Journalist

Lee Hugh
  • Koreas main index touches new ceiling, defying regional caution
    Korea's main index touches new ceiling, defying regional caution SEOUL, February 20 (AJP) - Korea’s main KOSPI played solo with eyes set on the next historic milestone of 6,000, regardless of simmering tensions in the Middle East that weighed on markets across the region and the globe. The key index rose 2.3 percent to close Friday at 5,808.5, bouncing right back after dipping to 5,684.9. The blue-chip KOSPI 200 advanced 2.3 percent to 859.6. It diverged from regional peers. Japan’s Nikkei 225 fell 1.1 percent to 56,825.7, while Hong Kong’s Hang Seng Index slipped 0.8 percent to 26,491.1. Mainland Chinese markets remained closed for the Lunar New Year holiday through Feb. 23, limiting broader regional participation. In Seoul, institutional investors dominated the trade floor on the main bourse, buying a net 1.61 trillion won. Foreign investors sold 742.8 billion won, while retail investors offloaded 987.2 billion won throughout the session. Large-cap semiconductors led the advance. SK hynix surged 6.2 percent to 949,000 won, approaching the 950,000-won level, after the company disclosed that BlackRock had acquired 100,808 shares through market transactions as of Jan. 10. BlackRock’s combined holdings now total 5 percent, marking the first time it has held a stake of 5 percent or more since May 9, 2018, nearly eight years ago. Samsung Electronics edged up 0.1 percent to 190,100 won, holding above the 190,000 level after recently setting record highs. Despite mild profit-taking, the stock maintained technical strength. Industrial and defense names also outperformed. Doosan Enerbility gained 5.2 percent to 103,500 won after announcing a 320 billion won turbine supply contract linked to the Czech Dukovany nuclear project. Hanwha Aerospace jumped 8.1 percent to 1,242,000 won amid heightened geopolitical tensions in the Middle East, boosting defense-sector sentiment. The tech-heavy KOSDAQ slipped 0.6 percent to close at 1,154.0. Institutional investors bought a modest 3.4 billion won, while retail investors added 318.6 billion won. Foreign investors, however, sold 274.5 billion won, weighing on overall momentum despite selective buying in growth names. The Korean won strengthened to 1,446.5 per dollar, up 4.5 won, or 0.3 percent, from the previous session. Investors are nervously watching the nonstop KOSPI rally, with investment banks scurrying to raise their next targets toward 7,000. 2026-02-20 17:28:12
  • Impeached ex-president apologizes but still defends botched martial law bid
    Impeached ex-president apologizes but still defends botched martial law bid SEOUL, February 20 (AJP) - Former President Yoon Suk Yeol on Friday apologized for the pain caused by his botched declaration of martial law in 2024, while defending it as a "measure solely intended to save the country and its citizens." His remarks came just a day after the Seoul Central District Court handed down a life sentence on charges of insurrection and abuse of power over his Dec. 3 declaration of martial law. Despite the apology, Yoon insisted that deploying troops to the National Assembly did not amount to insurrection. "It is hard to accept the argument that simply sending military personnel to the National Assembly constitutes insurrection," Yoon said, denouncing the investigation and trial as a "politically motivated attempt to remove opponents and rival factions." He expressed skepticism about appealing, casting doubt on the judiciary's independence. Nonetheless, he hoped the ruling would be reassessed, saying he could be cleared "on the day liberal democracy and the rule of law stand upright." Yoon also criticized additional probes by prosecutors, urging politicians not to undermine democracy and to focus on people's lives. In a final message to his supporters, he said, "Our fight is not over. We must unite and rise." Yoon did not appear to forgo an appeal, however, as his lawyers clarified that Friday's statement merely reflected his personal feelings and was not intended to drop the case. 2026-02-20 17:15:06
  • Korean Shipbuilders Poised to Extend LNG Boom as China’s Delivery Slots Fill Up
    Korean Shipbuilders Poised to Extend LNG Boom as China’s Delivery Slots Fill Up Korean shipbuilders are expected to keep their “supercycle” going this year as major Chinese yards run out of building capacity through 2029, pushing owners seeking deliveries in that window toward Korea. Demand expectations are also rising as large LNG projects in the United States and Qatar move into full swing. Industry officials said Qatar plans to double its LNG production capacity by 2030. The International Energy Agency also forecast that global LNG supply will rise this year at the fastest pace since 2019, led by the United States. To meet the increase in supply, the industry expects additional orders for about 70 LNG carriers. Chinese shipyards are winning LNG carrier orders at prices about $30 million lower than Korean rivals. Still, owners have continued to choose Korean yards, citing confidence in technology and on-time delivery. With Chinese yards’ 2029-2030 delivery slots effectively sold out, analysts said owners wanting ships delivered in that period will have fewer options, narrowing choices to Korea and strengthening Korean builders’ pricing power. “In 2025, shipowners were watching geopolitical developments, so orders leaned more toward container ships than LNG carriers,” an industry official said. “This year, LNG development projects in various