Jang Dong-hyuk Calls Opposition's Special Prosecutor Proposal Unconstitutional Jang Dong-hyuk, the leader of the People Power Party, criticized the opposition's proposed "manipulated prosecution special prosecutor" as "unconstitutional and illegal." Speaking at a press conference hosted by the Seoul Foreign Correspondents' Club in central Seoul on May 8, Jang stated, "The special prosecutor appointed by President Lee Jae-myung would have the authority to dismiss charges against the president, ultimately aiming to eliminate the trial of the president altogether." He added, "This directly contradicts the fundamental principle of the rule of law that states 'no one can be a judge in their own case' and the constitutional spirit that 'all citizens are equal before the law.' Such a special prosecutor is unimaginable in a country that adopts liberal democracy and the rule of law." Jang also expressed concerns regarding the foreign and security policies of the Lee Jae-myung government. He remarked, "I have significant concerns about the foreign and security policies of the Lee administration," noting that the current policies differ considerably from those of past progressive governments. He pointed out that President Lee referred to U.S. Forces Korea as a "foreign military" and is hastily pushing for the transfer of wartime operational control. "Many South Koreans are worried that this policy direction is aimed at the withdrawal of U.S. Forces Korea," he said. Jang urged a shift in the government's foreign and security policy. He emphasized, "The People Power Party firmly believes in strengthening the South Korea-U.S. alliance and adopting 'peace through strength' as the cornerstone of our foreign and security policy. I hope the government will change its policy direction now to prioritize national interests and the well-being of the people."* This article has been translated by AI. 2026-05-08 16:09:05

KOSPI Closes Slightly Higher on Individual Investor Buying Amid Profit-Taking The KOSPI, which started lower, closed slightly higher on May 8, buoyed by buying from individual investors. As the market digests the recent surge, a rotation among stocks continues. According to the Korea Exchange, the KOSPI rose by 7.95 points (0.11%) to close at 7,498.00. The index opened at 7,353.94, down 136.11 points (1.82%) from the previous session. Lee Kyung-min, a researcher at Daishin Securities, noted, "The domestic market is seeing profit-taking after a sharp rise recently, with foreign investors expanding net selling, particularly in large electric and electronics sectors." He added, "The semiconductor sector within the KOSPI is taking a breather, while rotation into robotics and neglected sectors continues." In the securities market, individuals and institutions net bought 4.79 trillion won and 1.28 trillion won, respectively, while foreign investors net sold 6.23 trillion won. Among the top market capitalization stocks, SK Hynix (1.93%), Hyundai Motor (7.17%), Samsung C&T (4.32%), and Samsung Biologics (0.27%) saw gains, while Samsung Electronics (-1.10%), SK Square (-0.09%), LG Energy Solution (-1.35%), Doosan Enerbility (-4.99%), and HD Hyundai Heavy Industries (-5.05%) declined. The KOSDAQ index closed at 1,207.72, up 8.54 points (0.71%). It started the day at 1,199.47, a slight increase of 0.29 points (0.02%), and quickly regained the 1,200 mark shortly after opening. In the KOSDAQ market, foreign and institutional investors net bought 518.3 billion won and 82.6 billion won, respectively, while individuals net sold 592 billion won. Among the top KOSDAQ stocks, EcoPro BM (0.85%), Rainbow Robotics (12.48%), Kolon TissueGene (11.52%), Samchundang Pharm (1.13%), ABL Bio (2.93%), and Rigakem Bio (2.41%) closed higher, while EcoPro (-2.94%), Alteogen (-4.49%), Rino Industrial (-0.79%), and HLB (-2.18%) fell.* This article has been translated by AI. 2026-05-08 16:07:16

Kolmar posts record quarterly profit amid rising demand for sunscreen products SEOUL, May 8 (AJP) - Cosmetics maker Kolmar posted its best-ever quarterly results, thanks to surging demand for sun-care products ahead of the summer season. Its operating profit for the first three months of this year rose 31.6 percent from a year earlier to 78.9 billion Korean won (about US$54 million), while revenue increased 11.5 percent to 728 billion won and net profit jumped 158.7 percent to 60 billion won. Both operating profit and revenue reached record highs for any quarter, a notable achievement given that the first quarter is typically a slow season for the cosmetics industry. Kolmar manufactures a range of cosmetics including sunscreen and skincare products for major brands such as Innisfree and Dr.Jart+ as well as indie beauty brands like Goodai Global. In particular, its line of sun-care products developed in collaboration with Goodai Global recently surpassed 100 million units in cumulative sales over the past five years. A Kolmar staffer attributed the company's best-ever first-quarter performance to surging demand for sunscreen and related products as consumers stock up ahead of the summer months. 2026-05-08 16:06:02

