Journalist

Lee Hugh
  • Daehan Cable Posts Record Q1 Results on Strong High-Voltage Cable Demand
    Daehan Cable Posts Record Q1 Results on Strong High-Voltage Cable Demand Daehan Cable said it posted its best-ever quarterly results, citing expanding global investment in power grids and rising demand for extra-high-voltage cables. In a preliminary earnings filing on Tuesday, the company said consolidated first-quarter revenue totaled 1.0834 trillion won ($1.0834 trillion won), with operating profit of 60.4 billion won. Revenue rose 26.6% from a year earlier and operating profit jumped 122.9%. The company said the figures were the highest since it began compiling consolidated quarterly results under Korean International Financial Reporting Standards in 2010. It also marked a second straight quarter with revenue above 1 trillion won, following 1.0090 trillion won in the fourth quarter of last year. Daehan Cable said higher revenue from extra-high-voltage projects in key overseas markets, including the United States and Singapore, led the improvement. It cited rapidly growing global demand for power infrastructure as AI use expands and data centers increase. Profitability also improved. The first-quarter operating margin was 5.6%, up 2.84 percentage points from the five-year average of 2.76%. Orders continued to rise. New orders in the first quarter totaled 734.0 billion won, and the order backlog stood at 3.8273 trillion won at the end of the quarter. The company said the backlog was a record and more than 3.5 times larger than at the end of 2021, shortly after it joined Hoban Group. Daehan Cable also held an investor relations briefing for institutional investors and analysts, highlighting its order win for an extra-high-voltage submarine cable project for a solar power development on Bigeumdo Island in Sinan, and its response status for the "West Coast Energy Expressway" project. The company said it plans to step up efforts in related markets based on its competitiveness in submarine cables and HVDC cables. Its financial structure improved as well. The debt-to-equity ratio fell to 117.2% in the first quarter from 266% in 2021, and the current ratio was 143.7%. A company official said the results reflected recognition in global markets for its technology and quality competitiveness, adding that Daehan Cable will continue strengthening competitiveness in strategic products such as extra-high-voltage grids, submarine cables and HVDC cables.* This article has been translated by AI. 2026-04-29 15:35:12
  • DP Lawmaker Park Hae-cheol Says Carbon Neutrality Is Essential to Competitiveness
    DP Lawmaker Park Hae-cheol Says Carbon Neutrality Is Essential to Competitiveness Rep. Park Hae-cheol of the Democratic Party of Korea said April 29 that carbon neutrality to respond to the climate crisis is “no longer a choice but a necessity,” citing rapidly rising electricity demand as the artificial intelligence industry expands. In a written congratulatory message for the “2026 Ajunews Energy Forum” held at the Press Center in Seoul’s Jung District, Park said, “We are now standing before the huge wave of a major energy transition.” He said the reshaping of global supply chains and securing energy security have become key tasks that will determine national competitiveness. Park said power demand is increasing quickly with the rapid growth of the AI industry, heightening the need for a stable energy supply system and the construction of an intelligent power grid. He added that policymakers should carefully consider a public-led restructuring of supply chains and concerns that the public interest could be undermined during the energy transition. “Energy transition is not simply a change in fuels,” he said, calling it a process that innovates the broader industrial structure and creates future growth engines. Park said he hopes the forum will help lay the groundwork for South Korea’s push to become a leading energy power.* This article has been translated by AI. 2026-04-29 15:31:52
  • Malaysia Semiconductor Association Hosts Networking Session for Multinationals and SMEs
    Malaysia Semiconductor Association Hosts Networking Session for Multinationals and SMEs The Malaysia Semiconductor Industry Association, or MSIA, held a networking session on April 28 in Kuala Lumpur to narrow perception gaps between foreign-owned companies and local small and medium-sized enterprises, and to encourage cooperation. MSIA President Wong Siew Hai said the semiconductor industry is becoming more advanced and complex, creating differences in understanding between multinational firms and SMEs. He said the event would help both sides broaden their understanding so they can work together more effectively. Representatives from U.S. companies including Micron Technology, Intel, Texas Instruments, SanDisk and Lam Research took the stage to outline business opportunities, procurement requirements and market-entry processes. The program also included a session on advanced packaging, with talks covering market analysis, technology trends and challenges.* This article has been translated by AI. 2026-04-29 15:31:12
