Journalist

Lee Hugh
  • Seohui Construction Posts 144.4 Billion Won Operating Profit, Eyes Housing Law Easing
    Seohui Construction Posts 144.4 Billion Won Operating Profit, Eyes Housing Law Easing Seohui Construction said it has defended earnings on the back of a stable financial structure and expectations of policy tailwinds, reaffirming its position in the local housing cooperative market. The company said Monday that it posted a debt-to-equity ratio of 49.6% last year and achieved operating profit of 144.4 billion won. Seohui Construction said it increased capital while reducing debt, earning an assessment that its financial health ranks among the industry’s upper tier. As more builders see profitability squeezed by high interest rates and rising raw material costs, the company attributed its performance to a selective strategy focused on projects with stronger returns. Market watchers say Seohui Construction could be a major beneficiary if a Housing Act revision under discussion at the National Assembly passes. The bill would ease the land-ownership requirement for local housing cooperative projects to about 80% from 95%. The change could shorten project timelines and cut financing costs, raising expectations for broader activity in the sector. Industry officials expect Seohui Construction, which has built experience and management capabilities in such projects, to benefit directly from the policy shift. A Seohui Construction official said the company uses an in-house feasibility analysis system to screen for strong project sites with a lower risk of conflict, adding that it expects a significant first-mover advantage after any policy revision. The company is also broadening its portfolio beyond cooperative housing. Seohui Construction recently signed a construction contract for a small-scale housing redevelopment project in Mok-dong, Yangcheon District, entering Seoul’s redevelopment market. It was also named preferred bidder for zones 5 and 6 of the Siheung 5-dong Moa Town project in Geumcheon District, expanding its foothold in urban renewal. Seohui Construction said it is widening its scope to include public housing, Moa housing and trust-based redevelopment projects. Another company official said it plans to strengthen product competitiveness through steps such as launching a new brand and to further solidify its position in urban redevelopment on the back of a stable earnings base.* This article has been translated by AI. 2026-04-28 16:13:02
  • Korea’s Completed Unsold Homes Top 30,000 as Mid- to Large-Size Units Pile Up Outside Seoul
    Korea’s Completed Unsold Homes Top 30,000 as Mid- to Large-Size Units Pile Up Outside Seoul Completed but unsold homes nationwide — often called “distressed” inventory — have topped 30,000 units, with unsold stock rising fastest in non-capital regions and in mid- to large-size housing, deepening structural imbalances in the market. An analysis of the Ministry of Land, Infrastructure and Transport’s unsold-housing data for the past five years showed that as of February, completed but unsold homes stood at 31,307 units, setting a record high for the sixth straight month. Their share of all unsold homes also surged to 47.3% from 11.3% in 2023. The increase has been most pronounced in larger homes. Unsold mid-size units (60 to 85 square meters of exclusive floor area) totaled 20,524, accounting for 65.6% of the total. Unsold large units (over 85 square meters) reached 4,960, up 107% from a year earlier — the steepest rise among size categories. By contrast, smaller units (40 square meters or less and 40 to 60 square meters) fell or held steady, suggesting demand is absorbing them. Regional gaps were also clear. Jeju (36%), Daegu (31%) and Ulsan (30%) had relatively high shares of units over 85 square meters, while Seoul’s unsold homes were overwhelmingly small units, at 94%. As unsold inventory worsens outside the capital area, the buildup is increasingly concentrated in mid- to large-size homes. The trend is widely attributed to end-user demand clustering in smaller, less expensive homes. Analysts cited high interest rates and tighter lending rules that raise financing burdens, along with shifting demand as one- and two-person households increase. A construction company official said, “The larger the home, the heavier the price burden, and when households aren’t large, they tend to avoid mid- to large-size homes,” adding that as investment demand fades and the market shifts toward owner-occupiers, unsold mid- to large-size units are rising in provincial areas. The burden is concentrated outside the capital region. Of all completed but unsold homes, 27,015 units — 86.3% — were in non-capital areas, with Chungnam (65.5%), Busan (58.5%) and Incheon (44.2%) posting large increases over the past year. The backlog is feeding stress in the construction sector. The Construction Industry Knowledge Information System, known as KISCON, reported 1,088 business-closure filings in