countries are expected to move forward in earnest, so expectations for more LNG carrier orders are high.” Clarksons Research data showed global ship orders in January totaled 5.61 million CGT, or 158 vessels, up 27% from 4.43 million CGT a year earlier. LNG carrier prices were about $248 million, and Korean shipbuilders’ market share was about 40%. Hanwha Ocean said in a conference call this month that it expects to achieve revenue on par with last year and that overall market conditions should improve as U.S. LNG export projects accelerate. Samsung Heavy Industries said in a conference call last month that Chinese yards have allocated Qatar-related work through 2031 deliveries, consuming available slots, and stressed that Korea could benefit from upcoming U.S. orders. HD Korea Shipbuilding & Offshore Engineering also projected Korean builders would maintain market share, saying Chinese-built LNG carriers still lag Korea in quality and technology. Hanwha Ocean posted 12.6884 trillion won in revenue last year, up 18% from a year earlier, with balanced performance in its commercial and special-purpose ship businesses. HD Korea Shipbuilding & Offshore Engineering said revenue rose 17.2% to 29.9332 trillion won, citing a higher share of high-priced ships, improved productivity and increased output. Samsung Heavy Industries also exceeded its revenue guidance and returned to the “10 trillion won club” with 10.65 trillion won in revenue.* This article has been translated by AI. 2026-02-20 17:03:27
  • KAIST confers honorary doctorate on Formosa Group Chair Sandy Wang
    KAIST confers honorary doctorate on Formosa Group Chair Sandy Wang SEOUL, February 20 (AJP) - The Korea Advanced Institute of Science and Technology (KAIST) announced on February 20 that it has awarded an honorary doctorate in business administration to Sandy Wang, Standing Member of the Formosa Group Executive Management Committee and Chair of Formosa Bio. The ceremony took place during the university's 2026 commencement exercises. Wang was recognized for her role in leading the strategic growth of Formosa Group by prioritizing sustainability and corporate social responsibility. Following the business philosophy of the late founder Wang Yung-ching, she has steered the conglomerate beyond its traditional petrochemical manufacturing roots into sectors such as biotechnology, clean energy, energy storage systems, and resource circulation. According to KAIST, Wang has successfully implemented a corporate model where industrial growth, scientific advancement, and talent development are closely linked. The university highlighted her efforts in building a long-term biomedical research partnership with KAIST, which included expanding research infrastructure and creating a platform for international joint projects. A key result of this partnership was the establishment of the KAIST-Formosa Biomedical Research Center. This center serves as a hub for multidisciplinary research between Formosa Group's medical and academic institutions and the KAIST College of Life Science and Bioengineering. Wang has also been credited with institutionalizing a system that reinvests corporate earnings back into society through consistent funding for research and education. University officials noted that these initiatives have helped create a cycle where scientific breakthroughs are effectively funneled into industrial and social applications. In her remarks, Wang stated that she was honored to receive the degree and felt a strong connection to the university’s mission of contributing to a sustainable future through research. She expressed her hope that the students at KAIST would use their scientific training to lead global development and pledged to continue her support for long-term investments in talent and technology. KAIST President Lee Kwang-hyung described Wang as a leader who has put scientific strategy at the center of responsible management. He added that the university valued her practical support for international cooperation and research infrastructure. 2026-02-20 16:59:09
  • Actress Jo Bo-ah Gives Birth to a Son, Agency Says
    Actress Jo Bo-ah Gives Birth to a Son, Agency Says Actress Jo Bo-ah has given birth to a son. Her agency, Billions, said Jo gave birth on the 20th. "Both Jo Bo-ah and the baby are healthy and are resting in the love and congratulations of their family," the agency said. It added, "We sincerely thank everyone who has always shown warm interest and congratulations, and we ask for your continued congratulations and support for Jo Bo-ah as she welcomes this precious new life." Jo married a non-celebrity man in October 2024. * This article has been translated by AI. 2026-02-20 16:45:15
  • Nordic Combined Faces Possible Olympic Exit After 2026 Milan-Cortina Games
