Journalist

Lee Hugh
  • S&P Affirms South Korea’s AA Sovereign Credit Rating, Citing Electronics Strength
    S&P Affirms South Korea’s AA Sovereign Credit Rating, Citing Electronics Strength Standard & Poor’s on Tuesday affirmed South Korea’s long-term sovereign credit rating at AA. Yonhap News Agency reported that S&P also kept the country’s short-term rating unchanged at A-1+ and maintained its outlook at “stable.” S&P said volatility in global energy markets had posed a risk to the South Korean economy, but that the country’s strong competitiveness in the electronics sector and supportive fiscal policy helped cushion the headwinds. The agency said South Korea is expected to post a higher average growth rate than most high-income countries over the next three to four years. It added that trust in political stability was somewhat damaged by the 2024 declaration of martial law, but that the swift lifting of the measure, the response that followed and the launch of a new government through elections helped limit the negative impact. After the assessment, the Ministry of Economy and Finance said that despite elevated domestic and external uncertainty, including the situation in the Middle East, positive overseas assessments of the South Korean economy remain firmly in place. It said it would do its best to keep the country’s credit standing stable. 2026-04-29 19:36:16
  • Trump Says Iran Hasnt Come to Its Senses, Presses for End-of-War Talks
    Trump Says Iran 'Hasn't Come to Its Senses,' Presses for End-of-War Talks President Donald Trump pressed Iran over end-of-war negotiations, saying the country "hasn't come to its senses." Trump posted the remarks on Truth Social at about 4 a.m. Eastern on April 29 (local time). "They'd better figure it out fast," he wrote, adding, "They (Iran) don't even know how to make a denuclearization deal." He also posted an image titled "No More Mr. Nice Guy." The picture shows Trump wearing sunglasses with bombing in the background. AFP said it believed Trump posted the message as end-of-war talks between the United States and Iran stalled. Separately, The Wall Street Journal reported the previous day that Trump told aides to prepare to extend a maritime blockade on Iran. The United States has limited military action since a ceasefire with Iran on April 7, but has increased economic pressure through steps including the maritime blockade. A senior U.S. official said Iran is suffering major economic damage because of the blockade.* This article has been translated by AI. 2026-04-29 19:24:18
  • Hyundai Motor Group Chairman Chung Euisun Returns to Beijing Auto Show After 8 Years
    Hyundai Motor Group Chairman Chung Euisun Returns to Beijing Auto Show After 8 Years Hyundai Motor Group Chairman Chung Euisun visited the Beijing motor show, the world’s largest auto exhibition, for the first time in eight years, a move seen as reinforcing the group’s push in China. According to industry officials on Tuesday, Chung visited Auto China 2026 at the Beijing International Exhibition Center and checked the show floor. He toured booths of major Chinese electric-vehicle makers, including BYD, and was said to have reviewed their growing competitiveness in EVs, batteries and autonomous driving. It was Chung’s first visit to the Beijing motor show since 2018. Following his attendance at last year’s Shanghai motor show, it marked a second straight year he has visited a major auto show in China. The Beijing motor show, which opened April 24, spans 380,000 square meters — about the size of 50 soccer fields — making it the largest auto exhibition in the world. Hyundai used the show to unveil the Ioniq V for the first time globally and signal its intent to regain momentum in China. Starting with the Ioniq V, Hyundai aims to launch 20 new models over the next five years and lift annual sales to about 500,000 vehicles.* This article has been translated by AI. 2026-04-29 18:32:15
  • Seoul mayoral rivals trade barbs over redevelopment speed and housing pledges
    Seoul mayoral rivals trade barbs over redevelopment speed and housing pledges With the Seoul mayoral election set for June 3, Democratic Party candidate Jeong Won-oh and People Power Party candidate Oh Se-hoon have escalated a daily war of words over real estate. After Jeong on April 29 unveiled a housing platform centered on shortening redevelopment timelines, Oh’s camp countered that Jeong was repackaging policies already underway. Jeong announced what he called the “Chakchak Development” real estate plan from the rooftop of Sinjangwi Apartment in Seongbuk-gu, Seoul, outlining steps to improve the profitability of redevelopment and reconstruction projects. The announcement came as Oh’s side pressed Jeong to state his position on President Lee Jae-myung’s remarks about abolishing the long-term holding special deduction; Jeong responded by emphasizing housing supply. Jeong’s plan includes expanding areas eligible for floor-area-ratio incentives to semi-industrial zones and raising the standard used to calculate the price of rental housing purchased by redevelopment associations — from standard construction costs to about 80% of the “basic-type” construction cost. He also pledged to revitalize public-led redevelopment projects and to supply large volumes of “practical housing” priced at levels residents can afford. “Chakchak Development