the first quarter, up 17.6% from a year earlier, with about 60% coming from non-capital firms. The Korea Research Institute for Construction Policy said the rise in closures reflects a structural shift, not just a normal cycle, as financially weak companies make up a larger share of the industry. It cited higher financing costs from rising rates, a construction slowdown and worsening profitability from accumulated unsold homes, compounded by a global slowdown and growing unpaid construction receivables — weakening liquidity and financial soundness at the same time. Song Seung-hyeon, head of City and Economy, said closures are being driven by a combination of mounting provincial unsold inventory, rising construction costs and heavier financing burdens. “With weak sales blocking cash recovery, higher material and labor costs and high interest rates are overlapping, spreading a liquidity crisis centered on small and midsize builders,” he said. He added that steps should include expanding purchases of unsold homes, supporting project-finance lending and stabilizing construction costs, while also restructuring troubled projects. 2026-04-28 16:12:01
  • Google DeepMind chief meets South Korean business leaders to expand AI cooperation
    Google DeepMind chief meets South Korean business leaders to expand AI cooperation SEOUL, April 28 (AJP) - Demis Hassabis, CEO and co-founder of Google DeepMind, held a series of meetings in Seoul on Tuesday with the heads of major South Korean conglomerates including Hyundai Motor and LG Group, according to industry sources. Hassabis reportedly met with Hyundai Motor Chairman Chung Eui-sun earlier in the day and later met with LG Group Chairman Koo Kwang-mo to discuss cooperation aimed at expanding partnerships in artificial intelligence (AI)-related areas. Hassabis, who arrived in Seoul the previous day, met with President Lee Jae Myung at Cheong Wa Dae. He also signed a memorandum of understanding (MOU) with the Ministry of Science and ICT to expand cooperation including plans to open Google DeepMind's first AI center in the country later this year for joint research and collaboration with local researchers and startups. His visit this week came for the first time in about a decade since his trip in 2016 for the best-of-five match between the U.K.-based lab's AI program AlphaGo and baduk or go champion Lee Se-dol. Managing a single win in the five-match series, Lee conceded victory to a then two-year-old AI system, contrary to hopes among many that he would decisively prove the superiority of 3,000 years of human ingenuity over a mere machine. Hassabis is set to meet the world champion again at a forum in the capital scheduled for Wednesday. 2026-04-28 16:11:51
  • Hankyu Hanshin Real Estate to Broker Japanese Home Sales in Taiwan via maauu Platform
    Hankyu Hanshin Real Estate to Broker Japanese Home Sales in Taiwan via maauu Platform Hankyu Hanshin Real Estate said April 24 it signed a business partnership agreement with Taiwan’s 細細生活網路科技, which operates the overseas property sales platform maauu (也有房產).   Under the partnership, Hankyu Hanshin Real Estate will provide brokerage services on maauu for home sales involving properties it handles in Japan. The company said interest in and demand for Japanese real estate has been rising in Taiwan, and that the tie-up will allow it to serve Taiwanese customers more closely.   It said it aims to expand access to efficient, transparent and reliable brokerage services centered on the homes it handles, along with rental management services that oversee property operations and management. * This article has been translated by AI. 2026-04-28 16:11:04
  • Uzbekistans tax revenues jump 54 percent as regional business activity accelerates
    Uzbekistan's tax revenues jump 54 percent as regional business activity accelerates SEOUL, April 28 (AJP) - Uzbekistan tax revenues surged 54 percent in the first quarter of 2026 compared to the same period last year, driven by a sharp uptick in provincial commercial activity and property-related receipts. This jump in tax revenues indicates that Uzbekistan's fiscal reforms are effectively capturing a much larger share of domestic wealth, transforming a previously informal economy into a transparent and sustainable national budget. Figures released by the Center for Economic Research and Reforms (CERR) on Tuesday indicate that the fiscal expansion was most pronounced in the Navoi, Syrdarya, Tashkent, and Khorezm regions, where average growth rates hit 33 percent. This jump in collections suggests that the national push to formalize the private sector and broaden the tax base is gaining traction outside the traditional economic center of the capital. The shift reflects a widening of the country's economic geography, as industrial hubs and agricultural regions now contribute a more significant share to the national bottom line. Land tax revenues grew by 33.8 percent and personal income tax receipts rose by 15.2 