Ruling Coalition Calls for Legislative Reform of Criminal Procedure Law On May 8, the ruling coalition, led by the Democratic Party and the Innovation Party, argued for the need to reform the Criminal Procedure Law during a discussion forum. They expressed concerns that if prosecutors lead the reform, they might regain investigative powers, emphasizing the necessity for proactive legislative measures by the National Assembly. Democratic Party lawmakers Kim Yong-min and Kim Young-ho, along with Innovation Party lawmaker Park Eun-jung, held a forum titled "Direction of Criminal Procedure Law Reform" at the National Assembly, highlighting the importance of legislative leadership in this process. Kim Yong-min stated, "If the government proposes a revision after the local elections, it will likely be led by prosecutors, who may create mechanisms to regain supplementary and direct investigative powers. Therefore, our party should proactively draft a desirable reform proposal. I have repeatedly suggested this to our leadership, but it has not been accepted yet." He added, "I have started discussions with fellow lawmakers, including Kim Young-ho and Park, as well as those passionate about prosecutor reform, such as Legislative Judiciary Committee Chair Seo Young-kyo and lawmaker Choi Hyuk-jin, to draft a proposal based on the ideas raised in today's forum. We aim to create a beneficial law for the public by aligning it with the government's proposal." Park emphasized that the Criminal Procedure Law falls under the jurisdiction of the National Assembly's Legislative Judiciary Committee, stating, "It is inappropriate for prosecutors, who have previously abused their powers, to draft the reform proposal." He further noted, "There is no provision in the Criminal Procedure Law that states prosecutors conduct investigations. If they lead the reform, they may seek to designate cases like arrests and those nearing the statute of limitations through presidential decree to regain investigative powers." Kim Young-ho also remarked, "The corruption displayed by prosecutors during the Yoon Suk-yeol administration underscores the urgent need for prosecutor reform. The Lee Jae-myung administration must ensure that legislative measures are tightly woven to firmly root out the issues in the prosecution system." 2026-05-08 12:20:13

950 Young Entrepreneurs Launch New Ventures with K-Unicorn Support The Small and Medium Business Administration (SMBA) held the "2026 Startup Launch Ceremony" to support the growth of K-Unicorn companies, which are privately held firms valued at over $1 billion. On May 8, the SMBA announced that the event was organized to celebrate the successful start of 950 young entrepreneurs who joined the 16th cohort of the Youth Startup Academy, the 7th global program, and the 1st deep tech program this year.The first part of the event featured a symposium where alumni entrepreneurs Jeong Ji-sung, CEO of SOS Lab, and Han Won-gyeong, CEO of Sunny Side Up, shared their growth experiences and insights. It also included a discussion with Gary Fowler, chairman of GSD Venture Studios, and an "Alumni Day" for networking among current and former participants.The second part included a badge ceremony symbolizing the partnership between the Youth Startup Academy and its participants, along with a joint event to inspire passion and challenge in entrepreneurship, involving the new students and SMBA officials.Additionally, policy advisors provided consultations on funding, workforce issues, and export opportunities through the "On-Site SMBA" initiative, covering areas such as guarantees, investments, certifications, public procurement, and international expansion.The Youth Startup Academy, operated by the SMBA, is a leading program in South Korea that selects promising early-stage startups to assist with investment and market development, aiming to enhance their competitiveness in the global market. Since its inception in 2011, the academy has supported over 10,000 alumni.Recently, the SMBA announced a partnership with KT&G to develop an integrated support system for youth, combining entrepreneurship, mentoring, and cultural programs to boost local economies.SMBA Commissioner Kang Seok-jin stated, "This year, we will strengthen support focused on AI transformation, deep tech, regional innovation, global expansion, and experiential entrepreneurship to help young entrepreneurs become K-Unicorns." 2026-05-08 12:18:38