is centered on revising laws and operating our own system so each redevelopment stage can move quickly and safely,” Jeong said. Jeong also sharply criticized Oh’s redevelopment initiative known as “Shintong Planning.” Jeong said that during Oh’s tenure as mayor and under the Yoon Suk Yeol government, the supply of apartments and villas in Seoul fell sharply, with the number of permits and approvals in 2022–2024 amounting to only 62% of the previous 10-year level. He pledged to supply large amounts of public housing with affordable sale prices and rents so that middle-class and working-class residents without homes can buy in Seoul. Oh, who on the same day announced “Steel Fitness, Energetic Seoul” as his first campaign pledge, avoided direct comment on Jeong’s housing plan. His aides, however, issued pointed criticism. Kim Byung-min, spokesperson for Oh’s election committee, said Jeong was “disguising” existing programs as new pledges. Kim said the Yoon government’s August 2024 “8·8 measures” already set a plan to raise the purchase price for rental housing to 80% of the basic-type construction cost, and that related bills introduced by both ruling and opposition parties passed the National Assembly this month. He also said expanding floor-area-ratio incentive zones to semi-industrial areas is already being implemented by the Seoul city government. “In short, Jeong is pledging to start a train that’s already running,” Kim said. “Can Seoul’s real estate problems be solved with this kind of amateur administration?” Oh’s camp also criticized Jeong for staying silent on the Lee government’s real estate policies. Park Yong-chan, another spokesperson for Oh’s campaign, said in a statement that “wrong real estate policies” by the Lee administration — including last year’s “10·15 measures” and a plan to abolish the long-term holding special deduction — had triggered a rental crunch. Park said forecasts suggest that if the policy direction continues, Seoul’s rental shortage and surging lease prices could become entrenched. He urged Jeong to press the president to change course “quickly and strongly” before the rental crisis “falls into ‘rental hell.’"* This article has been translated by AI. 2026-04-29 18:27:59
  • Korea’s ETF Copycat Problem Persists as New-Product Protections Go Unused
    Korea’s ETF Copycat Problem Persists as New-Product Protections Go Unused Exchange-traded fund (ETF) protections designed to curb a flood of look-alike products are effectively not working, with usage either extremely limited or nonexistent for years, according to the financial investment industry. Critics say the lack of effective safeguards has helped fuel the spread of so-called “copycat” products in the ETF market. <Related article, Page 4> As of Tuesday, South Korea operates three index and product protection programs, but their use is virtually nil, industry officials said. The Korea Exchange’s “ETP New Product Protection Program” and the Korea Financial Investment Association’s “exclusive right to use a new product” have not been applied even once since 2020. Both are intended to give a financial investment firm that develops an innovative new product the right to sell it exclusively for a set period. Applications for the Korea Exchange program stopped after the “Samsung KRX Gold Spot ETN,” listed in November 2019. The association’s exclusive-use right has not been applied since October 2019, when Mirae Asset Daewoo (now Mirae Asset Securities) was granted five months of exclusivity for a “structured range equity-linked bond (ELB).” The Korea Exchange’s “index priority use right” (formerly an exclusive-use right) is used more often, but the industry says its impact is limited. The program allows exclusive use for three or six months based on factors such as index differentiation, but once the period ends there is no way to prevent similar indexes from entering the market. With multiple safeguards operating in name only, the ETF market’s copycat problem is worsening. South Korea now has 1,099 ETF products with total net assets of 431 trillion won. But products tracking the same index or using similar strategies continue to proliferate, repeatedly driving overheated competition. In many cases, an ETF is treated as distinct even if it changes only a small part of its portfolio holdings or weights. Operators of the programs say it has become harder to judge the “originality” required for protection. A Korea Exchange official said theme-based ETFs are often prepared by multiple asset managers around the same time to reflect investor demand and market issues, adding that it is difficult to find a clear reason to prevent only one firm from offering a given theme product. Asset managers, however, argue the structure ultimately favors large firms. Even if a small or midsize manager opens a niche with a distinctive ETF, a bigger competitor can launch a similar product and dominate using greater financial resources and distribution networks. “When smaller firms target a niche and launch a product, the pattern repeats: once it looks promising, a large firm follows and pushes it with scale,” an asset management industry official said. * This article has been translated by AI. 2026-04-29 18:26:44
  • IBS Identifies Collagen Barrier Mechanism in Stroke, Proposes Drug Candidate
