Journalist
Lee Hugh
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Boeing picked as preferred bidder for South Korea's special-ops helicopters deal SEOUL, February 20 (AJP) - Boeing has been selected as the preferred bidder for a South Korean defense procurement program valued at approximately 3.4 trillion won ($2.3 billion), the Defense Acquisition Program Administration (DAPA) said on Friday. According to DAPA, Boeing was the sole bidder to submit a proposal in November last year, after two previous bidding rounds in June and October failed to produce a contract. Sikorsky, a subsidiary of Lockheed Martin, had been expected to compete with its heavy-transport helicopter, the CH-53K King Stallion, but failed to do so. Boeing proposed the CH-47F/ER, an upgraded version of the CH-47F Chinook, at a cost of $57 million per unit. The program aims to procure approximately 20 heavy-lift helicopters for special operations including air infiltration search-and-rescue missions, with deliveries scheduled between 2026 and 2033. DAPA said it plans to finalize a contract with Boeing by June, pending technical evaluations and tests. 2026-02-20 14:14:29 -
Woori Bank teams with Samsung Electronics and LG Uplus to market to teens and 20-somethings Woori Bank said on the 20th it signed a joint marketing agreement with Samsung Electronics and LG Uplus to attract customers in their teens and 20s. Attendees included Woori Bank CEO Jeong Jin-wan, Samsung Electronics Korea Vice President Lim Seong-taek and LG Uplus Vice President Lee Jae-won, along with other officials from the three companies. The partnership brings together leaders in finance, mobile devices and telecommunications to offer financial services tailored to the lifestyle of younger customers. Under the agreement, the companies plan joint marketing and promotions aimed at the 10-20 age group, promote the “Samsung Wallet Money” service, and offer special handset sales to Woori Bank customers. The effort will focus on practical benefits for customers accustomed to mobile and simple payments. “This collaboration combines financial services with mobile and telecom services to provide a differentiated experience for younger customers,” Jeong said. He added the bank plans to keep expanding touchpoints with younger customers through strategic partnerships across industries. * This article has been translated by AI. 2026-02-20 14:06:28 -
Korean household debt hits new height as hot assets fuel leveraged investment SEOUL, Feb 20 (AJP) - Red-hot asset markets in South Korea pushed household debt to a fresh record by the end of 2025, as investors increasingly relied on borrowing for property and stock investment, data showed Friday. According to the Bank of Korea, total household credit outstanding stood at 1,978.8 trillion won ($1.37 trillion) at the end of the fourth quarter of 2025, up 14 trillion won from the previous quarter. It marked the highest level since data collection began in the fourth quarter of 2002. For the full year, household debt expanded by 56.1 trillion won, or 2.9 percent, the largest year-on-year increase since 2021. Loans from commercial banks rose by 6 trillion won in the fourth quarter, sharply easing from a 10.1 trillion won gain in the third quarter, as banks tightened lending to meet year-end regulatory caps. By contrast, lending by non-bank depository institutions increased by 4.1 trillion won, more than double the 2 trillion won rise recorded in the previous quarter. Within this sector, mortgage loans jumped by 6.5 trillion won, reflecting an influx of borrowers turned away by major commercial banks. “Other loans,” including personal credit lines and non-mortgage borrowing, added 3.8 trillion won. These loans, often linked to equity market trading, pushed the balance of credit used for leveraged investment to around 27 trillion won toward the end of the year. Borrowing from “other financial corporations”—including credit card companies, financial holding firms and moneylenders—rose by 1.1 trillion won to 526.1 trillion won. Within this category, non-mortgage loans increased by 5.1 trillion won to 260.4 trillion won, offsetting a decline in housing-related lending. “This appears to be a temporary migration as commercial banks managed loan caps toward the end of the year,” said Lee Hye-young, head of the BOK’s Monetary and Financial Statistics Team. She played down concerns over a long-term deterioration in debt quality, noting that a similar pattern was observed in the fourth quarter of 2024, when non-bank lending surged by 6.6 trillion won after a decline in the previous quarter. In October last year, the government introduced a series of stricter measures, capping mortgage limits from as high as 600 million won to as low as 200 million won depending on property values. Despite the move, critics argue that the impact on overall loan growth was limited, pointing out that the quarterly increase in personal credit loans fell by only 900 billion won from the third quarter. Lee rejected claims that the regulations had failed. “While growth in insurance company loans and card loans partly offset the decline in mortgages, the purposes of these loans vary, including stock investment,” she said. She added that changes in lending patterns should not be interpreted as evidence of regulatory weakness. The central bank projects that South Korea’s household debt-to-GDP ratio will decline slightly from 2024 levels. “We will have a clearer picture after checking nominal GDP statistics in March and flow-of-funds data in April,” Lee said, adding that current indicators suggest the ratio will fall below the 89.6 percent recorded in 2024. However, she cautioned that uncertainty remains high, given fluctuations in mortgage lending and credit-based investment. “It is still too early to draw firm conclusions,” she said, citing volatility in housing finance and leveraged trading demand. 