Journalist

Lee Hugh
  • Seoul embarks on massive cleanup of penny stocks while market is hot
    Seoul embarks on massive cleanup of penny stocks while market is hot SEOUL, Feb 12 (AJP) - Hoping to keep alive the sizzling momentum in the Korean stock market, now ranked among the world’s top 10 by valuation, Seoul has toughened rules to clean out zombie stock names. According to a new set of delisting requirements unveiled Thursday by the Financial Services Commission (FSC), members of the KOSPI will face stronger market capitalization and financial health standards, similar to those applied to the smaller KOSDAQ. As of September 2024, “zombie companies” accounted for nearly a quarter of KOSDAQ listings and around 10 percent of the KOSPI. Financial authorities estimate that the ratio of marginal firms across both markets remains at similar levels today. Zombie companies, also known as marginal firms, refer to businesses unable to cover even their interest expenses with operating profits, often falling into capital erosion. Previously, the FSC considered delisting only firms that were in a state of capital erosion at the end of a fiscal year. Under the new rules, however, companies that fall into capital erosion even on a semiannual basis will immediately face delisting procedures. The message is clear: firms that cannot — or will not — rapidly restore their financial standing will no longer be allowed to linger in the capital market. The deadline for meeting minimum market capitalization requirements has also been sharply brought forward. Originally, listed firms were required to reach a market capitalization of 15 billion won ($10.4 million) by January this year, 20 billion won by January 2027, and 300 billion won by January 2028. Under the revised plan, firms must reach 20 billion won by July this year and 300 billion won by January 2027. Furthermore, share prices must be maintained at 1,000 won or higher. “In the U.S. Nasdaq, being a ‘penny stock’ is grounds for delisting,” FSC Vice Chairman Lee Eog-won said during a regional meeting in Gwangju the previous day. “We intend to introduce similar provisions here.” The threshold for delisting due to disclosure violations has also been lowered from 15 penalty points to 10. Disclosure violations are typically categorized into failure to disclose, changes in disclosure, and reversals of disclosure, with penalties ranging from 1 to 10 points depending on severity. This means a single major violation could now trigger immediate delisting proceedings. A notable example is Kumyang, a KOSPI-listed firm that was handed 10 penalty points for allegedly inflating performance figures for a mine in Mongolia. While Kumyang accumulated a total of 17 points annually in that instance, under the new rules such a firm would enter delisting review immediately upon reaching the 10-point mark. The review period itself has been shortened from 18 months to one year. To prevent firms from using injunction lawsuits to stall proceedings, the FSC plans to coordinate closely with relevant courts. The regulator has also launched an “Intensive Delisting Management Task Force,” led by the vice chairman of the KOSDAQ Market Division, which will operate for the next 17 months until July next year. The FSC estimates that up to 220 companies could be delisted this year under the new regulations, far exceeding the original estimate of 50. Among them, 160 firms are classified as penny stocks trading below 1,000 won, representing 9 percent of all KOSDAQ-listed companies. “For the past 20 years, the KOSDAQ market has maintained a structure of ‘many births and few deaths,’ with 1,353 entries and only 415 exits,” the FSC said. “While the number of listed firms grew eightfold, total market capitalization increased only 1.6 times.” After surpassing the 1,000 mark during the dot-com bubble on Sept. 14, 2000, the KOSDAQ remained trapped between 600 and 900 for more than 25 years before recently breaking above 1,000 again. The FSC plans to apply the same strengthened standards to the benchmark KOSPI market. On Thursday, the KOSDAQ closed at 1,125.99, up 1 percent. The modest gain contrasted with the KOSPI, which surged 3.13 percent to a record high of 5,522.27. While the KOSPI climbed 4.2 percent between Feb. 9 and Feb. 12, the KOSDAQ remained virtually flat, edging up just 0.14 percent. 2026-02-12 16:34:26
  • BNT Spotlight Global Fan Vote Launches With Times Square Ad Prize