    IBS Identifies Collagen Barrier Mechanism in Stroke, Proposes Drug Candidate South Korea’s Institute for Basic Science said it has identified what it called a root mechanism of brain damage in stroke and outlined a potential treatment approach, showing that blocking a “hydrogen peroxide–collagen production pathway” could suppress neuronal death. The research team led by IBS Center Director Lee Changjoon, working with Eulji University, said on April 28 that it found a mechanism in which rising hydrogen peroxide during stroke activates astrocytes, and type I collagen produced in the process triggers the death of nerve cells. Astrocytes typically help protect the brain and, during stroke, are known to form a glial barrier around damaged tissue to limit the spread of lesions. The team said it confirmed that this barrier can instead contribute to neuronal death, challenging the prevailing view. Based on the mechanism, the researchers developed a drug candidate, KDS12025, designed to both remove hydrogen peroxide and inhibit collagen production. In a mouse stroke model, the team said, the drug sharply reduced glial barrier formation and neuronal death, and impaired motor function returned to normal levels within a week. The team also reported effects even when the drug was given two days after onset, suggesting the possibility of extending the “golden time” window often cited as a limitation in stroke treatment. Similar results were reported in a primate model. Three days after KDS12025 was administered, lesion size decreased, and within a week, function returned in a hand that had been paralyzed, the researchers said. In a fruit-grasping test, the treated group succeeded in all 10 attempts, while the untreated group struggled because of motor impairment. The team said the primate findings support the potential for clinical application because of primates’ biological similarity to humans. Lee Boyoung, an IBS research fellow, said the team identified at the molecular level a collagen-synthesis mechanism in astrocytes driven by reactive oxygen species. “It will provide an important clue not only for stroke but also for research on degenerative brain diseases such as dementia and Parkinson’s disease,” Lee said. Yoo Seungjun, a professor at Eulji University, said that demonstrating efficacy in a primate model could help speed the transition to clinical stages. Lee Changjoon said the team succeeded in identifying a root cause and proposing a treatment strategy through a “one-stop research system” integrating basic research, drug development and preclinical work. The findings were published online April 28 in the international journal Cell Metabolism.* This article has been translated by AI. 2026-04-29 18:25:30
  • Foreign Buying Lifts Korea ETFs as Asset Managers Push Global Expansion
    Foreign Buying Lifts Korea ETFs as Asset Managers Push Global Expansion As the Kospi extends its gains, overseas investors are increasing demand for South Korea-listed exchange-traded funds.  According to the Korea Exchange on April 29, foreign investors bought about 510.1 billion won of the TIGER MSCI KOREA TR from March 27 through that day. They also posted net purchases of 91.2 billion won in the similarly structured KODEX MSCI KOREA TR.  Korean asset managers are moving beyond basic product management and accelerating efforts to tap overseas ETF markets through local listings, equity investments and strategic partnerships. The U.S., the Middle East and India are key targets.  Hanwha Asset Management is seeking to become the first Korean manager to list an ETF in the Middle East, aiming to capture new demand. It is preparing products for local investors, focusing on Gulf markets such as Saudi Arabia and the United Arab Emirates.  Mirae Asset Management operates ETFs in major markets including the United States, Canada, Australia and Japan under its Global X brand. Its overseas ETF net assets account for more than half of its total, reflecting progress in its global business.  Samsung Asset Management has taken a 20% stake in U.S. ETF manager Amplify, seeking to broaden its reach by listing ETF strategies proven in Korea in the local market. KB Asset Management launched what it said was the first Korea-listed ETF focused on India’s digital industry, while NH-Amundi Asset Management is expanding ETF distribution in Europe through cooperation with global manager Amundi. Korea Investment Trust Management has also listed an ETF in Vietnam and has posted strong profitability, the report said.  Industry officials say the rapid growth of Korea’s ETF market has built management capabilities that are now aligning with overseas demand. “As competition in domestic ETFs intensifies, global markets are emerging as a new growth breakthrough,” an asset management industry official said. “Overseas expansion that combines local listings and strategic partnerships will expand further.” Analysts also link the trend to changes in how global money flows into Korea. As overseas investors increasingly access the Korean market through index products rather than individual stocks, ETFs are effectively becoming a gateway for investing in Korea. In response, managers are stepping up strategies to improve access by pursuing local exchange listings and building global brands, rather than relying only on products listed in Korea.* This article has been translated by AI. 2026-04-29 18:24:15