Oh Se-hoon Blames Lee Administration for Soaring Housing Prices in Seongdong Park Yong-chan, spokesperson for Oh Se-hoon, the People Power Party's candidate for Seoul mayor, questioned Jeong Won-o, the Democratic Party's candidate, on May 8 regarding the soaring housing prices and rental crisis in Seongdong. "Is this Jeong's responsibility, or is it due to the Lee Jae-myung administration's flawed real estate policies?" he asked. Park criticized Jeong for blaming Oh, who served as Seoul mayor for five years, for the current housing crisis. He argued that if Jeong follows this logic, he should also be held accountable for the real estate turmoil in Seongdong, where he has been the district mayor for 12 years. He added that Oh does not hold Jeong accountable because he understands that the primary responsibility lies with government policy. Park also criticized the real estate policies of the Lee Jae-myung administration and former Seoul Mayor Park Won-soon, stating that the tax burdens and loan pressures imposed by the current government have led to a housing crisis. He described the decision to deregulate 389 redevelopment zones by the former mayor as a painful mistake that continues to have repercussions. Finally, Park urged Jeong to stop the smear campaign that misplaces blame for the housing crisis. 2026-05-08 12:17:11

Woori Bank to Manage 886 Trillion Won of National Pension Fund's Foreign Assets Woori Bank has been selected as the preferred bidder to manage the National Pension Service's (NPS) foreign assets, totaling 886 trillion won. The announcement was made on May 8, marking the first selection of a foreign currency custodian bank since 2021. The contract will run from August 2026 to July 2031.The foreign currency custodian bank will oversee foreign exchange transactions, the opening and closing of foreign currency accounts, and the management of foreign funds during the NPS's overseas investments. The NPS, one of the world's largest pension funds alongside Japan's GPIF and Norway's GPFG, manages a total fund of 1,610 trillion won, with 886 trillion won allocated to foreign assets. When Woori Bank was selected in 2021, the NPS's foreign assets were valued at 415 trillion won.Woori Bank and KB Kookmin Bank were the two contenders in this bidding process. The selection criteria included the bank's financial stability, operational capabilities, experience in foreign fund management, service quality, risk management, and liquidity assurance.Woori Bank received high marks for its global risk management system and digital foreign exchange and payment systems. Woori Bank CEO Jeong Jin-wan stated, "We will enhance our risk management system and innovate digital payments to support the stable asset management of the National Pension Fund."Additionally, Woori Bank is competing for the Seoul City Treasury contract, which manages an annual budget of approximately 51 trillion won. The bank previously held this position for 104 years before ceding it to Shinhan Bank in 2018. The city plans to evaluate proposals through a committee of financial experts and certified public accountants, with a decision expected by the end of this month. The selected bank will manage the city's funds from next year through 2030. Woori Bank currently oversees treasury functions for 14 of Seoul's 25 districts, which could create synergies with the city treasury. 2026-05-08 12:15:02

April Apartment Sales Reach Highest Level in 3.5 Years Last month, the number of private apartment sales in South Korea reached its highest level in three and a half years. While supply surged, many analysts view this as a backlog of delayed projects rather than a true market recovery. However, there are signs of supply normalization as annual sales plans increase. According to an analysis by Realhouse, a property evaluation firm, 24,315 private apartments were supplied nationwide in April, marking a 117.3% increase from March's 11,188 units. This is the largest monthly figure since October 2022 and represents an 83.3% rise compared to the same month last year. The change is stark compared to earlier this year, with only 3,854 units in January and 5,342 in February. After recovering to over 10,000 units in March, April saw a leap past 20,000, indicating that previously delayed projects have finally come to market. The increase was primarily driven by regional developments. Supply in other provinces surged by 203.7% to 11,831 units, significantly outpacing the 106.0% increase in the metropolitan area. Gyeonggi Province also saw the largest growth, with 8,125 units. New supply resumed in regions like Chungbuk, Gangwon, Ulsan, and Jeonbuk, where sales had effectively stalled. This trend reflects a return of previously halted projects rather than new developments. Over the past two to three years, rising construction costs, financing difficulties, and unsold inventory pressures led many developers to delay sales. As financial burdens mounted, further postponements became untenable. A representative from a mid-sized construction firm stated, "In regional markets, the longer projects are delayed, the greater the financial burden, forcing them to supply in the first half of the year. It's more about previously held inventory hitting the market than a recovery in demand." The resumption of supply is seen as a normalization rather than an expansion. The increase in units comes from areas that had no supply last month, differing from a surge in new projects in specific regions. However, the burden of unsold inventory remains a concern. According to the Ministry of Land, Infrastructure and Transport, approximately 30,000 units are unsold post-completion, mostly concentrated in regional markets. If supply continues to grow without sufficient demand, future sales schedules could be disrupted again. Despite this, there are signs of improvement in supply trends. According to Real Estate R114, approximately 180,000 private apartment units are expected to be offered this year, an increase compared to last year, which faced significant supply shortages. Another industry insider noted, "The increase in April's supply is significant as it indicates that stalled projects are starting to move again. However, we need to see if this supply continues into the second half of the year to assess market recovery." 2026-05-08 12:13:05

