Deputy Minister Moon Warns of Concerns Over Samsung Strikes Amid AI Transition Deputy Minister of Trade, Industry and Energy Moon Shin-hak stated on May 7 that the transition to artificial intelligence (AI) in manufacturing, known as M.AX, is being pursued out of a sense of urgency to remain competitive globally. He emphasized the need for both labor and management to share a common understanding during negotiations. Speaking to reporters at the government complex in Sejong, Moon addressed the ongoing strikes by the Samsung Biologics union and the impending strike by the Samsung Electronics union. He noted, "While it is not appropriate to comment on specific companies, there are significant concerns for the domestic industry. It is necessary to observe the negotiation process as discussions unfold." The Samsung Biologics union conducted a full strike from May 1 to 5 before resuming operations on May 6. Their demands include a 30 million won bonus per member, a 14% wage increase, a 20% profit-sharing bonus, and the establishment of fair personnel standards. They particularly insist on obtaining union consent for the introduction of dark factories. Meanwhile, the Samsung Electronics union is demanding the elimination of the performance bonus cap, currently set at 50% of annual salary, and a distribution of 15% of total operating profit as bonuses. They have threatened a total strike from June 21 to July 7 if no agreement is reached. Moon asserted that M.AX is not merely an option but a necessary industrial policy to maintain the competitiveness of the sector and the potential growth rate of the economy. Regarding a recent audit by the Board of Audit and Inspection on Korea Electric Power Corporation and Korea Hydro & Nuclear Power's nuclear export, he explained that responsibilities are divided between the Ministry of Trade and the Ministry of Climate, Energy and Environment. He acknowledged the concerns raised by the audit and stated that the ministry is considering the issues pointed out. He added, "Our intended direction aligns with the audit's findings, and we are preparing to make an announcement soon." On the topic of the U.S. investment project, he remarked, "It is too early to make any predictions or statements." He also mentioned that the audit concerning the Korea National Oil Corporation's export of 900,000 barrels from a total of 2 million barrels of strategic oil reserves is in its final stages, promising to provide explanations once the audit is complete.* This article has been translated by AI. 2026-05-07 23:41:18

National Assembly Passes 115 Bills Including AI Data Center and Defense Semiconductor Laws The legal framework to support the activation of artificial intelligence (AI) data centers has been established. Additionally, a law to support the development of defense semiconductors has been enacted. On May 7, the National Assembly passed 115 bills, including the 'Special Act on the Promotion of the AI Data Center Industry' and the 'Law on the Development and Support of Defense Semiconductors.' A proposed constitutional amendment was not voted on due to a lack of quorum. The AI Data Center Promotion Act focuses on easing facility regulations and introducing special zones to enhance the construction and operation of AI data centers. It also includes provisions for related infrastructure and financial support. Some lawmakers expressed concerns that the bill might prioritize industrial growth at the expense of environmental and social costs for future generations, but it passed with 176 votes in favor out of 201. The bill regarding defense semiconductors, which mandates the Minister of National Defense to establish a basic plan for their development, also passed with 201 votes from 203 present. This law establishes a Defense Semiconductor Promotion Committee to review key policies and plans related to defense semiconductors and allows the Defense Acquisition Program Administration to pursue research and development (R&D) for military semiconductors. The 'Basic Law on Life Safety,' which guarantees public safety rights and outlines the responsibilities of the government and local authorities, also cleared the Assembly. This law will establish a National Life Safety Commission under the President, requiring the government to develop a comprehensive life safety plan every five years. A National Safety Accident Investigation Committee will also be created under the Prime Minister to investigate major safety incidents. Additionally, the 'Comprehensive Amendment to the Basic Law on Low Birth Rates and an Aging Society' was processed, changing its name to the 'Basic Law on Population Strategy' and expanding the committee's scope. Bills to support the development of Arctic shipping routes and solar power generation projects were also approved. A bill amending the Foreign Exchange Transaction Act, which requires registration with the Ministry of Economy and Finance for businesses dealing in virtual asset transfers, also passed. Meanwhile, the National Assembly attempted to present a constitutional amendment, but the ruling party did not participate in the vote, preventing it from proceeding. National Assembly Speaker Woo Won-sik announced that the amendment will be reintroduced in a session on May 8.* This article has been translated by AI. 2026-05-07 23:39:12

