Journalist
Lee Hugh
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South Korea’s Cha Jun-hwan sits sixth in Olympic short program, eyes historic medal South Korea’s Cha Jun-hwan delivered a clean short program at the 2026 Milan-Cortina Winter Olympics, boosting his medal hopes heading into the free skate. Cha scored 92.72 points on Tuesday (Korea time) at the Milan Ice Skating Arena in Milan, with 50.08 in technical elements and 42.64 in program components. The total was below his personal best of 101.33, but it topped his previous season best of 91.60 from the NHK Trophy in November. Cha ranked sixth among 29 skaters and advanced to the free skate, which will be held Feb. 14 and will determine the medals. Only the top 24 from the short program qualify for the free skate. Cha is competing in his third straight Olympics, after Pyeongchang in 2018 and Beijing in 2022. He is the second South Korean figure skater to make three consecutive Olympic appearances, following men’s singles skater Jeong Seong-il, who competed in 1992 Albertville, 1994 Lillehammer and 1998 Calgary. Cha finished 15th at the Pyeongchang Games as a high school student, improving on Jeong’s previous best Olympic result for South Korean men (17th at Lillehammer). He then placed fifth in Beijing, setting a new national best again. Cha, the gold medalist at the 2025 Harbin Asian Winter Games in February, is trying to win South Korea’s first Olympic medal in men’s figure skating. Across men and women, it would be the country’s first Olympic figure skating medal in 12 years, since Kim Yuna at the 2014 Sochi Games. Skating 15th in the short program, Cha opened to “Rain in Your Black Eyes” and landed a quad Salchow. He followed with a triple Lutz-triple loop combination and earned Level 4 on his flying camel spin. In the second half, when jumps receive a 10% bonus, he landed a triple Axel, then finished with a change-foot sit spin (Level 4), step sequence (Level 3) and change-foot combination spin (Level 4). Afterward, Cha told a broadcaster, “I’m happy I was able to do as well as I prepared for in the short program.” He added, “I’ll do my best until the end in the free skating. I don’t think whether I make mistakes is important. I want to do my best and show the story I’ve built up.” Kim Hyeon-gyeom of Korea University, also representing South Korea, scored 69.30 points in his Olympic debut and failed to qualify for the free skate, finishing 26th. He received 37.92 in technical elements and 32.39 in program components, with a 1-point deduction. Kim was unsteady on the landing of his opening quad toe loop, then fell on his second jump while attempting a triple Axel, drawing a major deduction. He earned Level 4 on his flying camel spin and later landed a triple Lutz-triple toe loop combination. He finished with a step sequence (Level 3), change-foot combination spin and change-foot sit spin (Level 4).* This article has been translated by AI. 2026-02-11 07:42:00 -
OPINION: Stock market is roaring, and now for the economy South Korea’s stock market is roaring ahead. After the Kospi’s long rally, the Kosdaq has regained momentum, settling above 1,000 for the first time in 25 years. Once dismissed as a speculative sideshow, the junior market is now part of what investors are calling a new era of “Kospi 5,000, Kosdaq 1,000.” Yet the real economy is moving in the opposite direction. Production has weakened, investment has fallen and domestic demand remains sluggish. Last year’s gross domestic product barely grew 1%, even after the government distributed 13 trillion won in consumption coupons. The unrounded figure — 0.97% — was effectively zero. In the fourth quarter, just as semiconductor shares powered the Kospi higher, the economy posted a startling 0.3% contraction. It was one of the weakest performances in South Korea’s modern history. Only a handful of years have recorded worse results: the 1998 foreign exchange crisis (-4.9%), the oil-shock recession of 1980 (-1.5%), and the pandemic slump of 2020 (-0.7%). Growth in the 0% range had occurred only twice before — in 1956 after the Korean War and in 2009 during the global financial crisis — until last year joined the list. The contrast could hardly be sharper. Exports surpassed $700 billion, making South Korea only the sixth country in the world to do so. Stock prices are setting records. Investor sentiment is exuberant. Yet for households and small businesses, the economic mood remains wintry. The gap is largely explained by semiconductors. Information technology manufacturing alone contributed 0.6 percentage points to growth last year. Without the chip boom, growth would have been closer to 0.4%. Few advanced economies display such extreme heat and cold at the same time. The comparison with the United States is equally sobering. The U.S. economy grew 