Korean Kolmar Reports Record Q1 Operating Profit of 78.9 Billion Won Amid K-Beauty Export Surge Korean Kolmar, a cosmetics contract manufacturer, reported its highest-ever quarterly performance in the first quarter of this year, driven by a surge in global demand for sun care products in anticipation of early summer heat. According to the Financial Supervisory Service's electronic disclosure system on May 8, Korean Kolmar's consolidated operating profit for the first quarter reached 78.9 billion won, a 31.6% increase compared to the same period last year. Sales rose to 728 billion won, up 11.5% year-on-year, while net profit soared by 158.7% to 60 billion won. Both operating profit and sales marked the highest figures ever recorded for a single quarter. This performance is particularly noteworthy given that the first quarter is traditionally considered a slow season in the cosmetics industry. Korean Kolmar, the first ODM company designated as a large business group by the Fair Trade Commission, has secured numerous global indie brand clients in the sun care and skincare sectors. Notable clients include Gudai Global's 'Joseon Beauty' and Skin Angel's 'Skin1004.' In collaboration with Gudai Global, Korean Kolmar has co-developed sun care products such as 'Clear Rice Sunscreen' and 'Birch Juice Moisturizing Sunscreen,' surpassing cumulative sales of 100 million units over the past five years. The company is recognized as an ODM that has simultaneously secured competitive sun care formulations and a strong indie brand client base amid the expanding K-beauty export landscape. A representative from Korean Kolmar stated, "The record performance in the first quarter was achieved due to increased orders for skincare and sun care products driven by rising summer demand, along with strong exports of indie brands." 2026-05-08 13:49:18

Korea-Vietnam Business Forum Strengthens Green Economy Cooperation The Vietnam Eco-Friendly Product Manufacturing Association (EPMA) and the Korea-Vietnam Economic and Cultural Association (KOVECA) signed a memorandum of understanding to enhance cooperation in the green economy during the Korea-Vietnam Business Forum. The signing took place as part of the official schedule of the economic delegation at the forum held in Hanoi, Vietnam. The event was attended by Minister of Trade, Industry and Energy Kim Jeong-kwan and Minister of Finance Nguyen Van Thanh. Through this agreement, the two organizations have identified key cooperation areas including the green economy, smart agriculture, eco-friendly industries, and net-zero transitions. They plan to establish a phased cooperation roadmap from 2026 to 2030. Attendees at the signing ceremony included KOVECA President Kwon Seong-taek, Advisor Park Jong-nam, Vice President Lee Jong-hyun, and Ambassador Dinh Thi Tai My, along with EPMA Vice President Bu Minh Li, Secretary Bu Thi Van Hoa, and Deputy Director Nguyen Thi Trang of the Green Production Technology Research and Development Center (GREEN TECH). Kwon Seong-taek, President of KOVECA, stated, "This agreement marks a practical starting point for both Korea and Vietnam to move toward a shared future in the green economy. KOVECA will leverage Korea's technology, investment, and networks to create a sustainable industrial cooperation model combined with Vietnam's growth potential." Bu Minh Li, Vice President of EPMA, noted, "Vietnam is currently pursuing the transition to a green economy and achieving net-zero as a national strategy. Through this collaboration, we aim to implement concrete projects in the eco-friendly product industry, smart agriculture, and circular economy, enhancing the competitiveness of Vietnam's industry through international cooperation." KOVECA, established in 2014, is a non-profit organization that serves as a private cooperation platform connecting economic, cultural, educational, and industrial collaborations between Korea and Vietnam. It has facilitated investment attraction, technology cooperation, and official development assistance (ODA) projects by linking governments, local authorities, businesses, and research institutions. EPMA is a non-profit social and professional organization that connects companies and institutions related to Vietnam's eco-friendly product industry. It is an officially recognized entity approved by the Ministry of Home Affairs, providing policy advice, industrial support, and international cooperation. Its subsidiary, GREEN TECH, is responsible for technical implementation tasks such as energy diagnostics, carbon emission measurement, eco-friendly certification, and carbon credits. This collaboration is significant as it aims for action-oriented cooperation beyond mere exchanges. The two organizations plan to gradually advance technology transfer and joint projects in smart agriculture, circular economy, eco-friendly production, and carbon neutrality. Particularly, the collaboration will combine Korea's smart farm, smart factory, and new energy technologies with Vietnam's production base and market. The goal is to create specific industrial outcomes, such as adding value to agricultural by-products, producing eco-friendly materials, and establishing digital carbon management systems. The two organizations expect that this cooperation will also help enhance the international market competitiveness of businesses in both countries amid the strengthening of ESG standards and the expansion of carbon regulations. 2026-05-08 13:45:01

