Iran Establishes Persian Gulf Strait Authority to Regulate Shipping Iran has begun formalizing its control over the Strait of Hormuz by launching a new authority to regulate shipping. The Persian Gulf Strait Authority will oversee vessel passage approvals and collect tolls, marking a shift from temporary military measures to a permanent administrative system. On May 8, reports from AP, PBS, and CBS indicated that Iran has established the Persian Gulf Strait Authority, which is acting as the "only valid approval authority" for vessels transiting the strait, according to maritime information provider Lloyd's List. Reuters also supported this development, citing Iran's state-run Press TV, which reported that a new system for managing shipping in the Strait of Hormuz has been introduced. Commercial vessels must coordinate their passage with Iranian military forces, and a new map reflecting the controlled areas has been released. Under this system, vessels must receive prior approval via official email, detailing regulations and procedures. CBS noted that applications require information about vessel ownership, insurance, crew details, and planned routes. The shipping industry views this move as effectively instituting a "permit-based passage." AP highlighted that with Iran already exerting de facto control over the strait, the establishment of this new authority could further undermine freedom of navigation. PBS reported that the authority's role in approving passage and collecting tolls has resurfaced as a key issue amid stalled U.S.-Iran peace negotiations. Maritime Executive cited Iranian state media, stating that the authority serves as a "single window" for direct communication with shipowners, including a dedicated official email address. However, the legitimacy of toll collection in international straits remains contentious, with the U.S. potentially sanctioning entities that pay these tolls to Iran. 2026-05-08 11:47:34

Government Strengthens Supply Chain for Solar Inverters Amid High Foreign Dependency 정부가 업계와 외산 비중이 높은 태양광 인버터에 대한 공급망을 보호하기 위한 논의를 본격화한다. 기후에너지환경부는 8일 서울 양재 엘타워에서 한국전력공사 등 공공기관 및 OCI파워 등 국내 인버터 제조업계와 함께 '태양광 인버터산업 발전협의체'를 공식 발족했다. The South Korean government is taking steps to protect the supply chain for solar inverters, which are heavily reliant on foreign imports. On May 8, the Ministry of Climate, Energy, and Environment officially launched the 'Solar Inverter Industry Development Council' in Seoul, collaborating with public institutions like Korea Electric Power Corporation and domestic manufacturers such as OCI Power. Solar inverters are essential for converting direct current (DC) electricity generated from solar power into alternating current (AC). Their importance is growing due to their impact on generation efficiency, system safety, and power quality. However, the majority of solar inverters in South Korea are imported, raising concerns about supply chain stability. Notably, Chinese products account for over 70% of global solar inverter shipments, contributing to this dependency. The council aims to reduce reliance on foreign sources and strengthen domestic manufacturing capabilities in line with the expansion of renewable energy. It will pursue joint research projects for future technology development and gather industry feedback to protect the solar inverter ecosystem. The ministry plans to enhance the inverter industry ecosystem through public demand expansion, improvements in certification systems, and support for AI-driven inverter technology development. Korea Electric Power Corporation will outline investment plans focused on developing secure next-generation solar inverters. The council will operate through specialized divisions: one for promoting localization of key technologies, another for discussing technology standards and testing facilities, and a third for strengthening the domestic supply chain and creating markets. Plans include technology transfer in the energy sector, R&D support, and opening testing facilities to reshape the industry ecosystem. Lee Ho-hyun, the second vice minister of climate, stated, "With the launch of this council, we will continue to provide policy support to enhance the technological competitiveness of domestic companies and create a stable industrial ecosystem." 2026-05-08 11:45:50

