Journalist
Lee Hugh
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Hanwha Solutions Rights Offering Delayed Again After Regulator Seeks More Disclosures Hanwha Solutions’ plan for a paid-in capital increase has been delayed again after South Korea’s financial regulator demanded further revisions, saying more investor-protection disclosures are needed even after the company reduced the deal size. According to Yonhap News Agency on Wednesday, the Financial Supervisory Service again asked Hanwha Solutions to submit an amended securities registration statement for its rights offering. It was the second such request, following an earlier one on April 9. The filing has not been accepted and its effectiveness has been suspended, leaving the subscription schedule and other issuance procedures uncertain. The watchdog said key information was missing or unclear, raising concerns it could hinder investors from making a reasonable judgment. If the company fails to address the issues within a set period, the filing will be deemed withdrawn. Hanwha Solutions had initially sought a rights offering of about 2.4 trillion won, but after controversy cut the plan by 600 billion won to about 1.8 trillion won and resubmitted it. The revised filing still did not clear the regulator. The issue has moved beyond a procedural dispute to broader questions of market confidence in the purpose and structure of the fundraising. Analysts have pointed to shareholder backlash fueled by the size of the offering aimed at debt repayment and what they described as insufficient prior communication. A securities firm official said regulators have become more conservative as scrutiny of rights offerings tightens, adding that large deals are increasingly reviewed through the lens of governance and shareholder value. Hanwha Solutions said it “takes the FSS request seriously” and will “faithfully prepare” an amended filing.* This article has been translated by AI. 2026-04-30 20:48:16 -
Korea Mine Agency Sells Mexico Boleo Stake for $2 After Trillions of Won Invested Korea Mine Rehabilitation and Mineral Resources Corp. said it has effectively ended an overseas resource development project after investing more than 3 trillion won, selling its Mexico mining interests for a total of $2. The exit amounts to a withdrawal without recovering its investment after years of accumulated losses. The agency said Thursday it sold all of its equity stake and bonds in the Boleo copper mine in Mexico on Nov. 27 last year for $1 each, or $2 in total. While structured as a sale, the transaction was closer to a transfer of liabilities, with the buyer taking on the remaining debt, it said. The Boleo mine, a large project involving key minerals such as copper and cobalt, initially drew high expectations. But weak geological conditions, local political and social risks, and high production costs led to annual losses of hundreds of billions of won, the agency said. In 2022, it decided that confirming losses through a sale was more reasonable than making additional investments. The deal was completed after three failed auctions. The sale reduced debt by about 849 billion won and slightly improved capital, the agency said, but the investment is viewed as an almost total loss in terms of recovery. Critics say the case highlights structural limits, noting that only a limited number of the agency’s overseas resource development projects have generated profits. Only some projects are known to have increased in asset value among the overall investments. Some in the industry said the outcome points to the need to reassess public-led overseas resource development strategies. A resource development industry official called it “a typical case where risk assessment at the exploration stage and withdrawal standards were insufficient.” The government is reviewing an expanded role for the agency to secure critical minerals such as rare earths, but concerns persist that similar problems could recur without stronger expertise and independence.* This article has been translated by AI. 2026-04-30 20:42:15 -
