Journalist
Lee Hugh
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Samsung Heavy secures $351 million container ship deal SEOUL, February 11 (AJP) - Samsung Heavy Industries said Wednesday it has secured an order worth 468.6 billion won ($351 million) from an Africa-based shipping company to build two container ships. In a regulatory filing, the company said the vessels are scheduled for delivery by May 2028. With the latest contract, Samsung Heavy’s total orders for the year have reached $1.2 billion across seven vessels, equivalent to about 9 percent of its annual order target of $13.9 billion. The orders include two liquefied natural gas carriers, two ethane carriers, two container ships and one crude oil tanker. A company official said global fleet renewal demand is expected to remain firm, particularly for aging container ships in the 8,000- to 13,000-TEU range. "We will continue pursuing orders that prioritize profitability and leverage its competitiveness in eco-friendly ship technologies," the official said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-11 13:59:36 -
Samsung to unveil Galaxy S26 at unpacked event in San Francisco on Feb. 25 SEOUL, February 11 (AJP) - Samsung Electronics will unveil its flagship Galaxy S26 smartphone series later this month, with the launch event set to take place in San Francisco. The company will hold its “Galaxy Unpacked 2026” event at 10 a.m. local time on Feb. 25, corresponding to 3 a.m. on Feb. 26 in South Korea. Samsung is expected to highlight enhanced artificial intelligence features. A 17-second invitation video released by the company shows a Galaxy AI-themed icon emerging from a box, signaling a focus on AI-powered capabilities in the new devices. The event will be livestreamed through Samsung’s official website, its Newsroom platform and the company’s YouTube channel. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-11 13:52:02 -
Volkswagen Group says it has built 5 million electric drive systems Volkswagen Group said Tuesday it has produced a total of 5 million electric drive systems. The milestone was achieved across plants in Gyor, Hungary; Kassel and Zuffenhausen, Germany; and Tianjin, China. The company said the result reflects its engineering capabilities and production network, as well as an electrification strategy being expanded systematically across brands and regions. Volkswagen Group Components’ capability network played a central role, the company said. At the Kassel plant in Germany, output of electric drive systems rose about 24% from a year earlier to more than 850,000 units this year. Thomas Schmall, a member of Volkswagen Group’s board of management for the technical division, called the 5 million mark “a milestone” that shows the group’s leadership in both internal-combustion and battery-electric vehicle segments. He said the group, through its global development and production network, has “full control” of all elements of electric drive systems, helping speed innovation and ensure quality. Schmall added that the group has gained additional expertise by developing its first pulse inverter in-house and is directly handling the control unit that serves as the “brain” of the electric drive system. He said that will help ensure top performance for customers and further strengthen the group’s technological independence. The most widely used electric drive system within the group is the APP550, which is installed in Volkswagen’s ID family as well as the Skoda Enyaq and Cupra Tavascan. To date, a total of 1 million APP550 units have been produced at the group’s components plant in Kassel alone.* This article has been translated by AI. 2026-02-11 13:51:00 -
Polestar to Launch Two New EV Models in South Korea, Targets 4,000 Sales in 2026 Swedish premium electric-vehicle brand Polestar is expanding its lineup in South Korea this year with two additional models as it seeks to grow its presence. Polestar Korea on Tuesday held its “2026 Polestar Media Day” at the Grand Hyatt in Seoul’s Yongsan district, outlining launch plans and its broader strategy. The two models are the performance SUV Polestar 3 and the flagship SUV Polestar 5. Polestar 3 is scheduled to launch in the second quarter, and Polestar 5 in the third quarter. The company said it is positioning 2026 as the first year of a “premium to luxury” push, focusing on expanding its product lineup, boosting brand value and awareness, and upgrading the ownership experience. It set a sales target of 4,000 vehicles, up more than 30% from last year, and expects Polestar 3 and Polestar 5 to account for about 15% to 20% of that total. “If 2025 was the year we built a foundation for growth through Polestar 4, 2026 will be the year we make a full leap as a luxury EV brand centered on Polestar 3 and Polestar 5,” CEO Ham Jong Seong said. “We will make the experience of owning a Polestar a premium one that goes beyond transportation and extends across a customer’s lifestyle.” Polestar Korea said it plans to introduce a new premium EV every year going forward. To raise awareness and reinforce an upscale image, the company named actor Kim Woo Bin as its brand ambassador. It said it will expand customer engagement through TV commercials and other content and interactive programs. The company also plans to expand its retail footprint. It will relocate and expand its Hannam showroom to Dosan-daero in Seoul’s Gangnam district within the first quarter and open a new showroom in Daegu. It plans additional openings in Ilsan and Incheon by year’s end, increasing showrooms to 10 from seven. It also said it will