Journalist

Lee Hugh
  • Hyundai Motor Group Chairman Chung Euisun Earns $3.9 Million in First Kia Pay
    Hyundai Motor Group Chairman Chung Euisun Earns $3.9 Million in First Kia Pay Hyundai Motor Group Chairman Chung Euisun received 5.4 billion won ($3.9 million) in compensation from Kia last year, the automaker said. In its 2025 annual business report filed Thursday, Kia said Chung was paid 2.7 billion won in salary and 2.7 billion won in bonuses, for a total of 5.4 billion won. Chung, who became chairman of Hyundai Motor Group in 2020, had run Kia without pay through 2024 and received compensation from the company for the first time last year. Through 2024, he received salary from two companies, Hyundai Motor and Hyundai Mobis. Excluding Hyundai Motor, whose business report has not yet been filed, Chung’s total compensation last year from Kia and Hyundai Mobis was 8.46 billion won, the report said. Kia said Chung has contributed to record results since being appointed an inside director in March 2019, citing efforts to strengthen competitiveness and recruit global talent. It said it began paying him last year to reinforce accountable management as global trade conditions and geopolitical uncertainty worsen and competition in future mobility intensifies. Kia CEO Song Ho-sung received 3.042 billion won in compensation last year, including 1.516 billion won in salary and 1.526 billion won in bonuses and other pay, up 5.7% from a year earlier. Kia posted 114.1409 trillion won in revenue last year and 9.0781 trillion won in operating profit. Revenue rose 6.5% from the previous year to a record, while operating profit fell 28.6% due to the impact of U.S. tariffs. Total production was 2,851,092 vehicles, with plant utilization at 91.6%. 2026-03-12 19:03:15
  • Hanmi Pharm Names Hwang Sang-yeon as CEO Candidate, Signaling Possible First Outside Hire
    Hanmi Pharm Names Hwang Sang-yeon as CEO Candidate, Signaling Possible First Outside Hire Hanmi Science, the holding company of the Hanmi Group, is moving to replace the CEO of Hanmi Pharmaceutical and reshape the company’s board. It has nominated Hwang Sang-yeon, head of the private equity division at HB Investment, as a new inside director to succeed CEO Park Jae-hyun, in a bid to stabilize management. If Hwang’s appointment is confirmed after a shareholders meeting scheduled for later this month, Hanmi Pharmaceutical would be led by an externally recruited CEO for the first time since its founding. Hanmi Science and Hanmi Pharmaceutical said they each held board meetings on March 12 and approved an agenda item for Hanmi Pharmaceutical’s shareholders meeting later this month to nominate Hwang as a new director candidate. Hwang is expected to be selected as CEO after the regular shareholders meeting and a subsequent board meeting. Born in 1970, Hwang earned bachelor’s and master’s degrees in chemistry from Seoul National University. He previously served as head of the research center at Mirae Asset Securities and as chief investment officer at Allianz Global Investors, and later became CEO of Chong Kun Dang Holdings. In 2025, he joined venture capital firm HB Investment as head (vice president) of its newly established private equity fund unit. The market expects that, with experience in both the biotech industry and capital markets, he will help coordinate complex interests between major shareholders and management and strengthen the company’s competitiveness. Hanmi Pharmaceutical’s current and former CEOs — Lee Kwan-soon, Woo Jong-soo, Kwon Se-chang and Park — were professional managers promoted internally who led the company’s growth over decades. Hanmi Pharmaceutical’s board currently has 10 members: four inside directors — Park Jae-hyun, Lim Jong-hoon, Park Myung-hee and Choi In-young; four outside directors — Yoon Do-heum, Kim Tae-yoon, Lee Young-gu and Yoon Young-kak; and two other non-executive directors — Shin Dong-kuk and Kim Jae-kyo. The terms of five members — Park Jae-hyun, Park Myung-hee, Yoon Young-kak, Yoon Do-heum and Kim Tae-yoon — expire this month. At its meeting, Hanmi Science approved an agenda item to reappoint audit committee member Kim Tae-yoon (outside director) and to nominate Hwang, Kim Na-young, head of Hanmi Pharmaceutical’s new product development division, former lawmaker Chae Yi-bae, and Han Tae-joon, president of Ghent University Global Campus, as new directors. * This article has been translated by AI. 2026-03-12 18:18:00
  • Korea’s Big 3 Budget Airlines Lack Fuel Hedges as Fares Set to Rise in April-May