2026-02-20 14:02:37 -
Kookmin University completes global leadership camp with United Nations University in Tokyo SEOUL, February 20 (AJP) - The HUSS Global Symbiosis Project Group at Kookmin University successfully conducted the KMU x UNU Sustainable Global Leader Training Camp in Tokyo from January 26 to February 1, the prominent university located in Seoul said on Thursday. The program was developed in collaboration with the United Nations University (UNU) to provide a field-based educational model focused on international organizations. It featured the UNU Future Leaders Bootcamp, expert lectures, a mock UN Security Council negotiation simulation, a visit to Tokyo City University, and various social contribution activities based on environmental, social, and governance (ESG) principles. The initiative was designed to move beyond theoretical classroom learning by immersing students in the operational environments of global institutions. By partnering with UNU, the university aimed to provide undergraduate students with direct exposure to international diplomacy and sustainable development strategies. During the Future Leaders Bootcamp held at UNU, participants studied the structure of the United Nations system and the implementation strategies for Sustainable Development Goals (SDGs). A central component of the camp was a simulation of a UN Security Council session held at Elizabeth Rose Hall. Students engaged in a mock negotiation regarding the crisis in Venezuela, practicing country-specific strategy formulation, informal consultations, and the voting process for resolutions. The curriculum also included a lecture by Professor Lim Hwa-jin of Tokyo City University on urban planning and smart city cases in Japan. This was followed by a field trip to the Shinjuku district, where Kookmin University students worked alongside local Japanese students to observe urban infrastructure and public space design. Participants engaged in practical ESG activities, including a project to improve language accessibility for Korean history exhibits at the Koryo Museum of Art in Tokyo. They also conducted benchmarking studies of the Japanese environmental non-profit organization Greenbird and took part in the Green Store Observer Program. Following the completion of the field activities, the university held a contest for posters and short-form videos to allow students to document and share their findings. According to internal university data, all 30 participants reported a maximum satisfaction score of five out of five, stating they would recommend the program to others. Professor Lim Young-bin of the Department of Public Administration, who led the program, stated that the university has established an integrated global education model where students learn at international organizations, verify concepts in urban settings, and practice social responsibility. He noted that the university plans to further develop this into a flagship global exchange program. The HUSS Global Symbiosis Consortium is a three-year initiative supported by 9 billion won in funding from the Ministry of Education and the National Research Foundation of Korea. Since 2024, Kookmin University has collaborated with Kwangwoon University, Sun Moon University, Yeungnam University, and Honam University under this consortium. The group aims to train 2,500 experts capable of addressing global resource challenges, industrial sustainability, and international social inclusion. 2026-02-20 13:59:44 -
SK hynix shares gain traction after BlackRock lifts stake to 5% SEOUL, February 20 (AJP) -Shares of SK hynix gained momentum after the world’s largest asset manager, BlackRock, raised its stake in the chipmaker above the 5 percent threshold for the first time in nearly eight years, according to a regulatory filing. BlackRock’s increased exposure comes as global investors seek to capitalize on the artificial intelligence boom, with SK hynix emerging as a dominant supplier of high-bandwidth memory (HBM) used in AI accelerators. A disclosure filed with Korea’s Financial Supervisory Service showed that BlackRock Fund Advisors and its related parties held 36,407,157 shares in SK hynix as of Feb. 10, equivalent to a 5.00 percent stake. The holding rose by 100,808 shares, or 0.01 percentage point, from the previous report on Feb. 9, when the group owned 36,306,349 shares, or 4.99 percent. The total