Samsung Electronics Launches Development of Humanoid Robots Samsung Electronics is re-establishing its focus on robotics. The company is bolstering its Future Robotics Team and has created a new execution organization within its Device Experience (DX) division to oversee AI-based future projects, accelerating preparations for the commercialization of manufacturing robots and humanoids. According to industry sources on May 8, Samsung's DX division has recently conducted internal recruitment for the Future Robotics Team, with applications accepted until today. Prior to the recruitment, Samsung held a briefing for employees to share the team's roles and responsibilities. The Future Robotics Team was established after Samsung secured a major stake in the robotics platform company Rainbow Robotics, and it is responsible for overseeing the development of next-generation robotic technologies, including humanoids. This workforce expansion is seen as a strategic move to transition the robotics business roadmap into the execution phase rather than merely expanding the organization. During a recent earnings call, Samsung outlined its plan to first develop manufacturing robots before expanding into home and retail sectors. The company also indicated it would consider internalizing key robotic components and collaborating with domestic firms, as well as being open to investments and acquisitions if necessary. Samsung's renewed focus on robotics is not a recent development. In 2021, the company formed a task force for robotics commercialization, which evolved into a formal robotics team the following year. In January 2023, Samsung invested approximately 59 billion won in Rainbow Robotics, securing its position as the largest shareholder. Rainbow Robotics, known for its bipedal and collaborative robot technologies, has been viewed as a crucial external technology partner for accelerating Samsung's humanoid development. Within the DX division, there is also a visible effort to integrate robotics as a core aspect of AI transformation. Last August, Samsung established the InnoX Lab, a dedicated organization for key strategic projects within the DX division. This execution-focused team is responsible for the expansion of digital twin solutions, logistics operation innovations, manufacturing automation, and the development of core technologies for humanoid robots. Industry experts interpret the establishment of InnoX Lab as a signal that Samsung aims to approach robotics not merely as a standalone product but as part of an AI-based platform business connecting factories, logistics, homes, and retail. As the smartphone, TV, and home appliance markets mature, robotics is emerging as a new growth axis that can integrate hardware, AI, sensors, semiconductors, and appliances. Samsung's initial focus on manufacturing robots is seen as a strategic choice that considers both quality verification and potential for profitability. However, significant challenges remain before commercialization can be achieved. The humanoid market is rapidly advancing, with global companies like Tesla and Figure AI leading the way. To mitigate the burden of being a latecomer, the speed at which Samsung can combine technologies with Rainbow Robotics, internalize its own components, and integrate with the DX division's product ecosystem will be crucial. An industry insider noted, "The alignment of organization, personnel, external investment, and AI transformation systems has become clearer. The strategy of first achieving results with manufacturing robots and then expanding into humanoids and home robots is likely to be a realistic roadmap." 2026-05-08 13:03:39

People Power Party's Jo Bae-sook and Park Deok-heum Announce Candidacy for National Assembly Vice Speaker People Power Party lawmakers Jo Bae-sook and Park Deok-heum declared their candidacies for the position of National Assembly Vice Speaker on May 8, stating, "The National Assembly must change." During a press conference at the National Assembly's communication hall, Park emphasized the importance of maintaining open dialogue, saying, "We must show the public that we will not close the door to conversation, even if there are differences between the ruling and opposition parties." He added, "Gaining the trust of the people is the only way for our National Assembly to stand tall." If elected as Vice Speaker, Park pledged to lead efforts to reach consensus through dialogue and compromise with the ruling party. He expressed his determination to restore trust between the parties and overcome political skepticism to create a National Assembly that offers hope to the public. Referencing his political philosophy of 'Ubo Cheonri' (taking steady steps), Park stated, "I will focus on the people and take one step at a time in my legislative activities." Jo also announced his candidacy for Vice Speaker at the same venue. He pointed out, "In the face of the ruling party's legislative dominance and extreme confrontations, the voices of the people have been silenced," adding, "The National Assembly should not be a place of conflict but a place for problem-solving." He pledged to utilize his experience as a five-term lawmaker as a tool for cooperation aimed at improving the lives of citizens. "As 'the daughter of Honam,' I will be a catalyst for integration across regions and generations," he said, vowing to dedicate all his political resources to regaining the trust of the people by abandoning outdated habits and vested interests. Meanwhile, the People Power Party plans to select its candidate for Vice Speaker on May 13. In addition to Park and Jo, Jo Kyung-tae, a six-term lawmaker, is also considered a potential candidate for the position. 2026-05-08 12:38:51