2.9% in 2023 and 2.8% in 2024 and remained near 2% last year. With the United Nations projecting global growth of 2.7% this year and U.S. growth of 2.0%, the reversal in fortunes that began in 2023 may extend into a fourth year. That an economy 16 times larger than South Korea’s is growing faster raises uncomfortable questions about Korea’s dynamism and long-term vitality. America’s resilience, despite weak hiring and slowing consumption, rests on massive corporate investment in advanced industries — artificial intelligence, semiconductors and robotics — led by companies such as Nvidia, Google, Apple, Microsoft and Amazon, and reinforced by deregulation and tax incentives. South Korea cannot rely on tariffs to lure investment. Its only durable option is to make its business environment more attractive than that of its competitors — not only to attract foreign firms, but to keep domestic champions from drifting abroad. Balanced growth matters, but companies that drive production and investment remain the engine of any economy. Looking ahead, the Bank of Korea and major research institutes forecast growth of about 1.8% this year. The government, calling 2026 “the first year of a great leap forward,” has set a higher target of 2.0%. It plans to deploy a 727.9 trillion won budget and 634 trillion won in policy financing, betting that stronger domestic demand and exports can revive momentum. With this year marking the effective start of the Lee Jae Myung government, hopes for a rebound are understandable. But history shows that growth driven mainly by money has limits. Artificial spurts often breed bubbles — and bubbles, inevitably, burst. The deeper problem lies elsewhere: potential growth. In an open, trade-dependent economy, record exports should translate into broader expansion. When they do not, it signals a decline in the economy’s underlying capacity to grow. South Korea’s potential growth was near 5% in the early 2000s. Aging, weak corporate investment and slowing productivity were left largely unaddressed. As a result, potential growth slipped to around 3% in the 2010s, to the mid-2% range in 2016–2020, and is now estimated in the high-1% range. An economy with 1% potential growth is like a teenager whose growth plates are closing. Expecting rapid expansion under those conditions is like hoping to raise exam scores through shortcuts instead of study. It is no surprise that South Korea has not exceeded 3% growth since 2021. Successive administrations bear responsibility. Each focused on near-term indicators while postponing structural reform. “Potential growth fell by about one percentage point with each change of government,” the author notes — a belated and regrettable realization. The Korea Development Institute warns that without reform, potential growth could approach zero in the 2040s. A stagnant economy would mean shrinking tax revenues, heavier welfare burdens and mounting fiscal stress, ultimately leaving households more vulnerable. Even if money floods into stocks and exports remain in the “$700 billion club,” this structural constraint does not disappear. Recognizing it is the first step toward rebuilding a viable growth path. If growth reaches 1.8% this year, it would already be near potential — a respectable outcome under current conditions. Pushing harder through excessive stimulus risks inflation, fiscal strain and rising debt, while creating an illusion of strength. Paradoxically, today’s buoyant markets make this the best moment to pursue reform. The Lee government’s “3-3-5 vision” — becoming a top-three AI power, restoring potential growth to 3%, and entering the G5 — correctly places potential growth at the center of policy. Unlike quarterly GDP figures, it offers little immediate political reward. Its benefits emerge slowly. But without it, escaping the low-growth trap is impossible. Execution will determine success. Regulations that block experimentation must be dismantled. Advanced industries and innovative firms must be nurtured. Labor-market dualism must be reformed to lift productivity. Policy and legislative mismatches must be reduced to create a predictable environment. Even debates over the “Yellow Envelope Act,” set to take effect in March, should be judged by one standard: whether they raise potential growth. In the mid-to-late 1980s, South Korea often grew by more than 10%, generating jobs and near-full employment. That era will not return. But restoring “normal” growth would ease chronic problems — job shortages, declining job quality and weak consumption. Three percent is the dividing line between stagnation and renewal. Lee has likened achieving a Kospi 5,000 to revitalizing neglected valleys during his time as a provincial governor, arguing that “normalizing real estate is easier and more important,” and that reforms succeed when