MBC’s “True Story Expedition” Probes Parking Dispute at Car Wash, With 4.8 Million Won in Fees MBC’s investigative program ‘True Story Expedition’ is tracking a dispute over a commercial building’s parking lot. In an episode titled ‘Parking War, Don’t Cross the Line,’ airing on the 30th, the show examines a conflict between a car wash operator and a building representative over parking rules at a shopping complex. Kim Dong-su runs a car wash on the building’s first floor. He said he signed a lease and opened after reviewing about 100 potential locations, but soon faced unexpected friction after launching the business. The conflict began immediately after the car wash opened in April 2023, Kim said. He alleged that a man identified as Jung, described as the building owner and using a pseudonym, asked him to run personal errands starting on the first day of business. Kim said the demands escalated and interfered with work, and when he refused to continue, Jung began enforcing what Kim called “the building owner’s own parking rules.” Kim said the lease allowed him to use two parking spaces in front of the car wash. But he alleged Jung insisted that vehicles must not even slightly cross any other parking lines, and that Jung caused disturbances by demanding parking fees if a customer’s car encroached on another line, even briefly. Kim also described disputes over using the parking-lot drive lane. He said Jung demanded that even when moving a vehicle briefly, drivers should not turn around inside the lot but instead exit the building and re-enter. Kim said the rules inconvenienced customers and made it difficult to operate. Kim said the dispute has intensified recently. He alleged Jung installed a parking gate earlier this month, leaving him in a situation where he must pay parking fees even when using the spaces included in his contract. Kim said he is currently paying customers’ parking charges himself. Kim said the cost is substantial. He said he paid about 4.8 million won in parking fees to Jung over 15 days, more than his monthly rent, adding to his financial strain. During reporting, the production team said it confirmed an unexpected detail: the Jung involved in the dispute is not the building’s actual owner. The program asks who the real owner is and whether that person knows what is happening at the property. The full account of the parking dispute will be aired on ‘True Story Expedition’ at 9 p.m. on the 30th.* This article has been translated by AI. 2026-04-30 20:37:17 -
Iran’s Supreme Leader Calls U.S. Attack a ‘Defeat,’ Vows New Control System for Strait of Hormuz Iran’s Supreme Leader Mojtaba Khamenei called U.S. military involvement a “defeat” and declared plans to build a new order around the Strait of Hormuz, a key global energy shipping route. The remarks come as tensions in the Middle East rise again and competition intensifies over control of major transport corridors. According to Yonhap on the 30th, Khamenei said in a message marking “Persian Gulf Day” that “the U.S. attack ended in a humiliating failure” and that it was time to “completely remove foreign influence” from the region. He singled out the Strait of Hormuz, saying Iran would “build a new management system” to block its use by “hostile forces.” Iran views the strait as a strategic point directly tied to its security. Khamenei said the Persian Gulf is tied to the identity of Iran and the Muslim world, and he sharply criticized the U.S. military presence. He also claimed U.S. bases are vulnerable and do not guarantee regional stability. On future operations of the strait, he signaled an intent to tighten legal and military control. He said Iran would mobilize scientific and technological resources and military capabilities to defend its territory and maritime sovereignty, while building an order that shares economic benefits with countries in the region. The statement was seen as his first hard-line message since U.S. and Israeli airstrikes in February. After becoming supreme leader following his father’s death, Khamenei had largely avoided public remarks, but issued this message directly. Foreign media have focused less on feasibility than on potential impact. The Strait of Hormuz is widely regarded as a vital passageway, with about 20% of global oil shipments passing through it. Analysts warn that any rise in tensions could quickly affect international oil prices and maritime logistics. Experts also say that if Iran moves to strengthen control over the strait, it could trigger responses from the United States and Gulf countries, raising the risk of broader military tensions.* This article has been translated by AI. 2026-04-30 20:36:18 -
People Power Party By-Election Nominations Draw 25 Applicants Across Nine Districts Competition for the People Power Party’s nominations in upcoming by-elections is intensifying, with applications heavily concentrated in a handful of districts. Yonhap News Agency reported Thursday that the party’s nomination committee received 25 applications across nine districts by the close of registration that day. The largest field was in South Chungcheong’s Gongju-Buyeo-Cheongyang, with seven applicants. Gyeonggi’s Hanam Gap drew six, emerging as a key battleground in the Seoul metropolitan area. Ulsan Nam Gap had four applicants. Other districts drew little interest. Jeju’s Seogwipo and Gwangju’s Gwangsan Eul each had a