Journalist

Lee Hugh
  • IBK Industrial Bank of Korea to Cut Online Loan Rates for SME Workers by Up to 0.6 Points
    IBK Industrial Bank of Korea to Cut Online Loan Rates for SME Workers by Up to 0.6 Points IBK Industrial Bank of Korea said Tuesday it has launched a new online loan interest-rate reduction program for employees working at small and midsize enterprises, ahead of Labor Day on May 1. Eligible borrowers are workers employed at SMEs as of the application date. The bank will offer a basic rate cut of up to 0.4 percentage points depending on length of employment. It will provide an additional 0.1 percentage point discount for workers at companies outside the Seoul area and another 0.1 percentage point for young workers age 34 or younger, for a maximum reduction of 0.6 percentage points. The discounts apply to the bank’s online loan products: i-ONE mortgage loans, i-ONE jeonse loans and i-ONE interest-subsidized credit loans for workers’ living stability. With the maximum discount, the bank said that as of Tuesday its mortgage loan rate would be about 3.36% a year and its jeonse loan rate about 3.09%. The program will run through Dec. 31. Details are available at branches and on the bank’s website. A bank official said the program is intended to provide practical financial support for SME workers and that the bank will continue to introduce preferential support measures to help ease SMEs’ labor shortages.* This article has been translated by AI. 2026-04-29 10:54:19
  • BYD Profit Drops 55% as China EV Price War Intensifies, Company Pushes Overseas
    BYD Profit Drops 55% as China EV Price War Intensifies, Company Pushes Overseas China EV leader BYD reported a sharp drop in first-quarter profit as Beijing scaled back tax incentives and competition intensified, especially in the low-priced segment. The company said it plans to speed up overseas expansion to offset weaker sales at home. According to BYD’s earnings report released on April 28, first-quarter net profit fell 55.4% from a year earlier to 4.085 billion yuan (about 881.9 billion won). The decline was steeper than the previous quarter’s 38.2% drop, extending a profit slide to a fourth straight quarter. Revenue fell 11.8% to 150.225 billion yuan. China this year cut the electric-vehicle purchase-tax exemption in half, prompting many consumers to wait, while price competition intensified for EVs priced below 150,000 yuan. The China Association of Automobile Manufacturers said first-quarter sales of new energy vehicles fell 23.8%. BYD’s first-quarter sales fell 30% from a year earlier to 700,000 vehicles. Overseas exports rose 56% over the same period but were not enough to prevent an overall decline. Monthly sales were down for a seventh straight month as of March. The China Passenger Car Association said BYD’s domestic EV market share in the first quarter slipped to 25.7% from 31.5% a year earlier, down about 6 percentage points. With the domestic slowdown showing signs of lasting, BYD has moved to target overseas markets more aggressively. It recently raised its overseas sales target for this year to 1.5 million vehicles from 1.3 million set earlier. The company aims to increase exports of new energy vehicles by more than 40% from last year’s 1.04 million. Overseas sales now account for 46% of BYD’s total, it said. The company also cited rising global demand for EVs as international oil prices climb in the wake of the Iran war. BYD is also emphasizing technology. It recently unveiled ultra-fast charging that it said can fully charge in nine minutes at room temperature and in 12 minutes at minus 30 degrees Celsius, aiming to reduce charging-time concerns and attract drivers of gasoline-powered vehicles. The company is also pursuing the premium segment. At the Beijing auto show, it introduced an electric supercar, the U9X, and a flagship SUV, the Datang, under its luxury brand Yangwang, a move seen as laying groundwork to compete with European premium automakers. Bill Russo, CEO of Shanghai-based consultancy Automobility, told the Nikkei that BYD is shifting away from volume-driven growth in China and focusing on a more balanced, globally diversified business with higher profitability. “Global markets are less overheated than China and have a more sustainable profitability structure,” he said. * This article has been translated by AI. 2026-04-29 10:51:21
  • OPINION: Middle East conflict sends shockwaves through North Korean economy
    OPINION: Middle East conflict sends shockwaves through North Korean economy SEOUL, April 29 (AJP) - The conflict in the Middle East conflict that began with U.S.-led airstrikes on Iran in late February, has dragged on for nearly two months with no end in sight, pushing global oil prices higher and intensifying economic pressures worldwide. South Korea relies on the Strait of Hormuz for more than 70 percent of its crude oil imports, making the ongoing conflict a direct threat to its energy security. Seoul has joined a multinational effort, spearheaded by the U.K. and France this month, to protect shipping lanes through the strait, including the formation of a joint defensive force. However, the benefits of that cooperation, along with moves to diversify oil imports, are unlikely to be felt immediately. The crisis is also taking a toll on North Korea. Rising oil prices not only increase energy costs but also boost demand for dollars, putting pressure on the currency, widening the trade deficit, and