  • Korea’s ETF Copycat Boom Grows Despite Index Priority Rules
    Korea’s ETF Copycat Boom Grows Despite Index Priority Rules Since the second half of last year, exchange-traded funds have been one of the main drivers of the stock market’s rise, drawing heavy inflows from retail investors seeking returns with less single-stock risk. But many ETFs are increasingly hard to tell apart, with multiple products tracking the same index or using nearly identical structures. Market participants warn that “copycat” competition is becoming entrenched. A priority-rights system was introduced to curb the problem, but its effectiveness is in doubt. ◆ Look-alike ETFs multiply According to the financial investment industry on April 29, net assets in South Korea’s ETF market totaled 431.447 trillion won as of April 28, up 45.1% from 297.1401 trillion won at the end of last year. The number of listed ETFs rose to 1,099. Even so, critics say product differentiation remains weak, with similar funds often launched around the same time whenever a theme gains attention. A prominent example is U.S. space and aerospace-themed ETFs. After Hana Asset Management launched “1Q U.S. Space Aerospace Tech” on Nov. 25 last year, the category has grown to five ETFs. Samsung Asset Management joined in March with “KODEX U.S. Space Aerospace.” On April 14, Mirae Asset Management and Korea Investment Trust Management launched “TIGER U.S. Space Tech” and “ACE U.S. Space Tech Active,” respectively. Shinhan Asset Management also introduced “SOL U.S. Space Aerospace TOP10,” promoting what it called an industry-low fee level. While details differ, the overall frameworks are largely similar. The same pattern has emerged in so-called “Samsung Electronics-SK Hynix bond-mix” products, which allocate 25% each to Samsung Electronics and SK Hynix and the remaining 50% to bonds such as Korean Treasury bonds and Monetary Stabilization Bonds. After KB Asset Management launched “RISE Samsung Electronics SK Hynix Bond Mix 50” in February, Samsung Asset Management followed on April 7 with “KODEX Samsung Electronics SK Hynix Bond Mix 50.” Hana Asset Management launched “1Q K-Semiconductor TOP2 Bond Mix 50” on April 14, and Kiwoom Asset Management introduced “KIWOOM Samsung Electronics & SK Hynix Bond Mix 50” on April 21. With essentially the same asset-allocation structure, differentiation is limited. ◆ Protections that exist mostly on paper Despite the spread of similar products, institutional safeguards have not taken hold. Protective mechanisms run by the Korea Exchange and the Korea Financial Investment Association have seen no applications or use for nearly five years, the report said. As a result, firms can design similar ETFs by making only minor adjustments to product structures. That has fueled the proliferation of look-alike funds, in contrast to the global ETF market, where managers build more differentiated lineups based on fee strategies, asset classes and management styles. Industry officials and the organizations involved cite practical limits to granting exclusivity to any single ETF. ETF structures are rarely entirely new, and it is difficult to claim rights over the underlying constituent stocks. “If you adjust the weightings or bond duration, it is recognized as a different index, so it is not easy to control,” an industry official said. Another issue is that index priority rights apply only within a narrow scope based on an index’s originality. KB Asset Management received six months of index priority rights after launching “RISE 200 Weekly Covered Call” in March 2024, with its approach recognized as distinctive for seeking extra returns by selling call options on the KOSPI 200. However, in December that year, Samsung Asset Management also received three months of index priority rights for “KODEX 200 Target Weekly Covered Call.” While both use a call-selling strategy, Samsung’s product set a target distribution rate and adjusted the option-selling ratio accordingly, presenting a partially different approach. That means a product can be treated as a separate index by modifying details while relying on the same underlying investment idea. One asset management industry official said South Korea’s ETF market is still in a formative stage and could diversify over time into more distinctive offerings, as seen recently with the emergence of active-focused managers. The official said the current wave of copycat products may be a transitional phenomenon amid rapid growth.* This article has been translated by AI. 2026-04-29 18:22:27
  • First Lady Kim Hye-kyung Makes Hope Cookies With Children With Glycogen Storage Disease
