Journalist

Lee Hugh
  • New IBK CEO Jang Min-young Pledges 300 Trillion Won in ‘Productive Finance’ and AI Shift
    New IBK CEO Jang Min-young Pledges 300 Trillion Won in ‘Productive Finance’ and AI Shift ‘A 37-year IBK veteran,’ new IBK Industrial Bank of Korea CEO Jang Min-young began his official duties on Feb. 20, calling for the bank to serve as a catalyst for “productive finance.” He said IBK will expand financing for small and midsize businesses amid low growth and industrial restructuring, while overhauling the bank through AI-driven digital transformation and stronger internal controls. “At a time when our economy faces structural crises of low growth and polarization, we are also confronting upheaval from AI, digital change and an energy transition,” Jang said at the inauguration ceremony. “IBK must play the role of a catalyst for productive finance.” He named three core management priorities: productive finance, trust-based finance and digital transformation. “Over the past 65 years, IBK’s corporate-finance DNA built alongside small and midsize companies is a unique asset no one can replicate,” he said, pledging to “push ahead without disruption” with 300 trillion won in productive finance by 2030. Jang also called for expanding investment in new industries. “With a trained eye, we will identify future industries such as AI and semiconductors and powerfully activate our growth engine,” he said. He pledged broad financial support tailored to a company’s life cycle, “from early-stage startups through growth and maturity.” On digital transformation, Jang said he wants to redefine IBK as an “AI company.” “We will secure AI-based, best-in-class capabilities across all areas and realign our organizational DNA to be AI-friendly,” he said, adding that the bank will combine long-accumulated data with AI to upgrade credit reviews and soundness management. He also described stablecoins as a key technology that could change the capital paradigm and said the bank will review adopting related systems, with safety as a prerequisite. Jang emphasized a shift to trust-based finance as well. “We will build an internal control system that can proactively manage even unseen risks,” he said, signaling tighter risk management. He added that IBK faces the challenge of competing on equal footing with commercial banks while balancing public and commercial roles, and said he will foster a culture of mutual respect and discussion. The ceremony was held about a month after his appointment on Jan. 23, after the bank’s labor union staged a campaign to block employees from reporting to work over overtime pay issues tied to a total wage cap system. Labor and management agreed on Feb. 19 to normalize unpaid allowances, easing the dispute and allowing the bank to move toward normal operations. For his first official schedule, Jang plans to visit a Seoul branch with heavy customer traffic to encourage staff. With his term starting later than planned, he also aims to accelerate the 300 trillion won productive-finance initiative. The government’s National Growth Fund is also expected to expand IBK’s role in areas such as balanced regional development and support for advanced strategic industries, and some observers say his capital-markets background could speed up decisions on large-scale fund investments. Asset quality management is also cited as a key task. Analysts say the bank must stabilize a delinquency rate that rose into the 1% range in the third quarter of last year while continuing support for small merchants and small and midsize businesses. How the new leadership balances expanded support with risk controls is expected to be an early test. * This article has been translated by AI. 2026-02-20 11:09:00
  • US, Chinese fighter jets in brief aerial standoff over West Sea
    US, Chinese fighter jets in brief aerial standoff over West Sea SEOUL, February 20 (AJP) - A brief aerial standoff between U.S. Forces Korea (USFK) aircraft and Chinese fighter jets occurred over the West Sea earlier this week, multiple military sources said on Friday. The faceoff arose when China scrambled its own fighter jets in response to a large-scale air drill conducted by the USFK. According to the sources, about a dozen F-16 fighter jets took off from Osan Air Base in Pyeongtaek, Gyeonggi Province last Wednesday and reportedly flew over South Korea's air defense identification zone (KADIZ), prompting China to dispatch its own. Though the encounter briefly raised tensions, neither side was reported to have entered the other's airspace. The air defense identification zone does not constitute territorial airspace but is established in order to identify air traffic. It is common protocol for aircraft to obtain prior permission before entering another country's air defense identification zone. USFK reportedly notified South Korea's military authorities ahead of the drill but did not elaborate on its specific objectives. Some observers said it is unusual for USFK to conduct such a large-scale exercise near China's airspace. 2026-02-20 11:07:51
  • South Koreas AI Basic Act sparks demand for industry-specific compliance guidelines