fueling stagflation. Data from online news outlet Daily NK shows the North Korean won has lost roughly half its value against the dollar in just a few months. In cities like Pyongyang, Sinuiju, and Hyesan, the exchange rate has surged from around 35,000 won per dollar in early February to nearly 70,000 this week. The currency had remained relatively stable in the 30,000 range from July last year through early February, suggesting the Middle East crisis has had a direct impact on the won. The won's slide may have been worsened by the regime printing more currency through the central bank rather than curbing dollar usage. But after years under sanctions, North Korea has learned that such measures often backfire, weakening the currency without ensuring a stable supply of goods. North Korea's fresh economic crisis is now forcing it to rethink its survival strategy, which had briefly eased as it strengthened military ties with Russia while supporting its war in Ukraine. One immediate impact is a sharp rise in fuel costs and transport fees. Because UN Security Council resolutions cap North Korea's annual imports of refined petroleum at 500,000 barrels, the country is forced to rely on unofficial channels such as ship-to-ship transfers in international waters. With global oil prices rising, higher logistics costs for smuggling networks are adding further pressure, pushing domestic fuel prices up far faster than international benchmark prices. According to Daily NK and Japan's Asia Press International, gasoline prices in North Korea in mid-April stood at about 23,000 won per kilogram, while diesel prices were around 18,500 won, both up more than 40 percent since the start of this year. These figures are about 1.5 to two times the swing in global oil prices, reflecting scarcity. There were reports that freight charges for vehicles to inland areas such as Sinuiju nearly doubled in about a month, as authorities restricted fuel for private consumption to prioritize military strategic reserves. Another impact has been a rise in foreign-currency hoarding driven by market uncertainty. Shortly after the Middle East conflict began, North Korean state media condemned the U.S. and Israel, leading North Koreans to interpret it as a warning to prepare for harder times. Many may recall the country's currency reform in late 2009, when trust in the won collapsed and triggered a rush into perceived assets such as U.S. dollars, Chinese yuan, and gold. The trend has been even more pronounced among North Korea's elite and emerging wealthy class. Merchants also increasingly avoid using the won, with weaker consumption reducing their liquidity, and the livelihood economy has deteriorated sharply, showing signs of a prolonged slowdown. The fallout also extends beyond energy and exchange rates. As the won continues to slide amid a shortage of hard currency, North Korea has ramped up illicit cyber operations to plug the gap, intensifying cybercrime that has long served as a financial lifeline for the regime. According to a 2026 report by blockchain analytics firm Chainalysis, North Korea-linked hacking groups stole about US$2.02 billion in cryptocurrency in 2025, roughly 4.6 times the country's annual exports. The stolen assets are laundered through intermediaries and shell exchanges in Southeast Asia to hide the transaction trail, then used to bypass sanctions, financing fuel smuggling and the procurement of advanced weapons components from Russia. Ironically, the Middle East crisis is pushing North Korea further toward illegal means, creating a cycle that directly feeds into funding for its nuclear and missile programs. In the meantime, deeper economic dependence on China and Russia is narrowing North Korea's diplomatic options. China, North Korea's traditional alley, has repeatedly provided calibrated, managed support during exchange-rate spikes to prevent instability from spreading into broader regime risk. At the same time, North Korea's growing economic dependence on China and Russia is leaving it with fewer options. China, its traditional ally, has stepped in during past currency crises with various forms of support to prevent instability from spiraling into a broader crisis. If the Middle East crisis drags on further, North Korea's economic burden is likely to fall not only on China but also on Russia, to which it owes support for troop deployments in Kursk and supplies of ammunition and other resources. Without Chinese and Russian backing, it would be difficult for North Korea to achieve its ambitious goal of building 20 industrial facilities annually over the next 10 years in its rural and provincial areas. Russia is said to be investing $11 million this year in an oil exploration project along North Korea's east coast, a move that would deepen Pyongyang's economic dependence on Moscow and further skew an already asymmetric diplomatic relationship. In short, the Middle East crisis is squeezing North Korea's economy through rising oil prices and higher costs amid a sharply weakening won. Whatever military gains Pyongyang has made through its deepening partnership with Russia, an exchange rate of 70,000 won to the dollar is a clear sign that its economy is in trouble. North Korea's reliance on cybercrime and other illicit activities for its survival is likely to grow amid its deepening reliance on China and Russia. That is why the Middle East crisis may be more painful for the Korean Peninsula than for any other region. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-04-29 10:49:15
