Lotte Samdong Welfare Foundation Donates Gift Boxes to Ulsan Children, Funds Founder’s Schools The Lotte Samdong Welfare Foundation marked Family Month in May by providing support to vulnerable children in Ulsan, the hometown of the late Shin Kyuk-ho, honorary chairman of Lotte Group, and by donating to his alma maters. The foundation said April 30 it held a delivery ceremony April 29 at Dongcheon Gymnasium in Jung-gu, Ulsan, for the ‘2026 Ulsan first-half Shin Kyuk-ho Lotte Pleasure Box support program’ and provided gift sets worth 120 million won for children from disadvantaged households in the city. Working with the Ulsan Community Chest of Korea, the foundation selected 2,300 children registered at local children’s centers, orphanages and facilities for people with disabilities across Ulsan’s five districts and counties: Jung-gu, Nam-gu, Dong-gu, Buk-gu and Ulju County. The children will receive “Pleasure Box” packages that include Lotte snacks, character-themed school supplies and Bluetooth earphones. Chairwoman Jang Hye-seon said the boxes were prepared “with encouragement for children to smile more brightly, study harder and grow,” adding she hopes they will remain “a warm memory” that tells children, “Someone is cheering for me.” Also on April 29, the foundation visited Eonyang-eup in Ulju County and held a separate event for students at Shin’s alma mater. At the ‘Shin Kyuk-ho Lotte Alma Mater Love development fund’ ceremony at Eonyang Elementary School, the foundation donated 10 million won each to Eonyang Elementary and Samdong Elementary, for a total of 20 million won. The money will be used for student welfare and educational activities, the foundation said. Eonyang Elementary plans to use the funds to buy uniforms for school sports clubs, cover competition fees and support student council activities. Samdong Elementary said it plans to provide scholarships of 200,000 won per student for all 36 students, and help cover costs for school trips and experiential learning programs. At the ceremony, Jang said she believes people become “truly admirable adults” when they can share their success with others and take extra care of neighbors in need, as her maternal grandfather, the late Shin, did. She said she hopes Eonyang Elementary students will keep that meaning in mind and grow into adults who give to others. The foundation said it has provided a total of 1.54 billion won through the ‘Shin Kyuk-ho Lotte Pleasure Box’ program through this year, benefiting 62,477 people. Cumulative support under the ‘Shin Kyuk-ho Lotte Alma Mater Love’ program totals 540 million won.* This article has been translated by AI. 2026-04-30 10:19:58

Finance Minister Koo Says Rate, FX Volatility Persists but Banks Have Ample Buffers Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said Wednesday that volatility in financial and foreign-exchange markets is persisting, but the financial sector has sufficient capacity to respond. Koo made the remarks at a joint “expanded macroeconomic and financial meeting” at the Korea Federation of Banks building in Seoul, where officials reviewed global market moves following the U.S. Federal Open Market Committee’s decision and assessed the impact of the Middle East war on financial and FX markets. Attendees included Bank of Korea Gov. Rhee Chang-yong, Financial Services Commission Chairman Lee Eok-won and Financial Supervisory Service Chairman Lee Chan-jin. “Our economy is seeing stronger growth in the first quarter even amid the fallout from the Middle East war, and the KOSPI is above its prewar level,” Koo said. “However, volatility in financial and FX markets, including government bond yields and the exchange rate, continues.” The three-year government bond yield rose to 3.627% at the end of March from 3.030% at the end of February, then moved to 3.525% the following month. The 10-year yield climbed to 3.882% from 3.447% before easing to 3.843%. Over the same period, the won-dollar exchange rate swung from 1,439.7 won to 1,530.1 won, then to 1,479.0 won. Koo said stress tests of financial institutions showed their buffers remained adequate even in crisis scenarios involving key variables such as oil prices and the exchange rate. Still, he warned that risks remain as uncertainty persists, including stalled ceasefire talks in the Middle East war. He cited downside risks to growth, rising inflation pressure and potential supply-chain disruptions, and said authorities will keep a 24-hour market monitoring system running and take stabilization steps in a timely manner in coordination with relevant agencies if needed. Koo also said the government will closely track profitability risks tied to raw-material supply instability in sectors sensitive to the war, including refining, petrochemicals and construction, and expand support through financial policy measures. He noted international oil prices are surging again, with Brent crude hitting a four-year high as concerns grow over prolonged supply disruptions. He said efforts to improve financial and FX markets will continue, including close cooperation with financial institutions to proceed smoothly with a 24-hour FX trading market and the creation of an offshore won settlement system. He also pledged to accelerate structural reforms such as internationalizing the won and revitalizing capital markets. Koo said preparations are underway to launch a public-participation National Growth Fund in May, including quickly completing revisions to an enforcement decree to provide tax support and broaden the base for productive finance. Participants congratulated Shin Hyun-song on his inauguration as governor and agreed to tighten policy coordination among the government, the central bank and financial regulators. They also decided to review ways to develop cooperation and communication channels for discussing macroprudential and financial issues. 2026-04-30 10:18:42