Coupang Expands Healthcare Access for Seniors and Children in Danyang Coupang is accelerating its healthcare support initiative in rural areas with limited medical infrastructure. Ahead of the opening of its advanced logistics center in Jecheon next year, the company is deploying a team of medical professionals to Danyang, a region with a high elderly population, to provide tailored healthcare services. On May 7, Coupang held its "On-Dongne Care" program at the Maepo Gymnasium in Danyang County, targeting residents in medical blind spots. This was the second mobile clinic event following its launch in Jangsu County, Jeollabuk-do, in April. Danyang County has a population of about 26,000, with 37.6% aged 65 and older, making it a representative ultra-aged community. Given the local challenges in accessing advanced hospitals, Coupang partnered with the Korean Medical Volunteer Corps to send over 40 medical professionals, including specialists and nurses, to the site. The event provided comprehensive services, including internal medicine, dentistry, and traditional Korean medicine, along with bone density and blood tests for around 500 participants, including seniors and students from Maepo Middle School. For those with mobility issues, home visits for medical care were also offered. This event expanded its focus to include youth, introducing growth plate examinations and developmental assessments for children. Coupang and the medical team plan to provide essential medicine kits based on the results and will coordinate follow-up care for residents needing additional treatment at nearby hospitals. This healthcare initiative aligns with the upcoming launch of Coupang's Jecheon logistics center, which is being developed with an investment of approximately 100 billion won. The project aims to strengthen community trust through localized social contributions beyond mere job creation. A Coupang representative stated, "In honor of Parents' Day, we are pleased to support the health of local seniors and assist children's growth. We will continue to visit areas in need each month to provide tangible support to residents." Looking ahead, Coupang plans to bring the On-Dongne Care project to the Gyeongbuk region in June, continuing its efforts to support local communities. The company intends to visit rural areas across Jeolla, Gyeongsang, Gangwon, and Chungcheong provinces at least once a month, focusing on villages where hospital access is challenging. 2026-05-08 11:43:54

KOSPI Falls Over 2% Amid U.S. Market Decline The KOSPI opened lower on May 8, dropping over 2% after surpassing 7,500 points the previous day, influenced by declines in the U.S. market. As of 9:16 a.m., the KOSPI was down 154.71 points (2.07%) at 7,335.34. It started the day at 7,353.94, down 136.11 points (1.82%), and continued to fall amid foreign selling. Han Ji-young, a researcher at Kiwoom Securities, noted, "Today’s market is experiencing a pause due to profit-taking pressures stemming from uncertainties surrounding U.S.-Iran negotiations and weakness in the Philadelphia semiconductor index. During this time, sectors that suffered declines due to recent news and earnings reports, such as defense, may see a rotation in buying." All three major U.S. indices closed lower overnight. The Dow Jones Industrial Average fell 0.63% to close at 49,596.97. The S&P 500 dropped 0.38% to 7,337.11, while the Nasdaq declined 0.13% to 25,806.20. Despite reaching record highs during the day, the S&P 500 and Nasdaq reversed gains in the afternoon as uncertainties regarding U.S.-Iran negotiations emerged. In the securities market, foreign and institutional investors sold a net 1.689 trillion won and 121.2 billion won, respectively, while individuals bought a net 1.7824 trillion won. Most large-cap stocks declined, including Samsung Electronics (-3.50%), SK Hynix (-2.72%), and LG Energy Solution (-1.45%). Hyundai Motor also saw a drop of 3.85%. At the same time, the KOSDAQ index rose 13.13 points (1.09%) to 1,212.31, starting the day at 1,199.47, up 0.29 points (0.02%). In the KOSDAQ market, individuals sold a net 293.4 billion won, while foreign and institutional investors bought a net 298.1 billion won and 30.5 billion won, respectively. Among top KOSDAQ stocks, EcoPro BM (1.06%), Alteogen (0.42%), and Rainbow Robotics (10.76%) saw gains, while EcoPro (-0.31%) and Rino Industrial (-1.50%) declined. 2026-05-08 11:41:48