    Nordic Combined Faces Possible Olympic Exit After 2026 Milan-Cortina Games Nordic combined, the only Olympic sport across both the Summer and Winter Games that still does not allow women to compete, is at risk of disappearing from the Olympics after this edition of the Games. On 20 (Korea time), the Nordic combined schedule at the 2026 Milan-Cortina d’Ampezzo Winter Olympics concluded, raising the possibility that this could be the sport’s last Olympic appearance. Nordic combined determines standings first through ski jumping, then decides the winners in a cross-country race. It is considered one of the most demanding winter sports, requiring speed, endurance, technique and strategy. The event has been part of the Olympics since the inaugural 1924 Games, but unlike the world championships or World Cup circuit, women are still not permitted to compete at the Olympics. According to The Associated Press, the International Olympic Committee is reviewing whether to drop Nordic combined, citing limited popularity and a medal distribution concentrated in a few countries. That imbalance was again evident at these Games, where Norway won all three gold medals. The result added momentum to calls for change. Athletes voiced concern as talk of removal grew. Jens Luraas Oftebro of Norway, who helped his country sweep the three golds, said, “I hope the competition at these Games brought enjoyment,” adding, “I hope the IOC will recognize the value of the sport.” Czech athlete Jan Vytrval said, “Nordic combined deserves far more popularity considering how entertaining it is to watch and the athletes’ incredible skills,” and called it “far too valuable to be deleted from the Olympics.” The IOC is also reported to be discussing whether to keep snowboard parallel giant slalom, the event in which Kim Sang-gyeom won South Korea’s first medal of these Games. If one of the two sports is removed, its slot could be filled by a new event such as polo or croquet.* This article has been translated by AI. 2026-02-20 16:33:00
  • Porsche Korea Marks 10th Year of Do Dream Campaign, Donates 11.24 Billion Won
    Porsche Korea Marks 10th Year of Do Dream Campaign, Donates 11.24 Billion Won Porsche Korea said Thursday it will strengthen its social contribution efforts as its “Porsche Do Dream” campaign enters its 10th year, aiming to spread the brand’s values more broadly across local communities. Launched in 2017, “Porsche Do Dream” is built around the brand identity of “dreams” and has introduced new programs each year. To date, Porsche Korea has donated a total of 11.24 billion won, supporting the dreams of 37,919 people, 139 organizations and 39 schools. This year, the company said it will reorganize its programs in line with its “Partner to Society” direction, focusing on creating social value and moving beyond one-time donations through more systematic management and support. Total donations this year will be 1.8 billion won. Porsche Korea also plans to deepen its work in education, culture and the environment while launching new programs designed to strengthen community connections. With ChildFund Korea, it will expand its indoor gym construction project, “Dream Playground,” which has run for about a decade, into “Dream Circuit,” an eco-friendly sports ground intended for broader public use. Set to debut in May, “Dream Circuit” will be created as a Porsche concept garden using upcycled materials and other eco-friendly elements, offering children a space to play and be physically active in nature. In culture, Porsche Korea will begin a new partnership with the Korea Heritage Service Foundation to present a special exhibition in September at Changdeokgung Palace, a UNESCO World Heritage site, highlighting Korea’s intangible heritage and aesthetics where tradition and modernity meet. Its garden program aimed at ecological conservation and carbon reduction will also expand nationwide. “Believe in Dream - Park,” run with Seoul Green Trust, will broaden from Seoul to the greater capital region. This year, it will build a garden at Yeongheung Forest Park in Yeongtong-dong, Suwon, Gyeonggi Province, designed to strengthen habitat functions for key protected species. The company said it will build a database on species in parks and green spaces through ecological monitoring involving citizens and experts, while running public-private cooperation and online and offline campaigns to develop a citizen-participation green infrastructure model. It will continue supporting an urban beekeeping project. Porsche Korea said it will also expand support in arts, sports and job training to help talented children from vulnerable backgrounds and young people pursue their dreams and become self-reliant. “Dream Up,” run with ChildFund Korea since 2018, supports children with talent in arts and sports and will be strengthened this year with education infrastructure to deepen their expertise. With the Seoul Foundation for Arts and Culture, Porsche Korea will continue its “Porsche Frontier” program, supporting the discovery and performance of outstanding works through the Seoul Arts Awards, a prize program for fine arts. To help young people entering society, it will work with the social cooperative Dream Sharing to provide professional training for golf caddies and connect graduates to jobs to support practical career planning. Matthias Busse, CEO of Porsche Korea, said, “As ‘Porsche Do Dream’ marks its 10th anniversary next year, it has steadily laid the groundwork to support dreams across Korean society and expand them into social value,” adding, “We will continue to build a sustainable ecosystem that spreads the brand’s core value of ‘dreams.’”* This article has been translated by AI. 2026-02-20 16:30:18
  • New firefighters ready to serve communities in Incheon
    New firefighters ready to serve communities in Incheon SEOUL, February 20 (AJP) - Some 116 new firefighters graduated from the Incheon Fire Academy in Ganghwa, Incheon on Friday. The new graduates, the academy's 27th class, pledged to protect the lives and property of citizens. Over 24 weeks since enrolling in September last year, the graduates completed rigorous training as part of the academy's mission to nurture elite firefighting personnel ready for the field. They will be assigned to about a dozen fire stations across Incheon, taking on firefighting, rescue and emergency duties for citizens' safety. 2026-02-20 16:11:53