Special Prosecutors Clear Kim Kwan-young of Charges Related to Insurrection Special prosecutors have cleared Kim Kwan-young, the governor of Jeonbuk Special Self-Governing Province, of charges related to insurrection assistance during the martial law declared on December 3, 2024. On May 8, Kwon Chang-young, head of the second special prosecution team, announced in a press release that the investigation into the allegations against Kim had concluded with no charges filed. The team reportedly delivered a notice of non-prosecution to the Jeonbuk Provincial Office around 6 p.m. the previous day. The allegations stemmed from claims that during the martial law declared by former President Yoon Suk Yeol, Jeonbuk Province complied with directives from the Ministry of the Interior and Safety, including closing the provincial office and cooperating with the regional martial law command. The issue gained traction recently as Lee Won-taek, a fellow party candidate for governor, raised concerns during the election campaign. However, the special prosecutors' findings contradicted the allegations. The team confirmed that Kim publicly expressed the unconstitutionality of the martial law just 29 minutes after it was declared in a media interview. They stated, "It cannot be concluded that the governor acted with the intent to undermine the constitution by supporting the martial law." The investigation also found that key allegations, including the closure of the provincial office, the preparation of a provisional budget, and maintaining a cooperative system with the 35th Division's regional martial law command, were not substantiated. The case against the governor of Jeju Special Self-Governing Province, which was also under investigation for similar allegations related to the closure of the provincial office, was dismissed as well. The special prosecution team explained that this case was merely a re-filing of an already dismissed matter from a previous insurrection investigation, with no new evidence discovered. Upon receiving the notice of non-prosecution, Kim expressed his approval and strongly criticized Lee. During a press conference at the Jeonbuk Provincial Assembly, he stated, "I cooperated sincerely with the investigation according to the law and procedures, and the truth has been confirmed. I will not let Lee's political deception and insult to the citizens go unchallenged," indicating that he would consider legal actions in response. 2026-05-08 16:05:24

Trump Claims U.S. Holds Negotiation Advantage Over Iran Amid Hormuz Tensions President Donald Trump emphasized that the United States maintains a negotiating advantage over Iran, even as hostilities in the Hormuz Strait have resumed. He suggested that rather than viewing the renewed clashes as a sign of escalating conflict, it indicates Iran's increasing urgency to reach an agreement. On May 7, during a visit to the construction site of the Lincoln Memorial in Washington, D.C., Trump told reporters, "Negotiations are going very well." He added, "Iran wants an agreement much more desperately than I do," highlighting that despite military exchanges in the Hormuz Strait, the framework for a ceasefire and negotiations remains intact. Trump downplayed the significance of the recent clashes, calling Iran's attacks "minor" and asserting, "We completely obliterated them." His comments reflected a belief that the resumption of military conflict has not disrupted the negotiation process. He continued to apply pressure for an agreement, warning that if Iran rejects a deal and hostilities escalate, "you will see a massive flash coming from Iran," urging them to sign the agreement quickly. This statement suggests that while negotiations remain open, he is prepared for military action if necessary. Regarding the content of the proposed agreement, Trump described it as more extensive than the one-page document that has been previously reported. He stated that it would ensure Iran does not acquire nuclear weapons and would include provisions related to the transfer of nuclear materials. Trump maintained skepticism about Iran's willingness to comply with U.S. demands, stating, "Even if they agree, the next day they will say something different, so it doesn’t mean much." He also dismissed concerns about the economic burden of a prolonged conflict, telling reporters, "Gas prices have dropped significantly," indicating that he prioritizes negotiation leverage and control over the costs of military engagement.* This article has been translated by AI. 2026-05-08 16:03:31

