Special Prosecutors Clear Kim Kwan-young of Charges Related to Insurrection Special prosecutors have cleared Kim Kwan-young, the governor of Jeonbuk Special Self-Governing Province, of charges related to insurrection assistance during the martial law declared on December 3, 2024. On May 8, Kwon Chang-young, head of the second special prosecution team, announced in a press release that the investigation into the allegations against Kim had concluded with no charges filed. The team reportedly delivered a notice of non-prosecution to the Jeonbuk Provincial Office around 6 p.m. the previous day. The allegations stemmed from claims that during the martial law declared by former President Yoon Suk Yeol, Jeonbuk Province complied with directives from the Ministry of the Interior and Safety, including closing the provincial office and cooperating with the regional martial law command. The issue gained traction recently as Lee Won-taek, a fellow party candidate for governor, raised concerns during the election campaign. However, the special prosecutors' findings contradicted the allegations. The team confirmed that Kim publicly expressed the unconstitutionality of the martial law just 29 minutes after it was declared in a media interview. They stated, "It cannot be concluded that the governor acted with the intent to undermine the constitution by supporting the martial law." The investigation also found that key allegations, including the closure of the provincial office, the preparation of a provisional budget, and maintaining a cooperative system with the 35th Division's regional martial law command, were not substantiated. The case against the governor of Jeju Special Self-Governing Province, which was also under investigation for similar allegations related to the closure of the provincial office, was dismissed as well. The special prosecution team explained that this case was merely a re-filing of an already dismissed matter from a previous insurrection investigation, with no new evidence discovered. Upon receiving the notice of non-prosecution, Kim expressed his approval and strongly criticized Lee. During a press conference at the Jeonbuk Provincial Assembly, he stated, "I cooperated sincerely with the investigation according to the law and procedures, and the truth has been confirmed. I will not let Lee's political deception and insult to the citizens go unchallenged," indicating that he would consider legal actions in response. 2026-05-08 16:05:24

Trump Claims U.S. Holds Negotiation Advantage Over Iran Amid Hormuz Tensions President Donald Trump emphasized that the United States maintains a negotiating advantage over Iran, even as hostilities in the Hormuz Strait have resumed. He suggested that rather than viewing the renewed clashes as a sign of escalating conflict, it indicates Iran's increasing urgency to reach an agreement. On May 7, during a visit to the construction site of the Lincoln Memorial in Washington, D.C., Trump told reporters, "Negotiations are going very well." He added, "Iran wants an agreement much more desperately than I do," highlighting that despite military exchanges in the Hormuz Strait, the framework for a ceasefire and negotiations remains intact. Trump downplayed the significance of the recent clashes, calling Iran's attacks "minor" and asserting, "We completely obliterated them." His comments reflected a belief that the resumption of military conflict has not disrupted the negotiation process. He continued to apply pressure for an agreement, warning that if Iran rejects a deal and hostilities escalate, "you will see a massive flash coming from Iran," urging them to sign the agreement quickly. This statement suggests that while negotiations remain open, he is prepared for military action if necessary. Regarding the content of the proposed agreement, Trump described it as more extensive than the one-page document that has been previously reported. He stated that it would ensure Iran does not acquire nuclear weapons and would include provisions related to the transfer of nuclear materials. Trump maintained skepticism about Iran's willingness to comply with U.S. demands, stating, "Even if they agree, the next day they will say something different, so it doesn’t mean much." He also dismissed concerns about the economic burden of a prolonged conflict, telling reporters, "Gas prices have dropped significantly," indicating that he prioritizes negotiation leverage and control over the costs of military engagement.* This article has been translated by AI. 2026-05-08 16:03:31

Lotte Wellfood Q1 operating profit more than doubles on overseas growth SEOUL, May 08 (AJP) - South Korean confectionery maker Lotte Wellfood announced that its first-quarter operating profit more than doubled from a year earlier, lifted by brisk sales in India and Kazakhstan that helped offset sluggish domestic demand. According to regulatory filings released Friday, operating profit jumped 118.4 percent to 35.8 billion won ($24.3 million) on a consolidated basis. Revenue rose 5.4 percent to 1.03 trillion won, while net profit slipped 26.6 percent to 16.7 billion won. Overseas subsidiaries logged 270.5 billion won in sales, up 18 percent year-on-year. The Indian unit benefited from broader distribution channels following a corporate merger and stronger sales of flagship products, while the Kazakh business rode a wave of resilient domestic consumption and exports. Exports climbed 8 percent to 66 billion won as the company expanded its customer base in the United States and China. Combined overseas revenue accounted for about 32 percent of total sales, deepening the maker of Pepero and World Cone's pivot beyond a saturated home market. Lotte Wellfood said it had also tightened cost discipline by streamlining low-margin products and sales channels and improving logistics and procurement efficiency. "We will accelerate the global expansion of our core brands and strengthen peak-season marketing to sustain the momentum in profitability," a company official said, flagging headwinds from raw material price swings and currency volatility tied to the Middle East war. Share of Lotte Wellfood closed at 127,300 won, 6.53 percent higher than the day before. 2026-05-08 16:00:12