    BNT Spotlight Global Fan Vote Launches With Times Square Ad Prize BNT News and global fan-voting platform STARDOM officially launched the rising-artist branding and marketing project BNT Spotlight on Feb. 11. Organizers said BNT Spotlight is designed as a marketing project that links emerging artists to a global stage, rather than a simple popularity vote. It combines media, content and fan participation, with voting results feeding real-time rankings, content production and wider international news distribution. The project uses a multi-platform voting system connected across STARDOM, MY1PICK and JK FANDOM. Sixteen teams are participating: PRIMROSE, LUN8, WAKER, ADAP, SAY MY NAME, n.SSign, NCHIVE, ALL(H)OURS, E11iVYN, JUST B, NEWBEAT, NouerA, In A Minute, We;Na, TEMPEST and X:IN. Preliminary voting runs through Feb. 23. The semifinals are Feb. 25 to March 4, and the final is March 6-16. Top finishers will receive global promotional rewards. The No. 1 artist is set to receive a large digital billboard ad in New York’s Times Square, distribution of articles to 600 global media outlets and 20 million views for Instagram Reels content. Second place is to receive articles to 300 outlets and 10 million Reels views, and third place articles to 50 outlets and 5 million Reels views. All participating artists will receive a BNT News article and Instagram Reels content regardless of ranking, organizers said. A BNT News official said BNT Spotlight is “a project in which artists, fans and media create a single growth story together,” adding that it will serve as “a new channel to expand the potential of rising artists in the global market.”* This article has been translated by AI. 2026-02-12 16:27:00
  • Seongsu – how pop-up fever turned shop space into show space
    Seongsu – how pop-up fever turned shop space into show space Editor’s Note: This is the second installment in AJP’s Seongsu series, which examines how Seoul’s former factory district transformed into a global hub for pop-ups, brand experiences and new forms of urban consumption. SEOUL, February 12 (AJP) - In Seongsu, a former industrial district in eastern Seoul, retail space is no longer leased mainly to sell goods. It is rented — by the day or the week — to buy attention. Over the past decade, short-term pop-up leases have replaced the two-year commercial contracts that still define most of the city’s retail landscape. In prime pockets such as Yeonmujang-gil, a large venue of about 900 square meters (around 270 pyeong) can now cost between 100 million and 200 million won ($75,000–$150,000) for a single week, according to 2024 market data from local brokerages and industry reports. If booked continuously, that translates into a monthly equivalent of 400 million to 800 million won ($300,000–$600,000). By contrast, the effective monthly rent (E.NOC) for traditional retail and office space in Seongsu stood at about 290,000 won per pyeong in 2023, according to the 2024 Seongsu Office Market Report by commercial real estate data firm Alsquare. The widening gap illustrates what analysts describe as a “decoupling” of asset value from retail fundamentals. A parallel market has emerged, where short-term “event leases” are priced not by expected shop sales, but by brand demand, seasonality and promotional timing. A Market That Runs on Weeks, Not Years This structure remains unusual in Korea, where stability has long been the defining feature of commercial leasing. “Contracts like those in Seongsu are very rare,” said Lee, a building owner who manages several properties in the capital. “Most places in Seoul are leased on a minimum two-year basis. Seongsu operates on completely different rules.” Those rules are shaped by flexibility — and by scarcity. “Most pop-ups here run on very short terms, from a single day to a few weeks,” said Kang, a Seongsu-based broker. “Everything is negotiable. But if you want to open for just one or two days, it’s extremely expensive. Daily rates often start from around 10 million won and rise quickly depending on demand.” For landlords, the appeal is clear. Short-term leases allow them to capture peak-season premiums that long-term tenants cannot match. For brands, the costs are justified as marketing investments rather than rent. A Global Outlier By international standards, Seongsu’s pricing has reached striking levels. In Tokyo’s Shibuya district, pop-up spaces typically start at around 920,000 yen ($5,700) per week for smaller venues. In New York’s Soho, prime Broadway retail rents average about $726 per square foot annually, translating to roughly $135,000 per week for a comparable 900-square-meter space. At its peak, Seongsu now rivals both. In many cases, transactions bypass conventional real estate brokers. Large venues operate as registered event spaces, signing short-term venue-hire agreements directly with brands, blurring the boundary between retail, exhibition and entertainment. For marketers, the rationale is straightforward. “Pop-ups are