U.S.-Iran Tensions Escalate Despite Ceasefire U.S. and Iranian forces clashed again in the Hormuz Strait, despite a ceasefire announced on April 7. The ongoing disputes over control of the strait and Iran's nuclear program highlight the fragile nature of the ceasefire. On May 7, U.S. Central Command (CENTCOM) reported that Iran launched missiles, drones, and small boats at three U.S. Navy destroyers transiting the strait. In response, the U.S. conducted retaliatory strikes targeting missile and drone launch sites and command facilities. The U.S. stated that there were no damages to its assets, while Iran accused the U.S. of violating the ceasefire by attacking tankers and civilian areas. This incident is not merely an accidental skirmish. According to AP, the conflict began in February with U.S. and Israeli airstrikes against Iran, and intermittent clashes have continued since the ceasefire was declared. This latest engagement underscores that as long as key issues remain unresolved, further conflicts are likely. A significant concern is the negotiation framework. Reuters reported that the U.S. has presented a proposal to officially end the war, which Iran is currently reviewing. However, this proposal suggests declaring an end to hostilities before moving to detailed negotiations. Key issues, including Iran's nuclear program and the reopening of the Hormuz Strait, remain unaddressed. Control of the Hormuz Strait is a critical factor in these negotiations. AP noted that Iran has recently established a new body to manage shipping through the strait and impose fees. While the U.S. seeks to restore normal shipping, Iran is leveraging control of the strait as a bargaining chip. This clash reflects a struggle not just for military dominance but also for maritime order and negotiation leverage. The gap in negotiations remains wide. Reuters reported that reactions within Iran suggest the U.S. proposal is seen more as an American agenda than a realistic solution. The U.S. is sending mixed signals, combining hopes for negotiations with military pressure, indicating that the current phase is more about managing tensions than reaching a substantive agreement. AP described the situation as an "unstable ceasefire," noting that direct negotiations have yet to yield a viable solution. 2026-05-08 11:39:54

Funeral of Former Prime Minister Lee Hong-koo Concludes The funeral for former Prime Minister Lee Hong-koo, who passed away at 92 on May 5, concluded with a farewell ceremony and burial. On the morning of May 8, a solemn farewell ceremony took place at the Seoul Asan Medical Center, followed by the burial at Cheonan Park Cemetery, marking the end of the funeral proceedings. The ceremony was led by Lee Jae-seung, head of the Korea University Institute of International Relations, and included tributes from Hong Seok-hyun, chairman of JoongAng Holdings; Chung Mong-joon, chairman of the Asan Social Welfare Foundation; and Yoo Hong-rim, president of Seoul National University, among others. In his tribute, Hong expressed, "Today, we gather in profound sadness to bid farewell to our esteemed mentor and elder statesman, Lee Hong-koo. He was an intellectual who criticized the system, far from the image of a chosen elite. He declined offers for ambassador and foreign minister positions during the Yushin era and the Fifth Republic due to his uncompromising spirit." Chung reminisced about his time as a student under Lee, recalling, "As a freshman at Seoul National University, I remember the large crowds drawn to his humorous lectures. His teachings provided invaluable insights into international affairs and the direction of our nation, imparting wisdom beyond mere knowledge." Yoo also reflected, stating, "Lee was my mentor since I entered Seoul National University in 1980, and I feel a deep sense of loss sending him to the eternal world. Remembering his profound teachings is how we can repay his kindness." Born in 1934, Lee entered the Seoul National University College of Law but dropped out the following year to study in the United States. He earned a degree in philosophy from Emory University and a master's and doctorate in political science from Yale University before returning to Korea in 1968 to join the faculty at Seoul National University. Lee began his political career in 1988 as the Minister of Unification, later serving as a special advisor to the president, ambassador to the UK, and Deputy Prime Minister and Minister of Unification under the Kim Young-sam administration, before becoming the 28th Prime Minister in 1994. Notable attendees at the funeral included former Prime Minister Jeong Un-chan, former UN Secretary-General Ban Ki-moon, Minister of the Interior and Safety Yoon Ho-jung, former Bareunmirae Party leader Son Hak-kyu, People Power Party lawmaker Kwon Young-se, British Ambassador to South Korea Colin Crooks, Japanese Ambassador to South Korea Koichi Mizushima, and Kim Hyun-chul, chairman of the Kim Young-sam Foundation. 2026-05-08 11:37:17

Toss Bank Expands National Treasury Payment Services with Direct Bank of Korea Link Toss Bank is set to enhance its national treasury payment services by directly linking with the Bank of Korea. On May 8, Toss Bank announced it has obtained qualification as a national treasury collection agency. National treasury payments allow customers to receive funds from government agencies, such as tax refunds, directly into their accounts. Since 2024, Toss Bank has offered services through its app for viewing and paying national tax, customs duties, police fines, penalties, and patent fees. Last year, it partnered with the National Health Insurance Service to enable payments for four major social insurance premiums. The recent qualification strengthens Toss Bank's foundation for handling national treasury operations through direct integration with the Bank of Korea while maintaining existing customer payment experiences. A Toss Bank representative stated, "This qualification signifies a strengthened foundation for handling national treasury operations in direct connection with the Bank of Korea. We will continue to expand services to make public financial services like tax payments and refunds easier and more secure for our customers." 2026-05-08 11:36:03

