Journalist

Lee Hugh
  • Kumho Tire Q1 Operating Profit Rises 0.3% to 147 Billion Won
    Kumho Tire Q1 Operating Profit Rises 0.3% to 147 Billion Won Kumho Tire said Monday its first-quarter operating profit rose 0.3% from a year earlier to 147 billion won on a consolidated basis. Revenue fell 3.2% to 1.1678 trillion won, while net profit increased 0.4% to 103.4 billion won. The company said quarterly revenue topped 1.1 trillion won, supported by strong supplies of original equipment tires for new vehicles in North America and Europe and solid sales of higher-margin replacement tires. It has kept quarterly revenue above 1 trillion won for 10 straight quarters since the fourth quarter of 2023. In the first quarter, tires 18 inches and larger accounted for 45.1% of sales. EV tires made up 20.6% of global original equipment revenue, the company said. Kumho Tire has set targets for this year of 5.1 trillion won in revenue, a 47% share for 18-inch-and-larger tires, and a 30% share for EV tire supplies. The company said it plans to build a global production network linking Korea, Europe and North America by expanding plants in Hampyeong and constructing a factory in Europe, aiming to grow its market presence and improve profitability.* This article has been translated by AI. 2026-04-28 17:33:16
  • South Korea to Offer Unsecured Credit Guarantees to Shippers Hit by Mideast War
    South Korea to Offer Unsecured Credit Guarantees to Shippers Hit by Mideast War The Ministry of Oceans and Fisheries and the Korea Ocean Business Corp. said they will roll out a liquidity support package, including a new unsecured credit guarantee, to ease financial strain on South Korean shipping companies as the war in the Middle East drags on. Since the outbreak of the war, 26 South Korean vessels have been waiting after being blocked from transiting the Strait of Hormuz. The ships have faced higher costs from insurance surcharges, fuel expenses and increased hazard pay for crews. Business conditions have also worsened, with some cargo owners abandoning shipments despite rising freight rates, raising concerns about a cash crunch for carriers. In response, the ministry and KOBC will newly provide unsecured credit guarantees to South Korean carriers affected by the war. The program, launched with approval from the oceans minister to address an urgent economic and social crisis, allows carriers to raise short-term operating funds without providing collateral. Support is capped at 2.5 billion won per company, and the guarantee applies to short-term loans with maturities of up to one year, extendable up to five years. The agencies also revamped their emergency management stabilization funding to cut the time needed to provide support by up to three weeks. Instead of setting up a project entity to indirectly purchase corporate bonds, KOBC will buy the bonds directly. The change is also expected to reduce costs such as various fees. Under the revised stabilization funding, support is capped at 3 billion won per carrier, with a one-year maturity that can be extended once for one additional year. Carriers can also seek the existing stabilization funding program, which provides up to 100 billion won per company, if needed. The package also extends repayment periods for principal and interest on existing financial products nearing maturity and temporarily raises the loan-to-value ratio for ship-mortgage loans to 70% to 90% from 60% to 80%. Officials said this should help carriers secure additional liquidity using their vessel assets. KOBC said it began posting detailed guidance on its website and accepting applications for the unsecured credit guarantee and other support measures starting Tuesday. The ministry said it secured 1.4 billion won in the first 2026 supplementary budget to help cover insurance surcharges for small and midsize carriers operating in the Strait of Hormuz, with applications to be accepted through KOBC starting in early May. Oceans Minister Hwang Jong-woo said, "The government will provide comprehensive support so our shipping companies struggling due to the Middle East war do not face funding difficulties," adding it will do its best to keep export-import logistics networks running and prevent disruption to the national economy. KOBC President Ahn Byung-gil said uncertainty in the shipping industry has surged due to the war and that the program will help ease temporary liquidity strains and bolster stability across the sector.* This article has been translated by AI. 2026-04-28 17:29:35
  • Cho Eung-cheon Enters Gyeonggi Governor’s Race, Setting Up Three-Way Contest