    Korea’s Big 3 Budget Airlines Lack Fuel Hedges as Fares Set to Rise in April-May Geopolitical risks tied to the Middle East have increased airlines’ exposure to oil-price swings, and the burden is expected to be heavier for low-cost carriers that do not have fuel hedging contracts. Airfares are also expected to rise from April and May. According to industry officials on Wednesday, the so-called LCC Big 3 — Jeju Air, Jin Air and T’way Air — do not currently have separate fuel hedging contracts. Other low-cost carriers also do not have such contracts. A fuel hedging contract is a type of derivative used when buying jet fuel on a relatively mid- to long-term basis. It sets both upper and lower price limits to reduce management risk from later price fluctuations, helping airlines cushion costs when oil prices are volatile. With international oil prices rising in the wake of the Middle East war, low-cost carriers without hedges face higher costs. The global average jet fuel price in the first week of March was $157.41 a barrel, up about 58.4% from the previous week. In the last week of February, it was $99.40 a barrel, up 3.6% from the prior week, before the increase accelerated. The rise is expected to feed into higher ticket prices. Korean airlines have already announced they will raise domestic-route fuel surcharges in April to 7,700 won from 6,600 won in March. That calculation included only a single day — Feb. 28, the first day of U.S. and Israeli airstrikes on Iran — and oil prices have surged since then, raising expectations that May surcharges will jump sharply. April fuel surcharges for international routes are also expected to be announced soon, with a larger increase anticipated than for domestic routes because longer flights make fuel a bigger share of ticket prices. The April international surcharge is calculated using average jet fuel prices from Feb. 16 to March 15, meaning it is more likely to reflect the impact of the Middle East war. The exchange rate is another variable because fuel is paid for in U.S. dollars. As the dollar strengthened on concerns that high oil prices could persist due to the war, the won-dollar exchange rate rose to 1,495.5 won on March 9, nearing the 1,500-won level. With high oil prices and a weak won overlapping, losses at low-cost carriers already struggling with weak results are expected to widen. An airline official said low-cost carriers are believed to be unable to buy derivatives given the amount of jet fuel they consume annually. The official said they are instead responding by ordering slightly more fuel than needed when placing orders with fueling companies. * This article has been translated by AI. 2026-03-12 18:03:16
  • Korean Inc. in a rush to retire shares but risks losing key management tool
    Korean Inc. in a rush to retire shares but risks losing key management tool SEOUL, March 12 (AJP) — South Korea’s largest companies have rushed to retire 36.3 trillion won ($25 billion) worth of treasury shares in the first quarter of 2026 under a new Commercial Act amendment, but analysts warn the mandatory move may do little to improve corporate value while stripping management of a key strategic tool. A string of blue-chip firms including Samsung Electronics, SK hynix and Samsung C&T have unveiled large-scale treasury share cancellations since the revised law took effect, putting share buybacks and retirements at the center of Korea’s market reform drive. Supporters say broader cancellations could help narrow the longstanding “Korea discount” by lifting per-share metrics and strengthening shareholder returns. Critics, however, say the law forces companies to give up assets long used to support management control, fund acquisitions and compensate employees. The third amendment to the Commercial Act, passed by the National Assembly on Feb. 25 and effective from March 6, requires listed companies in principle to cancel treasury shares within a year of acquiring them. Exceptions, including stock-based compensation and employee stock ownership plans, are allowed only with shareholder approval at a general meeting. According to regulatory filings, Samsung Electronics plans to cancel about 87 million treasury shares worth roughly 16 trillion won. SK hynix will retire 15.3 million shares valued at about 12.24 trillion won. Other major firms are following suit. Samsung C&T plans to cancel 7.81 million shares worth about 2.33 trillion won, while SK Inc. will retire 14.69 million shares worth around 4.83 trillion won. POSCO Holdings and LS Corp. have also canceled treasury shares worth about 635.1 billion won and 129.3 billion won, respectively. Canceling treasury shares reduces the number of shares outstanding, which typically boosts earnings per share and book value per share. For that reason, it has long been regarded as a straightforward way to return value to shareholders. But analysts