defaulting on repayments. As a result, on April 29, many listed REITs, including Hanwha REIT (-10.02%), Mastern Premier REIT (-9.85%), and Lotte REIT (-8.11%), experienced significant declines, raising concerns about funding across the industry. However, analysts believe that the current crisis is unlikely to escalate into a fundamental issue for the entire REIT sector. They view the situation as an exceptional case influenced by the decline in overseas asset values and burdens from foreign exchange hedging settlements. Lee Hye-jin, a researcher at Daishin Securities, stated, "The JR Global REIT issue is a unique case stemming from the decline in overseas asset valuations and a lack of liquidity. REITs backed by large corporate sponsors with high credit ratings (AA- to A+) will likely face limited impacts on their funding environment." The average LTV for domestic listed REITs is managed at approximately 57% based on fair value, indicating a low risk level. The REIT industry has diversified its borrowing structure beyond secured loans to include corporate bonds and short-term bonds, enhancing its resilience to crises. Looking ahead, the REIT market is expected to see increased differentiation among stocks based on funding capabilities and sponsor credibility. Some analysts suggest that this could present an opportunity to select high-quality REITs. Lee Kyung-ja, a researcher at Samsung Securities, noted, "The recent JR Global REIT incident stems from exceptional risks associated with overseas assets, and it is important to avoid overextending this interpretation to the entire sector. REITs rated A+ and above still enjoy favorable conditions for issuing corporate bonds and can secure funding at lower rates than bank loans, preserving dividend payouts (DPS)." She added, "In the future, market differentiation will become more pronounced among top REITs with strong funding capabilities and sponsor competitiveness. If significant funding cases are confirmed in May, market sentiment is expected to stabilize gradually."* This article has been translated by AI. 2026-05-08 17:38:22

Park Eun-jung Wins Lawsuit Against Dismissal from Justice Ministry Park Eun-jung, a member of the Justice Innovation Party, has won a court ruling declaring her dismissal from the Justice Ministry during her tenure as unjust. On May 8, the Seoul Administrative Court's Administrative Division 4, led by Judge Kim Young-min, ruled in favor of Park in her lawsuit against the Justice Minister seeking to overturn her disciplinary action. In 2020, while serving as a disciplinary officer at the Justice Ministry, Park was accused of improperly using materials obtained during an investigation of Han Dong-hoon, then the Deputy Chief Prosecutor of the Busan High Prosecutors' Office, in the investigation of Yoon Suk Yeol, who was then the Prosecutor General. Following this, the Ministry's Disciplinary Committee imposed the highest level of disciplinary action, dismissal, on Park in February 2024, after the Yoon administration took office. Park contested the dismissal, claiming it was unjust, and filed a lawsuit against the Ministry. However, she did not wait for the court's decision and joined the Justice Innovation Party, subsequently running for the 22nd National Assembly elections, where she was elected as a proportional representative. The court stated, "The meetings of the Justice Ministry's Disciplinary Committee are part of the internal decision-making process, which is conducted in private," and concluded that there were no grounds to consider this as a public disclosure or leak. Additionally, the court clarified that Park's actions did not indicate an intent to gain personal benefit or undermine the fairness of her duties. The ruling emphasized that the dismissal appeared to stem from errors in judgment or procedural mistakes during the execution of her disciplinary duties, and that the dismissal was excessively harsh compared to the recognized reasons for it. In related news, the prosecution concluded in October of the previous year that there was no evidence to support allegations against Park regarding violations of the Communications Privacy Protection Act and the Personal Information Protection Act, as well as the leaking of official secrets.* This article has been translated by AI. 2026-05-08 17:35:58

Insurance Industry Introduces 'Vehicle Odd-Even Special Clause' Offering Up to 2% Discount The insurance industry is set to implement a 'Vehicle Odd-Even Special Clause' in response to the ongoing oil supply crisis. On May 8, the General Insurance Association announced plans to introduce this special clause in line with the recent declaration of an oil resource security crisis under the 'National Resource Security Special Act.' The initiative aims to encourage energy conservation while reflecting the reduced risk of accidents due to decreased vehicle usage in insurance premiums. The special clause will limit vehicle operation to one day a week based on the last digit of the vehicle's license plate. For example, vehicles with license plates ending in 1 or 6 will be restricted from driving on Mondays, while those ending in 2 or 7 will be limited to Tuesdays. The rule does not apply on weekends or public holidays. Eligible participants include individual car insurance policyholders who meet the following criteria: submission of a Vehicle Odd-Even participation application, vehicle value under 50 million won, and exclusion of electric and hydrogen vehicles. Hybrid vehicles are eligible, but motorcycles are not. Insurance companies will provide information on how to apply starting May 11 through text messages (SMS) and notifications. However, submitting an application does not automatically enroll participants in the special clause. The clause is expected to launch at the end of May, and applicants will need to complete a separate enrollment process through the insurance company's website or call center. Compliance with the odd-even rule will be monitored using insurance companies' safe driving apps or connected car data. Insurers plan to collect only the minimum necessary information