  • Coupang to Challenge FTC Move Naming Kim Beom-seok as Group’s Controlling Person
    Coupang to Challenge FTC Move Naming Kim Beom-seok as Group’s Controlling Person Coupang said Tuesday it will pursue an administrative lawsuit after South Korea’s Fair Trade Commission changed Coupang’s designated “same person,” or controlling person, from a corporate entity to Coupang Inc. Chairman Kim Beom-seok, calling the move “double regulation.” In a statement, Coupang said Coupang Inc. owns 100% of its Korean unit, and the Korean unit in turn owns 100% of its subsidiaries and sub-subsidiaries, describing the structure as transparent. It said Kim and his relatives do not hold shares in the Korean affiliates, leaving “no concern at all” about private benefit or self-dealing. Coupang added that as a U.S.-listed company, Coupang Inc. is under strict oversight, including compliance with U.S. Securities and Exchange Commission related-party disclosure requirements. It said the Korean unit has continued to meet the conditions that allow a corporation to be designated as the controlling person, and argued that tougher regulation amounts to double regulation. The company also said Kim’s younger brother is not an “executive” as defined under South Korea’s fair trade law — such as a CEO, director, auditor or manager — and holds no stake in the Korean affiliates. “Coupang will faithfully explain its position through an administrative lawsuit,” it said. Coupang plans to file an objection with the FTC within seven days and, if it is not accepted, proceed with litigation. Earlier, as it pushed back against claims by civic groups that Kim should be designated as the controlling person, Coupang said the vice president named in those claims was seconded from Coupang Inc. and works on improving global logistics efficiency. It said he is not an executive under the fair trade law and holds only some Coupang Inc. listed shares, like employees at a similar level. Under the controlling-person designation rules, the principle is to treat the natural person who effectively controls a business group as the controlling person. However, a corporation may be designated if “exception conditions” are met. Those conditions include: the scope of the business group is the same whether the controlling person is treated as an individual or a corporation; the individual who effectively controls the group does not invest in domestic affiliates other than the top company; the individual’s relatives do not invest in domestic affiliates or participate in management by serving as executives; and there are no debt guarantees or loans between the individual and relatives and the domestic affiliates. The designation is also expected to have broader repercussions. In U.S. politics, where lawmakers are sensitive to perceived discrimination against American companies, Republican members of the U.S. House of Representatives have already increased pressure, including sending a letter of protest. The issue has also raised debate over whether it could violate the Korea-U.S. free trade agreement’s most-favored-nation obligation by treating the United States less favorably than third countries, and even the possibility of an investor-state dispute (ISD) has been mentioned.* This article has been translated by AI. 2026-04-29 15:29:00
  • South Korea, Latvia agree to expand defense cooperation
    South Korea, Latvia agree to expand defense cooperation SEOUL, April 29 (AJP) - Defense Minister Ahn Gyu-back met with Latvian parliamentary speaker Daiga Mierina in Seoul on Wednesday, according to the Ministry of National Defense. Calling Latvia a "cooperative partner that shares universal values such as liberal democracy, the rule of law, and human rights," Ahn said during the meeting that Mierina's visit to South Korea would help broaden practical cooperation between the two countries. While discussing ways to expand bilateral cooperation in defense, the two agreed to strengthen strategic communication and cooperation amid growing global uncertainty including the prolonged conflict in the Middle East, and to support peace and stability on the Korean Peninsula and in Europe. Ahn highlighted South Korea's defense technology and its stable production and logistics capabilities, expressing hope that South Korean defense firms could contribute to Latvia's efforts to strengthen its defense. They also agreed to work together on drones and counter-drone systems, with plans to deepen industrial cooperation and build more stable supply chains in a forward-looking, mutually beneficial way. 2026-04-29 15:28:11