not about making money from sales,” said Lee Seung-hwan, head of FIG, a creative agency. “They are about branding. Once you add production, design and staffing, budgets can easily reach hundreds of millions of won.” The Economics of “Digital Bricks” Beyond weekly venue fees, interior construction alone often reaches about 1 billion won ($750,000) for high-end pop-ups — all written off over just two or three weeks of operation. Unlike conventional stores, where fit-out costs are depreciated over years, Seongsu pop-ups treat the entire investment as a one-off marketing expense. According to digital marketing firm Inquivix, the primary performance indicator is the “Offline-to-Online (O2O) Loop,” tracked through spikes in Naver searches, social media mentions and map “saves,” rather than in-store revenue. The physical space functions as a content studio — a place to generate what marketers call “digital bricks,” visual assets that build a brand’s online presence long after the pop-up closes. High Rewards, High Risk For smaller brands, however, the boom resembles a high-stakes gamble. “A lot of founders dream of opening a pop-up in Seongsu at least once,” said Yoon, a clothing brand owner in her 30s. “It’s a powerful way to introduce your brand. But everyone knows how expensive it is. Only companies with strong backing can really afford it now.” Rising costs have gradually narrowed participation to large domestic labels, global luxury brands and well-funded startups. According to the 2025 Pop-up Trend Report by Sweet Spot, the number of pop-up stores in its network jumped 109 percent in 2025 to 3,077, with Seongsu accounting for about 35 percent. What began as a fashion and beauty marketing tool has expanded into technology and finance. Data and crypto-related firms such as Palantir and Upbit have used Seongsu pop-ups to turn abstract services into physical experiences. Foreign Foot Traffic Fuels the Premium Foreign visitors have helped sustain the surge. Data from the Seongdong District Tourism Survey show that Seongsu’s foreign visitor count rose from about 60,000 in 2018 to roughly 3 million in 2024. Spending by foreign tourists in the district reached 74.8 billion won ($56 million) in 2024, up 1.8 times from a year earlier. “Even when daily rent runs into the millions of won, it can still make sense,” the broker said. “Foreign customers lift overall sales.” The leasing boom has fed directly into asset prices. Land values in Seongsu rose from about 40 million won per pyeong in 2018 to around 140 million won in 2023, according to Alsquare — more than a threefold increase. Analysts describe the result as a new phase of gentrification, in which long-term neighborhood businesses are pushed out by short-term marketing installations. For visitors, the spectacle often conceals the economics. “I just enjoy going to Seongsu to see what’s new,” said Lee Min-joo, a Seoul resident in her 30s. “I didn’t realize how much money goes into these places. But the interiors, scents and atmosphere stay in your memory. I almost map which brand was where.” That reaction captures Seongsu’s transformation. The district is no longer priced like a retail neighborhood. It is priced like media time — sold in short slots, bid up by competition, and justified by reach rather than receipts. 2026-02-12 16:26:34
  • Court orders HYBE to pay Min Hee Jin 25.5 Billion Won in put option dispute
    Court orders HYBE to pay Min Hee Jin 25.5 Billion Won in put option dispute SEOUL, February 12 (AJP) - A Seoul court has ruled that HYBE must pay roughly 25.5 billion won ($19 million) to Min Hee-jin, former CEO of ADOR and current head of OK Records, in connection with a put option dispute. The Seoul Central District Court’s Civil Division 31, presided over by senior judge Nam In-soo, partially ruled in favor of Min in her lawsuit seeking payment under a shareholder agreement. The court ordered HYBE to pay Min roughly 25.5 billion won. It also dismissed a separate lawsuit filed by HYBE seeking confirmation that its shareholder agreement with Min had been lawfully terminated. The court had reviewed the two cases in parallel, as the validity of the contract termination directly affected Min’s right to exercise the put option. In its ruling, the court acknowledged that Min had explored ways to make ADOR independent from HYBE. However, it determined that such efforts alone did not constitute a material breach of the shareholder agreement. After reviewing KakaoTalk messages exchanged between Min and her associates, as well as her performance and responsibilities as CEO, the court concluded that her actions did not significantly hinder ADOR’s growth or cause demonstrable damage to the company. HYBE’s