    South Korea's AI Basic Act sparks demand for industry-specific compliance guidelines SEOUL, February 20 (AJP) - South Korea's Basic Act for AI has taken effect, but businesses are struggling to translate the sweeping legislation into concrete operational practice, prompting growing calls for tailored, industry-specific compliance guidelines. The law imposes transparency obligations and governance requirements on companies deploying generative AI and other artificial intelligence technologies, with administrative penalties including fines for non-compliance. Analysts say firms that demonstrate accountability under the new framework stand to gain a competitive edge in the long run. Despite the government's efforts to ease the transition — including the early release of subordinate regulations — uncertainty on the ground remains unresolved. The AI Basic Act Support Desk, jointly operated by the Ministry of Science and ICT and the Korea AI·Software Industry Association (KOSA), received 172 inquiries within just ten days of opening. The surge in interest is visible in the data. Big data analytics platform Quettai recorded about 16,175 mentions of the "AI Basic Act" keyword in January, a 233 percent jump from the same period a year earlier. Notably, related terms such as "difficult," "complicated," and "ambiguous" ranked among the top associated keywords, signaling widespread confusion over compliance requirements. Industry practitioners argue that a one-size-fits-all approach falls short given the wide variance in how AI is deployed across sectors. The same legal provision can carry different implications depending on the industry, making generic guidance insufficient for frontline decision-making. DeepBrain AI, a domestic generative AI firm, recently published a practical compliance guide tailored to the financial, education, and portal sectors — one example of how industry players are moving to fill the guidance gap left by broad regulatory language. With enforcement now underway, businesses and regulators alike face pressure to move beyond interpretation and toward actionable standards before compliance gaps begin to widen. 2026-02-20 10:51:33
  • ASIA INSIGHTS: Beyond tech rivalry: IMFs warning and Asias path on coexistence
    ASIA INSIGHTS: Beyond tech rivalry: IMF's warning and Asia's path on coexistence The International Monetary Fund’s latest annual assessment of China reads less like a routine economic report than a structural warning for Asia’s manufacturing powerhouses. The IMF points to China’s widening trade surplus, effective currency undervaluation, expanding industrial subsidies, weak domestic demand and persistent deflationary pressure. Together, they signal the limits of an export- and investment-driven growth model that has powered China for decades. One figure stands out. The Fund estimates that subsidies to key industries amount to roughly 4 percent of GDP and recommends cutting them to about 2 percent over the medium term. This is not merely a call for fiscal restraint. It is a demand to redesign the architecture of industrial policy itself. The report notes that China’s rising net exports have pushed its current account surplus beyond 3 percent of GDP, deepening external imbalances and placing strain on trading partners. Low inflation has effectively weakened the real exchange rate, boosting price competitiveness — but also increasing the risk of protectionist backlash. “Deflation” appears repeatedly in the report. Prolonged price declines, the IMF warns, could erode growth potential. At the same time, government debt is projected to rise rapidly, possibly exceeding 130 percent of GDP. These assessments are not absolute truths. China’s development strategy has long been shaped by historical vulnerability and the pursuit of technological self-reliance. State support for strategic industries and manufacturing-led growth has delivered rapid industrial upgrading. In an era of intensifying U.S.-China rivalry, no major economy is leaving semiconductors, artificial intelligence, electric vehicles or batteries to market forces alone. The United States and Europe are strengthening their own industrial policies. In that sense, the IMF’s recommendations do not reject national strategy. They reflect a concern for systemic balance. Excessive reliance on exports and capital investment leaves economies exposed to external shocks. Without sufficient domestic consumption, large-scale production capacity eventually turns into overcapacity — and trade friction. If subsidies fail to translate into productivity gains and technological breakthroughs, but merely expand output, they become long-term fiscal burdens. Here, China and South Korea face a shared question. In the era of physical AI and advanced scientific convergence, what growth path should manufacturing-based economies choose? Few regions possess ecosystems as integrated as those of Korea and China — linking design, production, R&D and commercialization. Dense digital infrastructure and fast execution cultures accelerate technological diffusion. In China, emphasis on speed and implementation has intensified, further shortening the path from innovation to market. Physical AI — reshaping factories, logistics, robotics, energy systems, defense and healthcare — goes beyond software. It reorganizes the physical world. No