    Cho Eung-cheon Enters Gyeonggi Governor’s Race, Setting Up Three-Way Contest Reform Party politician Cho Eung-cheon declared his candidacy for Gyeonggi governor on April 28, a move expected to turn the race into a three-way contest with the Democratic Party and the People Power Party. With Rep. Choo Mi-ae confirmed as the Democratic Party’s candidate, a possible conservative alliance between the People Power Party and the Reform Party has emerged as a key variable. At a news conference at the National Assembly, Cho urged voters to “put down the wrong answer sheets of bad candidates and strange candidates” and choose “the good candidate, Cho Eung-cheon,” to lead the province. He accused both major parties of “bullying politics” that treats Gyeonggi as a stepping stone for political ambition, saying the two parties had “taken away” residents’ choices. Cho criticized the Democratic Party, saying it viewed Gyeonggi residents as “fish already caught.” Taking aim at Choo, he said the party’s nomination reflected arrogance — as if it could “win even by putting up a stick” — and questioned why it would field someone he said had no ties to Gyeonggi and had focused on political fights in Seoul’s National Assembly. He also faulted the People Power Party, saying it still had no candidate because no senior figure had stepped forward and even an additional recruitment effort failed to find a competitive contender. Cho pointed to the election of Rep. Lee Jun-seok in Hwaseong’s Dongtan area in the last general election, saying residents there showed that voters will choose a better option when one is available. “Now is the time to make the Dongtan miracle happen across all of Gyeonggi,” he said. The Reform Party said it aims to serve as an alternative force by challenging what it called the entrenched politics of the two major parties. Party leader Lee accompanied Cho at the news conference and said the People Power Party “no longer has the strength or ability” to stand up to the Democratic Party. He said the Reform Party has a clear purpose and that Cho decided to run because he was convinced about ending two-party politics. Cho, however, left open the possibility of a unified conservative candidacy with the People Power Party. “We have no reason to unify,” he said, adding that if the People Power Party makes a proposal, “we will listen.” The People Power Party is holding its primary for the Gyeonggi governor’s race. Supreme Council member Yang Hyang-ja, former MBC announcer Lee Seong-bae and former Korea Expressway Corp. president Ham Jin-gyu are running, with the party set to confirm its final candidate on May 2. Any talks on a conservative alliance are expected to intensify after that selection.* This article has been translated by AI. 2026-04-28 17:28:33
  • Hanwhas MASGA mission: one regulatory win but hurdles remain
    Hanwha's MASGA mission: one regulatory win but hurdles remain SEOUL, April 28 (AJP) - Hanwha Ocean, the South Korean caretaker of the “MASGA” (Make American Shipbuilding Great Again) initiative, is doubling down on its U.S. push after securing a key shipbuilding certification for its Philadelphia yard but faces a regulatory marathon in the United States. The company is accelerating efforts to develop the Philadelphia Shipyard — acquired at the end of 2024 — into a local production hub, positioning it as the centerpiece of its U.S. expansion strategy and a symbol of Korea–U.S. maritime cooperation. Last month, its U.S. units — Hanwha Philly Shipyard and Hanwha Defense USA — signed a partnership with VARD to collaborate on the conceptual design for the U.S. Navy’s Next-Generation Logistics Ship (NGLS). The NGLS program centers on support vessels designed to provide fuel, supplies and rearming capabilities at sea and ashore, and is widely seen as a potential entry point into the U.S. defense market. At the core of Hanwha’s expansion strategy is its push to obtain Facility Clearance (FCL), a mandatory U.S. security certification required to handle classified defense projects. The regulatory environment, however, remains tightly controlled. U.S. shipbuilding is protected by laws such as the Jones Act and the Byrnes-Tollefson Amendment, which effectively bar foreign shipyards from direct participation in commercial and naval vessel construction. Hanwha’s acquisition of a U.S.-based yard allows it to bypass geographic restrictions, but “Buy American” rules continue to limit participation in major combat programs such as destroyers and aircraft carriers. “Hanwha’s entry into the NGLS program was possible because auxiliary ships require relatively lower security clearance,” an industry official said. “The real challenge lies in combatant vessels.” The FCL system determines eligibility to access classified U.S. government information, with levels ranging from Confidential to Top Secret. Without certification, companies cannot review even basic bidding documents, effectively excluding them from construction, maintenance, repair and overhaul of U.S. Navy combat ships. No South Korean shipbuilder has secured FCL to date, industry sources said. Even if obtained, clearance would mark only the first step. Hanwha would still need to navigate strict export controls under the International Traffic in Arms Regulations and the Export Administration Regulations, which limit the transfer of sensitive defense technologies — even to foreign-owned firms operating in the U.S. That poses a challenge to Hanwha’s ambition to integrate advanced Korean naval design capabilities, including work from the KDDX destroyer project, into the Philadelphia yard. Such transfers would require Technical Assistance Agreements and case-by-case export licenses from the U.S. State Department. “The process is inherently complex, especially given foreign ownership,” said Jang Won-joon, a defense engineering professor at Jeonbuk National University. “It is expected to take time.” The FCL process typically takes between one and five years, depending on security reviews and ownership structure. Hanwha aims to scale the Philadelphia facility into a manufacturing hub capable of