claim that Min had intended to terminate NewJeans’ exclusive contracts and pursue an initial public offering (IPO) for ADOR independently was also rejected. The court stated that although Min appeared to have discussed independence strategies with external investors, those proposals were premised on HYBE’s consent and could not have taken effect without it. The ruling further noted that Min continued to carry out her duties as CEO during the dispute, including overseeing album releases in Korea and Japan. Allegations raised by Min including claims that ILLIT had copied NewJeans and their album sales had been artificially inflated, were also found insufficient to justify termination of the contract. The court emphasized that the financial harm Min would suffer if the contract termination were upheld was “clear and significant,” while finding that HYBE had not demonstrated a breach serious enough to warrant cancellation of the agreement. Accordingly, the court ordered HYBE to pay Min approximately 25.5 billion won. It also ruled that HYBE must pay a combined 3.1 billion won to Mr. Shin, a former ADOR vice president, and Mr. Kim, a former cheif director, who had jointly notified the company of their intention to exercise the put option. The dispute stems from Min’s notification in November of 2024 that she would exercise her put option rights. Under the shareholder agreement, the put option payout is calculated by multiplying ADOR’s average operating profit over the previous two fiscal years by 13, and then applying 75 percent of Min’s ownership stake in the company. Based on ADOR’s earnings during the reference period and Min’s shareholding, the court determined that the amount due to her totals approximately 25.5 billion won. Including the claims filed by her associates, the total payout sought amounted to roughly 28.7 billion won. 2026-02-12 16:16:08
  • BTS Comeback D-37: Built different, the Suga equation
    BTS Comeback D-37: Built different, the Suga equation *Editor’s Note — As BTS prepares to return as a full seven-member act with a new album set for March 20 and an open-stage performance at Gwanghwamun on March 21, following a near four-year hiatus for rotational military service, AJP revisits the group’s 13-year trajectory. This series reexamines BTS’s history, music, performance identity and enduring appeal. The Third installment traces the BTS member SUGA's roots and growth. SEOUL, February 12 (AJP) - “Butter” by BTS recently crossed 4 million cumulative points on Japan’s Oricon Weekly Combined Single Ranking. At first glance, the milestone looked like another routine addition to the group’s sprawling archive of records ahead of its comeback. But the number tells a deeper story. Unlike charts based solely on physical sales, Oricon’s Weekly Combined Single Ranking converts multiple consumption formats into a unified score. One physical single sold equals one point, as does one full-track digital download, while streaming figures are converted according to Oricon’s weighted formula. Points are accumulated weekly, meaning the 4 million threshold reflects sustained, long-term consumption rather than a short-lived surge. In Japan’s domestic market — where local artists typically dominate cumulative rankings — surpassing 4 million points is widely regarded as a marker of durable purchasing power. Released on May 21, 2021, “Butter” spent 10 weeks atop the Billboard Hot 100. Crossing the 4 million-point mark on Oricon made it the first such achievement by an overseas act and only the second overall — a reminder that BTS’s commercial gravity has not faded during its members’ staggered military service. At the structural core of that trajectory stands rapper and producer Suga (Min Yoon-gi, born March 9, 1993). Unlike many idol rappers whose roles remain performance-centered, Suga’s influence extends into composition, arrangement, and conceptual direction. More than 100 songs are registered under his name at the Korea Music Copyright Association. He has contributed to defining BTS tracks such as “I Need U,” “Spring Day,” and “Life Goes On,” the latter becoming the first Korean-language song to debut at No. 1 on the Billboard Hot 100 in December 2020. His solo career operates under a different logic. Performing as Agust D — a name derived from reversing “DT SUGA,” with “DT” referring to “Daegu Town” — he foregrounds authorship and locality within a global pop framework. His 2016 mixtape Agust D reached No. 3 on Billboard’s World Albums chart. D-2, released in 2020, entered the Billboard 200 at No. 11. The title track “Daechwita” accumulated 17 million views within 24 hours of release and has since surpassed 500 million views on YouTube. By the time D-DAY