Hoshino Resort Redefines Travel Standards in Guam with 'Regeneration Philosophy' Hoshino Resort is setting new travel standards in Guam, focusing on 'experience' over 'relaxation' and 'value' over 'price.' With over a century of history, the Hoshino Resort Group is applying its unique 'regeneration philosophy' to the global stage, starting with the transformation of 'Rizonare Guam.' On May 7, Hoshino Resort held a press conference in Seoul to unveil its brand vision and the Guam resort regeneration project. Founded in 1914, Hoshino Resort operates 74 facilities worldwide under six brands: luxury 'Hoshinoya,' onsen ryokan 'Kai,' resort 'Rizonare,' city hotel 'OMO,' lifestyle hotel 'BEB,' and lodge-style hotel 'Rusy.' The core identity of these brands is 'locality and regeneration.' Instead of constructing new buildings, the company acquires aging or poorly managed facilities to restore their original value. Kato explained, "Rooms cannot be the sole purpose of travel; we first plan the benefits for guests before investing in hardware." The first overseas project under this regeneration initiative is 'Rizonare Guam.' Hoshino Resort noted that Guam, a familiar destination for Koreans, has seen a lack of new investments and is focusing on significant innovations that highlight the island's natural beauty and culture. A major change includes the addition of new facilities. In the first phase of investment, the existing pool and banquet hall were replaced with Guam's first beach club and an all-day dining venue called 'CHO CHO.' Opening this summer, CHO CHO will offer traditional Chamorro dishes and local cuisine influenced by Spain, while the beach club, set to open this fall, will provide a private beach experience with music and activities all day. This marks the beginning of a long-term regeneration roadmap. Kato outlined a blueprint that includes a second phase focused on a water park and a final phase for room investments. He added, "By revitalizing old facilities through operational software, we aim to enhance their value and contribute to the local economy, which is the true meaning of regeneration for Hoshino Resort." Innovations in service are also noteworthy. The previous all-inclusive package, which required guests to use accommodations and dining throughout their stay, has been revamped. The new 'Beach Club Package' allows guests to flexibly separate lunch and dinner according to their schedules, enabling them to explore Guam freely. Yoshiharu Hoshino, CEO of Hoshino Resort Group, emphasized in a video message, "The Guam market is very important to us. Korean customers, who make up half of Guam's visitors, are our most valued partners. We are seriously considering how to ensure their satisfaction during their stay and will continue to invest in new facilities that reflect the needs of the Korean market." Thanks to these bold innovations, the number of Korean travelers visiting Hoshino Resort is increasing across various locations. According to the resort's own data, the number of Korean guests across all facilities rose by approximately 19% from 2024 to 2025. Notably, bookings for 2026, as of late April, have already reached 81% of total reservations for 2025, indicating strong growth.* This article has been translated by AI. 2026-05-07 23:36:57

Winning Attitude Leads to Lottery Success: 314th Pension Lottery Results "I always think positively, and when I buy a lottery ticket, I believe, 'This time, something good will happen!'" On May 7, attention is focused on the results of the 314th Pension Lottery 720+, while stories of winners from the 291st round are trending. Recently, a winner shared their experience on the Donghaeng Lottery winners' board, stating, "I buy lottery tickets weekly as a hobby. I always think positively, and when I buy a ticket, I believe, 'This time, something good will happen!'" The winner recalled, "A few weeks ago, I checked the ticket with my spouse. I was overjoyed when I realized I had won the first prize. My first thought was, 'Now my retirement planning is complete!' I appreciate that the winnings are paid out monthly, unlike the lotto." Reflecting on their luck, the winner said, "I think my positive mindset attracted this fortune." They purchased the ticket at a lottery retailer in Gangnam, Seoul, and when asked about their usual lottery choices, they replied, "I mainly buy Lotto and Pension Lottery tickets." Regarding their plans for the winnings, the winner stated, "Since the prize is paid out over 20 years, I plan to use it for retirement and loan repayment." Meanwhile, the winning numbers for the 314th Pension Lottery 720+ will be available after 7:05 PM today.* This article has been translated by AI. 2026-05-07 23:35:05