  • LG Best Shop to Launch Starfield Unjeong Store With Major Appliance Promotions Starting May 1
    LG Best Shop to Launch Starfield Unjeong Store With Major Appliance Promotions Starting May 1 LG Best Shop will run a large-scale appliance promotion to mark the opening of its new Starfield Unjeong store. LG Best Shop Starfield Unjeong is a newly opening store in the Seoul-Gyeonggi area in 2026. The company said it will operate as a hybrid location offering hands-on premium appliance experiences along with tailored consultations. The opening event begins May 1. During the promotion, the store will offer special opening benefits on major appliances, gifts based on purchase conditions and additional membership points, among other deals. Customers who buy multiple items together will be eligible for benefits worth up to 6.5 million won. Gifts will also be offered by purchase amount, a package aimed at customers planning large appliance purchases for moving, new-home occupancy or weddings. Benefit amounts and eligibility may vary depending on items purchased and event rules. The store will also provide benefits tied to LG’s appliance subscription service. The company said the service can reduce upfront costs and includes free after-sales service and periodic care during the contract term, though some items, including repairs due to customer fault, may be excluded. Separate group-buying benefits will be offered for residents moving into new apartment complexes near Unjeongjungang Station. The store plans to provide consultations on customized appliance packages and group-purchase terms for eligible customers. Customers who book a consultation in advance will receive an additional “secret gift,” the company said. Advance bookings are intended to provide a more comfortable one-on-one consultation, including product comparisons and package proposals based on purchase plans. An LG Best Shop official said, “Starfield Unjeong was designed as a space that goes beyond simple retail sales to offer customer experiences and lifestyle suggestions,” adding, “We will raise customer satisfaction through the benefits prepared to mark the new opening.” The opening promotion is available by visiting the store during the event period, and details can be confirmed on site.* This article has been translated by AI. 2026-04-29 10:48:51
  • USFK commander urges Korea-Japan-Philippines kill web to counter North Korea, China, Russia
    USFK commander urges Korea-Japan-Philippines 'kill web' to counter North Korea, China, Russia Gen. Xavier Brunson, commander of the South Korea-U.S. Combined Forces Command and U.S. Forces Korea, has proposed building a so-called “kill web” that links South Korea, Japan and the Philippines into a single military network. The Japan Times reported April 29 that Brunson, in an interview, said the network is needed to respond to rising security threats from North Korea, China and Russia. He said the plan would connect the three countries’ capabilities in multiple layers, with the South Korea-U.S. alliance as the core. Brunson said the goal is to integrate allied forces into one network not only across traditional domains — land, sea and air — but also space, cyber and the electromagnetic spectrum. As an example, he said U.S. satellite-based sensors could detect signs of threats from North Korea, China or Russia, then ground radars in South Korea or Japan could track them, with other forces moving to respond. He said such a system requires a network that allows real-time sharing of data from sensors — including satellites, drones and troops — to strike assets such as aircraft, ships and missile systems. Brunson said modern wars are often decided in cyber and electromagnetic domains before conventional fighting begins, underscoring the need to strengthen deterrence and build a rapid, combined response. The Japan Times said the proposal aligns with a shift in how the U.S. Defense Department views East Asia: not treating the Korean Peninsula as a standalone theater focused on deterring North Korea, but as a key hub in a broader defense network along the “first island chain” stretching from Japan to Borneo. Brunson said in major regional contingencies — including tensions in the Taiwan Strait or maritime disputes — all three countries could be involved. “The question is whether we are prepared to respond together, or whether we will be forced to coordinate in a rush after the fact,” he said. He also said U.S. allies such as South Korea, Japan and the Philippines cannot exist in isolation. “If you connect them, there is no single axis that hostile forces can prepare against, and the military advantage grows,” he said. To make the concept workable, Brunson outlined four tasks. He said South Korea, with its large ground forces and defense industrial base, would serve as a central provider of deterrence and logistics support. Japan, as a hub where major assets including fifth-generation fighters and the U.S. 7th Fleet are based, would provide advanced surveillance and strike capabilities and maritime control. The Philippines would offer strategic access linking the Pacific and Indian oceans and help reinforce maritime deterrence through systems such as ground-based anti-ship missiles. He also cited expanded multinational exercises as a key step to strengthen real-world readiness. The Japan Times said turning the plan into reality