say the effect on corporate value is not automatic. “The idea that fewer shares automatically raise corporate value is too simplistic. Markets have already priced in such factors,” said Shin Hyun-han, a professor at Yonsei University. Kim Dae-jong, a professor at Sejong University, said treasury share retirements can be a more equitable form of shareholder return than dividends because they benefit all shareholders proportionately. Even so, he cautioned that making cancellations mandatory could come at a high cost for companies. “The biggest loss from mandatory cancellations is reduced capital flexibility,” Kim said. “Companies can sell treasury shares to raise cash or use them in M&A deals. Mandatory cancellations remove that option.” Treasury shares have long served as strategic assets for Korean companies, despite being treated as a deduction from equity in accounting terms. In practice, they have functioned as a reserve of capital that can be mobilized for financing, strategic partnerships or management defense. That matters especially in Korea, where treasury shares have at times played a role in reinforcing control structures during corporate restructuring or spin-offs. With forced retirements becoming the norm, those options could narrow, making it harder for controlling shareholders to defend management rights. Shin argued that the broader risk is a decline in management stability. “If management control can be easily challenged, companies may struggle to make long-term plans,” he said. He also warned the rule could backfire by discouraging future buybacks altogether. “If buybacks must ultimately be canceled, companies may avoid them and choose dividends instead,” Shin said, calling the policy “penny wise, pound foolish.” For policymakers, the measure is meant to push listed firms toward stronger shareholder returns and more transparent governance. But for corporate Korea, the new mandate is fast turning treasury shares from a flexible strategic resource into a disappearing one. 2026-03-12 17:50:20
  • Iran war may feel closer at home for South Korea and Japan if conflict stretches
    Iran war may feel closer at home for South Korea and Japan if conflict stretches SEOUL, March 12 (AJP) - The war with Iran may be unfolding thousands of kilometers away, but for U.S. allies in Northeast Asia it could begin to feel much closer if the conflict drags on. Questions are emerging in Seoul and Tokyo over whether Washington could eventually ask its key regional allies — South Korea and Japan — to support operations tied to the conflict, particularly given their reliance on energy shipments passing through the Strait of Hormuz and the presence of major U.S. military assets in both countries. Japan’s Yomiuri Shimbun reported Wednesday that the United States could press Tokyo to provide tangible support when U.S. President Donald Trump meets Japanese Prime Minister Sanae Takaichi later this month. Possible requests could include dispatching Japan’s Self-Defense Forces to escort oil tankers through the Strait of Hormuz or assisting with mine-clearing operations. The discussion reflects a broader concern in the region that a distant war could gradually draw U.S. allies into supporting roles even if they initially seek to remain on the sidelines. Signs of the conflict’s ripple effects are already visible. Parts of the U.S. military posture in East Asia appear to be shifting as Washington reallocates resources to the Middle East. U.S. media outlets have reported that the Pentagon is moving elements of a Terminal High Altitude Area Defense (THAAD) system from South Korea to the Middle East. Some Patriot missile batteries stationed with U.S. Forces Korea may also be redeployed. South Korean President Lee Jae Myung acknowledged that Seoul had voiced concerns about the removal of certain air-defense systems, but emphasized that the move would not significantly weaken the country’s deterrence posture against North Korea. “If asked whether that would seriously hinder our deterrence strategy against North Korea, I can say with certainty that it would not,” Lee said during a cabinet meeting Tuesday. Still, the redeployment has sparked debate about the durability of the U.S. security commitment to East Asia at a time when Washington is engaged in a major conflict elsewhere. Tokyo faces a particularly delicate dilemma. Japan hosts roughly 50,000 U.S. troops and provides critical bases for American operations across the Indo-Pacific. At the same time, the Japanese government has been cautious about becoming entangled in the Iran conflict. Under Japan’s postwar constitutional framework, military participation abroad is tightly constrained. Any direct support for U.S. combat