strengthen partnerships with Shinsegae and Samsung Card to broaden access to VIP customers. To improve the ownership experience, Polestar Korea said it will invest in charging infrastructure, aiming to add more than 400 chargers at 40 locations nationwide by 2030. It also plans to launch a Polestar owner app in February to provide an integrated system for service reservations and maintenance-history checks. The company said its recently introduced Polestar Care program offers benefits ranging from new-vehicle exchanges to tire replacements and support for the deductible on a customer’s own auto insurance in the event of an accident. It said it will gradually expand the scope and eligible models and plans to introduce an extended-warranty product within the year. Polestar Korea also said it will offer customer-only membership services, including premium home delivery, airport pickup and charging, and hotel valet service, as well as a Polestar Stay program for customers visiting Jeju. Ham said South Korea ranks within Polestar’s top six markets globally and is its best-selling market in Asia. He said the company is also interested in South Korea for its advanced “K-battery” sector and ongoing partnerships with parts and equipment suppliers. The Polestar 5 unveiled by Polestar Korea uses an SK On battery. He also highlighted the importance of South Korea to the parent company, citing the ramp-up of Polestar 4 production at Renault Korea’s Busan plant to accelerate entry into North America.* This article has been translated by AI. 2026-02-11 13:39:00 -
Gyeongju museum to stage Silla gold crown exhibitions every 10 years, next in 2035 The National Museum of Gyeongju said Tuesday it will hold regular exhibitions of Silla gold crowns every 10 years. The museum said the next exhibition will be in 2035, when it marks its 90th anniversary. It plans to broaden the show spatially and conceptually, bringing together not only six Silla gold crowns but also gold crowns from South Korea and abroad for a single overview. The museum also said it will present gold crowns this year in Yangsan and Cheongdo to expand local residents’ access to cultural programs. It will also hold Silla special exhibitions in Paris in May and in Shanghai in September, featuring Silla gold crowns, to continue promoting Silla’s golden culture. The special exhibition “Silla Gold Crowns: Power and Prestige,” being held to mark the museum’s 80th anniversary and the APEC 2025 KOREA leaders’ meeting, opened to the public on Nov. 2, 2025, and runs through Feb. 22, 2026, for a total of 110 days. Attendance so far is 251,052, averaging 2,561 visitors a day. The museum said it is the first exhibition ever to gather all six Silla gold crowns and all six gold belts in one place, 104 years after Silla gold crowns were first introduced to the world. Yoon Sang Deok, director of the National Museum of Gyeongju, said the museum will continue working to promote Silla history and culture at home and abroad, using the gold crowns as a link to what he called the roots of K-culture. * This article has been translated by AI. 2026-02-11 13:03:21 -
Pan Ocean Q4 2025 Operating Profit Rises 18.8% to 130.4 Billion Won Pan Ocean said in a regulatory filing on Tuesday that its fourth-quarter 2025 revenue fell 11.9% from a year earlier to 1.4763 trillion won, while operating profit rose 18.8% to 130.4 billion won. The company said operating profit in its core dry-bulk business held at about last year’s level as global uncertainty increased market volatility. Operating profit in its container business declined and was weaker overall due to falling freight rates. Pan Ocean said its expanded non-bulk businesses helped offset the weakness. Operating profit in its liquefied natural gas business jumped 160% from a year earlier as it began generating full earnings after deliveries of newbuild vessels were completed. Its tanker business also posted solid profit growth in the 8% range, supported by favorable market conditions despite a smaller fleet after selling two aging ships. For 2025, Pan Ocean reported consolidated revenue of 5.4329 trillion won, up 5.3% from the previous year, and operating profit of 491.9 billion won, up 4.4%. Compared with the prior quarter, revenue rose 16.3% and operating profit increased 4.2%. To boost shareholder value, Pan Ocean said it set a consolidated dividend payout ratio of 26.6% and will raise the total dividend by 25% from a year earlier. The company said its board set last year’s dividend at 150 won per share and plans to include it in the agenda for approval of financial statements at its annual shareholders meeting scheduled for March 27. Pan Ocean also disclosed new capital spending and acquisitions aimed at improving profitability. The company said it will build two new ships to expand its dry-bulk fleet and strengthen competitiveness, and will add 10 used very large crude carriers from SK Shipping linked to long-term cargo transport contracts. “Despite continued external uncertainty, we were able to deliver solid results by building a stable business portfolio,” a Pan Ocean official said. The official said the company will keep strengthening its ability to respond to market changes and expand its portfolio to secure competitiveness and stable profitability. 2026-02-11 12:48:00 -