would require broader intelligence sharing and a maintenance and support system for U.S. military equipment in the region. It also cited political sensitivity over South Korea-Japan military cooperation and Japan’s constitutional constraints as major variables. Brunson said cooperation between U.S. forces in Japan and Japan’s Self-Defense Forces is already close but needs to be institutionalized, comments that also supported moves in Japan to strengthen its defense posture. In November last year, Brunson posted an East Asia map on the U.S. Forces Korea website with North and South Korea inverted, arguing for the need for “strategic triangle” cooperation among South Korea, Japan and the Philippines. At the time, he said the most important insight from the inverted map was the existence of a “strategic triangle” linking the three countries, adding that the concept offers a useful framework for trilateral planning discussions beyond traditional bilateral alliances.* This article has been translated by AI. 2026-04-29 10:45:55
  • Researchers develop synthetic polymer matrix to improve stem cell survival
    Researchers develop synthetic polymer matrix to improve stem cell survival SEOUL, April 29 (AJP) - South Korean researchers have developed a three-dimensional culture platform that improves the survival rate and therapeutic efficacy of stem cells, the Korea Advanced Institute of Science and Technology (KAIST) said Wednesday. Jon Sang-yong, a professor at KAIST's Department of Biological Sciences, led a research team to create a synthetic polymer material named "poly-Z." This material coats culture plates to encourage human adipose-derived stem cells to self-assemble into spherical structures called spheroids. Standard two-dimensional culture methods often cause these cells to age and lose functionality over time. The poly-Z platform alters the physical and chemical properties of the culture surface, promoting the adsorption of albumin proteins and preventing cells from attaching to the bottom. Stem cells grown in this environment produced more extracellular matrix, which mimics conditions found inside the human body. In animal trials involving mice with acute colitis and liver injury, the spheroids demonstrated higher survival rates and better inflammation control than cells grown using conventional methods. The new environment activates integrin and FAK signaling pathways, enabling the cells to better sense and respond to their surroundings. Seo Chang-jin, a researcher at KAIST's InnoCORE AI-Innovative Drug Discovery Research Center, served as the lead author for the research published in the journal Advanced Science on March 31, 2026. "This research demonstrates that a precise 3D culture environment based on synthetic polymers can simultaneously improve the functionality and therapeutic efficacy of stem cells," Jon said. "We expect this technology to be widely utilized in developing next-generation stem cell treatments for various intractable inflammatory diseases." (Reference Information) Journal/Source: Advanced Science Title: Polymer Matrix-Based 3D Culture Significantly Enhances the Differentiation and Immunomodulatory Functions of Human Adipose-Derived Stem Cells Link/DOI: https://doi.org/10.1002/advs.202518704 2026-04-29 10:45:44
  • U.S. Embassy in Ukraine Faces Leadership Gap as Acting Envoy Plans Departure, FT Reports
    U.S. Embassy in Ukraine Faces Leadership Gap as Acting Envoy Plans Departure, FT Reports Julie Davis, the acting U.S. ambassador who has led the American Embassy in Ukraine, is expected to leave Kyiv soon, the Financial Times reported April 28 (local time). Citing multiple sources, the FT said Davis recently told the State Department she intends to step down and plans to leave Kyiv in June, ending a 30-year diplomatic career. Davis has served as chargé d’affaires at the U.S. Embassy in Ukraine since May last year. According to the FT, Davis has grown increasingly dissatisfied with the Trump administration’s reduced support for Ukraine and with circumstances surrounding her role. The State Department rejected that interpretation, saying Davis will continue to carry out Trump administration policy until her official departure. Before Davis, Bridget Brink, the U.S. ambassador to Ukraine, resigned in April last year. The FT reported Brink solidified her decision after a clash between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskyy in the White House Oval Office in February 2025. The timing is a concern. The FT said the U.S. administration has pushed to end the war in Ukraine, but talks have stalled amid Russia’s lack of cooperation and the fallout from the U.S. war with Iran. Ukrainian intelligence officials told the FT that Russia is preparing a new offensive this summer. If a prolonged diplomatic gap emerges in Kyiv, concerns are growing that pressure on Ukraine could intensify during a Russian summer offensive. In Washington, some diplomats argue that key conflict posts such as Ukraine require a Senate-confirmed ambassador rather than an acting envoy. Sen. Jeanne Shaheen, the top Democrat on the Senate Foreign Relations Committee, told the FT, “We need a Senate-confirmed ambassador.”* This article has been translated by AI. 2026-04-29 10:45:18
  • Cabinet Approves Bill to Add Three Local Council Seats in Incheon