country can master this transition alone. Supply chains are transnational. Technical standards and data governance require multilateral coordination. Fragmentation increases costs for everyone. The IMF’s message is not to slow competition, but to refine the structures that sustain it. Strengthen domestic demand. Gradually shift toward consumption-driven growth. Improve the efficiency and transparency of industrial support. This applies to Korea as much as to China. Korea remains highly export-dependent and sensitive to global slowdowns and trade barriers. It must continually examine whether technology investment and subsidies raise productivity, or merely concentrate benefits in a narrow set of firms. Asia’s future lies in coordination, not confrontation. If Korea and China define each other solely as rivals, Asia risks becoming a fault line in great-power competition. But if they manage interdependence through supply-chain cooperation, joint research and shared standards, the region can emerge as a new center of global growth. Collaboration in semiconductors, batteries, electric vehicles, hydrogen, AI and biotechnology extends beyond bilateral interests. Broader networks linking Southeast Asia, India and Central Asia could combine technology, infrastructure and talent into a new development model. This is a positive-sum strategy. Yet one condition is essential. Technology is not value-neutral. It can enable surveillance, exclusion and control. Innovation must be guided by universal principles — truth, justice and freedom. When the IMF emphasizes “balance,” it is not referring merely to macroeconomic indicators. It is pointing to institutional maturity. Asia must move beyond technological nationalism. Strategic industries and industrial pride are legitimate. But they should not become sources of systemic conflict. Asia already holds more than half of the world’s population. Unlocking that potential requires trust, cooperation and credible rules. The IMF report is a warning: excess and imbalance eventually impose costs. But it is also an opportunity. If Korea and China can combine technological ambition with structural discipline and regional coordination, Asia can become a platform for coexistence rather than confrontation. When technology is built on the foundations of truth, justice and freedom, the region can move beyond development — toward civilizational leadership. *The author is a columnist of AJP. 2026-02-20 10:38:22
  • Ex-bobsleigh medalist elected to IOC Athletes Commission
    Ex-bobsleigh medalist elected to IOC Athletes' Commission SEOUL, February 20 (AJP) - Bobsledder Won Yun-jong was elected to the Athletes' Commission of the International Olympic Committee (IOC) on Thursday, becoming the first South Korean athlete in winter Olympic disciplines to serve. According to the IOC, Won secured 1,176 votes from some 2,393 athletes participating in this year's Winter Olympics in Milan and Cortina d'Ampezzo, finishing first among 11 candidates. The silver medalist at the 2018 PyeongChang Olympics became the third South Korean athlete to serve in the role, following Moon Dae-sung, the 2004 Athens Olympic taekwondo champion, and Ryu Seung-min, the 2004 Olympic table tennis gold medalist. Won is also joining Kim Jae-youl, better known as the husband of conglomerate Samsung's heiress Lee Seo-hyun, as one of only two current South Korean IOC members. Kim was elected in October 2023 in his capacity as president of the International Skating Union (ISU). Established at the 2000 Summer Olympics in Sydney, the IOC Athletes' Commission is elected through a direct vote by fellow athletes for a term of eight years. It has the same rights as other IOC commissions, including the right to vote on summer and winter Olympic host venues. Won is set to be formally introduced as a new member at the closing ceremony of this year's quadrennial sporting event on Sunday, with his term beginning the following day. Meanwhile, President Lee Jae Myung congratulated him in a message posted on social media, promising that the government would "actively support his work" for the 23-mbmer commission. 2026-02-20 10:31:36
  • Gang Gam-chan sails with global fleet as Korea rises on Indo-Pacific Seas
    Gang Gam-chan sails with global fleet as Korea rises on Indo-Pacific Seas VISAKHAPATNAM, INDIA, February 20 (AJP) - From the deck line to the distant horizon, the waters off Visakhapatnam shimmered with steel, color and motion on Wednesday as one of the world’s largest multinational naval formations assembled for the 2026 International Fleet Review. Flying the South Korean flag Taegeukgi high against a stiff Bay of Bengal wind, the 4,400-ton destroyer ROKS Gang Gam-chan cruised in tight formation alongside 18 other flag-bearing warships, cutting a steady line through rolling swells. From the press boat trailing the formation, her angular silhouette and brownish-gray hull stood out sharply under the tropical sun — a visible symbol of Seoul’s growing blue-water ambitions. For several hours, the Bay of Bengal became a moving stage of maritime power. Warships advanced in sequence, their signal flags fluttering, flight decks cleared and crews standing at attention along the rails. At the heart of the spectacle was the