President Lee Honors Parents on Parents' Day, Emphasizes Support for Families On Parents' Day, May 8, President Lee Jae-myung expressed deep respect for all parents dedicated to their families and the nation. He stated, "The heartfelt desire to leave a better world for our children is the root of this country and the driving force behind its prosperity and growth. Today's South Korea stands on that silent dedication." In a Facebook post, he said, "On this 54th Parents' Day, I extend my sincere gratitude and respect to all parents who are devoted to their families and the nation." Lee reflected on his own experience, saying, "A parent carries the weight of the world for each child. I truly realized this only after becoming a father of two." He emphasized the need for a society that does not rely solely on parental sacrifice but rather fosters a nation where the community shares responsibility, stating, "We will strive for a 'country where the people are happy,' so everyone can look forward to a better future." The president asserted that parents who have dedicated their lives deserve to enjoy a worry-free and happy retirement. He pledged to provide more attentive care and expand practical support for parents. He outlined initiatives by the people's sovereignty government, including 'community-integrated care,' 'dementia asset management services,' and a record 1.15 million senior job opportunities, along with reforms to unfair pension systems to ensure healthy and vibrant retirements. Lee concluded by wishing for a warm day where gratitude and love can be shared with those who may not have heard it before. 2026-05-08 11:33:36

KOSPI retreats after historic rally as foreign investors dump shares SEOUL, May 8 (AJP) - South Korea's KOSPI took a breather on Friday after a strong three-day rally that saw the benchmark index gain more than 13 percent, weighed down by heavy foreign selling. As of around 11 a.m., the KOSPI stood at 7,378.17, down 1.49 percent, from the previous session. The retreat came just a day after the index briefly crossed the 7,500 mark for the first time in its history, having surpassed the 7,000 threshold in the previous session, as foreign investors, who had aggressively fueled the recent artificial intelligence (AI)-driven rally through heavy buying of KOSPI-listed chip stocks, sharply reversed course. After recording a net purchase of 3.13 trillion won on May 6, the largest daily foreign inflow on record that helped push KOSPI above the 7,000 mark, foreign investors dumped more than 7 trillion won worth of shares in the previous session and extended heavy selling with another 3.45 trillion won in net sales in the day's morning trade. Investor sentiment also weakened as uncertainty resurfaced over ceasefire negotiations between the U.S. and Iran, reviving concerns that the prolonged conflict in the Middle East could escalate again. Market jitters deepened further after reports that Washington was considering restarting "Project Freedom," an operation aimed at helping commercial ships stranded near the Strait of Hormuz leave the region safely. Overnight on Wall Street, the Dow Jones Industrial Average fell 0.63 percent, while the S&P 500 and Nasdaq Composite declined 0.38 percent and 0.13 percent, respectively. The Philadelphia Semiconductor Index dropped 2.72 percent as investors locked in gains in chip stocks after recent rallies. British chip designer Arm Holdings plunged 10.1 percent overnight amid renewed doubts over the production capacity of its artificial intelligence chips, further weighing on global semiconductor sentiment. In Seoul, large-cap semiconductor shares led the decline after posting record highs a day earlier. Samsung Electronics fell 2.67 percent to 264,250 won, while SK hynix slipped 0.97 percent to 1,638,000 won. SK Square, the largest shareholder of SK hynix, also declined 1.36 percent to 1,084,000 won. Defense and heavy industry shares were broadly weaker, with Hanwha Aerospace down 1.59 percent to 1,296,000 won, HD Hyundai Heavy Industries falling 6.35 percent to 649,000 won, and Doosan Enerbility sliding 4.99 percent to 129,600 won. Battery and electronics shares also traded lower, with LG Energy Solution down 1.66 percent to 475,000 won and Samsung Electro-Mechanics falling 1.64 percent to 902,000 won. Automakers outperformed the broader market, led by Hyundai Motor, which jumped 8.04 percent to 618,000 won, while Kia gained 4 percent to 163,900 won. But the junior KOSDAQ outperformed the main board as foreign buying shifted into smaller growth stocks. The index rose 0.42 percent to 1,204.19. Foreign and institutional investors bought a net 380.2 billion won and 73 billion won worth of KOSDAQ shares, respectively, while retail investors sold a net 445.3 billion won. Robotics and biotech shares continued to lead gains on the KOSDAQ. Rainbow Robotics surged 14.35 percent to 797,000 won, while Kolon TissueGene jumped 12.30 percent to 128,700 won. Among biopharmaceutical stocks, Samchundang Pharm rose 1.38 percent to 405,000 won, ABL Bio gained 2.85 percent to 130,000 won and LigaChem Biosciences climbed 6.79 percent to 195,100 won. In contrast, secondary battery shares remained weak, with EcoPro BM falling 1.70 percent to 231,500 won and EcoPro sliding 3.57 percent to 154,000 won. Healthcare and semiconductor-related shares also traded lower, as HLB fell 2.18 percent to 58,200 won, while Alteogen edged down 0.42 percent to 355,000 won. The South Korean won weakened slightly against the U.S. dollar, trading at 1,464.60 per dollar compared with 1,454 previously. Meanwhile, the sell-off spread across major Asian markets. Japan's Nikkei 225 also fell 0.62 percent to 62,446.81 amid broader profit-taking in technology and semiconductor-related shares, Hong Kong's Hang Seng Index dropped 1.20 percent to 26,308.99 and China's Shanghai Composite slipped 0.19 percent to 4,172.13 reflecting a broader risk-off mood as investors reassessed geopolitical and valuation risks. 2026-05-08 11:33:00