number of voting shares outstanding stood at 728,002,365. The filing noted that the shares are owned by various funds managed by BlackRock and its affiliates, with the firm acting as an investment adviser and deemed holder. It also stated that none of the individual funds or clients independently holds a 5 percent stake. This marks the first time since May 9, 2018 that BlackRock’s aggregate holding in SK hynix has exceeded the 5 percent level. Market observers say international funds have been shifting capital away from the U.S. toward higher-return, technology-focused Asian markets, particularly South Korea and Japan. Korean memory chipmakers have emerged as key beneficiaries of the trend, riding what analysts describe as a once-in-decades boom driven by extremely tight supply and explosive demand for AI-related memory products, especially HBM. Both SK hynix and Samsung Electronics have posted strong rallies this year, rising about 35 percent and over 50 percent, respectively, on expectations of sustained earnings growth fueled by AI investment. Compared with early 2025, SK hynix’s share price has risen nearly fivefold, while Samsung Electronics’ stock has more than tripled. As of 2:00 p.m.. SK hynix shares climbed 6.38 percent to 951,500 won, moving closer to the symbolic 1-million-won mark. 2026-02-20 13:59:05 -
BNK Kyongnam Bank Launches Productive Finance Council, CEO Kim Tae-han to Lead BNK Kyongnam Bank said Thursday it has launched a “Productive Finance Implementation Council.” The council is chaired by Kyongnam Bank CEO Kim Tae-han and is made up of four groups: the Innovation Growth Finance Center, the Innovation Finance Support Division, the Future Growth Investment Division and the Regional Value-Up Division. The council held its first meeting at the bank’s headquarters, attended by Kim, division heads and department leaders. Agenda items included sharing the status of key productive and inclusive finance initiatives, advancing external activities such as business cooperation agreements (MOUs) with institutions and local governments, and refining the organization’s operating structure. The bank said it will strengthen funding support for local industries and companies and seek opportunities to participate in policy and state-led projects to help foster and revitalize region-specific industries. The bank also said it is actively promoting “regional productive finance,” a 4.3 trillion won program that broadly supports future-growth and innovative companies, region-specific industries, and local self-employed business owners and small and midsize firms. Under the plan, the bank will provide tailored financing by growth stage for leading local companies and firms relocating to the region, including facility investment and trade finance, overseas expansion and shared growth with partner companies. It will offer additional interest-rate discounts to ease financing burdens for 11 advanced strategic industries, including artificial intelligence, semiconductors, secondary batteries, robotics, and aerospace and defense. It also plans to expand support for regional specialized industries such as maritime, shipbuilding, defense, logistics and aerospace. “For regional growth, we need a productive finance model that creates value beyond the scale of financial support,” Kim said. “As a reliable partner that grows with the region, we will continue to do our best to create regional value.” * This article has been translated by AI. 2026-02-20 13:42:00 -
Volkswagen Korea Launches ‘Feel & Drive’ Test-Drive Campaign for Atlas SUV Volkswagen Korea said Feb. 20 it selected the Atlas large SUV as its February featured vehicle for its customer-participation social test-drive campaign, “Feel & Drive.” Feel & Drive is a recurring program that lets customers take an in-depth drive of Volkswagen’s core models each month, including the Golf, Atlas and Touareg, tailored to individual lifestyles. The program offers a 3-night, 4-day test drive, including a weekend, aimed at highlighting the vehicles’ detailed strengths and the finish of German engineering, the company said. The February model, the Atlas, is positioned as a large SUV with one of the biggest body sizes in its class and a roomy cabin, along with powerful driving performance and a broad set of advanced convenience and safety features. Built on German engineering and space efficiency proven in the U.S. market, the Atlas was also named the “2026 Internal Combustion SUV of the Year” by the Korea Automobile Writers Association (AWAK). Winners of the test-drive campaign will be able to drive the Atlas from March 6 to 9. Applications are open through Feb. 22 by leaving a comment matching the theme on the event post on Volkswagen’s official Instagram channel. Winners will be announced Feb. 23. “Atlas is a versatile family SUV with strong driving performance and solid stability, and customers will be able to experience its true value through a deep, 3-night, 4-day test,” said Shin Dong-hyeop, executive director of marketing communications at Volkswagen Korea. “This year as well, we will provide Volkswagen’s differentiated customer experience through the Feel & Drive campaign across our lineup.”* This article has been translated by AI. 2026-02-20 13:03:18 -
