Journalist
Lee Hugh
=
-
KOSPI recovers to 5,500 as Asian stocks rebound on easing oil fears SEOUL, March 10 (AJP) - Asian stock markets rebounded on Tuesday as oil prices retreated after U.S. President Donald Trump said the conflict in the Middle East is "going to be ended soon," while G7 ministers hinted at a possible release of strategic oil reserves to ease surging prices. South Korea's benchmark KOSPI rebounded to the 5,500 level just a day after a sharp selloff, as investor sentiment improved following Trump's remarks as well as a drop in global oil prices from over US$100 per barrel to around $80. Even a buy-side sidecar kicked in during the early trading session, as the KOSPI rose 6.13 percent to 5,573.55 and the tech-heavy KOSDAQ gained 4.11 percent to 1,147.63 just a few hours after the day's trading began. Foreign and institutional investors led the buying, with net purchases of 1.07 trillion won and 510 billion won, respectively, while individual investors sold a net 1.47 trillion won. Japanese shares also rebounded after a steep selloff the previous day, when the Nikkei 225 recorded its third-largest intraday drop on record. Tokyo's index rose 2.95 percent to 54,287.95 by 10:00 a.m., recovering some of the prior session's losses as falling oil prices and optimism over a possible settlement in the Middle East boosted investor sentiment. Chip-related stocks drove the gains, with Tokyo Electron rising 3.49 percent to 40,280 yen ($268) and Advantest climbing 5.51 percent to 24,135 yen. Taiwanese shares also moved higher, with the TAIEX rising 3.14 percent to 33,118.03 shortly after trading began in Taipei. In Hong Kong, the Hang Seng Index advanced 1.31 percent to 25,740.29. Meanwhile, overnight gains in memory chip stocks on Wall Street lifted Korean semiconductor shares. SanDisk surged 11.64 percent, while Lam Research and Micron Technology rose 5.93 percent and 5.14 percent, respectively. In Seoul, Samsung Electronics gained 9.68 percent to 190,300 won, and SK hynix jumped 11.36 percent to 931,000 won. However, defense and refinery stocks, which had jumped amid geopolitical tensions, retreated after Trump's comments. S-Oil fell 7.51 percent to 118,900 won, and Hanwha Systems dropped 3.63 percent to 156,800 won. Other defense-related stocks also declined, with LIG Nex1 falling 2.51 percent to 776,000 won and Hyundai Rotem slipping 1.16 percent to 213,000 won. Hanwha Aerospace rebounded 2.86 percent to 1,476,000 won after early losses, reflecting a growing divergence among defense stocks as investors increasingly differentiate based on company fundamentals and order momentum. Shares of automakers climbed, as Hyundai Motor added 5.72 percent to 536,000 won and Kia rose 4.76 percent to 160,700 won. Among other heavyweights, Samsung Biologics rose 2.09 percent to 1,612,000 won, LG Energy Solution added 2.78 percent to 369,500 won, and Samsung C&T climbed 3.51 percent to 280,000 won. The won strengthened sharply amid easing oil prices and expectations of an early end to the Middle East conflict, trading around 1,472.70 against the greenback, compared with about 1,494.7 won the previous day. 2026-03-10 11:12:54 -
Korea Battery Industry Association to Host First U.S.-Korea Defense Battery Cooperation Seminar The Korea Battery Industry Association said Tuesday it will hold a “U.S.-Korea Defense Battery Cooperation Seminar” with the U.S. Embassy in Seoul at 10 a.m. March 13 at COEX Conference Room 402 in Seoul. The association said the event was organized to strengthen bilateral cooperation on policy, technology and industry in defense batteries as the United States tightens its supply chain security posture and South Korea emerges as a key partner in the sector. Participants will include officials from the U.S. Department of Defense, the BEACONS Center at the University of Texas at Dallas, and RIB Manufacturing, along with specialized defense-battery companies from both countries. The association described it as the first seminar focused on U.S.