host, the Indian Navy, showcasing the rapid transformation of its fleet — from coastal defense to full-spectrum ocean-going force. The review was the third such event hosted by India, following earlier editions in 2001 and 2016. A “Blue Water” Presence Among the multinational lineup, Gang Gam-chan — the fifth vessel of South Korea’s Chungmugong Yi Sun-sin-class destroyers — stood out. Built by Daewoo Shipbuilding & Marine Engineering and commissioned in 2007, the KDX-II-class vessel represents the backbone of the Republic of Korea Navy’s long-range surface fleet. Designed for anti-submarine, anti-air and surface warfare, she has participated in distant deployment missions, including anti-piracy patrols in the Gulf of Aden. During the live broadcast by Doordarshan, commentators singled out the Korean destroyer as a core “blue-water asset,” highlighting its record in international maritime security operations. From the bridge wing, Korean sailors in white dress uniforms saluted as the formation passed the reviewing stand, where President Droupadi Murmu observed the parade. The event’s theme — “United Through Oceans” — was echoed in her address, in which she stressed collective responsibility and cooperative action among like-minded maritime partners. From Ancient Trade Routes to Modern Fleets The setting carried historical weight. These same waters once carried merchant vessels linking the Indus Valley, Southeast Asia and East Africa, and later the naval expeditions of the Chola Empire in the 11th century. On Wednesday, they hosted satellite-linked destroyers, stealth frigates and an aircraft carrier — a vivid illustration of how India’s maritime legacy has evolved into modern sea power. Leading the host nation’s formation was India’s first domestically built aircraft carrier, INS Vikrant, followed by the Project 15B destroyer INS Visakhapatnam and the stealth frigate INS Nilgiri — centerpieces of New Delhi’s “Atmanirbhar Bharat” self-reliance strategy. Behind them sailed vessels from key Indo-Pacific partners, including Australia and Japan, reinforcing the review’s message of collective security. Korea’s Expanding Maritime Footprint For South Korea, Gang Gam-chan’s appearance was more than ceremonial. She departed Jeju Naval Base on Jan. 30 to join the fleet review before taking part in the ensuing seven-days MILAN naval exercise until Feb. 25 — meaning 'meeting' in Hindi — symbolizing Seoul’s growing operational reach across the Indian Ocean. In parallel with the sea review, the Republic of Korea Navy delegation, led by Rear Adm. Kim Kyung-cheol, attended the plenary session of the Indian Ocean Naval Symposium for the first time as an observer. The delegation held bilateral meetings and promoted Korea’s “total solution” approach to naval logistics and defense exports. Officials said the outreach reflects Seoul’s broader effort to link operational deployments with defense-industry diplomacy. A Floating Showcase of Strategy From the press vantage point, the choreography was precise. Each ship maintained exact intervals. Helicopters hovered briefly overhead. Signal flags snapped in unison. Even in moderate swells, the column remained steady — a moving demonstration of interoperability. Industry and defense analysts watching from shore said the review underscored how maritime security in the Indo-Pacific is increasingly shaped by networks rather than individual navies. While large aircraft and maritime patrol planes roared faintly beyond the horizon, Gang Gam-chan continued her measured advance, radar masts scanning and wake trailing cleanly behind her stern. On waters once ruled by sail and monsoon winds, South Korea’s gray-hulled destroyer now sailed as part of a multinational security web — a quiet but unmistakable statement of its place in a changing maritime order. As the formation dispersed toward sunset, the Korean vessel turned eastward, her navigation lights blinking on one by one — carrying with her the message that in today’s Indo-Pacific, presence itself has become policy. 2026-02-20 10:27:12
  • The heat is on Seoul as Tokyo gets a head start on U.S. investment
    The heat is on Seoul as Tokyo gets a head start on U.S. investment SEOUL, February 20 (AJP) - Japan has moved swiftly to translate its pledged $550 billion investment commitment to the United States into concrete projects, unveiling an initial $36 billion package centered on energy, infrastructure and critical materials — areas closely aligned with Washington’s strategic priorities — while Seoul remains mired in legislative gridlock. President Donald Trump welcomed the announcement, publicly praising Tokyo’s commitment and reiterating his March 19 invitation to the Japanese leader, whose political authority was recently reaffirmed through a high-stakes snap election. The rollout marks the first major tranche under Prime Minister Sanae Takaichi’s U.S.