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

Hyundai GF Holdings Reports 24% Increase in Q1 Operating Profit Hyundai GF Holdings, the holding company of the Hyundai Department Store Group, reported strong results for the first quarter of this year, driven by improved profitability across its major subsidiaries. According to a disclosure on May 8 from the Financial Supervisory Service, Hyundai GF Holdings announced that its consolidated operating profit for the first quarter was 117.6 billion won, marking a 23.9% increase compared to the same period last year. Revenue for the quarter was 2.0837 trillion won, a slight increase of 0.6% year-on-year. The growth in performance was largely attributed to Hyundai Green Food and Hyundai Home Shopping. Hyundai Green Food recorded consolidated sales of 621.5 billion won and an operating profit of 46.4 billion won for the first quarter, representing increases of 8.9% and 43.9%, respectively, compared to the previous year. The rise in demand for company cafeterias amid high inflation, along with growth in new business areas such as care food and dining, has been credited for the success of its diversification strategy. Hyundai Home Shopping also contributed to the positive results, with consolidated sales of 978.5 billion won and an operating profit of 65.3 billion won, reflecting increases of 1.9% and 35.9%, respectively, from the previous year. The net profit for the period surged by 61.6% to 54.7 billion won. A revamped programming strategy that reflects customer trends, along with strong performance from subsidiaries Hanssem and Hyundai FutureNet, played a significant role in these results. A representative from Hyundai GF Holdings stated, "The increase in both revenue and operating profit was due to the strong performance of key subsidiaries like Hyundai Green Food and Hyundai Home Shopping. We expect the growth trend in our department stores and home shopping channels to continue into the second quarter."* This article has been translated by AI. 2026-05-08 15:53:30

Kumho Tire Reports 42.9% Increase in Operating Profit Amid Electric Tire Expansion Kumho Tire & Technology reported a significant increase in revenue, driven by the expansion of its electric tire supply. Despite tariffs and high oil prices, the company continued to see strong performance in the global replacement tire market. On May 8, Kumho Tire announced that its consolidated revenue for the first quarter of 2026 reached 5.31 trillion won, with an operating profit of 506.9 billion won. This marks a 7% increase in revenue and a 42.9% increase in operating profit compared to the same period last year. The tire segment alone saw revenue rise by 9.3% to 2.56 trillion won, with operating profit increasing by 31.1% to 437.5 billion won. The operating profit margin stood at 17.1%. Kumho Tire attributed its success to the increased supply of new car tires for electric and hybrid vehicles, along with a rise in replacement tire sales in key markets such as Europe, South Korea, and China. In the first quarter of this year, the proportion of sales for high-inch tires (18 inches and above) in the passenger and light truck tire segment rose to 49.1%, up 2 percentage points from the previous year. The share of electric vehicle tires in the new car tire sales for passenger and light trucks increased to 29.6%, a rise of 6.6 percentage points compared to the same period last year. Kumho Tire is also supplying new car tires for internal combustion and electric vehicles to global premium automakers such as Mercedes-Benz, BMW, and Ford. The company has established itself as a quality competitor by supplying new car tires for over 300 models across more than 50 brands, including Porsche, in the global automotive market. The sales of Hanon Systems, a subsidiary of Kumho Tire since 2025, reached 2.75 trillion won in the first quarter of 2026, reflecting a 5% increase from the previous year, while operating profit surged by 361.1% to 97.2 billion won. Kumho Tire expects its global production volume to continue to rise. This year, expansions at its production facilities, including the plant in Tennessee, are set to be completed. The company aims to achieve a 51% share of high-inch tires and over 33% for electric vehicle tires in its new car tire sales, while also accelerating partnerships with premium brands. A Kumho Tire representative stated, "The passenger tire line at the Tennessee plant will be completed in the first half of the year, while the commercial truck tire line will be finished in the second half, with initial production expected to begin. An additional 5% of overall production, or about 5.5 million tires, is anticipated to be produced annually."* This article has been translated by AI. 2026-05-08 15:51:27