leaders accept criticism without calculating votes. If policy is guided by necessity rather than political advantage, restoring potential growth to 3% is difficult — but achievable. A government that reaches Kospi 5,000 and a government that lifts potential growth to 3% may both claim success. But in durability and impact on livelihoods, the latter would be the far greater achievement. *The author is an editorial adviser to the Aju Business Daily. About the author ▷MBA, Aalto University, Finland ▷Tokyo correspondent, editorial writer and business editor, The Dong-A Ilbo ▷CEO, Donga.com ▷President, Korea Online Newspaper Association ▷Professor, Kyungsung University (current) * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-11 07:10:34 -
Italy’s State Mint Promises Quick Repairs After Defective Medals at Milan-Cortina Olympics 2026 Milan-Cortina d’Ampezzo Winter Olympics organizers and Italy’s state mint moved to address complaints about damaged medals after several athletes reported problems early in the Games. The organizing committee said Italy’s national mint would promptly repair medals with issues, according to the AP on Tuesday. Questions about medal quality surfaced after U.S. alpine skier Breezy Johnson, the women’s downhill gold medalist, arrived at a post-ceremony news conference on Saturday wearing only the ribbon. Asked where the medal was, she pulled it from her pocket and said it was broken. She said she had been jumping in celebration when it suddenly fell off. Other cases have been reported by outlets including USA TODAY and Germany’s Bild. German biathlete Justus Strelow said he noticed a crack after his mixed relay bronze medal separated from its ribbon and fell to the floor while he was celebrating at the team lodging. Sweden’s Eva Andersson, a cross-country skiing silver medalist, said her medal broke after it fell onto snow and added, “I hope the organizing committee has a plan for broken medals.” U.S. figure skater Alysa Liu also posted a photo on social media holding her team event gold medal in one hand and the ribbon in the other, writing, “My medal doesn’t need a ribbon.” The medals were promoted as environmentally friendly, made by Italy’s national mint using recycled metal recovered from scrap and produced in a furnace powered by 100% renewable energy. As criticism continued, organizers opened an investigation and said they had a fix. Communications director Luca Casasa said the problem was not with the gold, silver or bronze medals themselves, but with the ribbon and the clasp. He said athletes who received affected medals can return them through a designated process for immediate repair. Medal issues also drew attention at the 2024 Paris Olympics. InsideTheGames reported in March last year that France’s mint received requests from 220 athletes to replace their medals — about 4% of the 5,084 medals awarded — and said replacement medals would include a protective coating to improve durability.* This article has been translated by AI. 2026-02-11 06:27:00 -
Ukrainian Skeleton Racer Vows to Wear War Victims Helmet Despite IOC Ban Ukrainian skeleton racer Vladyslav Heraskevych said he plans to compete at the 2026 Milan-Cortina Winter Olympics wearing a “memorial helmet” honoring war victims, defying an International Olympic Committee decision barring it. Heraskevych spoke at a news conference near the Cortina Sliding Center on Tuesday, saying, “The sacrifice of the athletes who died is why we can be here competing as one team,” adding, “I can’t betray them.” He has trained in a helmet bearing images of 24 Ukrainian athletes killed in the war with Russia and reiterated he intends to wear the same helmet on race day. “Right now I should be thinking about how to perform better and stay focused on the track, but instead I’m fighting for the right to wear this memorial helmet,” he said. Heraskevych drew attention during a training run on Sunday with the helmet. The IOC later told him it could not be used, saying it violates Rule 50.2 of the Olympic Charter, which bans political, religious or racial propaganda or demonstrations at Olympic venues and related sites. The IOC offered a compromise, saying it could allow a black mourning armband, but Heraskevych said he would not accept that alternative. Support for the athlete continued. Latvia coach Ivo Steinbergs attended the news conference and said backing has come from multiple countries. “If he is disqualified, we will take action, too,” he said. Ukrainian luger Olena Smahina wrote “Remembrance is not a Violation” on her gloves to show solidarity.* This article has been translated by AI. 2026-02-11 06:06:00 -