Hanwha to Pursue Joint Venture With Canada Auto Parts Group to Produce Military Vehicles Hanwha Aerospace is teaming up with Canada’s Automotive Parts Manufacturers’ Association to build a local production base for ground weapons systems, including military vehicles. Hanwha Aerospace said April 30 that it signed a memorandum of understanding on April 29 (local time) in Ontario with APMA and Hanwha Ocean to pursue a joint venture to produce military vehicles and special-purpose industrial vehicles. The companies said the partnership would move forward in earnest if Hanwha Ocean’s Jangbogo-III Batch-II submarine is selected for Canada’s Canadian Patrol Submarine Project, linking the submarine bid to a broader package that expands into ground systems. Attendees at the signing included Hanwha Aerospace CEO Son Jae-il; Jeong Seung-gyun, head of Hanwha Ocean’s overseas special ship business; Ontario Minister of Economic Development Victor Fedeli; APMA President Flavio Volpe; and Martinrea Chairman Robert Wildeboer. Hanwha said it has built a cooperation base in Canada by signing agreements with more than 30 local companies, and that the APMA partnership is intended to deepen its localization strategy. If the submarine is chosen for the CPSP, the joint venture would establish development and production systems for ground weapons the Canadian Army needs, the company said. The venture also plans to use Canadian-made materials such as steel and aluminum and hire local workers for production, aligning with the Canadian government’s emphasis on domestic manufacturing. Over time, the joint venture aims to expand into the design and production of special-purpose industrial vehicles, prioritizing Canadian military and public-sector demand and Arctic resource development needs while also exploring exports to allied countries. Hanwha cited an analysis by global accounting and consulting firm KPMG projecting that Hanwha’s investment in Canada would create an average of 22,500 jobs a year from this year through 2044 and generate a cumulative C$94.1 billion (about 102.4 trillion won) in GDP. “This MOU is a starting point for combining Canada’s manufacturing capabilities with Hanwha’s defense technology,” Son said. “Based on local production, we will expand into global markets and contribute to strengthening Canada’s defense capabilities.” * This article has been translated by AI. 2026-04-30 10:17:06

LG Energy Solution Targets ESS Sales Share Above 35% by Year-End * This article has been translated by AI. 2026-04-30 10:16:13

Korea Bar, Patent Attorneys Split After Court Ruling on Mandatory Association Membership The Korean Bar Association welcomed a Constitutional Court decision finding unconstitutional a provision of the Patent Attorney Act that requires all patent attorneys to join a single association. The Korea Patent Attorneys Association expressed regret and said it would move to revise the law. In a statement issued April 30, the bar association said it “strongly welcomes” the court’s decision for recognizing the patent profession’s “unique dual qualification system” and the structural conflict it has produced. It called the ruling an important starting point for reforms aimed at providing better intellectual property legal services to the public. The bar association said the Patent Attorney Act has long recognized two paths to qualification: passing the patent attorney exam and holding a lawyer’s license. It argued that despite this dual structure, Article 11 forced all patent attorneys to join a single association without regard to those differences. Noting that seven of the court’s nine justices found the provision unconstitutional, the bar association said the decision effectively confirms unconstitutionality and urged the National Assembly to meet the court’s legislative deadline of Oct. 31, 2027. It said the ruling sets a constitutional standard that the independent will and professional interests of lawyer-patent attorneys should no longer be sacrificed within a single-organization system. The bar association said it would take part in legislative discussions to ensure the ruling leads to practical reforms that protect the rights of lawyer-patent attorneys and the public. The Korea Patent Attorneys Association said the decision “ignores the essence of the problem” and leaves structural conflict unresolved. It argued that the conflict of interest between patent attorneys and lawyers stems from the current system that automatically grants patent attorney qualifications to lawyers, and said the only fundamental solution is to abolish that automatic qualification system entirely. Association President Jeon Jong-hak said the ruling was meaningful in that it reaffirmed the constitutionality of mandatory membership in the association itself. But he said the automatic qualification system for lawyers was shown to be the root cause and that the group would immediately begin work on revising the Patent Attorney Act to abolish it. Jeon said that as intellectual property becomes directly tied to national competitiveness, the patent attorney system should be designed from the perspective of industry and the country, not professional turf. He said the association would strengthen its role in boosting industrial competitiveness and protecting technology through institutional improvements. The Constitutional Court ruled April 29 that the provision requiring all patent attorneys to join the Korea Patent Attorneys Association violates the Constitution. The National Assembly must revise the provision by October next year. Of the nine justices, four — Kim Sang-hwan, Kim Hyeong-du, Jeong Hyeong-sik and Oh Young-jun — issued a constitutional nonconformity opinion, while three — Kim Bok-hyeong, Cho Han-chang and Ma Eun-hyeok — found it unconstitutional. Justices Jeong Jeong-mi and Jeong Gye-seon dissented, finding it constitutional. 2026-04-30 10:14:32