  • DeepMind CEO Demis Hassabis Reunites With Lee Sedol in Seoul, Says Korea Can Win in AI Era
    DeepMind CEO Demis Hassabis Reunites With Lee Sedol in Seoul, Says Korea Can Win in AI Era “Ten years ago, the match in Seoul marked the start of the modern AI era. The legacy of those ‘divine moves’ is now opening a golden age of science to solve humanity’s hardest problems.” Demis Hassabis, co-founder and CEO of Google DeepMind, sat down again with Lee Sedol, a top-ranked professional Go player, at a special dialogue event at ‘Google for Korea 2026’ held April 29 at the Westin Josun Hotel in central Seoul. Calling Seoul “a symbolic place where the modern AI era began,” Hassabis looked back to 2016, when AlphaGo faced Lee in what was billed as a match of the century. “It feels like yesterday, and it also feels like 100 years ago,” he said, describing a decade in which AI moved from a single breakthrough to broad impact across science and industry. ‘10 years after AlphaGo’…AI relationship shifts from rivalry to collaboration Under the theme “Back to Seoul: Where the future began,” the two men who once battled across a Go board met again as partners discussing how AI can help tackle major challenges. Hassabis pointed to AlphaFold, an AI system for predicting protein structures that he said led to the 2024 Nobel Prize in chemistry. He said AI has moved beyond a specialized domain like Go and is now entering a stage where it can help solve scientific problems such as drug development and battery innovation. “Ten years ago in Seoul, AlphaGo proved AI’s potential and laid the technical foundation for solving scientific challenges,” he said. “Today, AI is driving change in almost every area of science.” He added that the technology that began with AlphaGo is opening a path toward artificial general intelligence, or AGI, which he said could bring “a new golden age of discovery.” Lee described the 2016 match as “the starting point that redefined the meaning of my life.” He said he once took pride in the creativity of his play but realized, after seeing AlphaGo, that he had been “a frog in a well.” “Everything has changed to the point that it feels like there is nothing left for human Go,” he said. Lee also warned that in the AI era, humans could lose the initiative in thinking, and said society needs to consider AI as a partner for collaboration. After the talk, the two signed a Go board at the venue. If the board a decade ago symbolized a contest between humans and AI, the signatures underscored a shift toward cooperation. Series of meetings with business leaders…expanding AI cooperation with Korean companies Hassabis’ trip to South Korea has focused on expanding cooperation with major Korean companies. The day before, he met in succession with Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun and LG Group Chairman Koo Kwang-mo to discuss broader cooperation in semiconductors, humanoids and physical AI. On April 29, a breakfast event titled the “2026 Leaders AI Roundtable” was also held with Google DeepMind Vice President Karim Ayoub and representatives from Hyundai Motor Group, LG Electronics, SK Telecom, Kakao and CJ. Google shared ways to apply its Gemini AI model to Korean companies’ hardware and services. In opening remarks, Google Korea President Yoon Koo said the company is expanding cooperation with Samsung Electronics across the Android ecosystem and is developing next-generation XR devices, including “Galaxy XR,” together from an early stage. In the dialogue, Hassabis called South Korea “a country with both cutting-edge technological capabilities and strong potential.” “Korea has very strong semiconductor and robotics industries, and it has leading universities and research institutions, so it can become a true winner in the AI era,” he said. He also offered an outlook for the next decade, saying AI is moving beyond screens into the physical world. “Over the next 10 years, AI agents will assist with everything from administrative work to daily life, and humans will focus on more creative work,” he said, predicting “a new era of prosperity.” * This article has been translated by AI. 2026-04-29 15:27:38
  • Seoul Photo Festival reimagines home after 5-year hiatus