  • Antitrust watchdog moves to penalize seven flour millers over price-fixing cartel
    Antitrust watchdog moves to penalize seven flour millers over price-fixing cartel SEOUL, Feb 20 (AJP) - South Korea’s competition authority has initiated formal sanctioning procedures against seven major flour producers and distributors, including industry giants CJ CheilJedang and Daehan Flour Mills, for alleged price-fixing. The Korea Fair Trade Commission (KFTC) announced Friday that it has dispatched examination reports—equivalent to a criminal indictment—to seven companies: CJ CheilJedang, Daeseon Flour Mills, Daehan Flour Mills, Sajo Dongawone, Samyang Corp., Samhwa Flour Mills, and Hantop. The move marks the start of a formal deliberation process by the antitrust watchdog to determine the illegality of their actions and subsequent penalties. Under South Korea’s legal framework, the KFTC serves as a quasi-judicial body, with its final decisions functioning as a first-instance court ruling. The latest move is part of a broader government crackdown on cartels that threaten consumer price stability. Since launching its investigation last October, the regulator has concluded that these seven firms, which command an 88 percent share of the domestic business-to-business (B2B) flour market, colluded to fix prices and allocate sales volumes over a period of six years. The commission estimates the relevant revenue affected by the cartel to reach approximately 5.8 trillion won ($4.1 billion). Consequently, the watchdog has proposed corrective orders and significant administrative fines for violating the Fair Trade Act. "Under relevant laws, the commission can impose fines of up to 20 percent of the revenue affected by the collusion," said Yoo Seong-wook, Director General for Investigation Coordination at the KFTC. Yoo stressed that the agency will "strive to substantially block any incentive for cartels through aggressive law enforcement against practices that threaten the people's livelihood." This follows a 2006 case where the authority penalized millers for similar charges. Notably, the current report includes a recommendation for a "price reset order," forcing companies to re-evaluate and lower their prices to competitive levels. "While most cartel cases end with a cease-and-desist order and fines, we determined that an effective restoration of competition is necessary for items so closely tied to daily life," Yoo explained, noting that the price reset order was included as a measure to proactively restore market competition. The KFTC’s decision to publicly announce the dispatch of the report is considered unusual. Historically, the antitrust regulator has maintained a "Neither Confirm Nor Deny" (NCND) stance before final deliberations are concluded. "We considered the need to strengthen the public's right to know and enhance procedural transparency," Yoo said. While the agency plans to disclose information within a scope that does not infringe on the defendants' right to defense, it will follow global trends, such as those in the European Union, where reports are made public before final decisions. The seven firms have eight weeks to submit written opinions or request access to evidence. Given the direct impact on consumer prices, the competition watchdog plans to hold its final plenary session as soon as the defense procedures are completed. The crackdown comes as the government intensifies its focus on essential goods. On Feb. 13, a "Special Task Force for Consumer Price Management" was launched to monitor collusion in markets for flour, sugar, and other necessities. During a meeting on Thursday, President Lee Jae Myung specifically highlighted sugar, flour, meat, and school uniforms as key items requiring scrutiny. 2026-02-20 16:09:37
  • Parata Air Adopts AMOS Maintenance and Engineering Management System
    Parata Air Adopts AMOS Maintenance and Engineering Management System Parata Air has adopted AMOS (Aircraft Maintenance and Operational Support), a maintenance and engineering management system, to strengthen its maintenance and safety operations. The airline said Thursday it selected AMOS, developed by Swiss aviation software company Swiss-AS, as the core platform for its aircraft maintenance and engineering system. The system supports maintenance planning and execution as well as airworthiness and regulatory compliance management, integrating key functions across maintenance operations. It is widely used by major airlines worldwide. Parata Air said adopting the system from the outset improved transparency in maintenance records and helped establish standardized maintenance processes aligned with international standards. The airline said it was able to stabilize the rollout in a relatively short period because many staff in its maintenance organization already had experience operating AMOS, allowing it to focus the initial setup on core functions needed for flight operations. Parata Air plans to expand its use of AMOS in phases. After initially focusing on routine maintenance operations and regulatory requirements, it aims to link the system to maintenance financial management to build a more advanced, integrated aviation IT environment. “An airline’s safety and trust start with its maintenance system,” a Parata Air official said. “By adopting a digital maintenance system proven by global airlines, we have laid the foundation for stable operations and sustainable growth.”* This article has been translated by AI. 2026-02-20 15:49:06