operations would likely require legal justification under Japan’s doctrine of collective self-defense — allowing force to protect an ally if Japan’s own survival is at stake. Government spokesperson Minoru Kihara recently said the current situation does not constitute an “existential crisis” that would trigger collective self-defense. Yet pressure could grow if the war disrupts global energy routes. The Strait of Hormuz — through which a large share of Japan’s oil imports passes — remains one of the world’s most vulnerable maritime chokepoints. If Iran threatens shipping there, Japan could face calls to contribute maritime escorts or logistical support to ensure safe passage for energy supplies. Despite these concerns, many analysts believe direct military involvement by U.S. allies remains unlikely — for now. Yasuyuki Matsunaga, a professor at Tokyo University of Foreign Studies, said the strategic logic of the alliance system makes such participation improbable. “The possibility of South Korea and Japan becoming involved in the Iran war is rather low,” Matsunaga told AJP. “The U.S. does not need our military participation in the active war theater in the Middle East, and more importantly it does not want to create vulnerabilities in East Asia that could open a second war front.” That logic reflects Washington’s broader strategic dilemma: while concentrating forces against Iran, the United States must also deter potential adversaries in Asia, including North Korea and China. Still, even limited logistical or maritime support could mark a shift in the role U.S. allies play in conflicts beyond their immediate region. South Korea has long faced concerns about “entrapment” — the risk that alliance commitments could draw it into distant conflicts initiated by Washington. Brandon Ives, a professor at Seoul National University, said the likelihood of such entrapment depends largely on how the war evolves. “If the conflict becomes a prolonged, low-intensity struggle, Iran may rely more on asymmetric tactics and attacks against actors perceived to support the U.S. or Israel,” he said. “But overall, Iran would likely avoid directly targeting third-party countries.” For both Tokyo and Seoul, the Iran war is quickly becoming a test of alliance politics in an era of globalized security risks. Neither government appears eager to play an active military role in the conflict. Yet as the war expands and U.S. forces reposition across the globe, the political pressure on allies to contribute — even indirectly — may continue to grow. For now, both governments hope the conflict remains distant enough to avoid a difficult choice. 2026-03-12 17:23:00
  • Asian stocks weaken as oil prices climb toward $100 amid Hormuz attacks
    Asian stocks weaken as oil prices climb toward $100 amid Hormuz attacks SEOUL, March 12 (AJP) — Asian stock markets ended mostly lower Thursday as oil prices surged toward the $100 mark following renewed attacks around the Strait of Hormuz, heightening concerns over potential disruptions to global energy supplies. Crude prices climbed sharply after a series of attacks on commercial vessels near the strategic waterway, which carries roughly one-fifth of the world’s seaborne oil shipments. U.S. benchmark West Texas Intermediate rose 4.8 percent to $91.5 per barrel, while global benchmark Brent crude gained 5.2 percent to $96.8. Geopolitical tensions have intensified after multiple tanker attacks near the Strait of Hormuz and escalating military confrontation between Iran and the United States. Iran has effectively restricted maritime traffic in the area since Feb. 28 following U.S. and Israeli missile strikes, raising fears of prolonged disruption to global energy flows. The International Energy Agency said Wednesday that its member countries agreed to release 400 million barrels from strategic petroleum reserves — the largest coordinated drawdown in the agency’s history — in an effort to stabilize global markets. The move, however, did little to calm investor sentiment. In Seoul, the benchmark KOSPI fell 0.5 percent to close at 5,583.25 after swinging between 5,629.07 and 5,527.47 during the session. Foreign investors continued heavy selling, offloading 2.36 trillion won ($1.5 billion) worth of shares. Individual investors purchased 2.23 trillion won while institutions bought 53.9 billion won. Large-cap semiconductor stocks weighed on the index. Samsung Electronics fell 1.1 percent to 187,900 won, while SK hynix declined 2.6 percent to 930,000 won. Automakers showed mixed performance. Hyundai Motor dropped 1.7 percent to 521,000 won, while Kia rose 3.1 percent to 167,000 won. Battery maker LG Energy Solution gained 3.9 percent to 384,000 won, while Samsung