Anti-Corruption Agency Requests Investigation into Kim Geon-hee's Luxury Bag Scandal The Anti-Corruption Agency has decided to request an investigation from the National Investigation Headquarters regarding allegations related to Kim Geon-hee's acceptance of luxury bags and potential violations of the anti-bribery law. On May 8, the agency announced the findings of its normalization task force (TF). According to the agency, the TF reviewed various allegations, including past reports concerning luxury bags and new claims related to interference in complaints. It found that Jeong Seung-yoon, the former deputy chair and secretary at the time of the report, delayed the handling of the case and held an unofficial meeting with the accused at the presidential residence late at night, raising concerns about potential violations of the anti-bribery law. Jeong Il-yeon, chair of the Anti-Corruption Agency, stated during a briefing, "The fact that the former secretary met with former President Yoon Suk Yeol has been confirmed based on testimonies from staff members." Regarding whether Jeong met with Kim Geon-hee, the subject of the luxury bag allegations, he noted that this is a matter that should be investigated by the authorities. The TF also reported that Jeong had treated a deceased agency official, who had opposed the closure of the luxury bag case, unfairly by limiting their speaking rights in meetings and excluding them from key tasks, which could be considered workplace harassment. The agency plans to notify the official's current employer about these misconducts. Additionally, the agency intends to offer a sincere apology to the deceased official and their family. The TF highlighted issues in the agency's handling of the so-called "helicopter transport privilege" controversy that arose during Lee Jae-myung's tenure as leader of the Democratic Party in 2024. It was reported that Jeong included matters not discussed in meetings in official documents and directed that the actions of medical personnel be reported as violations of conduct, contrary to the department's recommendations. The TF concluded that the additional testimony indicating that the transfer and helicopter transport between Seoul National University Hospital and Pusan National University Hospital were conducted within the scope of authority suggests that the initial classification as a violation of conduct was inappropriate. In relation to allegations involving former Broadcasting and Communications Review Committee Chair Ryu Hee-rim regarding "complaint solicitation," the TF noted that the responsible department had recommended forwarding the matter to a third party (the Board of Audit and Inspection or the prosecution), but Jeong had rejected this recommendation. The TF also stated that there are indications that Ryu failed to fulfill their obligation to report private interests during the investigation, prompting a request for an audit from the Board of Audit and Inspection.* This article has been translated by AI. 2026-05-08 15:58:36

Seoul Mayoral Candidates Clash Over Opening of 'Garden of Gratitude' The opening of the 'Garden of Gratitude' scheduled for May 12 has sparked a heated exchange between Seoul mayoral candidates Oh Se-hoon and Jung Won-o. According to a report by Aju Economy on May 8, Oh Se-hoon, the candidate from the People Power Party, plans to attend the opening ceremony for the Garden of Gratitude. Meanwhile, Jung Won-o's camp from the Democratic Party is calling for the ceremony to be halted through a series of one-person protests by its members. Following protests by lawmakers Go Min-jeong and Yoon Geon-young the previous day, lawmaker Chae Hyun-il joined the protest on May 8. Lawmakers Lee Hae-sik and Kim Nam-geun are scheduled to protest on May 9 and 10, respectively, while Park Min-kyu and Lee Joo-hee will continue the protests on May 11, the day before the opening. On May 7, Jung Won-o's campaign group, the 'Oh Se-hoon 10-Year Judgment Headquarters,' held a press conference at Gwanghwamun Square in Seoul, stating, "This is a rushed administration entangled with allegations of favoritism, waste of taxpayer money, and disregard for procedures. An audit should take precedence over the opening." Jung's camp argues that the Garden of Gratitude is a hastily conceived project that shifted direction after plans for a flagpole installation were scrapped. They claim that necessary procedures, such as the local financial investment review and the required economic feasibility analysis, were not completed during the project's advancement. Oh Se-hoon plans to respond during the opening ceremony. A spokesperson for his campaign stated, "As the election approaches, they are maliciously trying to find faults. The issues regarding the procedures for the Garden of Gratitude can be resolved with improvements." On the same day, after announcing care pledges at the Eunpyeong Center of the Seoul Digital Companion Plaza, Oh remarked to reporters, "The Garden of Gratitude is nearly complete. The Seoul city government has repeatedly stated that Gwanghwamun Square is a national symbolic space. It is essential to install symbolic sculptures in such a space."* This article has been translated by AI. 2026-05-08 15:56:43