Im Sung-keun Sentenced to 3 Years for Duty-Related Death of Marine Im Sung-keun, the former commander of the Marine Corps 1st Division, has been sentenced to three years in prison for his role in the duty-related death of Corporal Chae Soo-geun during a rescue operation in July 2023. On May 8, the Seoul Central District Court's Criminal Division 22, led by Judge Jo Hyung-woo, found Im guilty of duty-related manslaughter and violating military law. This sentence is two years lighter than the five-year term sought by the special prosecutor's team investigating the case. Co-defendants Park Sang-hyun, former commander of the 7th Brigade, and Choi Jin-kyu, former artillery battalion commander, received prison sentences of one year and six months each. Lee Yong-min, another former artillery battalion commander, was sentenced to ten months in prison, while Jang Soo-man, the on-site commander, received an eight-month sentence with a two-year probation. Im was charged for failing to provide safety equipment, such as life jackets, to his troops, including Corporal Chae, who died during a submerged search operation in Yecheon, North Gyeongsang Province. The court found all major charges against Im to be valid. It stated, "If the defendant had simply instructed through Park not to enter the water, the Marines would not have conducted the underwater search. Had they been equipped with the proper gear, the victims could have been rescued quickly." The court emphasized that there was a clear causal link between Im's negligence and the tragic outcome. Additionally, the court ruled that despite a command transferring operational control to the Army, Im continued to exercise command authority by directing the search methods and on-site guidance. The court noted, "Im's directive to 'probe suspicious areas' rather than conducting reconnaissance from the road was interpreted by subordinate commanders as a direct order to enter the water." The court criticized Im for being aware of the underwater search but failing to prohibit it or secure safety equipment, stating, "His focus on results disregarded the lives and safety of his troops, leading to a horrific accident." In explaining the sentencing, the court highlighted a troubling trend where only lower-ranking commanders are held accountable for such incidents. It pointed out that in this case, a senior commander recognized specific risks yet issued orders that exacerbated those dangers. The court noted that Im attempted to shift blame to subordinates and destroy evidence after the incident, causing significant distress to the victims' families, which warranted a severe penalty. In contrast, the court considered Jang's position as difficult due to the unreasonable orders from superiors and noted that the victims' families did not seek punishment for him. This case marks the first trial initiated by the special prosecutor's team since its establishment. It is also the first instance of a ruling in a case investigated by the Marine Corps special prosecutor's office. While Im received a prison sentence, the Marine Corps Reserve Association expressed disappointment over the lighter sentence compared to the special prosecutor's request. Following the verdict, the association held a press conference outside the courthouse, stating, "Considering the irreparable damage to the deceased and their families, the public outrage, and the tarnishing of the Marine Corps' honor and trust in national defense, this ruling cannot be seen as severe enough." They added, "The Marine Corps is respected and admired by the public because it does not abandon its comrades. If the Marine Corps is characterized by shifting blame for a comrade's death, attempting to save oneself, and betraying fellow soldiers, then we no longer wish to be part of it. We urge the Marine Corps Command to reflect deeply on this disgraceful incident and offer a sincere apology." 2026-05-08 12:36:51

OpenAI Added to List of Companies Required to Disclose Information Security Practices OpenAI has been newly included in the list of companies required to disclose information security practices due to a surge in domestic users. Platforms such as AliExpress, Musinsa, Tving, and CJ Olive Young, which have rapidly expanded their user bases in South Korea, are also on the list. On May 8, the Ministry of Science and ICT announced the 693 companies that are obligated to disclose their information security practices for 2026. This requirement, established under the Information Protection Industry Promotion Act, aims to encourage corporate investment in information security and enhance user protection by mandating disclosures regarding security investments, dedicated personnel, and related activities. Companies are selected annually based on criteria such as business sector, revenue, and user numbers. This year, the number of obligated companies increased by 27 compared to the previous year, totaling 693. Notably, 13 companies were added based on revenue criteria, and 10 companies met the requirement of having over one million users. The new additions include OpenAI, AliExpress, Musinsa, Tving, and CJ Olive Young. The inclusion of OpenAI is attributed to the rapid increase in domestic users of its generative AI services. According to Mobile Index, the number of ChatGPT users in South Korea surged by 341% from January to December last year, with active devices totaling 19.49 million. ChatGPT was also the most installed app on smartphones in South Korea last year, with 16.57 million installations. Companies required to disclose their information security practices must submit their security status to the comprehensive disclosure portal by June 30. Lim Jeong-kyu, Director of Information Security Network Policy at the Ministry of Science and ICT, stated, "The information security disclosure system is an important framework that allows the public to verify companies' information security status through transparent disclosures. We will continue to promote the right to know for the public and encourage voluntary investments in information security by companies, striving to enhance the overall level of information security in the country." 2026-05-08 12:35:17