Lotte Wellfood Q1 operating profit more than doubles on overseas growth SEOUL, May 08 (AJP) - South Korean confectionery maker Lotte Wellfood announced that its first-quarter operating profit more than doubled from a year earlier, lifted by brisk sales in India and Kazakhstan that helped offset sluggish domestic demand. According to regulatory filings released Friday, operating profit jumped 118.4 percent to 35.8 billion won ($24.3 million) on a consolidated basis. Revenue rose 5.4 percent to 1.03 trillion won, while net profit slipped 26.6 percent to 16.7 billion won. Overseas subsidiaries logged 270.5 billion won in sales, up 18 percent year-on-year. The Indian unit benefited from broader distribution channels following a corporate merger and stronger sales of flagship products, while the Kazakh business rode a wave of resilient domestic consumption and exports. Exports climbed 8 percent to 66 billion won as the company expanded its customer base in the United States and China. Combined overseas revenue accounted for about 32 percent of total sales, deepening the maker of Pepero and World Cone's pivot beyond a saturated home market. Lotte Wellfood said it had also tightened cost discipline by streamlining low-margin products and sales channels and improving logistics and procurement efficiency. "We will accelerate the global expansion of our core brands and strengthen peak-season marketing to sustain the momentum in profitability," a company official said, flagging headwinds from raw material price swings and currency volatility tied to the Middle East war. Share of Lotte Wellfood closed at 127,300 won, 6.53 percent higher than the day before. 2026-05-08 16:00:12

Anti-Corruption Agency Requests Investigation into Kim Geon-hee's Luxury Bag Scandal The Anti-Corruption Agency has decided to request an investigation from the National Investigation Headquarters regarding allegations related to Kim Geon-hee's acceptance of luxury bags and potential violations of the anti-bribery law. On May 8, the agency announced the findings of its normalization task force (TF). According to the agency, the TF reviewed various allegations, including past reports concerning luxury bags and new claims related to interference in complaints. It found that Jeong Seung-yoon, the former deputy chair and secretary at the time of the report, delayed the handling of the case and held an unofficial meeting with the accused at the presidential residence late at night, raising concerns about potential violations of the anti-bribery law. Jeong Il-yeon, chair of the Anti-Corruption Agency, stated during a briefing, "The fact that the former secretary met with former President Yoon Suk Yeol has been confirmed based on testimonies from staff members." Regarding whether Jeong met with Kim Geon-hee, the subject of the luxury bag allegations, he noted that this is a matter that should be investigated by the authorities. The TF also reported that Jeong had treated a deceased agency official, who had opposed the closure of the luxury bag case, unfairly by limiting their speaking rights in meetings and excluding them from key tasks, which could be considered workplace harassment. The agency plans to notify the official's current employer about these misconducts. Additionally, the agency intends to offer a sincere apology to the deceased official and their family. The TF highlighted issues in the agency's handling of the so-called "helicopter transport privilege" controversy that arose during Lee Jae-myung's tenure as leader of the Democratic Party in 2024. It was reported that Jeong included matters not discussed in meetings in official documents and directed that the actions of medical personnel be reported as violations of conduct, contrary to the department's recommendations. The TF concluded that the additional testimony indicating that the transfer and helicopter transport between Seoul National University Hospital and Pusan National University Hospital were conducted within the scope of authority suggests that the initial classification as a violation of conduct was inappropriate. In relation to allegations involving former Broadcasting and Communications Review Committee Chair Ryu Hee-rim regarding "complaint solicitation," the TF noted that the responsible department had recommended forwarding the matter to a third party (the Board of Audit and Inspection or the prosecution), but Jeong had rejected this recommendation. The TF also stated that there are indications that Ryu failed to fulfill their obligation to report private interests during the investigation, prompting a request for an audit from the Board of Audit and Inspection.* This article has been translated by AI. 2026-05-08 15:58:36