percent, while customs revenues saw a nationwide increase of 19.5 percent. The Navoi region proved to be a major outlier in trade activity, recording a 77.6 percent spike in customs receipts, followed by the Namangan region at 64.2 percent. Export performance mirrored the domestic gains, with total merchandise exports climbing 30 percent during the quarter. Navoi again led the country with a 71.4 percent increase in export volume, while the Tashkent region recorded 52.4 percent growth. Other regions, including Samarkand, Namangan, and Bukhara, maintained steady export trajectories with growth ranging between 27 percent and 31 percent. These figures indicate that regional manufacturing and processing capabilities are increasingly linking provincial economies directly to international markets. Lending activity provided the liquidity necessary to sustain this growth, as commercial banks increased loan disbursements by 9.1 percent. The Samarkand region saw the most aggressive expansion in credit, with loan volumes soaring 69.5 percent, while lending in the Bukhara, Khorezm, Fergana, and Tashkent regions grew by an average of more than 43 percent. This capital injection coincided with the registration of 22,443 new business entities in March. While the city of Tashkent remains the primary site for new firms with 4,759 registrations, the Khorezm and Samarkand regions combined for nearly 4,000 new enterprises. Market institutionalization also showed gains, as trading volume on the Uzbek Republican Commodity Exchange rose 20.8 percent. The Syrdarya region recorded the highest growth in exchange activity at 68.4 percent, while the Navoi and Namangan regions averaged 33 percent increases. Property tax revenues grew by 10.7 percent nationwide during the review period. Customs revenues in the Republic of Karakalpakstan and the Samarkand region increased by an average of 32 percent. 2026-04-28 16:09:51
  • South Korea to Shift High-Speed Rail Signaling to Homegrown KTCS-2, Aiming for $1.2B Savings
    South Korea to Shift High-Speed Rail Signaling to Homegrown KTCS-2, Aiming for $1.2B Savings South Korea is moving to replace foreign-dependent high-speed rail signaling with the Korean Train Control System, known as KTCS-2. The shift is expected to cut costs by about 1.2 trillion won, and the National Railroad Authority said it will also cover the cost of retrofitting onboard equipment, accelerating efforts to standardize the system nationwide. The authority said Monday it will move this month to tender construction contracts for three sections of the Honam high-speed line (Osong~Iksan~Gwangju Songjeong). It will also begin design work for parts of the Gyeongbu Line where high-speed and conventional rail intersect, including the Seoul~Gwangmyeong section and the Daegu urban area. Design work is also set this month for the Daejeon and Daegu urban sections and for the Geoncheon connection line~Pohang section, where KTX and SRT services mainly operate. Once procurement is completed through an August tender for the Suseo high-speed line (Suseo~Jije), the localization of signaling on major high-speed routes is expected to move fully into implementation. The authority is pursuing a roadmap to integrate the national high-speed rail network into a single signaling system by 2028. KTCS-2 is a Korean train control system developed under the authority’s lead by 13 public and private organizations. It is described as the first in the world to control trains through a fourth-generation wireless network, LTE-R. Train control systems are central to rail operations and control, and South Korea has relied on foreign technology, including French systems known as ATC, which the authority said has driven up costs and caused delays when systems are expanded or modified. A core component of KTCS-2 is the radio block center, or RBC, which generates real-time control information based on train location and transmits it wirelessly to trains via LTE-R to calculate optimal operating speeds. The RBC has received the highest safety integrity certification, SIL4, from the international safety assessment body TUV SUD of Germany, the authority said. The most immediate impact is expected to be economic. The authority said its analysis shows that localizing trackside signaling equipment across 643.1 kilometers (399.6 miles) of high-speed lines could reduce project costs by about 94%, or 1.2149 trillion won, compared with existing systems. It said savings are expected to grow further in maintenance as reliance on imported parts and licensing fees declines. The authority said it will also invest about 254.1 billion won to retrofit onboard signaling equipment for 118 KTX and SRT trainsets. An industry official said the move is intended to push standardization by removing the risk that operators might hesitate to adopt the domestic system due to upfront costs. Operational changes are also expected. With wireless, real-time control, the authority said safe separation between trains could be reduced to 8.1 kilometers (5.0 miles) from 10.5 kilometers (6.5 miles), raising line capacity by at least 1.2 times. It also said the probability of failures could be 5.81 times lower than with existing ATC systems, improving on-time performance. A National Railroad Authority official said, “The introduction of KTCS-2 is significant in that it completes rail technology self-reliance by moving away from overseas dependence,” adding that the authority will seek global competitiveness by upgrading to KTCS-3, a next-generation system that includes automatic train operation, or ATO. * This article has been translated by AI. 2026-04-28 16:05:54