U.S. Court Ruling Limits Impact of Global Tariffs on South Korea The recent ruling by a U.S. court against President Donald Trump's global tariffs suggests a potential shift in U.S. trade policy. However, experts believe the direct impact on South Korea, particularly regarding completed U.S.-South Korea tariff negotiations and investments, will be limited. According to relevant authorities, the U.S. Federal International Trade Court ruled on May 7 (local time) in favor of plaintiffs, including Washington state and some importers, against the 10% global tariff imposed on all trading partners under Section 122 of the Trade Act. The court did not expand the ruling's scope to include other states or all companies. Previously, the Trump administration had imposed the global tariff in February after the U.S. Supreme Court ruled that reciprocal tariffs based on the International Emergency Economic Powers Act (IEEPA) were invalid. The global tariff was enacted under Section 122, which grants the president the authority to impose tariffs for up to 150 days to address severe trade deficits. With the court's intervention on both reciprocal tariffs and global tariffs, speculation arises about changes in U.S. trade policy. However, the prevailing view is that the framework of the tariff negotiations with South Korea and related investments will remain largely unchanged. Section 122 of U.S. trade law originally allowed the president to impose emergency tariffs, but its application period is limited and set to expire in July, raising questions about the sustainability of such policies. It is seen as a temporary measure in the process of restoring the tariff system. In response, the Trump administration has sought to restore the tariff system using Sections 301 and 232 of the Trade Act. The U.S. is already conducting investigations under Section 301 against South Korea and others, citing unfair trade practices related to overproduction in the manufacturing sector and goods produced through forced labor. While the tariff imposition system is changing, it is likely that the overall framework of negotiations between South Korea and the U.S. will not be significantly affected. Therefore, current government investment projects in the U.S. are expected to remain largely unaffected. The ongoing negotiations led by Minister of Trade, Industry and Energy Kim Jung-kwan during his visit to the U.S. may also experience limited impact. The government has stated it will monitor the situation closely. A spokesperson from the Blue House noted, "The ruling's effect appears to be limited to some plaintiffs, and the government plans to respond calmly while continuing to ensure a balance of benefits under our existing tariff agreements." 2026-05-08 12:32:42

President Lee Warns Against Hoarding Goods Amid Rising Prices President Lee Jae-myung warned on May 8 that hoarding goods could lead to disaster, stating, "Hoarding is a path to ruin; those who think they can make a quick profit through hoarding will end up completely failing." In a post on X (formerly Twitter), President Lee noted, "There are still those who do not realize the world has changed and are heading down a path of ruin with outdated thinking. I want to inform them in advance." As concerns about rising prices due to the prolonged conflict in the Middle East continue, he reiterated his commitment to a strong response against market disruption. He emphasized, "Under the law, if hoarding occurs, all items subject to hoarding will be confiscated, and if confiscation is not possible, their value will be seized. Mandatory confiscation means that once detected, leniency is not an option." President Lee also questioned, "Do you think you can avoid detection? We offer rewards of 20-30% of the value of hoarded goods for reports, so is it really possible to go unnoticed?" He concluded by stating, "The era of abnormality is coming to an end, and a normal era is beginning. Those who seek unjust profits by relying on abnormality will face severe consequences." 2026-05-08 12:30:37

Supreme Court Confirms Two-Year Prison Sentence for Cho Hyun-bum, CEO of Hankook & Company The Supreme Court has confirmed a two-year prison sentence for Cho Hyun-bum, CEO of Hankook & Company, who was charged with embezzlement and breach of trust involving approximately 2 billion won (about $1.5 million). On May 8, the Supreme Court's first division, led by Justice Ma Yong-joo, upheld the lower court's ruling that sentenced Cho to two years in prison under the Act on the Aggravated Punishment of Specific Economic Crimes. Initially, prosecutors alleged that Cho embezzled around 2 billion won of company funds, causing significant financial harm. However, the court ultimately determined the amount involved in the embezzlement and breach of trust to be about 200 million won. The court found Cho guilty of self-dealing, stating he misused corporate funds for personal needs. The ruling detailed several instances of misconduct, including using a corporate credit card for personal expenses, having a company driver perform personal tasks for his spouse, purchasing or leasing five luxury vehicles under the names of affiliates for personal use, and covering moving costs and furniture purchases for his residence with company funds. Conversely, the court acquitted Cho of charges related to improper support of affiliates, a key issue in the case. Prosecutors claimed that Hankook Tire incurred a loss of 13.1 billion won by purchasing tire molds from an affiliate at inflated prices, but both the first and second trial courts dismissed these claims due to insufficient evidence. Additionally, a charge involving a loan of 5 billion won to a company associated with Hyundai Motor was initially deemed guilty in the first trial but was overturned in the second trial based on business judgment considerations, a decision the Supreme Court upheld. Regarding sentencing, the first trial court had imposed a three-year sentence, but the second trial court reduced it to two years after finding some charges not guilty. Both Cho's legal team and the prosecution appealed the verdict, but the Supreme Court rejected both appeals, stating there was no misunderstanding of the law in the lower court's ruling. 2026-05-08 12:29:11