Seoul Mayoral Candidates Clash Over Opening of 'Garden of Gratitude' The opening of the 'Garden of Gratitude' scheduled for May 12 has sparked a heated exchange between Seoul mayoral candidates Oh Se-hoon and Jung Won-o. According to a report by Aju Economy on May 8, Oh Se-hoon, the candidate from the People Power Party, plans to attend the opening ceremony for the Garden of Gratitude. Meanwhile, Jung Won-o's camp from the Democratic Party is calling for the ceremony to be halted through a series of one-person protests by its members. Following protests by lawmakers Go Min-jeong and Yoon Geon-young the previous day, lawmaker Chae Hyun-il joined the protest on May 8. Lawmakers Lee Hae-sik and Kim Nam-geun are scheduled to protest on May 9 and 10, respectively, while Park Min-kyu and Lee Joo-hee will continue the protests on May 11, the day before the opening. On May 7, Jung Won-o's campaign group, the 'Oh Se-hoon 10-Year Judgment Headquarters,' held a press conference at Gwanghwamun Square in Seoul, stating, "This is a rushed administration entangled with allegations of favoritism, waste of taxpayer money, and disregard for procedures. An audit should take precedence over the opening." Jung's camp argues that the Garden of Gratitude is a hastily conceived project that shifted direction after plans for a flagpole installation were scrapped. They claim that necessary procedures, such as the local financial investment review and the required economic feasibility analysis, were not completed during the project's advancement. Oh Se-hoon plans to respond during the opening ceremony. A spokesperson for his campaign stated, "As the election approaches, they are maliciously trying to find faults. The issues regarding the procedures for the Garden of Gratitude can be resolved with improvements." On the same day, after announcing care pledges at the Eunpyeong Center of the Seoul Digital Companion Plaza, Oh remarked to reporters, "The Garden of Gratitude is nearly complete. The Seoul city government has repeatedly stated that Gwanghwamun Square is a national symbolic space. It is essential to install symbolic sculptures in such a space."* This article has been translated by AI. 2026-05-08 15:56:43

Flower market bustles with shoppers on Parents' day SEOUL, May 08 (AJP) -In South Korea, spring does not fully arrive until the carnations appear. Every year on May 8, families across the country celebrate Parents' Day, a national observance dedicated to honoring both mothers and fathers. Streets fill with bouquets wrapped in pink paper, flower stalls spill over with red carnations, and schoolchildren clutch handmade pins and handwritten letters on their way home. The carnation has become the defining symbol of the holiday — a flower associated with gratitude, sacrifice and respect. Red carnations are traditionally given to living parents. The tradition reflects South Korea’s deep-rooted Confucian culture, where filial duty remains one of society’s strongest values even as family structures rapidly change. Unlike many Western countries that separate Mother’s Day and Father’s Day, South Korea merged the celebrations into one holiday in the 1970s to emphasize family unity. In the days leading up to May 8, flower markets in Seoul become some of the busiest corners of the city. Vendors work through the night assembling corsages and bouquets as office workers and students rush to buy gifts before trains and highways fill with holiday travelers heading to their hometowns. 2026-05-08 15:55:49

Saemaul Geumgo Provides 93.4 Billion Won in Policy Loans in Q1, Expanding Support for Low-Income Finance Saemaul Geumgo Central Association is actively providing policy loans to support economically vulnerable groups, including low-credit and low-income workers, self-employed individuals, and small business owners. The organization aims to fulfill its role as a financial institution for the underprivileged. On May 8, Saemaul Geumgo announced that it supplied 93.4 billion won in low-income financial support through three policy loan products—HaetSal Loan, municipal agreement loans, and small business loans—in the first quarter of this year. This amount is similar to the 94.3 billion won provided during the same period last year. The policy loans from Saemaul Geumgo have shown a continuous increase, with 295.8 billion won in 2023, 312.3 billion won in 2024, and 405.2 billion won in 2025. This growth is seen as a way to strengthen Saemaul Geumgo's identity as a financial institution for the underprivileged while contributing to the increase of sound loans. Kim In, the chairman of Saemaul Geumgo Central Association, stated, "We are well aware of the growing demands for social responsibility from financial institutions towards vulnerable groups such as small business owners and low-credit individuals. Saemaul Geumgo will continue to make every effort to reduce the financial burden on the underprivileged as a community-focused financial institution." Additionally, Saemaul Geumgo is committed to practicing inclusive finance by providing emergency loans and repayment deferrals to low-income individuals and small business owners facing liquidity crises due to disasters. The organization has offered substantial financial support to affected customers during disasters, including last year's wildfires in the Yeongnam region and heavy rainfall, totaling 15 instances of financial assistance since 2020.* This article has been translated by AI. 2026-05-08 15:55:02