    Cabinet Approves Bill to Add Three Local Council Seats in Incheon A bill to add three local council seats in Incheon cleared a Cabinet meeting on April 29. Prime Minister Kim Min-seok chaired an emergency Cabinet meeting and emergency economic task force meeting at the Government Complex Seoul that morning, where the government reviewed and approved a partial revision to the Public Official Election Act. The revision is a follow-up to Yeongjong Island being newly included as Yeongjong-gu, a basic local government unit, in Incheon. Incheon Metropolitan City will reorganize its administrative system on July 1. Because the statutory number of basic local council members is seven, the ruling and opposition parties agreed to increase the total by three through a legal revision to keep Yeongjong-gu’s council at seven members. The bill would raise the number of Incheon’s local council members to 128 from 125 and increase the nationwide total for district, city and county councils to 3,006 from 3,003. In opening remarks, Kim said the June 3 local elections are approaching and urged relevant ministries to step up efforts to ensure fair election management, including responding to fake news and supporting legally mandated election operations, now that redistricting has been completed.* This article has been translated by AI. 2026-04-29 10:42:16
  • Samsung SDI Shares Hit Intraday Record on Profit-Turnaround Hopes
    Samsung SDI Shares Hit Intraday Record on Profit-Turnaround Hopes Samsung SDI shares rose on Tuesday as expectations grew for a recovery in the second half of the year and a return to profit. As of 10:27 a.m., the stock was up 17,000 won, or 2.65%, from the previous session at 698,000 won, according to the Korea Exchange. It climbed as high as 706,000 won early in the session, setting a new intraday record. KB Securities cited improving results in maintaining its “buy” rating and raising its target price 60.4% to 850,000 won from 530,000 won. Kiwoom Securities also kept a “buy” rating and lifted its target price 70.8% to 820,000 won from 480,000 won. Shinhan Securities maintained “buy” and raised its target price 37.9% to 800,000 won from 580,000 won. Analysts also pointed to expanded shipments of mid- to large-size batteries as Samsung SDI supplies P6 high-nickel batteries for Hyundai Motor and Kia models including the Ioniq 3 and EV2, a factor expected to support a return to profit in the second half. Lee Hyun-wook, an analyst at IBK Investment & Securities, said North American energy storage system volumes appear to be fully booked through 2028, and that steady shipments combined with a recovery in the electric-vehicle market should drive a clearer earnings improvement. He said Samsung SDI could return to profit in the fourth quarter, its first in nine quarters.* This article has been translated by AI. 2026-04-29 10:41:12
  • Korea Tourism Organization Targets Russian, Kazakh Medical Tourists, Expects 5.8 Billion Won in Deals
    Korea Tourism Organization Targets Russian, Kazakh Medical Tourists, Expects 5.8 Billion Won in Deals The Korea Tourism Organization said April 29 that its large-scale local sales push targeting high-spending medical tourists from Russia and Central Asia has concluded, generating 346 contracts and an expected 5.8 billion won in sales. ◆ Central Asia emerges as a key target in Korea’s medical tourism market The number of foreign medical tourists visiting South Korea topped 2 million for the first time last year, reaching 2.01 million. Among them, visitors from Russia and Kazakhstan totaled 35,450, up about 14% from a year earlier. Their average spending per person was about 40% higher than the overall average, making them a high-value market, the organization said. To capture demand, the organization held “2026 Korea Medical Tourism Promotion Briefings” on April 17 and 20 in Moscow and St. Petersburg. Twenty-four South Korean medical institutions and agencies joined the events, which drew about 330 local industry participants for business consultations. Product sales training was also offered to help local partners better understand the offerings. ◆ From trade fair to one-on-one sessions, 346 contracts signed In Almaty, Kazakhstan, the organization took part in the region’s largest tourism fair, the International Tourism Fair (KITF), held April 22-25. With 24 South Korean organizations, it operated a Korea tourism promotion pavilion highlighting medical and wellness travel products. On April 22, it hosted a tourism exchange event with 40 local agencies. On April 25, it staged a consumer-focused promotion at a major shopping mall linking K-beauty and K-food, drawing about 50,000 visitors. That day, it also held tailored one-on-one consultations at the InterContinental hotel with eight South Korean specialist doctors to showcase Korea’s advanced medical services. Across the roadshow, the organization reported 4,397 B2B and B2C consultations and said it expects 346 contracts and about 5.8 billion won in sales. Lee Dong-seok, head of the Korea Tourism Organization’s medical and wellness team, said the group will use the local networks built through the campaign to position South Korea as a tourism destination combining advanced medical technology with K-wellness. The organization said it has pursued a more segmented medical tourism strategy since last year, including building a networking club for affluent Chinese visitors, holding Japan’s first large-scale medical tourism event, and developing a new market in Erdenet, a mining city in Mongolia.* This article has been translated by AI. 2026-04-29 10:40:08