Homeplus Sells Express Division Amid Liquidity Crisis; NS Home Shopping Expands Offline Presence Homeplus has sold its profitable supermarket division, Homeplus Express, to NS Home Shopping as a desperate measure to escape bankruptcy. However, the company has shuttered 37 stores due to ongoing liquidity issues, unable to wait for the sale proceeds expected in two months. Meanwhile, NS Home Shopping is leveraging this acquisition to establish a nationwide offline presence and expand its omnichannel operations. According to the retail industry on May 8, Homeplus and NS Home Shopping signed a sales agreement for the Homeplus Express division, approved by the Seoul Bankruptcy Court. Homeplus will receive 120.6 billion won (approximately $91 million) in cash, conditional on the assumption of some debts. While this amount falls short of the anticipated 300 billion won, it provides crucial liquidity for overdue wages and payments to suppliers during its bankruptcy proceedings. However, Homeplus's liquidity crisis persists, as the sale proceeds will not arrive for two months. After a 100 billion won injection from its major shareholder MBK Partners in March, most of those funds have been depleted. Homeplus must secure operational funds before the July 3 deadline for its rehabilitation plan. The company announced that the sale alone will not cover the operational funds needed for its rehabilitation process and plans to initiate a "second restructuring" focused on securing additional funds and improving store efficiency. Homeplus has requested short-term loans, including bridge loans and debtor-in-possession financing, from its largest creditor, Meritz Financial Group, until the sale proceeds are received. However, it has yet to receive a concrete response from Meritz regarding this support. Meritz currently holds collateral worth 4 trillion won, four times the 1.2 trillion won loan to Homeplus, covering 68 stores. Homeplus stated, "Without financial support from Meritz, which holds all cash-equivalent assets, recovery is impossible." The company has seen significant revenue declines due to stricter trading conditions and reduced deliveries from major suppliers during the rehabilitation process. Although MBK has provided operational funds through personal investments and guarantees, these resources are nearly exhausted due to prolonged rehabilitation and worsening business conditions. Consequently, Homeplus will temporarily close 37 of its 104 stores from May 10 to July 3, focusing operations on the remaining 67 locations. The strategy includes prioritizing limited product supplies to key stores to minimize revenue loss and customer attrition. Employees at the closed stores will receive 70% of their average wages, with options for reassignment to other locations. In-store rental shops will continue normal operations. Industry analysts view this move as a critical gamble for Homeplus's recovery. The Homeplus union has expressed urgency, stating, "We must prioritize funding for normalizing product supply, even if it means sacrificing wages." Homeplus plans to submit a revised rehabilitation plan to the court and creditors, outlining strategies for store efficiency and the sale of remaining business segments. NS Home Shopping Secures Nationwide Offline Distribution Network In contrast, NS Home Shopping's acquisition of Homeplus Express allows it to expand beyond its TV and mobile-centric business model to establish a nationwide offline distribution network. An NS Home Shopping representative stated, "This agreement will enhance our competitiveness by leveraging our expertise in food and distribution across both online and offline channels." NS Home Shopping plans to accelerate its food-centric omnichannel strategy by connecting offline stores with online ordering and delivery, utilizing its existing customer base. The company aims to draw TV shopping customers into physical stores while offering online services to in-store visitors. However, challenges remain post-acquisition. Homeplus Express has experienced key personnel losses and diminished sales capabilities during its lengthy rehabilitation process. Additionally, the strong influence of labor unions may complicate workforce reallocation and organizational stabilization. NS Home Shopping will also face fierce competition from established players like Emart Everyday and GS The Fresh in the SSM market. An industry insider noted, "This transaction reflects the mutual interests of Homeplus, which needed to sell valuable assets for survival, and NS Home Shopping, which urgently required an offline food distribution network. Homeplus's immediate priority is overcoming its liquidity crisis, while NS Home Shopping must focus on strengthening its food competitiveness through its new offline presence." 2026-05-08 12:24:39