-focused investment strategy, which links capital deployment directly to diplomatic and trade objectives. Infrastructure-focused investment package At the core of the package is a $33 billion natural gas power plant in Portsmouth, Ohio, led by SB Energy, a subsidiary of SoftBank Group. The 9.2-gigawatt facility is expected to become the largest of its kind in U.S. history and is designed to address surging electricity demand from AI data centers. Additional projects include a $2.1 billion investment in the GulfLink deepwater oil export terminal off Texas, aimed at expanding U.S. crude exports to Asia, and a $600 million synthetic diamond facility in Georgia by De Beers’ Element Six, intended to strengthen U.S. production of industrial materials now dominated by China. Japan’s Economy and Industry Minister Ryosei Akazawa described the selections as “win-win,” noting that more than 16 Japanese companies, including Toshiba, Hitachi and Mitsubishi Electric, are preparing to participate as suppliers and partners. He also pledged close coordination with Washington on a second tranche during Takaichi’s planned visit to the United States in March. The structure of the package reflects Washington’s priorities. As AI expansion strains power grids and geopolitical tensions reshape supply chains, energy infrastructure and critical materials have become central to U.S. economic security. Rather than broad pledges, Tokyo presented projects that directly address these bottlenecks, reinforcing its position as a strategic partner. Korea left behind The fast and systematic move by Tokyo has placed Korea in a laggard position. Seoul has announced plans for large-scale U.S. investments in nuclear power, shipbuilding, energy and advanced manufacturing. However, progress has been slowed by legislative delays and the absence of a comprehensive institutional framework. The National Assembly’s special committee on U.S. investment has yet to complete key groundwork, including passage of a special law to support overseas investment programs. Instead of forging consensus around a national strategy, political wrangling and blame-shifting have continued. Opposition People Power Party lawmaker Kang Seung-kyu criticized the government and ruling party for what he called their unilateral approach. “They cannot blame the People Power Party for the delay of the Special Act on Investment in the United States while they are pushing through other bills on their own,” he said. The ruling party, meanwhile, has repeated that the deal could undermine Korea’s competitiveness, without presenting a concrete strategy for securing favorable terms. “Automobile tariffs directly affect a large number of jobs in Korea,” Lee Un-ju, a Supreme Council member of the Democratic Party of Korea, said. “If Korea faces higher U.S. tariffs than Japan, Korean automobiles will lose competitiveness in the American market.” She added that as many as 1.5 million people depend directly or indirectly on the auto industry, stressing that “further parliamentary deadlock cannot be tolerated.” Washington’s expectations Yet the auto sector is not at the center of the investment framework Washington expects from Seoul. In the investment list posted on the White House website, Korea’s commitments are categorized mainly under energy and environment. Individual companies such as Hyundai Motor Group and Hanwha Ocean are expected to pursue separate manufacturing investments. From Washington’s perspective, credibility increasingly depends on institutional certainty — clear legal frameworks, budget commitments and bipartisan backing — rather than headline figures alone. Japan’s package combines infrastructure development, corporate participation and diplomatic engagement into a single framework. Energy projects resolve immediate bottlenecks, Japanese firms secure long-term roles, and political ties are reinforced. By contrast, Korea’s approach remains fragmented. While Seoul has outlined cooperation in energy, semiconductors and AI, it has yet to consolidate these initiatives into a unified package backed by legislation and long-term financing. U.S. officials have repeatedly emphasized that energy security, export capacity and supply-chain diversification are central to future cooperation. Countries that can deliver these elements in integrated form are better positioned in trade and tariff negotiations. Structure over scale The government has moved to accelerate talks, dispatching a working-level delegation to Washington this week to explore projects in nuclear power, shipbuilding and advanced industries. Ruling party leaders are also seeking ways to pass investment-related legislation despite opposition resistance. However, experts note that without a stable legal and fiscal framework, such efforts may appear provisional. Japan’s advantage lies not only in speed but in structure. Its investment package links public financing, private-sector participation and diplomatic coordination into a single system. For Korea, the challenge is to move beyond ad hoc negotiations and build similar institutional foundations — integrating power infrastructure with AI and semiconductor projects, energy investment with shipbuilding orders, and mineral supply with downstream processing. Stressing the urgency, Lee said, “Since the Special Act on Investment in the United States concerns the national interest, further parliamentary deadlock cannot be tolerated,” warning that “if the People Power Party keeps blocking this bill to the very end and fails to pass it, causing fatal damage to our economy, the party will face harsh judgment from the people in the upcoming local elections.” The legislative impasse, she admitted, is not the sole obstacle. “The Ministry of Land, Infrastructure and Transport and the Ministry of Trade, Industry and Resources are engaged in turf wars and passing the buck, which has stalled progress,” she said. For now, Seoul faces a growing list of homework, while Tokyo continues to earn points — and advance its national interests — in Washington. 2026-02-20 10:19:51