Samsung Heavy Wins $268 Million Order for One LNG Carrier Samsung Heavy Industries said in a regulatory filing on Thursday that it won an order for one liquefied natural gas carrier from an Oceania-based shipowner for 368 billion won. The vessel is scheduled to be delivered by May 2028. The company’s year-to-date orders total eight ships worth $1.9 billion, reaching 14% of its annual target of $13.9 billion. By vessel type, the orders include three LNG carriers, two ethane carriers, two container ships and one crude oil carrier, for a total of eight ships. The tally reflects a $400 million increase tied to a preliminary contract for offshore production facility pre-work that the company disclosed on Feb. 13. “Since the start of the year, orders for LNG carriers have continued smoothly,” a company official said, adding that Samsung Heavy plans to maintain a selective order strategy focused on high-value ships.* This article has been translated by AI. 2026-02-20 12:09:14 -
K-pop girl band Hearts2Hearts to drop new single 'RUDE!' SEOUL, February 20 (AJP) -K-pop girl band Hearts2Hearts will release a new single "RUDE!" on Friday to celebrate its first anniversary. Along with the new song, its music video will also be released through the SMTOWN YouTube channel. SM Entertainment said in a statement that the eight-member band's new track RUDE!, a synth house dance track, will be released at 6:00 p.m. (0900 GMT) through various music and video platforms. The band's agency said that the new track offers a different vibe compared to "FOCUS," Hearts2Hearts' cool and chic house-based song relesed in October last year. The group is set to unveil the very first actual performance stage of RUDE! during the band's fan meeting "2026 Hearts2Hearts FANMEETING HEARTS 2 HOUSE," scheduled for Feb. 21 and 22 at Olympic Hall in Seoul's Olympic Park. The group is also to meet international fans through a North American showcase in New York on Mar. 19 and Los Angeles on Mar. 22, followed by a fan meeting in Jakarta on Mar. 28. 2026-02-20 11:30:13 -
KOSPI unfazed by geopolitical risks in its record-setting winning streak SEOUL, February 20 (AJP)- South Korean shares extended their relentless rally in early Friday trading, brushing off global market weakness and rising geopolitical tensions between the United States and Iran. The benchmark KOSPI surged past the 5,700 mark to set another record high. As of 10:50 a.m., the index was up 1.26 percent at 5,748.65. The tech-heavy KOSDAQ slipped 0.25 percent to 1,157.77. In regional markets, Hong Kong’s Hang Seng Index opened lower after a holiday break, falling 0.27 percent to 26,633.60 as of 9:31 a.m. local time. Wall Street retreated overnight as concerns grew over a potential U.S. strike on Iran. With nuclear negotiations between Washington and Tehran showing little progress, reports that the U.S. military had reinforced its assets in the Middle East weighed on investor sentiment. The Dow Jones Industrial Average fell 0.54 percent, the S&P 500 lost 0.28 percent, and the Nasdaq Composite slipped 0.31 percent. Despite the global pullback, brokerage stocks in Seoul rallied across the board. SK Securities and Sangsangin Investment & Securities hit fresh 52-week highs, jumping 24.89 percent and 20.94 percent, respectively, as of 10:05 a.m. Other major brokerages also posted strong gains, including NH Investment & Securities (11.29 percent), Daishin Securities (7.16 percent), Mirae Asset Securities (4.11 percent), Samsung Securities (5.65 percent) and Kyobo Securities (8.53 percent). The rally was driven by rising trading volumes and growing expectations that a revision to the Commercial Act requiring the cancellation of treasury shares will be approved. The Korean won strengthened slightly, trading at 1,449.40 per dollar, up 1.60 won from the previous session. Investor flows were mixed. Individual and foreign investors sold a net 79.1 billion won and 430.4 billion won worth of shares, respectively, while institutions bought a net 587.6 billion won. Among heavyweight stocks, Samsung Electronics and SK hynix slipped 0.16 percent and 0.67 percent to 189,300 won and 888,000 won, respectively. Battery maker LG Energy Solution rose 0.37 percent to 405,000 won. Meanwhile, nuclear power equipment maker Doosan Enerbility and defense contractor Hanwha Aerospace climbed 6.50 percent and 6.70 percent to 104,800 won and 1,226,000 won, respectively. Financial and biotech stocks also advanced. Samsung Life Insurance jumped 7.18 percent to 224,000 won, while Samsung Biologics added 0.87 percent to 1,735,000 won. Automakers showed mixed performance. Hyundai Motor fell 0.78 percent to 509,000 won, while affiliate Kia gained 0.29 percent to 170,500 won. Shipbuilders were among the gainers. HD Hyundai Heavy Industries jumped 2.61 percent to 589,000 won, and Hanwha Ocean climbed 2.70 percent to 144,400 won. In Tokyo, Japan’s Nikkei 225 fell 1.17 percent to 56,796.91. China’s Shanghai market is set to resume trading next Tuesday following the holiday break. 2026-02-20 11:13:36