producing up to 20 vessels annually, though the timeline will depend on regulatory approvals and existing order backlogs. “Philly Shipyard already has a backlog of previously ordered vessels,” a Hanwha Ocean official said. “Our priority is to expedite deliveries and enhance productivity, while pursuing FCL in line with capacity expansion and future contract opportunities.” Financially, the company appears well-positioned to sustain the push. Hanwha reported 1.07 trillion won ($1.17 billion) in cash and cash equivalents at the end of March, alongside a 71 percent jump in first-quarter operating profit to 441.1 billion won. Still, industry observers caution that without overcoming technology transfer barriers, the shipyard’s expansion may fall short of the high-tech integration envisioned under the MASGA initiative. 2026-04-28 17:26:23
  • Resignation of presidential AI aide raises questions over who will lead 100 trillion won plan
    Resignation of presidential AI aide raises questions over who will lead 100 trillion won plan Ha Jung-woo, the presidential office’s senior secretary for AI Future Planning, submitted his resignation on 28, creating a vacancy at the center of the government’s AI policy push. Attention is turning to who will succeed him and steer the government’s 100 trillion won AI investment plan. Ha stepped down after formally declaring he will run in the Busan Buk-gu Gap parliamentary by-election. Having served as an architect of AI policy since the launch of the Lee Jae-myung government, his departure has drawn industry attention over whether it could affect the execution of the 100 trillion won plan. On 27, as Ha’s future became a public issue, three Naver figures who worked closely with him — Lee Dong-soo, an executive director at Naver Cloud; Kwon Se-jung, a Naver Cloud director; and Park Bae-seong, a leader — said on their social media accounts that they will leave Naver as of April 30. They said they will launch a company as co-founders in the field of “agent AI computing solutions.” Lee said he had long wanted to start a business and that the three decided to move forward together. “We wrapped things up well without any conflict with Naver,” he said, describing the move as a previously expected step. Some in politics see it differently. Because Lee’s departure became official around the same time as Ha’s resignation, speculation has grown that Lee has been tapped as the next senior AI secretary. Lee is described as having strong ties to Ha inside Naver. He holds a doctorate in electrical and computer engineering from Purdue University and previously worked at IBM’s Watson Research Center and as a principal researcher at Samsung Research. At Naver, he is credited with building the foundation of what is now Naver Cloud. He also serves as a member of the Technology Innovation and Infrastructure subcommittee of the National AI Strategy Committee, a government AI policy think tank. Some say his mix of field, research and policy experience fits the presidential AI post. Lee, however, denied any link between Ha’s resignation and the startup plan. “We exchanged messages at the level of encouraging each other in our respective positions,” he said. “Ha’s resignation and this startup are unrelated.” Other names are also being mentioned. Shin Jin-woo, a professor at KAIST’s Kim Jaechul Graduate School of AI who chairs the same subcommittee, has been cited, as has Kim Dae-hyun, head of the AI Center at Samsung Electronics’ Samsung Research and a member of the subcommittee. Moon Yong-sik, president of the National Information Society Agency, is also listed among possible candidates. An academic source said that given the Lee Jae-myung government’s pragmatic approach, someone similar in style to Ha is likely to be appointed. The source added that the shortlist is expected to be narrowed around figures from the National AI Strategy Committee. With the Lee Jae-myung government defining AI as a core national growth engine and pledging a 100 trillion won investment plan, observers say the top priority will be a successor who can ensure policy continuity. * This article has been translated by AI. 2026-04-28 17:24:18
  • Jung Cheong-rae Says Party Will Seek to Restore Kim Yong’s Honor After Nomination Exclusion
    Jung Cheong-rae Says Party Will Seek to Restore Kim Yong’s Honor After Nomination Exclusion Jung Cheong-rae, leader of the Democratic Party of Korea, said Kim Yong, a former deputy director of the party-affiliated Democratic Research Institute who was excluded from nominations for the June 3 parliamentary by-elections, would have “a day to be used in a bigger role” before long. In a Facebook post on April 28, Jung wrote, “I will work to restore Kim Yong’s honor,” adding, “I’ll see you soon. Please stay strong.” A day earlier, the party’s strategic nominations committee said it decided not to nominate Kim, saying his candidacy could affect the by-elections. Kim was sentenced to five years in prison in an appeals court on charges of receiving money from a group of private developers tied to the Daejang-dong development project. He was later released on bail and is awaiting a Supreme Court ruling. The committee cited concerns that nominating him could rally conservatives and drive away centrist voters. Kim held a news conference at the National Assembly on April 28 and said he “accepts the committee’s decision with gravity,” adding that he would “respect the party’s deliberations and strategic judgment and serve without seeking a post.” “If my sacrifice becomes a foundation for the success of the Lee Jae-myung government and a Democratic Party victory, I will step aside gladly,” he said.* This article has been translated by AI. 2026-04-28 17:21:57