Cha Jun-hwan skates clean short program at Milan-Cortina Olympics; Kim Hyun-gyeom falls South Korean men’s singles figure skater Cha Jun-hwan of Seoul City Hall delivered a clean short program at the 2026 Milan-Cortina d’Ampezzo Winter Olympics. Skating Tuesday (Korea time) at the Milan Ice Skating Arena in Italy, Cha scored 92.72 points, with 50.08 in technical elements and 42.64 in program components. With three groups completed, Cha stood first in the interim standings and secured a spot in the free skate, which is limited to the top 24 skaters. Cha, the 15th skater to take the ice, opened to “Rain in Your Black Eyes” and landed a quadruple Salchow cleanly. He followed with a triple Lutz-triple loop combination and earned Level 4 on his flying camel spin. In the second half, which carries a 10% bonus, he completed a triple Axel, then finished with a change-foot sit spin (Level 4), step sequence (Level 3) and change-foot combination spin (Level 4). Kim Hyun-gyeom of Korea University, skating in his Olympic debut, scored 69.30 points (37.92 TES, 32.39 PCS) with a 1-point deduction, putting his bid to reach the top 24 in jeopardy. Kim was unsteady on the landing of his opening quadruple toe loop, then fell on a triple Axel attempt for his second jump, drawing a major deduction. He recovered with a Level 4 flying camel spin and a clean triple Lutz-triple toe loop combination, then closed with a step sequence (Level 3) and Level 4 change-foot combination and change-foot sit spins. The free skate, which will decide the medals, is scheduled for Feb. 14.* This article has been translated by AI. 2026-02-11 05:39:00 -
China Steel Prices Hit 8-Week Low, Adding Pressure on South Korean Mills China’s steel prices have fallen to an eight-week low ahead of the Lunar New Year holiday, raising concerns that South Korea’s steel industry could face a three-way squeeze as the European Union’s Carbon Border Adjustment Mechanism, or CBAM, takes effect and the South Korean government moves to raise industrial electricity costs and introduce region-by-region pricing. Trading Economics said Feb. 10 that rebar futures fell below 3,060 yuan (about 650,000 won) a ton, the lowest level in eight weeks. The drop came as Chinese steelmakers cut operations ahead of the extended holiday shutdown. Blast furnaces and electric arc furnaces in China also halted production for scheduled maintenance, and parts of Hebei province could face temporary curbs under air-pollution alerts. Weaker Chinese demand and softer futures prices tend to push down export prices for Chinese steel, adding downward pressure across Asian markets and on steel distribution prices in South Korea. When Chinese prices bottom out, South Korean prices often adjust later, leaving South Korean producers facing unchanged costs while selling prices fall with a lag. Iron ore inventories at major Chinese ports reached about 162 million tons last week, the highest level since 2022. The buildup suggests port stockpiles remain elevated even after mills finished pre-holiday restocking. The accumulated inventory could be pushed into Asian markets through “dumping” exports, including possible indirect shipments to South Korea via Southeast Asia, potentially disrupting South Korea’s steel distribution market. South Korea’s steel industry is also bracing for the EU’s CBAM, designed to prevent carbon leakage. Under the system, steel exporters must report emissions data for exported products and later pay carbon costs. The Korea Chamber of Commerce and Industry has estimated that CBAM could leave South Korea’s steel industry paying more than 3 trillion won in carbon certificate costs over the next 10 years. Separately, the government has said it plans to lower industrial electricity rates during the day and raise them at night, and has outlined a plan to differentiate electricity rates by region. The changes are expected to weigh more heavily on steelmakers centered on electric arc furnaces, where power costs make up a larger share of production costs. Industrial power sales have fallen to a five-year low, but Korea Electric Power Corp.’s sales revenue has hit a record high, fueling complaints in the steel industry about high industrial electricity rates. A steel industry official said companies are continuing efforts to strengthen technological competitiveness to prepare for CBAM despite concerns over steadily rising industrial electricity rates. The official said the impact of falling Chinese steel prices on the domestic market should be watched over the medium to long term under multiple scenarios.* This article has been translated by AI. 2026-02-11 05:03:00 -