single applicant, and Incheon’s Gyeyang Eul saw no additional candidates enter the race. Several prominent figures also applied. In Gongju-Buyeo-Cheongyang, Chung Jin-suk, a former National Assembly deputy speaker, filed for the nomination. In Busan Buk Gap, Park Min-sik, a former minister, applied. In Daegu’s Dalseong County, Lee Jin-sook, a former Korea Communications Commission chair, also entered the contest. Within the party, some have called for strategic nominations to strengthen competitiveness in the capital region. Hanam Gap has been at the center of speculation about recruiting Yoo Seung-min, a former lawmaker, though it remains unclear whether the party is seriously considering it. Some party members have warned that crowded fields could fuel internal disputes over nominations, while others say single-candidate districts may signal weakened local organization. The committee is set to begin interviews May 1, hold primaries May 3-4 and confirm final nominees May 5.* This article has been translated by AI. 2026-04-30 20:15:17 -
Taiwan’s Q1 GDP Growth Hits 13.69%, Highest Since 1987 on AI Chip Boom Taiwan’s economy posted 13% growth in the first quarter, fueled by a surge in demand for artificial intelligence semiconductors, marking its strongest pace in decades. According to Yonhap on Wednesday, Taiwan’s statistics agency, the Directorate-General of Budget, Accounting and Statistics, said first-quarter gross domestic product rose 13.69% from a year earlier. The figure topped the previous quarter and was the highest since 1987, far above market expectations in the 11% range. Semiconductors were the main driver. As demand jumped for AI, high-performance computing and cloud infrastructure, related exports and investment expanded at the same time. Exports in the first quarter rose 51% from a year earlier, leading the overall gain. Results at Taiwan Semiconductor Manufacturing Co., the world’s largest contract chipmaker, also weighed heavily on the broader economy. TSMC posted a record performance in the period, with net profit up 58%. Taiwan also logged growth in the 8% range last year, extending its strong run. Further gains this year will depend on whether AI demand holds, and some institutions have raised their full-year growth forecasts to around 9%. Over the same period, growth in South Korea and China was lower, at the 3% level and around 5%, respectively. 2026-04-30 20:03:16 -
South Korea’s presidential office monitors Samsung Electronics as union strike nears As a Samsung Electronics union’s planned general strike draws closer, Cheong Wa Dae is closely tracking developments. Yonhap reported on Wednesday that the presidential office’s policy team recently prepared a report analyzing the potential impact on the South Korean economy if a strike at Samsung Electronics materializes. The report was prepared amid concerns that a walkout could ripple across multiple areas, given Samsung Electronics’ role in driving economic growth and a strong stock market after regaining competitiveness during the semiconductor “supercycle,” or boom period, the report said. A Cheong Wa Dae official described it as “a routine reporting process related to social issues,” adding that the presidential office typically prepares reports on major social matters. The report also reportedly said Samsung Electronics’ recent performance was influenced by a range of factors, including government support policies and the domestic industrial ecosystem. Earlier Wednesday, President Lee Jae-myung said at a meeting with senior aides that if “some organized workers” make excessive or unfair demands “just to save themselves” and draw public criticism, it would harm not only that union but other workers as well. Some interpreted the remarks as referring to the Samsung Electronics union’s planned strike. However, senior presidential spokesperson Kang Yu-jeong said it was not a discussion about any specific company, calling it a general statement that coexistence and cooperation among workers, employers and the public are important.* This article has been translated by AI. 2026-04-30 19:51:18 -