  • Knee Pain After Running: Why DEM’s ‘Complex Structure’ Is Drawing Attention
    Knee Pain After Running: Why DEM’s ‘Complex Structure’ Is Drawing Attention Running and marathon participation has been rising rapidly, with more people taking up the sport because it is easy to start and requires little equipment. Many runners also cite benefits such as improved cardiovascular fitness, better stamina and stress relief, often described as a “runner’s high.” But the repetitive motion of running can place sustained stress on the knee joint. When muscles around the knee are weak, impact from body weight can be transmitted more directly, increasing the likelihood of pain. Common treatments to ease knee pain include hyaluronic acid injections and steroid injections. Hyaluronic acid can help lubricate the joint and make movement smoother, but its effects may not last. Steroids can reduce inflammation, but repeated use may weaken tissue, requiring caution. Critics say these approaches mainly focus on pain relief and have limits in improving damaged cartilage itself. Interest has also grown in nutritional approaches to support joint health. Supplements such as chondroitin and MSM may help suppress inflammation, but are described as limited because they act on specific pathways. Cartilage is a complex structure in which multiple components and signals — including collagen and hyaluronic acid — work together, and its maintenance and regeneration involve several pathways at once. In that context, DEM (Dynamic Eggshell Membrane), derived from egg membrane, has drawn attention because it contains various components and is described as acting on multiple receptors simultaneously. A 2024 study in the international journal Applied Sciences reported that DEM treatment increased cartilage-formation genes (SOX9, Col-2, Aggrecan) while reducing degradative enzymes (MMP-2, MMP-9) by more than 60%. Inflammation markers were also suppressed to about 60% to 70% of baseline levels, suggesting potential cartilage protection. In a human application test, two weeks of intake was associated with reduced cartilage-damage indicators and less joint stiffness. Experts say managing knee pain should go beyond symptom control and also consider cartilage structure and the regeneration process. They added that the more pain recurs, the more important it is to check the joint’s structural condition as well.* This article has been translated by AI. 2026-04-28 17:21:19
  • Former first ladys sentence increased to four years in prison on appeal
    Former first lady's sentence increased to four years in prison on appeal SEOUL, April 28 (AJP) - Former first lady Kim Keon Hee was sentenced on Tuesday to four years in prison on multiple charges in an appellate ruling, more than twice the 20-month sentence handed down in the first trial. In a televised verdict, the Seoul High Court in southern Seoul found her guilty of accepting luxury handbags and jewelry in return for favors from secretive religious sect Unification Church, better known as the Moonies, as well as involvement in stock manipulation, among multiple allegations against her. Unlike the lower court, which in January dismissed her alleged involvement in a stock manipulation scheme, the appellate court also found her guilty of the charge, citing legal flaws in the first trial's ruling. The court said, "Kim entrusted her accounts, along with large sums of money, to stock manipulators for use, shared in the profits, and actively took part in coordinated trading," overturning the lower court's ruling that while she may have been aware her accounts were being used for market manipulation, there was insufficient evidence that she had planned or participated in the scheme in advance. But it found insufficient evidence for other charges that she allegedly interfered with candidate nominations during the 2022 by-elections. The court also ordered Kim to pay a fine of 50 million won (about US$34,000). Her sentence on appeal was far heavier than the 20-month prison term handed down in the first trial, but still well short of the 15 years prosecutors had sought. Kim vowed to appeal immediately following the ruling. 2026-04-28 17:19:55
  • Budget Office Holds Town Hall on Public Finances; Minister Park Says People Own the Budget