-Korea cooperation in defense batteries. Eric Shields, a senior adviser at the Pentagon’s Office of Industrial Base Policy, is set to present U.S. defense-battery supply chain policy and industrial strategy based on the “U.S. Department of Defense Lithium Battery Strategy 2023–2030.” The presentation will cover the Pentagon’s military supply chain decoupling strategy, the growing importance of military batteries as future weapons systems proliferate, and policies to foster the battery industry through defense procurement. Cho Kyung-jae, a professor who leads the BEACONS Center at UT Dallas, will introduce the center, which was established with Pentagon support, and outline directions for cooperation with South Korean defense companies. RIB Manufacturing co-founder John Stivale and Lisa King, director for advanced battery strategy, will present on research and development cooperation based on the Dallas industrial cluster and on battery technology and standardization trends for Pentagon unmanned systems (UAV·UAS·UUV). On the South Korean side, defense-battery companies Vitzrocell, JR Energy Solution, U-BAT, LiBEST and BEI will introduce their businesses and brief current U.S.-Korea cooperation and areas where they hope to expand ties, the association said. “Batteries are growing into a core strategic asset for economic security,” Park Tae-sung, the association’s executive vice chairman, said. “Korean battery companies, with world-class manufacturing capabilities, will be the United States’ most reliable partner for supply chain security,” he said, adding that he hopes the seminar will expand battery technology and security cooperation within the U.S.-Korea alliance.* This article has been translated by AI. 2026-03-10 11:12:09 -
Hyundai Mobis Starts Up New Hungary Plant, Expands Chassis Module Supply to Mercedes-Benz Hyundai Mobis said Tuesday it has begun full operations at its first production base in Hungary as it moves to expand business with European automakers. The company recently won a contract to supply chassis modules to Mercedes-Benz in Europe, following a deal in North America in 2022. Under industry practice, Hyundai Mobis did not disclose the contract value or specific vehicle models. However, the industry expects the order to be sizable given Mercedes-Benz’s sales in Europe and the large-volume nature of chassis module procurement. A company official said the deal was backed by Hyundai Mobis’ track record of stable supply to Mercedes-Benz over several years, along with its manufacturing know-how and quality competitiveness. The new plant is in Kecskemet in central Hungary, located near the customer to speed deliveries and improve logistics efficiency. Hyundai Mobis said it is operating a just-in-sequence system that receives production plans in real time and builds modules immediately. The site covers about 50,000 square meters, roughly the size of seven soccer fields. The Hungary plant will produce chassis modules for electric and hybrid vehicles. Hyundai Mobis said it also plans to install equipment capable of mixed production with internal combustion models to respond quickly to changing customer schedules. Hungary is emerging as an auto and battery manufacturing hub in Eastern Europe, with annual new-vehicle output exceeding 500,000 units. German automakers have production bases there, and Chinese automakers and battery makers have also made large investments. Hyundai Mobis said its Hungary plant will be its fourth production base in Europe after the Czech Republic, Slovakia and Turkey, and its first site dedicated to global customers. Hyundai Mobis is also building a plant in Spain to supply battery systems to global customers. Once the Spain plant begins operations, the company said it will have five production bases covering Europe and expects stronger manufacturing competitiveness on the back of a more stable parts supply chain. The company aims to raise the share of revenue from global customers to 40% by 2033. A Hyundai Mobis official said chassis modules are large assemblies that integrate braking, steering and suspension components under a vehicle, requiring major investment in production sites and logistics systems. The official said the Hungary plant will help sustain long-term partnerships with customers, given the typically lengthy cooperation between automakers and suppliers.* This article has been translated by AI. 2026-03-10 11:05:00 -