LG Energy Solution Seen Supplying BMW With More Than 10 Trillion Won in EV Batteries LG Energy Solution posted a first-quarter loss despite expectations for large orders, but analysts say it is laying groundwork for a rebound by expanding its electric-vehicle battery and energy storage system businesses. Yonhap reported on Wednesday that LG Energy Solution is expected to supply BMW with more than 10 trillion won worth of cylindrical batteries for electric vehicles. The batteries are expected to be used in BMW’s next-generation EVs, and the contract term is projected to run as long as 10 years. The industry is also watching the deal as a potential first entry for LG Energy Solution into BMW’s supply chain for battery-electric vehicles. On a conference call, the company said it had won more than 100 gigawatt-hours in new orders for its 46-series cylindrical batteries and that its total order backlog exceeds 440 gigawatt-hours, signaling a broader shift toward a cylindrical-battery-centered portfolio. Near-term performance, however, remained weak. On a consolidated basis, LG Energy Solution reported an operating loss of 207.8 billion won for the first quarter, swinging to a loss from a year earlier. Revenue fell 2.5% to 6.555 trillion won, and net loss totaled 944.0 billion won. The company cited reduced U.S. battery subsidies and softer EV demand. It also pointed to upfront costs tied to expanding ESS production in North America, including ramp-up expenses as it scales facilities in Tennessee and Ohio. LG Energy Solution said it aims to drive a turnaround led by ESS. The share of ESS in revenue has risen from under 10% to the mid-20% range, and the company plans to lift it to the mid-30% range by year’s end, citing growing demand from AI data centers and power infrastructure. The company said it will work to stabilize its North American production base early while pursuing new orders in both EV batteries and ESS to improve profitability.* This article has been translated by AI. 2026-04-30 19:27:17 -
Special Prosecutor, Supreme Prosecutors’ Office Clash Over Records Request Kwon Chang-young’s second comprehensive special prosecutor team and the Supreme Prosecutors’ Office have clashed head-on over the submission of records. Yonhap reported Thursday that the special prosecutor team said the acting prosecutor general refused its request for records and labeled the move an “obstruction of investigation,” asking the Justice Ministry to begin disciplinary procedures. The team said it sent two official requests in March and April seeking inspection-related materials, but the Supreme Prosecutors’ Office ultimately declined to provide them. The special prosecutor team said the refusal violates the comprehensive special prosecutor law and warned, “If noncooperation continues, we will take legal action.” The Supreme Prosecutors’ Office immediately rejected the claim. It said the inspection materials are classified as internal confidential documents and cannot be handed over voluntarily, requiring a search-and-seizure warrant. “The special prosecutor’s request could run counter to existing law and the warrant principle,” it said, adding that it “informed them to submit the materials through a warrant, in line with relevant rules.” It also said the special prosecutor law’s provision on submitting materials is intended as a basis for transferring cases, not a clause that compels the submission of all records, underscoring a difference in legal interpretation. With the two sides remaining at odds over how to interpret the law, the dispute is increasingly likely to disrupt the pace of the investigation.* This article has been translated by AI. 2026-04-30 19:18:16 -
Labor Day Holiday Starts With Sunshine and Warmth; Ozone, Dry Winds a Concern Labor Day on May 1, the start of a long holiday stretch, is expected to be mostly sunny and mild. Skies are forecast to clear gradually from western areas in the morning, making conditions generally suitable for outdoor activities. According to Yonhap on April 30, temperatures are expected to be near seasonal norms, with morning lows of 8-12 C (46-54 F) and daytime highs of 18-26 C (64-79 F). Seoul is expected to reach 26 C, with Daejeon at 23 C and Daegu at 24 C. Inland areas are expected to see large day-to-night swings of around 15 C, calling for caution with health management. Ozone levels also warrant attention. The National Institute of Environmental Research forecast “bad” ozone levels in most regions, including Gyeonggi, Chungcheong, Honam, Yeongnam and Jeju. Air quality could worsen from late afternoon as ozone flows in from outside the country. Dry conditions and strong winds are expected to persist. Dry weather advisories are in effect for Seoul, Chungcheong and inland North Gyeongsang Province. Strong gusts of about 55 kph (34 mph) are forecast across inland areas, the East Sea coast and Jeju, raising the risk of fires. The strong winds are expected to continue through May 2. Holiday weather is expected to shift. May 2 is forecast to be similar to May 1, but rain is likely nationwide on May 3 under the influence of a low-pressure system. At sea, fog is expected over the central West Sea on May 1-2, sharply reducing visibility in some waters. From May 2, sea levels are also expected to rise, and low-lying coastal areas should prepare. 2026-04-30 19:06:17