Korean Performance Captivates Audience at Venice Biennale Taiwan Pavilion "Bravo!" During the opening of the Taiwan Pavilion at the Venice Biennale on May 7, the performance titled "She seemed devastated, when I was weeping with joy" captivated the audience, drawing enthusiastic applause. The performance featured South Korean artist Hong Eun-joo and performer Kim Yi-soo, who presented a 30-minute act as part of the exhibition "Screen Melancholy: Li Yi-Pan," curated by Raphael Fonseca. The event attracted over 200 attendees, exceeding the pavilion's capacity of 170, indicating significant interest. Two additional performances are scheduled. The performers engaged in a dynamic interplay, intertwining their movements. They approached each other, engaged in physical tussles, and alternated between gentle gestures and striking actions. The doll, crafted to resemble the artist, evoked a peculiar tension, oscillating between the realms of life and inanimate existence. In an interview, Hong Eun-joo shared, "In 2024, I encountered traditional puppet theater during my residency in Taipei, Taiwan. I learned that Korea's traditional puppet theater form has largely disappeared due to the Japanese colonial period." She added, "This intrigued me, leading to the creation of a performance utilizing puppets." The doll was created using a 3D scan of the artist's own face and body. "The doll sat in my home for months. My face was rolling around. I saw my face while passing by. It was a strange experience, almost like an out-of-body feeling," she explained. Hong has been collaborating with Li Yi-Pan since 2024, believing their works resonate at the point of 'melancholy.' Their connection led to an invitation from the Taiwan Pavilion curator to perform at the Venice Biennale. Through her work, Hong aims to pose the question, "What makes us human?" She remarked, "The doll represents a suffering body, discarded on the floor. Although it is plastic, I hope the audience feels compassion when they see it." "Even if it is not a real body, if we can feel compassion for a being that is dragged on the floor, suffering and wounded, that seems to be one of the conditions that make us human. If we can witness war or the suffering of others without feeling anything, that is inhumane," she added. The doll could symbolize a human body devoid of all fluids. Hong recalled how her grandfather shed sticky tears before passing away. "Before dying, a person expels all liquids. Both feces and tears are released. In contrast, the plastic doll is a body entirely unrelated to any fluids." Currently based in Germany, Hong frequently visits the Venice Biennale, often thinking, "Someday, I will be here." Now that her dream has come true, she expresses a desire to one day have a formal solo exhibition. "I never imagined I would present my work here so quickly. The weight of the Biennale's name was significant. However, I felt surprisingly calm today," she said. The live performances will take place at the Palazzo delle Prigioni near St. Mark's Square in Venice on May 8 and 9 at 5 PM. 2026-05-08 11:31:28