Biologics fell 1.9 percent to 1,625,000 won. Defense-related stocks advanced amid rising geopolitical tensions. Hanwha Aerospace climbed 3.9 percent to 1,465,000 won, while LIG Nex1 added 1.8 percent to 755,000 won. Nuclear-related shares also strengthened, with Doosan Enerbility rising 2.5 percent to 103,500 won. Shares of OrbiTech surged 29.9 percent to 8,160 won after the company announced a contract with Korea Hydro & Nuclear Power related to radioactive concrete waste treatment. The tech-heavy KOSDAQ outperformed the main board, rising 1 percent to close at 1,148.4 after touching an intraday high of 1,150.65. Retail and institutional investors led buying on the secondary market, purchasing 507.4 billion won and 252.4 billion won worth of shares respectively, while foreigners sold a net 688.1 billion won. Elsewhere in Asia, Japan’s Nikkei 225 fell 1.1 percent to 54,453 while the broader TOPIX index dropped 1.3 percent to 3,649.9. Taiwan’s TAIEX declined 1.6 percent to 33,581.9. Mainland Chinese markets were relatively stable, with the Shanghai Composite Index slipping just 0.1 percent to 4,129.1. The Korean won weakened, with the dollar rising to 1,481.6 won. 2026-03-12 17:21:36
  • Korean Pharma-Bio Brief: Dongkook, Daewon, Magok CHA Hospital, Huons, Alteogen
    Korean Pharma-Bio Brief: Dongkook, Daewon, Magok CHA Hospital, Huons, Alteogen Dongkook Pharmaceutical offers spring tips for allergic rhinitis and fatigue Dongkook Pharmaceutical, citing increased outdoor activity in spring, on the 12th suggested ways to help prevent allergic rhinitis symptoms and support energy and recovery from fatigue. Co&Tech, an ointment-type nasal barrier product, is an avoidance-therapy product made with medical-grade white soft paraffin that has completed biocompatibility testing. It helps form a protective layer on the nasal mucosa to block the penetration of allergens inhaled through the respiratory tract. For people feeling run down by a busy routine, the company said the over-the-counter Argishot Solution can help replenish energy. Arginine is an amino acid involved in vasodilation and improved blood flow and may help relieve fatigue and boost vitality. SenseOn Active Up, a premium supplement containing magnesium and active vitamins, may help with muscle relaxation and recovery from physical fatigue. It contains more than 350 mg of magnesium, the recommended daily intake, and includes 138 mg of active vitamin B1 (benfotiamine), described as an optimal daily intake level to improve bioavailability. For those needing faster recovery during outdoor activities, the company said SenseOn Speed Double Action Solution, sold in stick packs, can be taken conveniently. Daewon Pharmaceutical launches Liposomal Albumin King Daewon Pharmaceutical said on the 12th it has expanded its high-content Albumin King brand with the launch of Liposomal Albumin King, designed to improve absorption in the body. The product applies the company’s “liposome formulation technology,” which wraps nutrients in phospholipids similar to human cell membranes. The company said the approach helps deliver nutrients more stably and can increase absorption compared with conventional formulations. As its main ingredient, the product uses a 100% albumin complex that underwent strict quality control, the company said. Liposomal Albumin King contains 33,000 mg of high-protein formulation per bottle (ampoule) and keeps the liquid ampoule format that has been popular, it added. Magok CHA Hospital fertility center certified to attract foreign patients Magok CHA Hospital’s fertility center said on the 12th it received the Health and Welfare Ministry’s certification as a “medical institution for attracting foreign patients.” The certification is granted to institutions that meet standards for international medical capability, patient safety and service quality. The center operates a dedicated treatment area for international patients, called Building B. It provides one-on-one consultations and assigns professional interpreters to support tailored care. The hospital said it has a system for consultations in multiple languages, including English and Chinese, as well as Mongolian, Japanese and Russian. Medical staff provide specialized consultations and individualized treatment plans, while a global communication team supports the process in a one-stop service, from scheduling to linking consultations and tests and providing protocol services. The hospital also cited airport access and medical-tourism infrastructure as strengths. Huons wins IND approval for Phase 2 trial of dry-eye drug candidate HUC1-394 Huons said on the 12th it received approval from the Ministry of Food and Drug Safety on March 11 for an investigational