Korea Credit Union Insurance Arm Targets 10 Trillion Won in Assets The Korea Credit Union Federation said it aims to expand its mutual-aid insurance business and build insurance assets to 10 trillion won, while strengthening financial protection for members on the back of stable growth. The federation said it held its “2025 Insurance Awards and 2026 Vision Declaration” on April 29 at its training center in Daejeon, where it reviewed 2025 performance and shared its 2026 direction. For 2026, it outlined priorities including stronger competitiveness in member-focused protection products, expanded support for front-line sales, improved service quality and a stronger cooperation framework between local credit unions and the federation. It said the goal is for the insurance business to contribute more directly to members’ financial stability and to broaden credit unions’ earnings base. “2026 is a critical period when CU Insurance must further strengthen front-line sales capabilities and product competitiveness based on a stable growth foundation,” said Son Seong-eun, the federation’s head of credit and insurance business. “With a goal of 10 trillion won in insurance assets, we will actively support timely delivery of the protection services members need.” As of the end of 2025, CU Insurance reported insurance assets of 6.3 trillion won and a risk-based capital ratio of 325%. “CU Insurance began as cooperative insurance to share unexpected life risks and protect one another,” Chairman Ko said. “We will continue to build a tighter protection safety net so members can live with peace of mind, grounded in the mutual-aid values at the heart of insurance.”* This article has been translated by AI. 2026-04-30 10:13:23

Dr.SEED Expands Offline Scalp Care With Musinsa Mega Store Seongsu Launch Scalp care brand Dr.SEED is expanding its offline presence. The company said it has opened a shop-in-shop at Musinsa Mega Store Seongsu, which opened on the 24th, and is offering customized products tailored to different scalp conditions. Musinsa Mega Store Seongsu is a large offline retail space where shoppers can experience fashion and beauty brands in one place, and it is positioned as a symbol of Musinsa Beauty’s push to expand offline touchpoints. Through the new location, Dr.SEED is introducing its “custom care by scalp condition” concept in an in-person setting. The brand categorizes users’ scalp conditions by type and recommends matching products, aiming to help customers choose items suited to their needs. At the Seongsu store, shoppers can find three lines tied to scalp types: the flagship Black Bean line, the Tea Tree & Lime line for oily scalps, and the Peppermint & Lemon line for dry scalps and dandruff concerns. Dr.SEED’s official online store also carries related items, including Black Bean shampoo, Black Bean scalp hair tonic, Tea Tree & Lime shampoo, and Peppermint & Lemon shampoo. The signature Black Bean line is a scalp care range that uses black bean ingredients. It is designed as a three-step routine—shampoo, hair pack and hair tonic—for everyday use. On Dr.SEED’s official store, the Black Bean vegan hair-loss three-item set is introduced as a shampoo, hair pack and hair tonic bundle. The Tea Tree & Lime line targets oil-heavy scalps, while the Peppermint & Lemon line is aimed at consumers with dandruff and other scalp concerns. The company said each line was developed with usability by scalp type in mind and designed for comfortable use after testing. Store visitors can check products in person and receive guidance on configurations suited to their scalp condition and concerns. The company said the move is expected to broaden brand experience by offering offline trials to consumers who previously encountered the products mainly online. “Noting that care methods can vary depending on scalp condition, we built our product lines accordingly,” a Dr.SEED official said. “Through this launch, we will expand touchpoints with consumers and increase opportunities for brand experience.” Dr.SEED said it plans to run various promotions to mark its entry into Musinsa Mega Store Seongsu.* This article has been translated by AI. 2026-04-30 10:10:04