  • EXCLUSIVE: Brazil looks beyond traditional trade from K-beauty to AI in state visit
    EXCLUSIVE: Brazil looks beyond 'traditional trade' from K-beauty to AI in state visit SEOUL, February 20 (AJP) - Brazil is looking beyond "traditional trade" through the Feb. 22–24 visit to South Korea, tapping fields from K-beauty to biosimilars, artificial intelligence and space cooperation in pursuit of "productive integration," its ambassador to Seoul said. "The main issue is reinvigorating a relationship that has evolved on just 'okay' in the past several years and is in need of a big jump," Ambassador Marcia Donner Abreu told AJP in an exclusive interview Thursday, ahead of President Luiz Inácio Lula da Silva's first state visit to Korea in 21 years. Mononymously known as Lula, the 80-year-old statesman returned to office in 2023 for a third, nonconsecutive term after governing Brazil from 2003 to 2010. His last exclusive bilateral visit to Seoul was in 2005 at the invitation of the late President Roh Moo-hyun. South Korean President Lee Jae Myung and Lula met for the first time on Jun. 17 last year, in Kananaskis, Canada, on the sidelines of the Group of Seven (G7) summit. What could have been a routine diplomatic meeting created an instant rapport between the two men who had walked strikingly similar paths as underage factory boys with permanent work injuries, and as politicians who were continuously put under a barrage of investigations and legal battles, according to the envoy in Seoul. "Chemistry exists; it is excellent," she said. "Both come from very poor families. Both had work-related injuries that marked them. President Lee as a lawyer, President Lula as a union leader — both are presidents." Such shared experiences, she emphasized, are expected to help turn political dialogue into tangible outcomes in the upcoming visit. "The personal relationship always helps. It helps the dialogue evolve into positive terrain." From trade to "productive integration" For Abreu, the upcoming visit marks an attempt to move bilateral ties beyond transactions toward joint value creation. "My president has just been in India, and we see significant potential in Asia," she said. "The same applies to Korea. There is strong potential to increase trade — but not only trade. Trade and productive integration. This includes value chains, investments, a number of things." While automobiles and electronics remain the backbone of bilateral commerce, a new three-year plan of action focuses on complex, high-growth industries. Roughly 15 agreements are expected in biopharmaceuticals, centering on biosimilars and industrial engagement. In defense and aviation, Brazil hopes to build on the C-390 transport aircraft deal through structured partnerships for sourcing components and establishing joint production lines. "In space, we have a very good chance to make something between your space agenda and the Brazilian aerospace agency," Abreu said. Digital industries and artificial intelligence will also feature prominently, with plans for a structured bilateral dialogue. K-beauty and the Amazon connection Cosmetics is emerging as one of the most dynamic areas of cooperation. According to the Korea International Trade Association, Korean cosmetics exports to Latin America expanded from about $100 million in 2020 to roughly $400 million in 2024, growing more than 40 percent annually. Brazil, the region's largest cosmetics market, has become a major battleground for global brands, with Korean exports there more than doubling in the past three years. Demand has surged for skincare and haircare products, while Korean brands have expanded their presence in pharmacy-based derma-cosmetic channels. "The extraordinary success of Korean cosmetics is based on a formula that combines high technology," Abreu said. "But we also have this treasury of Amazonia with many ingredients. Using natural ingredients from different parts of the world could be very valuable." She sees scope for joint development linking Korean formulation expertise with Brazil's biodiversity. Beyond a resource supplier Brazil is also seeking to reposition itself in global supply chains, particularly in critical minerals. Rather than remaining a provider of lithium, niobium and other raw materials, Brasília wants to cooperate with Korean firms on downstream processing and manufacturing. "We don't want to just buy things and sell them," Abreu said. "We want local processing and refining, leveraging Korean competitiveness and technology." She described advanced materials and "creative minerals" as key to future cooperation in batteries, semiconductors and renewable energy. No FTA, but a flexible framework Despite deepening ties, Brazil is not pursuing a conventional bilateral free trade agreement with Korea, citing