    Budget Office Holds Town Hall on Public Finances; Minister Park Says People Own the Budget Fiscal authorities on April 28 held a town hall-style meeting to discuss how the nation’s finances are managed and to gather public input. The event, hosted by the Ministry of Planning and Budget, was its first public forum aimed at collecting citizens’ views directly on fiscal policy. After a topic presentation, all participants were invited to speak freely and take part in a question-and-answer session. Park said he has long wrestled with “how to bring budgets and public finances closer to people’s lives,” calling the meeting “a first step” toward finding answers. He set out three goals for future fiscal management: public finances “owned by the people,” management proven by results, and responsible finances that earn trust. Park said he would “dramatically” expand autonomy in budget drafting while making the process transparent and taking responsibility for outcomes. He said the government would build a sound fiscal foundation that passes hope to future generations by ensuring money is spent where it is needed. In the open discussion, participants raised issues including fiscal sustainability for future generations, the role of public finances in a mid- to long-term vision, expanding public participation and communication, and operating performance evaluations that citizens can feel and assess. Many members of the public called for stronger support for young people and budget planning that improves the efficiency of fiscal spending. Some also voiced concerns that supplementary budgets could push up prices and increase burdens on future generations. Park said he shared participants’ concerns. On worries about national debt, he said an active fiscal role is important to support livelihoods and create growth momentum, while also maintaining vigilance on sustainability through restructuring “unnecessary and non-urgent” spending. He added that the core of “people’s sovereignty” in public finances is enabling citizens to feel they are the owners of the budget, and said the criticism and ideas offered would be reflected in future budget drafting and policy planning. The ministry said it will continue outreach with the public, including on a mid- to long-term national development strategy and improving the efficiency of fiscal spending.* This article has been translated by AI. 2026-04-28 17:16:25
  • China Politburo urges readiness for external shocks, stronger energy security
    China Politburo urges readiness for external shocks, stronger energy security China’s top decision-making body, the Communist Party’s Politburo, called for a systematic response to external shocks and challenges and for stronger energy and resource security, Chinese state media reported. The message comes as uncertainty has risen in areas including energy and trade following the outbreak of the Iran war. According to Xinhua News Agency and other state outlets, the Politburo met on the 28th under the chairmanship of Chinese President Xi Jinping to review and assess the current economic situation and related work. The Politburo includes officials ranked within the party’s top 24 and typically meets once a month. Meetings held in April, July, October and December are regarded as key sessions for reviewing quarterly political and economic trends. The meeting said China’s economy “started strongly” this year, with major indicators exceeding expectations and showing “strong resilience and vitality,” praising first-quarter performance. It also said “some difficulties and challenges still exist,” and called for further consolidating the trend of improvement while maintaining stability. The Politburo urged adherence to the guiding approach of pursuing progress while maintaining stability, and called for building a new development pattern. It said China should advance technological self-reliance and strengthen independent control of industrial supply chains, while carrying out a more proactive fiscal policy and a suitably accommodative monetary policy with precision. On fiscal policy, it called for continued improvements in the structure of spending and for firmly safeguarding the minimum baseline of the so-called “three guarantees” at the grassroots level: basic livelihoods, wages and government operations. On monetary policy, it called for greater proactiveness, flexibility and precision to keep market liquidity at an adequate level. Boosting domestic demand was reaffirmed as a core task for the year. The meeting called for expanding the supply of high-quality goods and services, promoting consumption upgrades, and expanding and improving the service sector. It also listed expanded planning and construction of networks including water resources, new power grids, computing power, next-generation communications, urban water supply and drainage, logistics and other systems. The meeting also urged faster development of a modern industrial system, maintaining a reasonable share of manufacturing, building a unified national market, and addressing cutthroat low-price competition. It called for fully advancing an “AI plus” initiative to expand the integration of artificial intelligence with industry, develop a smart economy, improve AI governance, and deepen reforms of state assets and state-owned enterprises. With geopolitical risks rising, including the outbreak of the Iran war, the meeting also warned of possible deterioration in the external environment. It said China should “systematically respond to external shocks and challenges” and raise energy and resource security to address uncertainties through high-quality development. The Politburo also raised the need for measures to defuse risks in key areas including the property market, local government debt and small and medium-sized financial institutions. It called for strengthening an employment-first policy, improving management of agricultural production, and stabilizing prices for farm and livestock products including pork.* This article has been translated by AI. 2026-04-28 17:15:20