    Seoul Photo Festival reimagines home after 5-year hiatus SEOUL, April 29 (AJP) -Photography has become second nature in everyday life — instantly shared, endlessly consumed — yet its deeper resonance often remains elusive. It brings us face to face with moments we have never lived, lives we have never known, making the medium feel at once intimate and distant. Against this backdrop, a festival that returns to the essence of photography has come back after a five-year pause. The Seoul Photo Festival, themed “Come Back Home,” is underway at the Seoul Museum of Photography in northern Seoul. Suspended since 2021, the festival’s return carries added weight this year. It marks the first edition to be held at Korea’s first public museum dedicated exclusively to photography — a milestone that signals a broader effort to reposition photography within the city’s visual arts landscape. Rather than anchoring “home” to a fixed place, the exhibition approaches it as something more fluid — shaped by memory, relationships and movement. Bringing together 23 artists across generations, it unfolds across four sections — “What Makes a Home,” “Moving Homes,” “On the Road,” and “Our Home” — each tracing a different emotional and conceptual path through the idea. The experience extends beyond viewing. The festival expands its participatory programs, inviting visitors not only to look, but also to read, talk, create and share — turning photography into a space of interaction rather than observation. Running through June 14, the festival is open to the public free of charge. 2026-04-29 15:26:56
  • Korea short-selling hits record high, but top 10 most-shorted stocks all rise
    Korea short-selling hits record high, but top 10 most-shorted stocks all rise South Korea’s stock market rally has pushed past the downward pressure typically associated with short selling. Even as short positions surged during the recent run-up, share prices in heavily shorted names continued to climb. According to the Korea Exchange on the 29th, net short-selling balances stood at 3.05 billion shares as of the 24th, holding near a record high. The balance was 2.95 billion shares on the 22nd, then rose by about 100 million shares in a single day on the 23rd and remained at that level through the 24th. Short-selling balances accounted for 0.47% of listed shares, the highest level since short selling resumed in March last year. Net short-selling balances refer to shares sold short that have not yet been repurchased and returned. A rising balance indicates more investors are positioning for a decline, even as the KOSPI has posted an unusually strong advance. The increase is being viewed as a natural response to the sharp market jump, reflecting both profit-taking short positions and higher hedging demand from institutions and foreign investors. Short selling typically weighs on prices, but recently many of the most-shorted stocks have risen alongside the broader market, suggesting demand has been strong enough to absorb that pressure. All of the top 10 stocks by short-selling value this month (April 1-28) gained. Samsung Electronics, No. 1 at 4.5918 trillion won in short-selling value, rose 17% to 222,000 won from 189,600 won. SK hynix, No. 2, climbed 46% to 1.3 million won from 893,000 won. HD Hyundai Heavy Industries, No. 3, surged about 48% to 667,000 won from 451,500 won even though short sales accounted for 31.3% of trading during the period. Hyundai Motor, No. 4, rose about 14%, and Hanmi Semiconductor gained 34%. Analysts attributed the resilience to strong expectations for earnings improvement across key sectors such as semiconductors, shipbuilding and autos, which helped offset selling pressure. Short covering — buying shares to close short positions — also appeared to amplify gains. The financial investment industry expects solid growth momentum in major sectors to continue. Yang Seung-yoon, a researcher at Eugene Investment & Securities, said HD Hyundai Heavy Industries disclosed a supply contract for land-based power-generation engines for a data center in Texas, adding that “physical systems are not keeping up with the speed of the AI revolution.” Lee Jeong-bin, a researcher at Shinhan Investment Corp., said, “Semiconductors’ 12-month forward operating profit is 599 trillion won, and their share within the KOSPI reaches about 68%,” adding, “It’s not just the direction of profit growth — the level itself has moved higher.” Lee Sang-su, a researcher at iM Securities, said the roadmap that supported higher valuation multiples for domestic automakers — including SDV, autonomous driving and synergy with Boston Dynamics — “remains valid.”* This article has been translated by AI. 2026-04-29 15:26:43
  • SeAH Besteel Holdings Q1 2026 Operating Profit Jumps to 30.7 Billion Won