Hyundai Motor Group Appoints Choi Jun-young as Head of Labor Policy Hyundai Motor Group has appointed Choi Jun-young, president of Kia, as the head of its labor policy division. On May 8, the group announced several executive appointments aimed at strengthening labor and production operations. Choi will oversee the policy development department, which is tasked with responding to the rapidly changing labor environment, including the implementation of the Yellow Envelope Law (amendments to Articles 2 and 3 of the Labor Union Act). Choi is recognized for his on-site leadership and exceptional stakeholder coordination skills. Hyundai Motor Group expects him to contribute to labor stability and the establishment of advanced labor relations. Jeong Sang-bin, who previously led the policy development department, has been appointed to oversee labor relations policy at Hyundai Mobis. Jeong will leverage his expertise in labor matters as the company navigates disagreements with labor over the sale of its lamp and bumper business. Song Min-soo has been appointed to manage Kia's domestic production and labor operations. He will focus on maintaining a stable production system and driving production innovation as the Chief Safety Officer (CSO). A Hyundai Motor Group official stated, "Today's announcement reflects our commitment to stable labor relations and efficient production operations, considering experience and expertise in these appointments." 2026-05-08 12:11:39

Tesla Model Y Becomes First to Pass New ADAS Test in the U.S. Tesla's Model Y has become the first vehicle to pass the U.S. government's new Advanced Driver Assistance Systems (ADAS) test. On May 8, Reuters reported that the National Highway Traffic Safety Administration (NHTSA) announced the 2026 Model Y as the first vehicle to successfully complete the new ADAS evaluation. This assessment is part of NHTSA's New Car Assessment Program (NCAP) and was implemented for the 2026 model year. The evaluation applies to Model Y vehicles produced after November 12, 2025. It assesses four features: automatic emergency braking for pedestrians, lane-keeping assistance, blind-spot warning, and blind-spot intervention. NHTSA stated that the new criteria aim to provide consumers with essential information regarding the safety benefits of advanced driver assistance features. This initiative is a result of a legislative mandate for regulatory reform. NHTSA finalized its ADAS evaluation roadmap last November, enhancing protections for vulnerable road users, including pedestrians, in the NCAP. However, this approval does not resolve ongoing concerns regarding Tesla's autonomous driving capabilities. Reuters noted that NHTSA is separately investigating whether Tesla's Full Self-Driving (FSD) feature operates appropriately in low-visibility conditions. 2026-05-08 12:10:18

Google Allows AI Tools in Software Engineer Interviews Google is piloting a new approach in its software developer interviews that allows candidates to use artificial intelligence (AI) tools. This initiative aims to assess not only coding skills but also the ability to leverage AI for problem-solving and result verification. On May 8, Business Insider reported that Google is revising its software engineer interview process based on internal documents. The company is testing the use of AI assistance in certain coding interview stages. Initially, this will apply to junior and mid-level software engineer positions within select teams in the U.S. A key focus is the 'code comprehension' interview. Candidates will use Google's generative AI model, Gemini, to read code, identify errors, and optimize solutions. Interviewers will evaluate not only the correctness of answers but also the candidates' command of instructions and their ability to validate results. Google describes this method as a 'human-led, AI-assisted' interview, reflecting the growing use of AI in real-world development settings in the hiring process. 2026-05-08 12:09:08