institutional constraints within Mercosur. "The FTA is not a bilateral negotiation — it's a Mercosur negotiation," she said. "It's not something Brazilian authorities can simply decide." Instead, both sides are working on a "trade and productive integration arrangement," designed to enable faster industrial cooperation without lengthy ratification procedures. "We believe this arrangement can pave the way for further integration, including future regional negotiations," she said. A turning point after two decades Lula's return to Seoul after more than two decades reflects Brazil's broader push to strengthen ties with Asian partners and diversify its economic diplomacy. During the Feb. 22–24 visit, the two leaders are expected to discuss trade and investment, supply chains, energy, technology, space cooperation, and cultural exchange. For Brasília, the objective is to transform a largely transactional relationship into a long-term strategic partnership based on joint production and innovation. "This is about building something together," Abreu said. "Not just exchanging goods, but creating value." 2026-02-20 10:16:05
  • North Korea kicks off key party congress
    North Korea kicks off key party congress SEOUL, February 20 (AJP) - North Korea has kicked off its massive party gathering, state media reported on Friday. According to the state-run Korean Central News Agency, the ninth congress of the Workers' Party "opened with splendour" in Pyongyang the previous day. In his opening address, its leader Kim Jong-un said he is "full of optimism and confidence about the future," comparing this year's gathering with the previous one five years ago, which convened "with the faith, will and resolution to tide over the worst situation facing the revolution by our own efforts and open a new era of progress and development without fail." North Korea "has also irreversibly solidified the country's status externally, bringing about a massive change in the global political order and relations affecting our country," Kim was quoted as saying, apparently referring to the country's pursuit of status as a nuclear-armed state. But Kim devoted most of his speech to highlighting economic issues and outlining tasks to improve "the people's living standards" through mid- and long-term plans aimed at achieving a "rural revolution." The rare gathering, which typically runs several days, brought together about 5,000 party members and other representatives from across the country this year, who will review the past five years and set the direction for domestic and foreign policy over the next five years. 2026-02-20 09:38:22
  • POSCO Holdings to Nominate Directors, Cancel 2% of Treasury Shares
    POSCO Holdings to Nominate Directors, Cancel 2% of Treasury Shares POSCO Holdings decided at a regular board meeting at the POSCO Center to put director nominations and the cancellation of treasury shares on the agenda for its annual shareholders meeting. According to the industry on Thursday, the board’s director nomination committee recommended Joo-yeon Kim, a former vice chair for P&G Japan and Korea, as a new outside director. It also re-nominated outside director Jun-gi Kim, whose term is ending, as a candidate for the audit committee. Joo-yeon Kim previously served as vice chair of Korea P&G, CEO and president of P&G Korea, and global chief marketing officer for P&G Grooming. She currently serves as an outside director at SK Innovation. For inside directors, the company recommended Seok-mo Jeong, head of the Business Synergy Division. It also recommended Hee-geun Lee, CEO and president of POSCO, as a non-executive director. In addition, it re-nominated Ju-tae Lee, head of the Future Strategy Division, and Ki-su Kim, head of the Future Technology Research Institute and the group’s chief technology officer, as inside directors. Jeong joined POSCO in 1991 and has served as CEO and president of ENtoB, head of POSCO’s secondary battery materials business office, and head of the industrial gas business division, with experience spanning steel, secondary battery materials and industrial gas. The nominees are expected to be formally appointed after approval at the annual shareholders meeting on March 24. After the appointments, POSCO Holdings’ board will have 12 members: seven outside directors, four inside directors and one non-executive director. The board also approved the cancellation of 2% of its treasury shares, valued at 635.1 billion won. The move is part of a plan announced in July 2024 to strengthen shareholder returns and boost corporate value by canceling a total of 6% of treasury shares over three years, or 2% a year. The company said it plans to carry out the remaining cancellation target this year to complete the three-year shareholder-return policy. The board also decided to submit other items to shareholders, including approval of the 2025 financial statements, partial amendments to the articles of incorporation, and approval of the cap on directors’ compensation. POSCO Holdings said it will maintain its dividend policy of a basic dividend of 10,000 won per share despite a global economic slowdown and a tougher protectionist trade environment.* This article has been translated by AI. 2026-02-20 09:27:49