Korea's Broadcasting and Communications Commission Fines KT 640 Million Won Over Galaxy S25 Pre-Order Issues The Broadcasting and Communications Commission (BCC) has imposed a fine of 640 million won on KT for misleading users during the pre-order process of the Galaxy S25 and for restricting some subscriptions. On May 8, during its seventh meeting of 2026 held at the Government Complex in Gwacheon, the BCC announced that it had decided to impose the fine along with a corrective order for violations of the Telecommunications Business Act by KT. The BCC determined that KT infringed on user rights by providing misleading information about additional benefits and subscription conditions during the Galaxy S25 pre-order process. An investigation into the matter has been ongoing since February of last year. The investigation revealed that while conducting a pre-order event for the Galaxy S25 on its official online store, KT.com, the company stated that "benefits could be provided unless otherwise indicated." However, it was found that some benefits were limited to the first 1,000 customers. KT explained that the omission was due to a simple mistake by an employee. KT was also found to have unilaterally canceled contracts for 7,127 users who pre-ordered through the YouTube channel 'Orait Studio' and the Genie TV channel (6,192 from YouTube and 935 from Genie TV). The BCC concluded that KT unjustly restricted subscriptions despite these users having completed the service agreement procedures, including identity verification and payment method input. The BCC identified the following violations under the Telecommunications Business Act: misleading users about important matters such as the limit on the number of pre-orders and restricting subscriptions for users who completed the contract process. The commission also issued a corrective order requiring KT to clearly disclose additional benefits and conditions during the pre-order process for users. A KT representative stated, "There were some deficiencies in the notifications during the operation at that time, and we have improved the related procedures." Kim Jong-cheol, chairman of the BCC, emphasized the need for thorough inspections of misleading or omitted information regarding important matters in mobile service subscriptions, stating, "We will continuously monitor the implementation of this measure to ensure that the public does not face any inconveniences." Meanwhile, Shin Seung-han, the BCC's market research and review officer, explained during a briefing after the commission meeting that KT's violations occurred in February of last year, followed by a review and investigation process that continued until recently, leading to the final corrective action approved by the commission. Regarding the background of KT's unilateral contract cancellations for users who pre-ordered through the YouTube channel Orait Studio and Genie TV, he stated, "KT claimed that they had planned to limit the benefits to the first 1,000 customers, and the omission was due to a simple mistake by staff. However, upon verifying the facts, it was found that the actual number of benefits provided exceeded 1,000." He added, "The BCC confirmed a total of 7,127 cases of unilateral cancellations and made its judgment based on the final confirmed cancellation numbers."* This article has been translated by AI. 2026-05-08 15:49:08

Hyundai Motor Shares Surge Over 7% Following Atlas Robot Video Release Hyundai Motor shares rose more than 7% during trading on May 8. According to the Korea Exchange, as of 3:14 PM, Hyundai Motor's stock was trading at 613,000 won, up 41,000 won (7.17%) from the previous trading day. At one point, the stock surged by 13.11% to reach 647,000 won. At the same time, Hyundai Glovis saw an increase of 21,500 won (9.33%), trading at 252,000 won, while Hyundai Mobis rose by 68,500 won (15.52%) to 520,000 won. Kia's shares also experienced a boost, rising by 6,500 won (4.12%) to 164,100 won. The surge in Hyundai Motor's stock is attributed to the recent release of a video showcasing the operation of the humanoid robot Atlas by its robotics subsidiary, Boston Dynamics. Additionally, analysts suggest that the influx of investment may be a result of a rotation in the market, as semiconductor stocks, which had been driving the market's rise, showed signs of stabilizing on this day.* This article has been translated by AI. 2026-05-08 15:47:26

Gold Prices Rise Amid U.S.-Iran Tensions, Testing $4,800 Level Gold prices increased as tensions between the United States and Iran escalated. The international gold price is being discussed as potentially testing $4,800 per ounce (approximately 7.05 million won). According to the Wall Street Journal (WSJ) on May 8, the spot price of gold rose by 0.4% to $4,697.55 per ounce (about 6.90 million won) in early Asian trading. The WSJ reported that the rise in gold prices is attributed to a heightened preference for safe-haven assets amid increasing tensions between the U.S. and Iran. Simon-Peter Masabni, head of business development at XS.com, stated, "As long as gold remains above $4,680 per ounce (approximately 6.87 million won), the upward trend is maintained." He explained that this level is acting as an immediate support line, and the recent breakout has triggered buying from automated trading programs and institutional funds. Masabni noted that if the upward momentum continues, there is a greater likelihood of testing the psychological resistance level of $4,800. During trading, the spot price of gold reached $4,725.32 (about 6.94 million won), increasing its gain to 1.0%. Bas Koijman, CEO of DHF Capital, remarked, "Investors will look for clues about the economy and the direction of the Federal Reserve's monetary policy through U.S. employment indicators."* This article has been translated by AI. 2026-05-08 15:45:58