Flower market bustles with shoppers on Parents' day SEOUL, May 08 (AJP) -In South Korea, spring does not fully arrive until the carnations appear. Every year on May 8, families across the country celebrate Parents' Day, a national observance dedicated to honoring both mothers and fathers. Streets fill with bouquets wrapped in pink paper, flower stalls spill over with red carnations, and schoolchildren clutch handmade pins and handwritten letters on their way home. The carnation has become the defining symbol of the holiday — a flower associated with gratitude, sacrifice and respect. Red carnations are traditionally given to living parents. The tradition reflects South Korea’s deep-rooted Confucian culture, where filial duty remains one of society’s strongest values even as family structures rapidly change. Unlike many Western countries that separate Mother’s Day and Father’s Day, South Korea merged the celebrations into one holiday in the 1970s to emphasize family unity. In the days leading up to May 8, flower markets in Seoul become some of the busiest corners of the city. Vendors work through the night assembling corsages and bouquets as office workers and students rush to buy gifts before trains and highways fill with holiday travelers heading to their hometowns. 2026-05-08 15:55:49

Saemaul Geumgo Provides 93.4 Billion Won in Policy Loans in Q1, Expanding Support for Low-Income Finance Saemaul Geumgo Central Association is actively providing policy loans to support economically vulnerable groups, including low-credit and low-income workers, self-employed individuals, and small business owners. The organization aims to fulfill its role as a financial institution for the underprivileged. On May 8, Saemaul Geumgo announced that it supplied 93.4 billion won in low-income financial support through three policy loan products—HaetSal Loan, municipal agreement loans, and small business loans—in the first quarter of this year. This amount is similar to the 94.3 billion won provided during the same period last year. The policy loans from Saemaul Geumgo have shown a continuous increase, with 295.8 billion won in 2023, 312.3 billion won in 2024, and 405.2 billion won in 2025. This growth is seen as a way to strengthen Saemaul Geumgo's identity as a financial institution for the underprivileged while contributing to the increase of sound loans. Kim In, the chairman of Saemaul Geumgo Central Association, stated, "We are well aware of the growing demands for social responsibility from financial institutions towards vulnerable groups such as small business owners and low-credit individuals. Saemaul Geumgo will continue to make every effort to reduce the financial burden on the underprivileged as a community-focused financial institution." Additionally, Saemaul Geumgo is committed to practicing inclusive finance by providing emergency loans and repayment deferrals to low-income individuals and small business owners facing liquidity crises due to disasters. The organization has offered substantial financial support to affected customers during disasters, including last year's wildfires in the Yeongnam region and heavy rainfall, totaling 15 instances of financial assistance since 2020.* This article has been translated by AI. 2026-05-08 15:55:02

Hyundai GF Holdings Reports 24% Increase in Q1 Operating Profit Hyundai GF Holdings, the holding company of the Hyundai Department Store Group, reported strong results for the first quarter of this year, driven by improved profitability across its major subsidiaries. According to a disclosure on May 8 from the Financial Supervisory Service, Hyundai GF Holdings announced that its consolidated operating profit for the first quarter was 117.6 billion won, marking a 23.9% increase compared to the same period last year. Revenue for the quarter was 2.0837 trillion won, a slight increase of 0.6% year-on-year. The growth in performance was largely attributed to Hyundai Green Food and Hyundai Home Shopping. Hyundai Green Food recorded consolidated sales of 621.5 billion won and an operating profit of 46.4 billion won for the first quarter, representing increases of 8.9% and 43.9%, respectively, compared to the previous year. The rise in demand for company cafeterias amid high inflation, along with growth in new business areas such as care food and dining, has been credited for the success of its diversification strategy. Hyundai Home Shopping also contributed to the positive results, with consolidated sales of 978.5 billion won and an operating profit of 65.3 billion won, reflecting increases of 1.9% and 35.9%, respectively, from the previous year. The net profit for the period surged by 61.6% to 54.7 billion won. A revamped programming strategy that reflects customer trends, along with strong performance from subsidiaries Hanssem and Hyundai FutureNet, played a significant role in these results. A representative from Hyundai GF Holdings stated, "The increase in both revenue and operating profit was due to the strong performance of key subsidiaries like Hyundai Green Food and Hyundai Home Shopping. We expect the growth trend in our department stores and home shopping channels to continue into the second quarter."* This article has been translated by AI. 2026-05-08 15:53:30