  • Korea Fair Trade Commission Launches Third Youth Advisory Group
    Korea Fair Trade Commission Launches Third Youth Advisory Group The Korea Fair Trade Commission said Tuesday it has formed its third “2030 Advisory Group” and held a launch ceremony for the panel, which will advise the agency on fair-trade policy from a youth perspective. The 20-member group will operate in three divisions: consumer issues, competition and business transactions, and public relations and communications. Over the next year, members will propose policies the commission plans to prioritize and suggest ways to communicate policies more effectively to the public. The commission said it expects practical, on-the-ground input across fair-trade policy because the members include startup founders, consumer-policy researchers and environmental activists. KFTC Chairman Joo Byung-ki said in welcoming remarks that the commission has worked across its policy agenda to protect the rights of young people and support their growth. He said the agency will incorporate the panel’s “fresh proposals and approaches” to pursue policies the public can feel in daily life.* This article has been translated by AI. 2026-04-28 16:05:07
  • Dollar Deposits at South Korea’s Top Banks Jump as Won Strengthens Below 1,500
    Dollar Deposits at South Korea’s Top Banks Jump as Won Strengthens Below 1,500 Geopolitical risks in the Middle East pushed the won-dollar exchange rate sharply higher, and dollar deposit balances that had fallen are now rising again, banking officials said. While the won has strengthened recently, demand has also picked up on fears the rate could jump back above 1,500 won per dollar, drawing bargain buyers. As of April 24, dollar deposits at South Korea’s five major banks — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — totaled about $64.118 billion, the financial sector said Monday. That was up $5.28532 billion, or 8.8%, from $59.272 billion at the end of March. Dollar deposits are foreign-currency accounts that convert won into dollars at the exchange rate at the time of deposit. Balances have moved with the exchange rate. Deposits at the five banks surged from $56.33355 billion in October last year to $65.68157 billion in December as the average won-dollar rate climbed from 1,423 won in October to 1,467 won in December, reflecting stronger demand to buy dollars on expectations of further won weakness. This year, deposits edged up from $65.667 billion at the end of January to $65.842 billion at the end of February as uncertainty persisted with the exchange rate fluctuating in the mid-1,400s. But after the U.S.-Iran war broke out at the end of February and the exchange rate spiked, the trend reversed. Dollar deposits fell to $59.272 billion at the end of March, down about 10% from the previous month, as individuals and companies sold dollars amid a sustained high exchange rate. The won-dollar rate ended weekly trading in the 1,500s on March 19 for the first time in 17 years. The Bank of Korea said the average won-dollar rate in March was 1,486 won, close to 1,500. Banks said the rebound this month reflects both a temporary pullback in the exchange rate and growing expectations that elevated levels could persist, prompting customers to buy dollars in advance. With swings widening, both households and companies have reacted quickly. “Since the war, the exchange rate has moved in and out of the 1,500s, and there’s a sense that 1,470 to 1,480 won is a bargain-buying opportunity,” a commercial bank official said. “A pattern is forming where people sell when the rate rises and waiting demand comes in when it falls.” Some analysts cautioned it is too early to view the rebound as a lasting shift, citing the risk of renewed volatility if the war drags on, including after a second ceasefire negotiation between the United States and Iran fell through. “Since the start of the year, dollar deposit balances have moved very quickly depending on exchange-rate changes,” another commercial bank official said. “With uncertainty still high, volatility is likely to continue in the near term.”* This article has been translated by AI. 2026-04-28 16:04:12
  • FractionAI Commercializes Agent-Based AI Index Platform for Asset Management