Korean shares outperform Asian peers, while Tokyo pauses SEOUL, February 11 (AJP) – South Korean shares gained upward traction as institutions renewed buying after a correction last week, outperforming China-related markets weighed down by latest data renewing stagflation concerns. China’s consumer inflation rose less than expected in January while the deflation in producer prices persisted, in a sign of continued deflationary pressure in the absence of stronger stimulus. The consumer price index rose 0.2% in January from a year earlier, China’s National Bureau of Statistics data showed on Wednesday. Japanese shares paused in their post-election rally as markets observed National Foundation Day. As of 11:10 a.m., the benchmark KOSPI added 0.87 percent to 5,348.78, while the tech-heavy KOSDAQ advanced 0.64 percent to 1,122.33. The won benefited from broad U.S. dollar weakness, with the greenback slipping 3.30 won to 1,455.70. Among heavyweight stocks, Samsung Electronics inched up 0.06 percent to 165,900 won, while chipmaker SK hynix dropped 1.26 percent to 865,000 won. Battery maker LG Energy Solution edged down 0.13 percent to 390,000 won. Financial and biotech shares traded higher. Samsung Life Insurance rose 0.71 percent to 199,100 won, while Samsung Biologics gained 0.64 percent to 1,721,000 won. Automakers outperformed. Shares of Hyundai Motor climbed after Chief Executive Jose Muñoz confirmed major investment plans in Korea and North America, highlighting the company’s focus on electric vehicles and artificial intelligence. The improved investment outlook boosted investor confidence. Hyundai Motor jumped 3.43 percent to 497,000 won, while affiliate Kia advanced 3.23 percent to 157,700 won. Defense and aerospace shares weakened, with Hanwha Aerospace retreating 0.35 percent to 1,142,000 won. Shipbuilders showed mixed performance. HD Hyundai Heavy Industries rose 1.12 percent to 540,000 won, while Hanwha Ocean slipped 0.31 percent to 130,500 won. Elsewhere in Asia, Hong Kong’s Hang Seng Index dipped 0.15 percent to 27,141.15, while China’s Shanghai Composite edged down 0.03 percent to 4,127.12 in morning trade. 2026-02-11 11:33:52 -
Impeached president to face verdict in main martial law case next week SEOUL, February 11 (AJP) - Former President Yoon Suk Yeol's verdict on charges related to his botched martial law debacle will be delivered next week during a nationally televised trial. The Seoul Central District Court on Wednesday allowed live media coverage of Yoon's trial, scheduled for 3 p.m. on Feb. 19. Yoon, who was already sentenced to five years in prison last month on one of several charges related to the Dec. 3 declaration of martial law in 2024, will have another sentence handed down next week over his main charges of insurrection and abuse of power. Prosecutors alleged that Yoon conspired with former Defense Minister Kim Yong-hyun and others to declare martial law in violation of the Constitution, despite no signs of war or conflict that would constitute a national emergency. They sought the death penalty at his final hearing last month. Yoon denied all charges, claiming that the declaration was merely a warning that lasted briefly and caused no deaths. 2026-02-11 11:32:26 -
Hanwha Foundation to Open Michael Joo Solo Show at Space Zero One in New York Hanwha Foundation said Tuesday it will present a solo exhibition by Korean American artist Michael Joo at its New York exhibition space, Space Zero One, from Feb. 20 to April 18. Titled “Sweat Models 1991-2026,” the show is Space Zero One’s first exhibition of 2026, the foundation said. Space Zero One opened in November in Tribeca as a global arts support platform built around a mission of discovering and supporting emerging artists. The foundation said it aims to help artists sustain and expand their work internationally and to build a long-term ecosystem that incubates contemporary Korean art on the world stage. The foundation said selecting Joo for the year’s first show is intended to broaden Space Zero One’s mission through experimentation and exchange across generations. Joo, a second-generation Korean American born in New York, has worked for more than 30 years across sculpture, installation and video, exploring where material and systems, and the body and information, intersect. A Korean diaspora artist, he drew international attention after participating in the Venice Biennale in 2001. After Joo’s exhibition, Space Zero One will continue its program in May with a show by a next-generation midcareer artist approaching a new turning point, the foundation said. “Space Zero One is a place that supports emerging artists as they start from a local context and expand to the global stage,” said Lim Geun Hye, the foundation’s exhibition director. “We will continue to broaden that mission through exhibitions and exchanges that cross generations and regions.” * This article has been translated by AI. 2026-02-11 11:27:00 -
Samsung Heavy Wins $351 Million Order for Two Container Ships Samsung Heavy Industries said in a regulatory filing Tuesday that it has won an order worth 468.6 billion won (US$351 million) from an Africa-based shipping company to build two container ships. The vessels are scheduled to be delivered in stages by May 2028. With the deal, Samsung Heavy said its year-to-date orders total seven ships worth $1.2 billion, meeting 9% of its annual target of $13.9 billion. By type, the orders include two liquefied natural gas carriers, two ethane carriers, two container ships and one crude oil tanker. A company official said replacement demand is expected to remain steady for 8,000- to 13,000-TEU container ships, where aging vessels make up a large share. The official said Samsung Heavy will focus on profitability-driven orders backed by its eco-friendly technology competitiveness.* This article has been translated by AI. 2026-02-11 11:19:04