Jung Cheong-rae Criticizes Opposition for Boycotting Constitutional Vote Jung Cheong-rae, leader of the Democratic Party, criticized the opposition People Power Party on May 8 for its absence during the previous day's constitutional vote, calling it "cowardly." During a Supreme Council meeting in Songpa, he stated, "It is cowardly to claim that the content of the constitutional amendment is not strongly opposed and to call it rushed. They should just say they oppose it." He added that such behavior raises concerns about the party's constitutionality. Han Byeong-do, the party's floor leader, echoed these sentiments, asserting that the refusal to participate in the vote was a rejection of the spirit of the May 18 Gwangju Uprising and the Busan-Masan Democratic Uprising. He condemned the People Power Party for neglecting its responsibilities as a constitutional body. He emphasized that for a national referendum on the constitutional amendment to occur during the June 3 local elections, a vote in the National Assembly must be completed by May 10. The Democratic Party plans to hold a re-vote on the constitutional amendment in the afternoon session. At the meeting, Jung also highlighted support for Seoul mayoral candidate Jung Won-o and Songpa District mayoral candidate Jo Jae-hee. He noted his earlier visit to the Garak Market in Songpa, where he heard urgent requests for modernization and digitalization, stressing the need for changes befitting the largest agricultural market in South Korea. He praised Jo as an expert on Songpa, having run for office twice, and expressed confidence that combining Jo's policy capabilities with Jung's administrative experience could restore the glory of the 1988 Seoul Olympics in the district. He stated that their victory would drive the success of the Lee Jae-myung administration. Jung Won-o proposed forming a special committee for the Gangnam 4 districts (Gangnam, Seocho, Songpa, and Gangdong), asserting that the government and the party must support its effectiveness. He committed to addressing local issues, such as the development of the former Seongdong Detention Center site and the ecological restoration of the Seongnaecheon stream, reflecting the residents' wishes. In response, Jung Cheong-rae pledged to establish the committee immediately. 2026-05-08 12:07:34

South Korea's Current Account Surplus Hits Record $37.3 Billion in March In March, South Korea recorded a historic current account surplus exceeding 54 trillion won, driven by strong semiconductor exports. Despite ongoing conflicts in the Middle East, the surplus trend is expected to continue. According to preliminary statistics released by the Bank of Korea on May 8, the current account surplus for March was $37.33 billion (approximately 54.4 trillion won), marking the second-longest streak of surpluses since 2000 at 35 consecutive months. This figure significantly surpassed the previous record of $23.19 billion set in February. From January to March, the cumulative current account surplus reached $73.78 billion, a 3.8-fold increase compared to $19.49 billion during the same period last year, achieving more than half of the annual surplus of $123.05 billion from last year within just three months. By category, the goods balance recorded a surplus of $35.07 billion, the highest ever, and up 3.6 times from $9.69 billion in the same month last year. Exports totaled $94.32 billion, a 56.9% increase year-on-year, driven by strong performance in information technology products, particularly semiconductors and computer peripherals. Non-IT items also saw growth due to increased working days and rising oil prices. Customs data showed significant increases in exports of computer peripherals (167.5%), semiconductors (149.8%), petroleum products (69.2%), wireless communication devices (13.1%), and chemical products (9.1%). Imports rose by 17.4% to $59.24 billion, with capital goods imports increasing by 23.6%, particularly in information and communication equipment (51.6%), transportation equipment (34.8%), and semiconductors (34.5%). Raw material imports also increased by 8.5%, marking a turnaround after six months, driven mainly by chemical products (20.5%). Consumer goods imports rose by 2.1%. The services balance recorded a deficit of $1.29 billion, significantly reduced from a deficit of $2.51 billion in the same month last year and $1.86 billion the previous month. Notably, the travel balance turned positive with a surplus of $140 million, the first surplus since November 2014, attributed to the spring travel season and an influx of foreign tourists. March saw over 2 million arrivals for the first time, boosted by BTS concerts and increased K-pop tourism. In the financial account, foreign investment in the domestic stock market showed a notable decline. Direct investments increased, with domestic investments abroad rising by $8.89 billion and foreign investments in Korea increasing by $3.77 billion. However, securities investments saw a $40 billion increase in domestic investments abroad, while foreign investments in domestic stocks dropped by $34.04 billion, the largest decline on record, influenced by risks in the Middle East and profit-taking. Despite the ongoing conflict in the Middle East, the surplus trend is expected to persist. Kim, a director at the Bank of Korea, noted that while the U.S.-Iran conflict and the blockade of the Strait of Hormuz had some impact on trade in April, it was not significant enough to disrupt the overall trend. He expressed optimism that the current account would continue to show positive results beyond April, although he emphasized the need to monitor semiconductor export trends and the developments in the Middle East. However, he cautioned that the surplus in April might decrease due to rising energy prices affecting raw material imports. The cost of crude oil rose sharply from $75.4 per barrel in March to $112.3 in April. The semiconductor sector is expected to remain resilient despite the Middle East conflict, with increased capital investment and rising imports of capital goods. Kim stated that reports of semiconductor supply shortages have led to increased investments, indicating that the sector is unlikely to be significantly impacted by the ongoing situation. 2026-05-08 12:05:12