to verify compliance with non-driving days. The discount rate is set at approximately 2% of the annual car insurance premium. The actual discount amount will be calculated based on the duration of participation in the odd-even system. For instance, if the participation period is 200 days, participants will receive about a 1.1% discount. Refunds will be issued within 10 days after the insurance policy expires. However, if a vehicle is found operating on a non-driving day, the special clause may be canceled, and reapplication could be restricted. In the event of an accident occurring while driving on a non-driving day, participants may lose their discount benefits and face additional surcharges, although insurance payouts will still be processed normally. An industry representative stated, "The insurance sector is actively participating in government policies aimed at addressing high oil prices. We expect consumers to engage actively, as this initiative can promote energy conservation while alleviating insurance premium burdens." Additionally, those who enroll in the special clause during May can retroactively apply benefits from April 1. However, if an accident occurs on a non-driving day between April 1 and the application submission date, the discount period will only apply from the enrollment date, and any accidents occurring between the application submission and actual enrollment will restrict participation in the special clause.* This article has been translated by AI. 2026-05-08 17:34:02

S. Korea to distribute 2.25 million movie discount coupons to boost film industry SEOUL, May 8 (AJP) - In an effort to boost the local film industry, South Korea will begin distributing 2.25 million movie discount coupons next week, the Ministry of Culture, Sports and Tourism and the Korean Film Council said Friday. The coupons will allow moviegoers to watch films for about 8,000 won to 9,000 won, a significant discount from the regular 14,000 won to 15,000 won ticket price. The coupon program is part of a 461.4 billion won ($314 million) supplementary budget for the ministry approved by the National Assembly in April, as the government seeks to cushion the culture, sports and tourism sectors from weak consumption, high oil prices and inflation. In all, 65.6 billion won has been earmarked for the film sector to help revive private consumption and support the local cinema ecosystem. Of that amount, 27.1 billion won was allocated to fund 4.5 million movie discount coupons worth 6,000 won each. The remaining 2.25 million coupons are scheduled to be distributed in July. The support package for Korean film production includes an additional 26 billion won for mid-budget films, 4.5 billion won for independent and art films and 8 billion won for a newly created program supporting films that use advanced production technologies. The expanded support will cover live-action feature films with net production costs of 10 billion won to less than 15 billion won, as well as independent and art films with net production costs of 1 billion won to less than 2 billion won. The measures come as the film industry continues to struggle in the aftermath of the COVID-19 pandemic. From 2023 to 2025, locally produced commercial films posted an average return of minus 27 percent, with only 18 percent of titles surpassing their break-even points. By comparison, commercial films released between 2016 and 2019 recorded an average return of 10 percent, while 40 percent exceeded their break-even points. Beginning May 13, each person will be able to receive two coupons through the websites and mobile apps of major multiplex chains CGV, Lotte Cinema, Megabox and Cine Q. The coupons will be automatically issued to each theater member’s online coupon box. Once the allocated supply at each theater runs out, unused coupons will expire automatically. For independent and art film theaters, small cinemas and senior-friendly theaters, the coupons will be available through their websites. Theaters unable to issue the coupons online because of system limitations will distribute them on-site on a first-come, first-served basis. A list of participating theaters will be available on the Korean Film Council’s website. The discount can be combined with other benefits. Moviegoers who visit CGV, Lotte Cinema or Megabox on Culture Day, held on the second and last Wednesday of every month, can use the 6,000-won coupon on top of the 10,000-won Culture Day ticket price, lowering the final price to 4,000 won. The coupon can also be combined with discounts for people with disabilities, seniors, teenagers and early-morning screenings. If the final discounted price falls below 1,000 won, however, the ticket price will be adjusted to 1,000 won. Discounts offered by telecommunications companies cannot be combined with the coupon. A report released by NICE Investors Service on April 28 showed that Korean commercial films, excluding independent and art films, recorded a return of minus 33.1 percent in 2025 among films with net production costs of at least 3 billion won. The sharp downturn has been blamed on rising production costs, higher break-even points and a shrinking supply of high-quality theatrical releases. Industry concerns have also grown over a weakening production pipeline. The culture ministry said last year that fewer than 20 films with production budgets of more than 3 billion won were expected to be produced in the country, compared with around 100 in a typical year, as investment slowed and theater attendance remained weak. Korea's box office in 2025 underscored the difficult market environment. No film reached the 10 million admissions milestone, and only one Korean title ranked among the year's five most-watched films, reflecting the industry's struggle to regain its pre-pandemic momentum. 2026-05-08 17:30:32