Kumho Tire Reports 42.9% Increase in Operating Profit Amid Electric Tire Expansion Kumho Tire & Technology reported a significant increase in revenue, driven by the expansion of its electric tire supply. Despite tariffs and high oil prices, the company continued to see strong performance in the global replacement tire market. On May 8, Kumho Tire announced that its consolidated revenue for the first quarter of 2026 reached 5.31 trillion won, with an operating profit of 506.9 billion won. This marks a 7% increase in revenue and a 42.9% increase in operating profit compared to the same period last year. The tire segment alone saw revenue rise by 9.3% to 2.56 trillion won, with operating profit increasing by 31.1% to 437.5 billion won. The operating profit margin stood at 17.1%. Kumho Tire attributed its success to the increased supply of new car tires for electric and hybrid vehicles, along with a rise in replacement tire sales in key markets such as Europe, South Korea, and China. In the first quarter of this year, the proportion of sales for high-inch tires (18 inches and above) in the passenger and light truck tire segment rose to 49.1%, up 2 percentage points from the previous year. The share of electric vehicle tires in the new car tire sales for passenger and light trucks increased to 29.6%, a rise of 6.6 percentage points compared to the same period last year. Kumho Tire is also supplying new car tires for internal combustion and electric vehicles to global premium automakers such as Mercedes-Benz, BMW, and Ford. The company has established itself as a quality competitor by supplying new car tires for over 300 models across more than 50 brands, including Porsche, in the global automotive market. The sales of Hanon Systems, a subsidiary of Kumho Tire since 2025, reached 2.75 trillion won in the first quarter of 2026, reflecting a 5% increase from the previous year, while operating profit surged by 361.1% to 97.2 billion won. Kumho Tire expects its global production volume to continue to rise. This year, expansions at its production facilities, including the plant in Tennessee, are set to be completed. The company aims to achieve a 51% share of high-inch tires and over 33% for electric vehicle tires in its new car tire sales, while also accelerating partnerships with premium brands. A Kumho Tire representative stated, "The passenger tire line at the Tennessee plant will be completed in the first half of the year, while the commercial truck tire line will be finished in the second half, with initial production expected to begin. An additional 5% of overall production, or about 5.5 million tires, is anticipated to be produced annually."* This article has been translated by AI. 2026-05-08 15:51:27

Korea's Broadcasting and Communications Commission Fines KT 640 Million Won Over Galaxy S25 Pre-Order Issues The Broadcasting and Communications Commission (BCC) has imposed a fine of 640 million won on KT for misleading users during the pre-order process of the Galaxy S25 and for restricting some subscriptions. On May 8, during its seventh meeting of 2026 held at the Government Complex in Gwacheon, the BCC announced that it had decided to impose the fine along with a corrective order for violations of the Telecommunications Business Act by KT. The BCC determined that KT infringed on user rights by providing misleading information about additional benefits and subscription conditions during the Galaxy S25 pre-order process. An investigation into the matter has been ongoing since February of last year. The investigation revealed that while conducting a pre-order event for the Galaxy S25 on its official online store, KT.com, the company stated that "benefits could be provided unless otherwise indicated." However, it was found that some benefits were limited to the first 1,000 customers. KT explained that the omission was due to a simple mistake by an employee. KT was also found to have unilaterally canceled contracts for 7,127 users who pre-ordered through the YouTube channel 'Orait Studio' and the Genie TV channel (6,192 from YouTube and 935 from Genie TV). The BCC concluded that KT unjustly restricted subscriptions despite these users having completed the service agreement procedures, including identity verification and payment method input. The BCC identified the following violations under the Telecommunications Business Act: misleading users about important matters such as the limit on the number of pre-orders and restricting subscriptions for users who completed the contract process. The commission also issued a corrective order requiring KT to clearly disclose additional benefits and conditions during the pre-order process for users. A KT representative stated, "There were some deficiencies in the notifications during the operation at that time, and we have improved the related procedures." Kim Jong-cheol, chairman of the BCC, emphasized the need for thorough inspections of misleading or omitted information regarding important matters in mobile service subscriptions, stating, "We will continuously monitor the implementation of this measure to ensure that the public does not face any inconveniences." Meanwhile, Shin Seung-han, the BCC's market research and review officer, explained during a briefing after the commission meeting that KT's violations occurred in February of last year, followed by a review and investigation process that continued until recently, leading to the final corrective action approved by the commission. Regarding the background of KT's unilateral contract cancellations for users who pre-ordered through the YouTube channel Orait Studio and Genie TV, he stated, "KT claimed that they had planned to limit the benefits to the first 1,000 customers, and the omission was due to a simple mistake by staff. However, upon verifying the facts, it was found that the actual number of benefits provided exceeded 1,000." He added, "The BCC confirmed a total of 7,127 cases of unilateral cancellations and made its judgment based on the final confirmed cancellation numbers."* This article has been translated by AI. 2026-05-08 15:49:08