People Power Party Nominates Cho Yang-deok for Jeonju Mayor The People Power Party's nomination committee announced on May 7 that it has recommended Cho Yang-deok as the sole candidate for the mayor of Jeonju. Park Deok-heum, the head of the committee, stated that Cho possesses extensive experience across academia, media, and the arts, making him a well-suited candidate for the position. In Gyeongnam, the planned primary for the Uiryeong, Ham-an, and Geochang county mayoral races has been canceled due to disagreements among candidates. The committee will decide on the final candidates through a re-evaluation process. Regarding the by-elections, one individual has registered in the Jeonbuk Gunsan, Gimje, and Buan regions following an additional application process. The application period for the Siheung mayoral candidate has also been extended, with details on the selection process to be announced later. The committee plans to revisit the candidacy of Jeong Jin-seok, who had previously announced his intention to run for the Chungnam Gongju, Buyeo, and Cheongyang districts but later withdrew. Park noted, "We will reconsider whether to conduct another application process or finalize the existing candidates, aiming to find a competitive nominee."* This article has been translated by AI. 2026-05-07 23:33:38

South Korea and Japan Hold First Deputy-Level Security Talks South Korea and Japan's senior officials discussed security cooperation on May 7 in Seoul. The meeting, the 14th Korea-Japan Security Policy Council, was attended by South Korea's First Deputy Foreign Minister Park Yoon-joo and Deputy Minister of National Defense Lee Doo-hee, along with Japan's Deputy Foreign Minister Takehiro Funakoshi and Defense Policy Director Koji Kano. This meeting marked a shift from previous director-level discussions to deputy-level talks.According to the Foreign Ministry, the officials assessed the active shuttle diplomacy between the two nations, driven by trust and ties between their leaders. They agreed to continue fostering exchanges and cooperation at all levels of their foreign and defense ministries.The deputy ministers also exchanged views on the global security environment, including the situation in the Middle East and developments on the Korean Peninsula. They acknowledged the increasing importance of cooperation among South Korea, Japan, and the United States amid escalating international tensions and committed to maintaining ongoing communication to advance their collaboration.The Korea-Japan Security Policy Council was established following an agreement at the 1997 Korea-Japan Foreign Ministers' Meeting, with the first session held in Seoul the following year. The council has experienced interruptions and resumptions in line with the fluctuating relations between the two countries, with the last meeting taking place in Tokyo in November 2024.* This article has been translated by AI. 2026-05-07 23:32:24

New Agricultural Land Law Mandates Leasing for Non-Operating Owners Owners of inherited or abandoned farmland must now lease their land to the Korea Rural Community Corporation under a new agricultural land law that has passed the National Assembly. Additionally, local governments are required to issue disposal orders for any violations of the Agricultural Land Law. According to the Ministry of Agriculture, Food and Rural Affairs, the revised law aims to support comprehensive land surveys and promote efficient land use. The amendment eliminates the maximum size limit (10,000 square meters) for farmland owned by non-farmers, preventing further fragmentation of agricultural land. It mandates that such land be leased to the Korea Rural Community Corporation. The law also expands the permissible uses of agricultural land to include 'agricultural and rural experience facilities' and 'agricultural solar power installations.' Furthermore, the use of amenities like bathhouses and cold shelters in agricultural promotion areas is now allowed for both farmers and rural residents. Enforcement of the law will be stricter, with local governments now required to issue disposal orders for violations, a shift from previous discretionary authority. The law also prevents landowners from evading regulations by selling to close relatives or corporations they represent. If local governments fail to manage compliance, the Minister of Agriculture, Food and Rural Affairs will have the authority to issue disposal orders directly. The revised law will be implemented gradually following approval from the Cabinet. Yoon Won-seop, the agricultural policy director at the ministry, stated, "With the passage of this law, we are prepared for thorough land surveys to ensure that farmland is preserved as a means of production for farmers, not as a target for speculation."* This article has been translated by AI. 2026-05-07 23:30:53