new drug application for a Phase 2 clinical trial of HUC1-394, a new drug candidate for dry eye disease. HUC1-394 is a peptide-based eye drop Huons licensed from Novacell Technology. The candidate selectively binds to and activates formyl peptide receptor 2, a receptor involved in the body’s inflammation-resolution process, the company said. By helping repair damaged tissue and improving keratoconjunctivitis, or inflammation of the cornea and conjunctiva, it is expected to address dry eye disease at its root, it added. Huons said it previously demonstrated safety and tolerability in a Phase 1 trial last year involving 60 healthy adults. No serious adverse events occurred after single and repeated dosing, the company said, providing sufficient basis for follow-up trials. With the Phase 2 plan approved, Huons will conduct a multicenter, randomized, double-blind (RCT) trial in 150 dry-eye patients at major medical institutions including Severance Hospital at Yonsei University College of Medicine. The study will assess safety and efficacy and explore the optimal dosing regimen. Alteogen registers U.S. patent for Keytruda SC composition; protection through early 2043 Alteogen said on the 12th it registered with the U.S. Patent and Trademark Office a composition patent related to a subcutaneous Keytruda product that combines its Hybrozyme platform-based ALT-B4 (berahyaluronidase alfa) with Keytruda (pembrolizumab). Under the patent, the subcutaneous formulation of Keytruda using ALT-B4, marketed as Keytruda Qurex, will be protected in the United States until early 2043, or about 17 years, the company said. Keytruda Qurex received approval from the U.S. Food and Drug Administration in September and is now sold in the United States, Alteogen said. The company said it can receive up to $1 billion in sales milestones based on annual and cumulative revenue, followed by sales-based royalties. Alteogen said the patent is part of its broader portfolio strategy to strengthen protection of the Hybrozyme platform, adding that the registration again confirms the novelty and proprietary invention of ALT-B4.* This article has been translated by AI. 2026-03-12 17:18:00
  • Canada unlikely to split $40B submarine contract between Korea and Germany
    Canada unlikely to split $40B submarine contract between Korea and Germany SEOUL, March 12 (AJP) - Canada is unlikely to divide its planned multibillion-dollar submarine procurement between South Korea and Germany despite speculation in local media, as analysts say a split contract would drive up costs and complicate naval operations. The idea of awarding portions of the project to both bidders — sometimes described as a “6+6” split procurement — has circulated in Canadian media as Ottawa weighs final proposals from a South Korean consortium and a rival bid led by Germany and Norway. But South Korean officials say the option is not under consideration. Kim Jung-kwan, South Korea’s minister of trade, industry and resources, told lawmakers at a parliamentary committee meeting Monday that Canadian officials had made it clear there were no plans to divide the order between multiple suppliers. Analysts broadly agree. One major obstacle is the program’s financial structure. The Canadian Patrol Submarine Project (CPSP) — valued at roughly $40 billion and aimed at replacing Canada’s aging Victoria-class submarine fleet — was designed on the assumption that a single supplier would deliver the entire fleet of up to 12 submarines. Splitting the order between two countries would require separate contracts, logistics networks and maintenance systems, likely pushing the overall cost significantly higher. Given the political sensitivity surrounding defense spending in Canada, analysts say Ottawa would face difficulty justifying such increases. Operational considerations pose another hurdle. Running two different submarine classes would complicate maintenance, repair and overhaul (MRO) operations as well as day-to-day fleet management. Separate supply chains, spare-parts inventories, training programs and shore infrastructure would be required for each platform, eroding economies of scale and raising life-cycle costs. The debate over a possible split comes as the CPSP reaches a key stage. Final bids for the project were submitted on March 2, narrowing the competition to two contenders: a South Korean consortium and Germany’s Thyssenkrupp Marine Systems (TKMS). The Korean bid is led by Hanwha Ocean, with participation from HD Hyundai Heavy Industries. A Hyundai Heavy Industries official said Hanwha Ocean handled the formal submission of the proposal documents. Ottawa is currently reviewing the bids, with a preferred bidder expected to be