    First Lady Kim Hye-kyung Makes 'Hope Cookies' With Children With Glycogen Storage Disease First Lady Kim Hye-kyung joined children with glycogen storage disease on April 29 to make cookies and deliver messages of encouragement. Kim, the wife of President Lee Jae-myung, visited Children’s Grand Park in Seoul’s Gwangjin District and took part in a “Hope Cookies” baking activity with children living with the rare disease. In a written briefing, presidential office deputy spokesperson Ahn Gui-ryeong said glycogen storage disease is a rare condition in which the body cannot properly break down glycogen, leading to repeated episodes of low blood sugar. She said Hope Cookies are a snack developed by parents of affected children by lowering the proportion of carbohydrates. The event was arranged as a follow-up to a “communication event with rare disease patients and families” attended by the presidential couple on Dec. 24 last year. At that event, a parent of a child with the disease appealed for greater attention to rare illnesses and presented Hope Cookies to the president. Kim said, “The story of Hope Cookies I heard on Christmas Eve stayed with me,” adding, “I really wanted to be part of making cookies that children with glycogen storage disease can eat without worry.” Wearing an apron, she baked with the children and told them, “You’re doing so well. Did you practice before coming?” She added that Hope Cookies “seem like a healthy snack that would be easy to make at home,” and said they would also go well as a late-night snack for the president. “My husband eats something at night, too, so it would be nice to make something like this for him,” she said. While the cookies baked, Kim walked around the park with the children. Afterward, she tasted the finished cookies and exclaimed, “It’s delicious.” Kim also introduced Jang Jun-woo, a student who entered Minjok Leadership Academy despite living with the disease, and told the children she hoped they would “grow up to be wonderful and healthy like Jun-woo.” After the event, she gave participants Hope Cookies and gift packages. Ahn said Hope Cookies are also planned to be delivered on Children’s Day to pediatric patients who could not attend. Ahn said the government is pursuing a plan to further lower the health insurance out-of-pocket rate for high-cost treatment for rare diseases from the current 10%, with implementation planned for the second half of this year after a vote by the Health Insurance Policy Deliberation Committee. * This article has been translated by AI. 2026-04-29 18:21:12
  • South Korea court rules mandatory patent attorney bar membership unconstitutional
    South Korea court rules mandatory patent attorney bar membership unconstitutional A provision requiring all patent attorneys to join the Korean Patent Attorneys Association violates the Constitution, South Korea’s Constitutional Court ruled Tuesday. In a constitutional complaint challenging Article 11 of the Patent Attorney Act, the court issued a ruling of “constitutional nonconformity” by a vote of 4-3-2, with four justices supporting nonconformity, three finding the provision unconstitutional and two upholding it. A ruling of constitutional nonconformity recognizes unconstitutionality but keeps the law temporarily in force to avoid disruption. The court ordered the provision to remain applicable until the National Assembly revises it, setting a deadline of Oct. 31, 2027. Six patent attorneys, including a person identified as A, were disciplined with reprimands in November 2018 by the head of the Korean Intellectual Property Office, cited for not joining the association. They sued to overturn the discipline and sought a court referral for constitutional review of the part of Article 11 covering “patent attorneys registered under Article 5(1),” but the request was denied. They then filed the constitutional complaint in January 2020. Article 5(1) requires a person qualified as a patent attorney to register with the head of the intellectual property office before starting practice. Article 11 requires those registered under Article 5(1) to join the association. The association has argued that allowing lawyers to automatically obtain patent attorney qualifications undermines professionalism and has pushed legislation to abolish the system, but it has not succeeded due to opposition from the Korean Bar Association. Conflict between the professions has continued, including the creation of a separate Korean Patent Lawyers Association by lawyer-patent attorneys who did not want to join. Justices Kim Sang-hwan, Kim Hyeong-du, Jeong Hyeong-sik and Oh Yeong-jun said the provision violates the principle against excessive restrictions and “infringes the freedom of association and occupational freedom of lawyer-patent attorneys.” They said disputes between patent attorneys and lawyers have also produced internal conflict within the association between nonlawyer patent attorneys and lawyer-patent attorneys, with the association acting to represent the interests of nonlawyer patent attorneys. In that context, they said, forcing lawyer-patent attorneys to join “excessively restricts” their freedoms. They added that striking the provision down immediately would remove the legal basis for mandatory membership and could make it difficult for the association to continue operating, explaining the decision to issue a nonconformity ruling. Justices Kim Bok-hyeong, Cho Han-chang and Ma Eun-hyeok said the legislative purpose — strengthening public-interest work through a single association and promoting development of the industrial property rights system and related industries — is significant. But they said the private harm is greater because patent attorneys have no choice but to join one association. Justices Jeong Jeong-mi and Jeong Gye-seon dissented, saying the disadvantages to patent attorneys are not greater than the public interest in improving patent attorneys’ competence and ethics and ultimately promoting development of the industrial property rights system and related industries. * This article has been translated by AI. 2026-04-29 18:19:34