    FractionAI Commercializes Agent-Based AI Index Platform for Asset Management FractionAI has commercialized an index solution designed to comprehensively support AI agent-based asset management. The company said the platform goes beyond conventional automated trading by integrating the full workflow—from natural-language strategy design to execution, validation and learning. Rather than applying only pre-defined algorithms, the core function is converting a user’s trading idea written in everyday language into a strategy that can operate in real markets. Using advanced natural-language processing, the system analyzes narrative instructions and turns them into quantified investment rules. Elements such as entry timing, capital allocation and loss tolerance are not set in isolation but combined into a single logical structure so the overall strategy remains consistent. FractionAI said the approach is intended to lower the barrier for users who previously needed to code or enter complex formulas, while maintaining precision in strategy design. Before commercialization, the company ran simulated tests to check the conversion algorithm and validation framework. Participants were able to watch in real time as natural-language ideas were implemented as trading rules, helping verify accuracy and consistency. The process also served to refine user experience and confidence in the algorithm, the company said. Strategies are not deployed immediately. They first undergo simulated trading, or backtesting, using historical time-series data accumulated on the platform. In this stage, the system analyzes not only profitability but also loss volatility and vulnerabilities under specific market conditions. Users can revise and refine a strategy based on the results, then complete a final approval step before activating an automated trading agent—linking design, verification, improvement and execution in a single flow. After deployment, the system continues to collect data. Trading outcomes are recorded in detail, including profits and losses and response patterns across market phases, and are used as learning data for future improvements. FractionAI said this feedback structure is intended to support an adaptive system that can strengthen strategies over time, rather than simply executing trades automatically. The solution is designed for the cryptocurrency futures market. With high volatility and 24-hour trading, rapid execution and risk management are critical, making automated decision systems particularly useful. FractionAI said it built the platform to combine immediate strategy updates with continuous data-driven learning suited to that environment.* This article has been translated by AI. 2026-04-28 16:03:16
  • iM Financial posts 154.5 billion won Q1 net profit as nonbank units lift results
    iM Financial posts 154.5 billion won Q1 net profit as nonbank units lift results iM Financial Group said in a regulatory filing on the 28th that it posted 154.5 billion won ($) in net profit for the first quarter, up 0.1% from a year earlier. Net interest income rose 4.6% from last year. Noninterest income increased 8.3% as fee income grew despite heightened market volatility tied to external uncertainty. Return on equity attributable to controlling shareholders was 9.94% in the quarter, and return on assets was 0.60%, both slightly lower than a year earlier. The group’s preliminary common equity Tier 1 ratio was 11.99%. An iM Financial official said the group actively expanded its loan portfolio from the start of the year in line with its transition to a nationwide bank and the government’s push for “productive finance.” The official said the group’s profit-generating capacity improved as fee income rose even amid greater volatility. By subsidiary, iM Bank posted 120.6 billion won in first-quarter net profit. Corporate loans and household loans grew 3.6% and 1.2%, respectively, lifting total won-denominated loans by 2.7%. The delinquency ratio was 0.86%, and the nonperforming loan ratio was 0.83%. Over the same period, iM Securities, iM Life and iM Capital posted net profit of 21.7 billion won, 16.5 billion won and 19.3 billion won, respectively, helping drive results. Nonbank affiliates’ share of group profit rose to 34.0% from 30.3% in the first quarter of 2025. Separately, iM Financial announced shareholder return measures including a capital-reduction dividend (tax-free dividend) and share buybacks and cancellations. In February, it announced a 40 billion won share buyback and cancellation plan, and in March it secured 290 billion won in funding for tax-free dividends through a shareholders meeting resolution. Cheon Byeong-gyu, the group’s chief financial officer and executive vice president, said that with funding secured at the March shareholders meeting, the company expects a tangible increase in dividend income in 2026. He said the group will continue to review and carry out measures to boost shareholder value, including expanding share buybacks and cancellations. 2026-04-28 16:00:07