selected between May and June, followed by contract negotiations. Canadian officials have emphasized that the project is intended not merely as a procurement deal but as a long-term defense-industrial partnership. According to the Canadian government’s project guidelines, bidders must propose not only submarine construction but also long-term in-service support, supply-chain development and industrial partnerships with Canadian companies. Both competitors have therefore focused heavily on local industrial cooperation. TKMS has strengthened ties with Canadian firms in recent months. According to naval industry outlet Naval Today, the German shipbuilder recently signed a partnership with Canadian simulation and training company CAE to develop submarine crew training and maintenance support systems. The company is also working with Canadian aerospace manufacturer Magellan Aerospace to explore cooperation in heavy-torpedo production and maintenance, while proposing next-generation digital operational technologies through partnerships with artificial-intelligence firms. The Korean consortium has also broadened its industrial partnership proposals. Hanwha Ocean has reportedly outlined cooperation with Canadian companies in areas including steel, satellite communications, artificial intelligence and battery technology as part of its supply-chain development plan. Hyundai Motor Group has suggested potential collaboration within Canada’s hydrogen industry ecosystem. Industry observers say long-term sustainment capabilities will likely prove decisive in the competition. “Maintenance costs are just as important as the initial acquisition price for submarines,” one industry source said. “The ability to secure personnel and infrastructure for long-term operations and maintenance will be a crucial evaluation factor.” Some analysts say recent developments may slightly improve South Korea’s chances. Volkswagen Group, previously seen as a potential industrial partner supporting the German bid, recently said it would not participate in the Canadian submarine program. According to local media reports, Volkswagen CEO Oliver Blume said Tuesday that the company would not take part in the procurement project, effectively declining Ottawa’s request for additional industrial investment linked to the German proposal. The move, analysts say, could modestly strengthen the South Korean consortium’s position as Ottawa weighs the competing bids. 2026-03-12 17:11:46
  • Natl Assembly passes bill to implement investment pledges under trade deal with US
    Nat'l Assembly passes bill to implement investment pledges under trade deal with US SEOUL, March 12 (AJP) - A bill outlining South Korea's massive investment pledges to the U.S. was passed at a plenary session in the National Assembly on Thursday. Of the 242 lawmakers present, 226 voted in favor, eight against and another eight abstained, clearing the way for South Korea's pledges to invest US$350 billion in the U.S. as part of a broader trade deal reached between the two countries last fall. The bill would provide a legal framework to establish a fund for implementing bilateral agreements with the U.S., along with investment pledges that include $150 billion for shipbuilding and $200 billion for other key strategic sectors such as semiconductors, critical minerals, energy, and artificial intelligence. The bill's passage with bipartisan support comes just months after U.S. President Donald Trump threatened in January to raise reciprocal tariffs on South Korea from 15 percent back to 25 percent, complaining about delays in Seoul's legislative process for the trade deal. But much still remains to be worked out, and it may be a long and tough road ahead before details are finalized through further negotiations, as things become complicated after the U.S. Supreme Court struck down Trump's sweeping global tariffs policy late last month. 2026-03-12 17:06:30
  • K-battery makers bet on premium to fight EV slump and China dominance
    K-battery makers bet on premium to fight EV slump and China dominance SEOUL, March 12 (AJP) - South Korea's battery industry is doubling down on premium technologies — from high-nickel chemistries to all-solid-state prototypes and advanced cell engineering — as it seeks to outpace Chinese rivals and move beyond the slowing electric-vehicle market. The strategic pivot was on full display at the InterBattery 2026, the three-day exhibition that opened Wednesday at COEX in southern Seoul. The 14th edition of the show drew 667 companies from 14 countries across 2,382 booths, marking the largest turnout in the exhibition's history and underscoring how battery technology is rapidly expanding beyond automobiles into