debuted at No. 2 on the Billboard 200 in 2023, the arc was unmistakable: a transition from group rapper to independently touring artist. His world tour, which began on April 26, 2023, spanned 10 cities and 28 performances, drawing more than 290,000 attendees — figures usually reserved for established solo acts rather than first-time headliners. Collaboration has served as another extension of his authorship. He produced and featured on “Eight” with IU, co-produced and appeared on “That That” with PSY, and partnered with Halsey on “Lilith.” Each project expanded his reach beyond BTS’s immediate ecosystem. Behind the numbers lies a long record of physical and emotional endurance. During his trainee years, Suga sustained a serious shoulder injury in a traffic accident while working a delivery job. He later revealed on tvN’s You Quiz on the Block that he performed for years while receiving injections, before eventually undergoing surgery in November 2020. The injury later influenced his assignment during mandatory military service. He was discharged on June 21, 2025. In Daegu, murals near Myeongdeok Station now mark the neighborhood where his early studio once stood. Global chart dominance has translated into a physical landmark — an unusual trajectory for a rapper who once operated in the underground under the name “Gloss.” Four million Oricon points. Ten weeks atop the Billboard Hot 100. A No. 2 debut on the Billboard 200. More than 100 registered copyrights. Over 500 million YouTube views. A 290,000-attendance world tour. Individually, each figure signals scale. Taken together, they outline something more enduring: a producer who has built parallel credibility inside and outside one of the world’s largest music groups. Major chart records, hundreds of millions of views, global touring power, and years of performing through injury — these are not merely statistics. They trace a career constructed on both expansion and resilience. The next installment will track RM. 2026-02-12 16:15:13
  • South Korea watchdog chief urges banks to overhaul governance, put consumers first
    South Korea watchdog chief urges banks to overhaul governance, put consumers first Lee Chan-jin, head of South Korea’s Financial Supervisory Service, met with the heads of major domestic banks and called for a shift in management practices, including stronger corporate governance. He urged banks to make consumer protection their top priority and to move on governance reforms on their own if needed. Speaking at a meeting with the CEOs of 20 domestic banks at the Korea Federation of Banks building in central Seoul on Feb. 12, Lee said banks should make “gyeonri-saui” — putting what is right ahead of profit — a core management value. He also urged them to “think about consumer protection before anything else.” Lee emphasized the need to improve governance. While the Financial Services Commission and the FSS plan to release a “governance advancement” package in March, he said banks should not delay if preemptive changes are necessary. The meeting was held about six months after Lee first met bank chiefs shortly after taking office in August last year. He asked banks to overhaul the entire process of financial product design, review and sales from a consumer-protection perspective and to establish a consumer-focused key performance indicator system to match. He also urged banks to move away from relying on easy interest income and to more actively supply funding to innovative companies and small and midsize firms. Cho Yong-byeong, chairman of the Korea Federation of Banks, said the industry would work together to meet rising public expectations by strengthening consumer protection and improving governance. Bank CEOs also said they would tighten consumer-focused checks across the full process, from product sales to dispute mediation. Meanwhile, the heads of the four major commercial banks — KB Kookmin, Shinhan, Hana and Woori — did not respond when asked what issues they planned to raise with financial authorities. They also declined to comment when asked about possible reductions in penalties tied to equity-linked securities linked to Hong Kong’s H Index. Choi Woo-hyung, CEO of K Bank, which is preparing for an initial public offering, said, “I think it will go well.” 2026-02-12 16:15:00
  • Pharma and Biotech Briefs: Daewon cold medicine, SK Biopharm U.S. meeting, Samsung Bioepis patent deal, Jaseng events