Milan-Cortina Olympic organizers apologize after rough podium damages skates The organizing committee for the 2026 Milan-Cortina d'Ampezzo Winter Olympics has issued an official apology after some athletes’ skate blades were damaged during the figure skating team event medal ceremony because of problems with the podium surface. The Associated Press reported that during the ceremony on Sunday, several skaters, including members of the gold medal-winning U.S. team such as ice dancers Madison Chock and Evan Bates, had their blades damaged by the rough, anti-slip surface of the podium. Japan’s Kaori Sakamoto, who won silver in women’s singles, was also seen stepping off the podium and immediately checking her blades after celebrating with her medal. Japan’s delegation raised concerns about the podium surface and filed an official protest with organizers, who later promised corrective steps. Organizers said they will replace the podium surface to prevent a repeat. They also said they will provide blade-sharpening services and additional training sessions for medalists from the United States, Japan and Italy. “We apologize for the inconvenience this caused,” the committee said, adding that it reaffirmed its commitment to ensuring the best possible competition environment for all athletes.* This article has been translated by AI. 2026-02-11 04:06:00 -
South Korea’s Jeong Hye-seon finishes 24th in Olympic women’s singles luge, misses final run South Korea’s Jeong Hye-seon of Gangwon Provincial Government, the nation’s only luge entrant, wrapped up her first Olympic schedule after three runs. Jeong posted a combined time of 2 minutes, 43.781 seconds through three heats in the women’s singles luge at the 2026 Milan-Cortina Winter Olympics on Tuesday at the Cortina Sliding Center in Cortina d’Ampezzo, Italy. She ranked 24th out of 25 starters, missing the top 20 cutoff for the fourth and final run. Luge is raced lying back on a sled on an ice track, with speeds that can reach 150 kph. Line choice through corners and weight shifts can significantly affect times, and standings are determined by the combined results of four runs over two days. Jeong was 24th after the first two runs a day earlier. In her final run Tuesday, she managed the course steadily, building speed after the start and finishing without hitting the walls. Her top speed of 118.1 kph was her best of the competition, and her third-run time was her fastest of the three. Germany’s Julia Taubitz led the standings with a combined time of 2:37.918.* This article has been translated by AI. 2026-02-11 02:36:00 -
South Korea’s Choi Doo Jin Places 85th in Olympic Biathlon 20km in Debut Choi Doo Jin of Pocheon City Hall finished 85th in the men’s 20-kilometer biathlon in his first Olympic appearance. Choi posted a time of 1:05:07.6 on Monday (Korea time) at the Biathlon Arena in Antholz-Anterselva, Italy, placing 85th among 89 competitors in the 2026 Milan-Cortina Winter Olympics event. He was the only athlete from Asia in the field of 89. Biathlon combines cross-country skiing with rifle shooting and has been an Olympic sport since the 1992 Albertville Games. In the men’s 20km individual race, athletes ski 20 kilometers and shoot 20 rounds — five shots each in alternating prone and standing stages. Each missed target adds a 1-minute penalty, and final standings are determined by total time. Johannes Olav Botn of Norway, ranked No. 2 in the International Biathlon Union’s individual standings, won gold in 51:31.5 after hitting all 20 shots. Eric Perrot of France took silver in 51:46.3, and Norway’s Sturla Holm Laegreid won bronze in 52:19.8.* This article has been translated by AI. 2026-02-11 02:24:00 -
Arianna Fontana Wins Gold at Sixth Olympics, Extends Record to 12 Medals Italian short track star Arianna Fontana added another Olympic gold, reaching the top of the podium at her sixth Games. Fontana led Italy to victory in the short track mixed 2,000-meter relay final at the 2026 Milan-Cortina d’Ampezzo Winter Olympics on Monday at the Milan Ice Skating Arena. The gold brought her career Olympic total to 12 medals — three gold, four silver and five bronze — extending the short track record for most Olympic medals. Fontana made her Olympic debut at the 2006 Turin Games and has competed at every Olympics since: Vancouver in 2010, Sochi in 2014, Pyeongchang in 2018, Beijing in 2022 and now Milan-Cortina, giving her six straight Olympic appearances. She won a medal at age 15 in Turin to become Italy’s youngest Winter Olympic medalist. Now 35, she again reached the podium and became the first woman to win medals at six consecutive Olympics. “We went into the race with a clear goal,” Fontana said. “Before we stepped on the ice, we told each other, ‘This is our home, and we came to defend it,’ and we kept that promise.” Asked about the medals she has collected over the years, Fontana said each one means something different and she could not rank them. “The Games have just started, and there are still many races left,” she said. Fontana said the medal would be a boost for the rest of her schedule, signaling she is aiming for more.* This article has been translated by AI. 2026-02-11 01:48:00