South Korea Launches Broad AI Strategy to Upgrade Data, Manufacturing and Government South Korea’s Ministry of Science and ICT is moving ahead with a comprehensive strategy to respond to a sweeping shift driven by artificial intelligence, spanning data 확보, research and development, industrial deployment and global expansion. The government plans to invest more than 60 trillion won in national strategic technologies over the next five years and accelerate its push to become one of the world’s “top three AI powers” by expanding AI-based innovation across manufacturing, public administration and public safety, among other areas. Bae Kyung-hoon, deputy prime minister and minister of science and ICT, chaired the eighth meeting of ministers for science and technology relations at the Government Complex Seoul on Wednesday and discussed seven agenda items, including a draft plan titled “Data Policy Directions in the Era of the AI Transformation.” “AI is having a real impact on solving difficult scientific challenges and on people’s daily lives,” Bae said, adding that the government would expand global cooperation to advance AI-driven science and technology innovation, strengthen the ecosystem and promote responsible use. The meeting reviewed policy directions to energize the data ecosystem, a plan to support “manufacturing AX” based on tacit knowledge to bolster industrial competitiveness, and a rollout plan to expand an AI-based public work platform known as “OnAI.” In manufacturing, the government plans to turn skilled workers’ experience and know-how into data and apply it to AI models and robots. Through a 2026 supplementary budget, it will support building process-by-process datasets totaling 48 billion won and use them to expand manufacturing AI and robotics solutions. In government administration, the OnAI work-management platform will be expanded to about 40 central government ministries. With mobile services enabling access to work networks and collaboration regardless of location, the government expects more efficient decision-making in the public sector. The government also plans to strengthen drug interdiction capabilities using advanced technology, applying detection tools at airports, seaports and other sites and building cooperation among relevant ministries and research institutions to shift toward prevention-focused responses. Investment in national strategic technologies will also be increased, with more than 60 trillion won over five years to concentrate support on key R&D projects and speed results through designated specialized research institutes and expanded corporate support. The government will also step up AI-driven innovation in materials research. By 2030, it plans to develop AI models for materials, build autonomous experimentation centers and upgrade data infrastructure, aiming to shorten research timelines while developing new materials. A global expansion strategy will proceed in parallel. Existing overseas IT support centers will be converted into KAIN (Korea AI Innovation Network) to provide region-specific support in North America, Asia and the Middle East, among other areas, and help domestic AI companies expand overseas. The government said the strategy is intended to build an AI ecosystem that combines data, technology and talent and to secure global competitiveness.* This article has been translated by AI. 2026-04-30 10:08:48

South Korea FTC to Base Fines on Last Full Year Before Violation Ends; Retaliation Penalty Up to 30% South Korea’s competition watchdog will change how it calculates administrative fines, shifting the sales base period from the business year immediately before a violation to the business year immediately before the violation ends. It will also raise penalties for retaliation in the agency and franchise sectors, allowing fines to be increased by up to 30% when businesses retaliate over reports to the Fair Trade Commission.  The Fair Trade Commission said April 30 it will seek public comment on proposed amendments to enforcement decrees under the subcontracting, franchise and distribution laws from that day through June 9. It also said it will issue an administrative notice through May 20 on revisions to its fine guidelines under the subcontracting, franchise, distribution and agency laws. The changes are part of the fine-system overhaul announced last year.  To deter repeat violations, the FTC will strengthen the cap on fine increases so that even a single prior violation within the past five years can raise a fine by up to 50%, and repeated violations can raise it by up to 100%, depending on the number of offenses. The agency said the move is aimed at preventing repeated illegal conduct such as collusion. The FTC will also tighten its response to retaliation. It already increases fines when a business retaliates because someone reported it to the FTC or sought dispute mediation. In the agency sector, the maximum increase for retaliation will rise to 30% from 20%. In the franchise sector, where there had been no separate rule, the FTC will add a basis to increase fines by up to 30% for retaliation. Grounds and ranges for fine reductions will be narrowed. Previously, companies could receive reductions of 10% each — up to 20% total — for cooperating with investigations and deliberations. Under the revision, a reduction of up to 10% will apply only when a company cooperates throughout both the investigation and deliberation stages. The FTC will also cut the reduction available for voluntary corrective action. A reduction of up to 50% had been possible, but it will be limited to up to 10% and only when the effects of the violation have been substantially removed. In addition, the FTC will create a basis to revoke, on its own authority, a reduction granted for cooperation if a company later reverses its statements during litigation. * This article has been translated by AI. 2026-04-30 10:07:39

Korea Fair Trade Commission Warns of Refund Delays as Prepaid Installment Firms Drop to 76 South Korea’s Fair Trade Commission said Thursday the number of registered prepaid installment transaction companies fell to 76 in the first quarter, down from 77. The commission said two companies canceled their registrations during the quarter and one newly registered. Four companies reported changes to key information such as executives or addresses. A Plus Life and Baramil Good Life changed their representatives, The Better Life changed its address, and Utopia Future changed its email address, the commission said. The commission urged consumers signing prepaid installment contracts to closely review notices from the consumer damage compensation insurance institution to help prevent losses tied to closures or registration cancellations. It also warned that companies that frequently change their name or address may pose a higher risk of weak operations or business suspension. It said consumers should be especially cautious with companies that have not signed a consumer damage compensation contract, because there is no safeguard to recover payments if the company shuts down or another incident occurs. The commission said some companies have failed to refund payments — excluding penalties — within three business days after consumers cancel prepaid installment contracts for mutual-aid services and savings-type travel products, or have delayed payment. Consumers who suffer losses such as delayed refunds can seek counseling or file for relief through the Korea Consumer Agency, it said.* This article has been translated by AI. 2026-04-30 10:06:45