    Pharma and Biotech Briefs: Daewon cold medicine, SK Biopharm U.S. meeting, Samsung Bioepis patent deal, Jaseng events Daewon Pharmaceutical launches three Daewoncol soft-capsule cold medicines Daewon Pharmaceutical said Wednesday it has launched a new cold-medicine line, the Daewoncol Soft Capsule series, with different formulations tailored to symptoms. The series has three products: Daewoncol Cold (multi-symptom), Daewoncol Cough (cough cold) and Daewoncol Nose (nasal cold), allowing consumers to choose based on symptoms. Daewon said the key difference is the dosage form: soft capsules filled with liquid ingredients, which it said can be absorbed faster than tablets and offer higher bioavailability for quicker effects. The company said it also boosted ingredient content, including 250 mg of acetaminophen per capsule, the maximum allowed under revised drug rules. Adults taking two capsules per dose would get 500 mg, which Daewon said helps relieve headaches, fever and muscle aches. Daewoncol Cold is designed to ease multiple symptoms such as runny nose, cough and fever. Daewoncol Cough strengthens ingredients aimed at throat-related symptoms including cough, phlegm and sore throat. Daewoncol Nose focuses on runny nose, congestion and sneezing. SK Biopharm holds U.S. national sales meeting in Orlando SK Biopharm’s U.S. unit, SK Life Science, said Wednesday it held its “2026 National Sales Meeting” from Feb. 9-12 in Orlando, Florida. The company said the event has been held annually since the 2020 launch of cenobamate, sold in the United States as Xcopri, and marked its seventh meeting this year. About 290 employees from South Korea and overseas attended, including CEO Lee Dong Hoon, to discuss strategies to strengthen sales. This year’s slogan was “We Will,” emphasizing voluntary execution and proactive growth, the company said. SK Biopharm said the central message was “One Team,” highlighting cooperation between headquarters and the U.S. unit based on each side’s expertise, as it seeks to strengthen the cenobamate business and expand into oncology. The company said cenobamate posted record U.S. sales of 630.3 billion won in 2025, up about 44% from a year earlier. Samsung Bioepis completes global patent settlements for Eylea biosimilar Samsung Bioepis said Wednesday it has signed a U.S. settlement and license agreement with Regeneron and Bayer, the makers of the original drug, covering the 2 mg formulation of its ophthalmology biosimilar Opuviz (aflibercept). Under the agreement, Samsung Bioepis said it will be able to launch Opuviz in the United States in January 2027. The company said it completed global patent settlements for the Eylea biosimilar in January, following agreements in Europe and other markets. Opuviz was approved by the U.S. Food and Drug Administration in 2024. In South Korea, it was approved under the brand name Apilibu and launched in May 2024. The original drug, Eylea, treats eye diseases including wet age-related macular degeneration. Samsung Bioepis said Eylea had global sales of about 14 trillion won in 2024, including about 9 trillion won in the United States. Jaseng Korean Medicine Hospital holds Lunar New Year events for patients Jaseng Korean Medicine Hospital said Wednesday it held Lunar New Year events for inpatients and outpatients at five hospitals nationwide: Incheon, Daejeon, Busan, Cheongju and Changwon. The Incheon hospital ran traditional games such as biseokchigi for inpatients, with medical staff joining in, and offered winter snacks and prizes. The Daejeon hospital held games with added penalties and missions. The Busan hospital ran traditional folk-game programs with staff participation, while the Cheongju hospital held a capsule-draw event and provided holiday gifts. The Changwon hospital said it plans to hold events and hands-on programs for outpatients from Feb. 13-16.* This article has been translated by AI. 2026-02-12 16:12:00
  • HD Hyundais 2025 profit more than doubles on shipbuilding boom
    HD Hyundai's 2025 profit more than doubles on shipbuilding boom SEOUL, February 12 (AJP) - HD Hyundai said in a regulatory filing on Thursday that its 2025 operating profit more than doubled, driven by strong profitability in shipbuilding and offshore operations. The group reported consolidated revenue of 71.26 trillion won ($49.5 billion) for 2025, up 5.2 percent from a year earlier, while operating profit surged 104.5 percent to 6.1 trillion won. HD Hyundai said earnings growth was led by improved margins in shipbuilding and offshore businesses, with broad-based gains also recorded across units including power equipment. Shipbuilding and offshore holding company HD Korea Shipbuilding & Offshore Engineering posted revenue of 29.93 trillion won, up 17.2 percent, while operating profit jumped 172.3 percent to 3.9 trillion won. The company attributed the improvement to a higher proportion of high-priced vessels and increased production volumes resulting from efficiency gains. Among key subsidiaries, HD