    SeAH Besteel Holdings Q1 2026 Operating Profit Jumps to 30.7 Billion Won SeAH Besteel Holdings said it posted first-quarter 2026 consolidated revenue of 967.6 billion won and operating profit of 30.7 billion won, according to a regulatory filing. That was up 7.5% and 69.8%, respectively, from a year earlier. From the previous quarter, revenue rose 12.3% and operating profit jumped 247.1% as sales volumes recovered after the year-end slow season and selling prices increased on higher raw material costs. Its subsidiaries also showed broadly improving results. SeAH Aerospace & Defense Materials reported quarter-on-quarter gains of 14.0% in revenue and 58.0% in operating profit, citing expanding global aircraft demand and growth in the defense market. SeAH Besteel said revenue rose 6.0% and operating profit increased 106.2% from a year earlier, even as low-priced imports from China increased. It said sales volumes grew on demand recovery in sectors including eco-friendly vehicles, infrastructure and defense. From the previous quarter, revenue increased 13.8% and operating profit surged 3212.1% on a sales rebound and higher selling prices. SeAH Changwon Specialty Steel said revenue increased 3.9% and operating profit rose 13.3% from a year earlier as demand grew with expanded investment in semiconductor equipment, boosting sales of stainless steel wire rod and bar steel. From the previous quarter, revenue rose 11.2% and operating profit increased 186.3%, helped by recovering volumes and a larger share of high value-added products. Looking ahead, SeAH Besteel Holdings said it plans to expand sales of high value-added products and focus on developing new markets, centered on high-growth industries such as eco-friendly vehicles, semiconductors and nuclear power. It also said it will respond actively to anti-dumping issues involving Chinese special steel and bar steel products to curb low-priced imports and support a recovery in the domestic market. The company said it will also strengthen strategic synergies between its domestic subsidiaries and its U.S. special alloy production unit, SeAH Superalloy Technologies, to improve global supply-chain competitiveness in materials for aviation, space and defense. SeAH Besteel Holdings said, "We plan to accelerate completion of our global supply-chain portfolio centered on our U.S. base, which is scheduled to begin commercial production in the second half of 2026."* This article has been translated by AI. 2026-04-29 15:25:54
  • Ecopro posts 602 billion won Q1 operating profit, up 42-fold
    Ecopro posts 602 billion won Q1 operating profit, up 42-fold Ecopro said in a regulatory filing on the 29th that it posted first-quarter 2026 consolidated revenue of 822.0 billion won and operating profit of 60.2 billion won. Revenue rose about 2% from a year earlier, while operating profit jumped 42-fold from 1.4 billion won. The company attributed the results to a rebound at its secondary-battery affiliates, the consolidation of the GEN (Green Eco Nickel) smelter in Indonesia, and higher metal prices. It said lithium hydroxide prices climbed about 80%, to $18.5 per kilogram from $10.3, helping lift selling prices. By unit, Ecopro BM reported revenue of 605.4 billion won and operating profit of 20.9 billion won, as profitability improved. The company cited expanded cathode-material supplies for electric vehicles in Europe and rising demand for energy storage systems as AI infrastructure spreads. Ecopro Materials posted revenue of 166.5 billion won and operating profit of 15.7 billion won, extending a second straight quarter of profit after returning to the black. It credited the GEN consolidation and increased sales of precursors for ESS use. Ecopro HN reported revenue of 34.7 billion won and operating profit of 5.0 billion won, reflecting stronger demand for chemical filters tied to expanded semiconductor equipment investment and more orders for environmental facilities. Other subsidiaries, including Ecopro Innovation and Ecopro CNG, also showed steady performance, the company said. Ecopro said it is accelerating overseas expansion. Following its move into Morowali (IMIP) in Indonesia, it is pursuing the IGIP (International Green Industrial Park) project. Its BNSI nickel smelter, with annual capacity of 66,000 tons, is targeting mass production next year. For Europe, the company said its Hungary cathode-material plant is set to begin mass production in the second quarter, aiming to secure local customers and diversify sales. A company official said Ecopro maintained profitability on “balanced growth across all business divisions,” adding that “from the second quarter, when higher metal prices are reflected, the pace of earnings improvement will accelerate further.” CEO Song Ho-jun said “preemptive investments, including process innovation and the Indonesia smelting business, are translating into results,” and added that once the Hungary plant ramps up and the IGIP project moves into full swing, the company’s global competitiveness will strengthen further.* This article has been translated by AI. 2026-04-29 15:25:06