Travel Agencies That Force Shopping or Allow Unauthorized Departures Face Immediate Ban Foreign group tourists visiting South Korea will see immediate bans on travel agencies that force shopping or allow unauthorized departures. The new regulations, which directly incorporate penalties into the Tourism Promotion Act, aim to eliminate loopholes that unscrupulous agencies have exploited to avoid sanctions through legal battles. The Ministry of Culture, Sports and Tourism announced on May 8 that the National Assembly passed an amendment to the Tourism Promotion Act on May 7, establishing clear guidelines for prohibited actions and administrative penalties for travel agencies. The amendment will take effect six months after its promulgation. ◆ Overcoming Limitations of Administrative Guidelines…Ensuring Effective Legal Sanctions A key aspect of this amendment is the introduction of strong legal measures to expel travel agencies engaged in ultra-low-cost dumping tourism. Previously, the ministry relied on administrative guidelines and renewal reviews to designate problematic agencies. However, many of these agencies exploited the lack of clear legal grounds to file injunctions or administrative lawsuits, allowing them to continue operating covertly. In response, the government amended the Tourism Promotion Act itself, elevating the legal basis for sanctions. By embedding punitive provisions into the primary law, the government has effectively closed loopholes that allowed agencies to evade penalties. ◆ New Prohibited Actions…Ending the Practice of Shifting Guide Salaries The amendment specifies three prohibited actions for travel agencies. According to the newly established Article 12-3, Section 3, travel agencies are strictly forbidden from: 1) significantly lowering the cost of attracting tourists while collecting commissions from specific facilities, disrupting the order of the travel industry; 2) forcing tourists to make purchases or engaging in abusive behavior; and 3) using the salaries of hired tourism workers to cover shopping commissions. Violations may result in the Minister of Culture, Sports and Tourism imposing a suspension of operations for up to six months or canceling the agency's designation. Notably, a new mandatory cancellation clause has been introduced, requiring the cancellation of designation if an agency is caught continuing operations during a suspension period. ◆ Accountability for Allowing Unauthorized Departures…Implementing a Comprehensive Management Network Travel agencies will also face strict accountability for incidents where tourists exploit group visa loopholes to become illegal residents after unauthorized departures. If tourists recruited by a travel agency leave without authorization, the agency will be assessed based on the number of unauthorized departures, departure rates, and incident occurrences, leading to potential suspensions or cancellations of designation. To enhance enforcement effectiveness, the amendment legalizes a government-wide collaboration framework, allowing the Minister of Culture, Sports and Tourism to work with heads of relevant central administrative agencies, such as the Ministry of Justice. The authority to designate and renew travel agencies can also be delegated to specialized institutions like the Korea Tourism Organization, significantly enhancing the review process's expertise. Minister of Culture, Sports and Tourism, Choi Hwi-young, stated, "This amendment to the Tourism Promotion Act will solidify order in the inbound group tourism market and foster a high-quality group tourism sector." The ministry plans to establish detailed administrative penalty criteria in subordinate regulations before the law takes effect.* This article has been translated by AI. 2026-05-08 15:43:52

Ministry of SMEs Encourages Entrepreneurship on College Campuses The Ministry of SMEs and Startups is promoting entrepreneurship among young people by visiting college campuses as part of the "Everyone's Startup Project." On May 8, Minister Han Seung-sook and First Vice Minister Noh Yong-seok visited university campuses to raise awareness about the project and engage in discussions with students about entrepreneurship. The application deadline for the project is approaching on May 16. During her visit to Chonnam National University, Minister Han listened to students' discussions and exchanged views on the challenges they face in starting businesses. Meanwhile, Vice Minister Noh visited Hanyang University to observe the atmosphere surrounding youth entrepreneurship and to hear firsthand about the difficulties young people encounter in the startup process and the support they need. The "Everyone's Startup Project" allows anyone with a startup idea to apply for support through the startup platform, with applications closing on May 16. The ministry plans to continue its campus tour at major universities across the country until the application deadline, aiming to broaden its engagement with young people. Feedback gathered during these visits will be incorporated into future policy development. Minister Han stated, "Everyone who takes the first step without fear of failure is already a protagonist in the era of national entrepreneurship. The government will support challenges that lead to innovation."* This article has been translated by AI. 2026-05-08 15:39:35

UAE Responds to Iranian Missile and Drone Threats Following US-Iran Clash The United Arab Emirates (UAE) has begun responding to missile and drone attacks from Iran shortly after a clash between the U.S. and Iran in the Strait of Hormuz. This escalation comes despite U.S. claims that a ceasefire announced a month ago remains in effect, as real-world confrontations continue in the Gulf region. According to the Associated Press on May 8, the UAE Ministry of Defense stated that its air defense systems are actively responding to missile and drone threats. Authorities have advised residents to avoid debris that may fall during interception efforts, and AP reported no immediate significant damage. This announcement followed a U.S.-Iran engagement in the Strait of Hormuz the previous day. U.S. Central Command (CENTCOM) reported that three U.S. Navy destroyers were attacked by Iranian missiles, drones, and small boats while transiting the strait, but no damage was sustained. In retaliation, the U.S. conducted strikes targeting Iranian missile and drone launch sites, as well as command and control facilities. Despite President Donald Trump asserting that the ceasefire remains intact after the clash, the situation on the ground suggests otherwise. The UAE's activation of air raid alerts and air defense responses indicates a reaffirmation that ceasefires and ongoing hostilities are separate issues.* This article has been translated by AI. 2026-05-08 15:37:47