Hyundai Heavy Industries reported revenue of 17.58 trillion won and operating profit of 2.04 trillion won, while HD Hyundai Samho posted revenue of 8.07 trillion won and operating profit of 1.36 trillion won. Ship services and parts provider HD Hyundai Marine Solution reported revenue of 1.98 trillion won, up 13.6 percent, and operating profit of 350.1 billion won, up 28.9 percent. Engine affiliate HD Hyundai Marine Engine recorded revenue of 402.4 billion won and operating profit of 75.9 billion won, supported by higher engine output and parts sales. Solar panel unit HD Hyundai Energy Solutions posted revenue of 492.7 billion won and operating profit of 41.2 billion won, benefiting from stronger global sales and a recovery in selling prices. Energy affiliate HD Hyundai Oilbank reported revenue of 28.02 trillion won, down 8 percent from a year earlier, but operating profit rose 83.7 percent to 474 billion won as refining margins improved. The company said it plans to respond to global supply-chain shifts by diversifying crude sourcing and optimizing refinery operations. Power equipment maker HD Hyundai Electric posted revenue of 4.08 trillion won, up 22.8 percent, with operating profit climbing 48.8 percent to 995.3 billion won. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-12 16:06:51
  • Foreign home purchases in Seoul halve after Korea tightens property rules
    Foreign home purchases in Seoul halve after Korea tightens property rules SEOUL, February 12 (AJP) - Foreign purchases of homes in Seoul fell by more than half after the government designated the capital and key parts of the greater metropolitan area as land-transaction permit zones for foreign buyers. The Ministry of Land, Infrastructure and Transport said Thursday its review of apartment and other home transactions from September to December last year showed sales by foreign buyers declined across designated areas compared with a year earlier. In the wider capital region — encompassing Seoul, Gyeonggi Province and Incheon — foreign home purchases fell 35 percent to 1,481 transactions from 2,279 a year earlier. The government introduced the permit requirement in August following criticism that foreign buyers were purchasing high-priced properties for speculative purposes and contributing to market overheating. Under the rule, approved buyers must occupy the property for at least two years. Seoul recorded the sharpest decline, with transactions dropping 51 percent to 243 from 496. Within the capital, purchases in the upscale Gangnam, Seocho and Songpa districts, along with Yongsan District, fell 65 percent. Seocho posted the steepest decline among Seoul’s 25 districts, with transactions plunging 88 percent to 11 from 92. By nationality, purchases by Chinese buyers fell 32 percent to 1,053, while transactions by U.S. buyers declined 45 percent to 208. Chinese nationals still accounted for 71 percent of foreign purchases, with Americans making up 14 percent, largely unchanged from a year earlier. First Vice Minister Kim I-tak said the decline suggested that demand contributing to overheating in parts of the housing market was easing. “The government will cooperate closely with local governments to thoroughly verify compliance and establish a housing market centered on real demand,” Kim said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-12 15:53:13
  • Cheong Wa Dae expresses regret over canceled meeting with DP, PPP leaders
    Cheong Wa Dae expresses regret over canceled meeting with DP, PPP leaders SEOUL, February 12 (AJP) - Cheong Wa Dae on Thursday expressed "regret" over the cancellation of a planned luncheon meeting hosted by President Lee Jae Myung with the leaders of the leading parties. "It is very regrettable that the meeting was canceled," said Hong Ik-pyo, senior presidential secretary for political affairs. "It was meant to improve communication and bipartisan cooperation on key state affairs, but the chance to fulfill that purpose was lost." Lee's planned meeting with the ruling Democratic Party (DP)'s leader Jung Chung-rae and the main opposition People Power Party (PPP)'s leader Jang Dong-hyeok was called off earlier in the day after Jang abruptly decided not to attend. Criticizing Lee's proposal for talks as a "mere photo-op" to distract from his wrongdoings, Jang cited a couple of reasons he could not attend. Among them was a DP-led bill to increase the number of Supreme Court justices, which opponents argue would undermine judicial independence by stacking the top court with ideologically like-minded and favorable judges. But Hong said Cheong Wa Dae would continue to seek cooperation and pursue dialogue to improve people's livelihoods. 2026-02-12 15:36:17