South Korea Establishes Arctic Route Committee to Boost Development The South Korean government is set to accelerate its Arctic route development initiative with the establishment of a new Arctic Route Committee under the Prime Minister's office, which will also focus on training professionals in related fields. On May 7, the Ministry of Oceans and Fisheries announced that three key bills—"Sustainable Coastal Fisheries Development Act," "Special Act on Promoting the Use of the Arctic Route and Supporting Related Industries," and amendments to the "Shipping Act"—passed the National Assembly. The Arctic route initiative is a major policy project for the ministry, which has already laid the groundwork by launching the Arctic Route Promotion Headquarters. The passage of the Arctic Route Special Act enables the formation of the Arctic Route Committee, which will facilitate the establishment of a basic plan, professional training, and financial support across government agencies. Additionally, the new legislation aims to reorganize the administrative framework for coastal fisheries, mandating reporting on fishing locations and catch data by species. It also establishes the basis for issuing catch certificates. The name of the state-subsidized route, which covers all operational losses, will change to "Public Route." The revised Shipping Act allows public institutions to manage these routes, enhancing safety through specialized oversight. The ministry plans to delegate some routes to public entities next year, with a full transfer expected by 2028. Minister of Oceans and Fisheries Hwang Jong-woo stated, "We will work diligently on the subordinate regulations and ensure the smooth implementation of the laws that have passed the National Assembly."* This article has been translated by AI. 2026-05-07 23:29:33

Woori Bank Selected to Manage $886 Billion National Pension Fund's Foreign Assets Woori Bank has been selected as the preferred negotiator to manage the National Pension Service's (NPS) $886 billion in foreign assets. This decision, announced on May 7, reinforces Woori Bank's status as a leader in foreign exchange management after successfully holding the custody since August 2021. The NPS plans to finalize the contract with Woori Bank in June. If negotiations fail, they will engage with the next preferred candidate. The initial contract period is three years, with the possibility of extending it for up to two additional years based on annual evaluations.Woori Bank and KB Kookmin Bank competed for the bid, with selection criteria including financial stability, operational capability, foreign currency management experience, service quality, and risk management. Woori Bank's experience since 2021 gave it a competitive edge in the selection process.This marks the first selection of a foreign currency custody bank for the NPS in five years. As the designated bank, Woori Bank will oversee various functions, including domestic and international foreign exchange transactions, account management for foreign currency, short-term fund limits, remittances, and foreign exchange trading. As of late February, the NPS's total fund reserves stood at 1,610 trillion won, with 55% allocated to foreign assets. Managing the NPS's foreign exchange transactions will enhance Woori Bank's industry standing and generate fee income.* This article has been translated by AI. 2026-05-07 23:27:57

Police Reapply for Arrest Warrant for Bang Si-hyuk After Prosecutor Rejection Police have refiled an arrest warrant for Bang Si-hyuk, chairman of HYBE, who is accused of deceiving investors into selling shares ahead of the company's IPO. This comes just six days after prosecutors rejected the initial warrant, citing insufficient justification for detention. According to reports on May 7, the Seoul Metropolitan Police's Financial Crime Investigation Unit submitted the warrant application on April 30, targeting Bang for fraudulent trading under the Capital Markets Act. The police initially filed the warrant on April 21, but the Southern District Prosecutors' Office returned it on April 24, requesting further investigation. Prosecutors stated they found a lack of compelling reasons for detention at that time. Following this, police reinforced their case by highlighting concerns about potential flight, evidence destruction, and recidivism risks. Bang is accused of misleading existing investors and venture capitalists by claiming there were no plans for an IPO during the 2019 listing process, subsequently persuading them to transfer shares to a private equity fund he was connected to. Police suspect he received about 190 billion won from this arrangement, totaling illicit gains of approximately 260 billion won. Current capital market laws prohibit obtaining financial benefits through false information or fraudulent schemes during investment transactions. If the illicit gains exceed 5 billion won, penalties can include life imprisonment or a prison term of five years or more. The police began their investigation based on internal tips, conducting searches and summons since last year. They raided the Korea Exchange and HYBE in June and July 2022 and placed a travel ban on Bang upon his return from the U.S. in August. He was interrogated five times from September to November 2022. Additionally, police have secured pre-indictment asset preservation measures on Bang's HYBE shares, valued at approximately 156.8 billion won. During the initial warrant application, police cited the severity of the case, noting that the amount involved exceeded 100 billion won, as well as evidence suggesting Bang replaced his mobile phone shortly before the investigation. If prosecutors proceed with the refiled warrant, a pre-arrest hearing may be held in court.* This article has been translated by AI. 2026-05-07 23:25:57