South Korea's first constitutional reform push in decades fails amid boycott SEOUL, May 08 (AJP) - South Korea's National Assembly came close this week to passing its first constitutional amendment in nearly four decades aimed at preventing presidential abuses of power such as martial law declarations, but the effort collapsed after a boycott by the opposition People Power Party. National Assembly Speaker Woo Won-shik withdrew plans to resubmit the amendment shortly after Thursday's plenary session opened after the People Power Party warned it would launch a filibuster if the proposal returned to the floor. The move effectively ended efforts by the ruling Democratic Party of Korea and five smaller parties to hold a national referendum alongside the June 3 local elections. The amendment, narrower than many past reform proposals, focused primarily on democratic safeguards rather than broader changes to presidential power or the electoral system. Its key provisions included stronger National Assembly control over emergency martial law, elevating parliament's authority to terminate martial law, adding the spirit of the 1979 Bu-Ma Democratic Protests and the 1980 May 18 Gwangju Democratic Movement to the Constitution's preamble, and making balanced regional development an explicit constitutional obligation. The Bu-Ma protests in Busan and Masan against the Yushin dictatorship of President Park Chung-hee are widely seen as a prelude to the collapse of authoritarian rule. The May 18 Gwangju Democratic Movement, violently suppressed by military forces after the expansion of martial law in 1980, later became a defining symbol of South Korea's democratization. The bill was introduced on April 3 with backing from 187 lawmakers from the Democratic Party of Korea, Rebuilding Korea Party, Progressive Party, Reform Party, Basic Income Party, Social Democratic Party and six independents. But constitutional amendments require approval from at least two-thirds of the 300-member National Assembly before proceeding to a referendum. The proposal failed to secure a valid vote the previous day after lawmakers from the People Power Party boycotted proceedings, leaving the chamber without quorum. Because the vote was deemed invalid rather than defeated, the ruling bloc argued the bill could legally return for another attempt. But the plan unraveled after the People Power Party made clear it would block any renewed vote through an unlimited debate, or filibuster — an unprecedented move against a constitutional amendment bill. The boycott also made the numbers impossible, as at least 12 party lawmakers would have needed to participate and support the measure for it to clear the constitutional threshold. The most urgent part of the amendment concerned martial law powers. Supporters argued that requiring parliamentary approval for emergency martial law, or otherwise strengthening legislative oversight at the outset, would reduce the risk of abuse before democratic order could be threatened. The proposal also sought to strengthen parliament's authority after martial law is imposed. Under the current Constitution, the president must lift martial law when the National Assembly demands it by majority vote. The revision would have transformed that into a more direct constitutional power for the legislature to terminate emergency rule. Legal scholars, however, warned that stricter controls could weaken the government’s ability to respond during wartime or national emergencies. Seung Lee-Do, a former rapporteur judge at the Constitutional Court and now a professor at Konkuk University Law School, said he agreed with the purpose of preventing abuse of martial law powers, but warned that prior parliamentary approval could delay urgent responses. "While I agree with the purpose of preventing the possible abuse of martial law authority, martial law is a system designed to respond urgently to emergency situations such as war or similar national crises," Seung said. "If prior approval by the National Assembly is required, there is a risk that the government may be unable to respond in time to a national emergency." The ruling Democratic Party of Korea criticized the People Power Party for refusing to participate, arguing the amendment could prevent future illegal martial law declarations and reduce administrative costs. Rep. Park Kyun-taek said, "This is a highly meaningful constitutional amendment in symbolic, practical, and regional-development terms. If the amendment is put to a vote during the local elections, there would be no need to designate an additional public holiday, nor would there be separate election costs. I am deeply disappointed in the People Power Party for rejecting the amendment." Responding to criticism that the amendment could politically hurt the opposition in the June 3 elections, Park said, "I find it difficult to understand why a party that was brought down by illegal emergency martial law would consider it electorally disadvantageous to take part in an amendment designed to prevent that from happening again." He added that if the Constitution were revised to require National Assembly approval for martial law declarations, "illegal emergency martial law will not be able to happen in the future," adding that the amendment "will be highly practical and will be able to prevent abuse of executive power in the form of illegal emergency martial law." PPP criticized the amendment as being pushed through hastily and unilaterally. Party lawmakers said constitutional reform should proceed through broader bipartisan and public deliberation. Rep. Yoon Sang-hyun emphasized, "The People Power Party is not opposed to constitutional amendment itself." He argued that public consensus should come first and warned that the ruling party's approach — "pushing it through unilaterally, tied to the election schedule, while excluding the main opposition party as it is doing now" — risked prioritizing politics over national unity. He added, "The Constitution should be a document of national unity, not a political document for the winners." Cho Eung-cheon, the Reform Party's candidate for Gyeonggi governor, also stressed the need for bipartisan agreement, saying, "There can be no constitutional amendment without agreement," and adding, "A constitution is created through broad consensus, and forcing through an amendment by sheer numbers is not procedurally right." 2026-05-08 17:29:58