robotics, artificial intelligence and energy storage. National pavilions from Sweden, the United Kingdom, the United States, Australia, Canada and the Netherlands highlighted growing international demand for partnerships with Korean battery firms. China fielded 79 exhibitors, the largest single-country contingent. "Batteries are the heart of advanced industries," said Moon Shin-hak, vice minister of trade, industry and energy, at the opening ceremony, pledging continued government backing to help domestic manufacturers maintain their technological edge amid a slowdown in EV demand and an increasingly volatile global trade environment. On the exhibition floor, one theme was unmistakable: premium technology over low-cost chemistry. Discussion of lithium iron phosphate (LFP) — the inexpensive battery chemistry that has underpinned China's dominance in entry-level EVs and energy storage — was relatively muted. Instead, booth after booth highlighted high-nickel cathodes, all-solid-state batteries and sophisticated packaging technologies, signaling that Korean manufacturers are staking their future on the high-performance end of the market. SK On made perhaps the most vivid statement of that strategy by placing a Genesis GV60 Magma electric SUV at the center of its booth. The performance-focused vehicle carries an 84-kilowatt-hour battery pack built with SK On's high-nickel NCM pouch cells and offers a driving range of about 346 kilometers on a single charge. The company also unveiled a "Hyper Fast" battery capable of charging from 10 percent to 80 percent in just seven minutes, alongside its cell-to-pack architecture and immersion-cooling battery system. SK On further showcased its first sulfide-based all-solid-state battery, targeting mass production by 2029. Across the hall, LG Energy Solution occupied the largest exhibition space at 540 square meters. Its centerpiece was the JF2 DC LINK 5.0, a grid-scale energy storage system that won the InterBattery Awards 2026 and represents the company's first use of LFP chemistry in an ESS product. A Renault Scenic fitted with LG's mid-nickel battery — containing about 70 percent nickel — illustrated a different strategic approach. The configuration aims to balance the performance of high-nickel batteries with a cost profile that sits between premium cells and low-cost LFP alternatives. Robotics also made an appearance on the show floor, though demonstrations were limited. LG Electronics displayed its home robot CLOiD, first introduced at CES 2026, which greeted visitors with a heart-hand gesture while remaining largely static. Meanwhile, Samsung SDI drew heavy crowds with the first public unveiling of a pouch-type all-solid-state battery sample designed for robotics and other "physical AI" applications. The company aims to begin mass production in the second half of 2027. Samsung selected the pouch format for its lighter weight — a crucial advantage for robots that require high energy density and burst power in compact spaces. While the company declined to identify potential humanoid-robot clients, its booth slogan — "AI thinks, Battery enables" — left little doubt about its intended market. Samsung SDI also displayed a high-energy prismatic cell with a volumetric energy density of 700 watt-hours per liter, capable of powering an EV for roughly 800 kilometers on a single charge. Among cathode material suppliers, the emphasis on performance over cost was equally clear. POSCO Future M presented ultra-high-nickel cathodes with nickel content above 95 percent, along with newly developed steel battery cans. Rival suppliers L&F and EcoPro also attracted steady traffic. The premium-focused posture reflects a broader strategic calculation. With Chinese competitors dominating much of the mid-tier battery market, Korean manufacturers are betting that advanced chemistries, all-solid-state technology and sophisticated cell engineering will secure territory where margins remain higher and technological barriers harder to replicate. "The robot battery market is expanding very rapidly, with different technical requirements depending on the type of robot," said Jung Ji-sub, team leader at LG Energy Solution's small-size battery division on the sidelines of the exhibition. "While many robots rely on GPUs or CPUs for intelligence, their actuators and operating time create very different battery demands." Safety, however, remains the overriding concern. "One client at the vice-president level told us directly that they lose sleep over the prospect of a robot catching fire near people," Jung said. "Energy density and battery life are important, but for robots to coexist safely with humans, safety is the most critical requirement." 2026-03-12 17:02:36