North Korea threatens 'super-offensive' response to US-South Korea military maneuvers SEOUL, March 10 (AJP) - Pyongyang’s second most powerful official, Kim Yo-jong, issued a stern warning on March 10, characterizing the ongoing joint military exercises between the United States and South Korea as a "provocative and aggressive war rehearsal." The statement, released via the state-run Korean Central News Agency, asserted that the maneuvers currently underway on the Korean peninsula are "intensively revealing once again their inveterate repugnancy toward the DPRK and habitual hostile policy toward it." The department director stated that the drill is "not a 'military game'" and warned that the "muscle-flexing of the hostile forces near the areas of our state's sovereignty and security may cause unimaginably terrible consequences." The joint military exercise, known as Freedom Shield, officially commenced on March 9 and is scheduled to run through March 19. According to military authorities in Seoul and Washington, the drill involves approximately 18,000 personnel, a figure consistent with previous years. This year’s iteration focuses on realistic threats derived from recent global conflicts, incorporating elements of information warfare and artificial intelligence technology. A primary objective is to evaluate and verify the conditions necessary for the transfer of wartime operational control to Seoul. While the personnel count remains stable, the scale of field training exercises has seen a marked reduction under the administration of President Lee Jae Myung. The current schedule includes 22 outdoor maneuvers, representing less than half of the 51 sessions conducted during the March 2025 exercises. Government officials in Seoul have indicated that this adjustment toward dispersing field training throughout the year is intended to create a stable diplomatic environment. This tactical shift coincides with reports that the U.S. President is scheduled to visit Beijing from March 31 to April 2. Despite the reduction in visible field maneuvers, the rhetoric from Pyongyang has shifted toward a more permanent stance of hostility. Kim Yo-jong dismissed the defensive nature of the drills, stating that the "clear confrontational nature of the high-intensity large-scale war drill staged by the most hostile entities in collusion at the doorstep of the DPRK never changes." She further emphasized that her state would "perfectly counter the strategic threats to the security of the state and the region through the bolstering of destructive power." This follows a broader doctrinal change where the supreme leader recently declared there is "no reason to speak with Washington." The supreme leader has also used recent public addresses to condemn the government of Lee Jae Myung for what he described as "double-sidedness." Kim Jong-un asserted that "it is undoubtedly a law and iron principle that the most powerful offensive capability constitutes the most reliable deterrent." He signaled that his state would no longer engage in what he deemed futile diplomatic overtures with Washington. This ideological pivot frames Seoul as a primary enemy state, a designation that the recent press statement reinforces. The latest communication warns that any violation of sovereignty will be met with an "extraordinarily overwhelming and preemptive super-offensive." The Freedom Shield exercises are proceeding as planned across the land, sea, and air domains of South Korea. 2026-03-10 10:32:42 -
IBK Industrial Bank of Korea Approves $1.35B Support for National Growth Fund Investments IBK Industrial Bank of Korea said Tuesday it has approved W1.35 trillion in support this year for advanced strategic industries as part of its plan to participate in the W10 trillion National Growth Fund. The bank said it will supply a total of W1.35 trillion to advanced strategic industries and related ecosystems alongside the fund, including W850 billion for corporate investment and W500 billion for infrastructure. In the corporate investment segment, the bank will provide W850 billion in tailored risk capital across the life cycle of innovative small and venture firms, supporting technology development and commercialization. Investments in innovative small and venture companies will be made through managers with experience and expertise in running fund-of-funds, while the bank will select managers directly to make customized investments in scale-up and mature-stage companies, it said. In infrastructure, the bank will invest W500 billion in expanding energy-related facilities such as power, water and artificial intelligence data centers, as well as projects tied to national strategic industries. The fund will be managed by IBK Asset Management and will be financed entirely with group capital, the bank said. "Financial support for advanced strategic industry companies and infrastructure is both IBK's core role and a key strength," a bank official said. "We will actively recommend strong projects identified by IBK to the National Growth Fund to support its successful operation." 2026-03-10 10:30:00 -
Oil shock a sober reckoning to diversify away from Middle East crude: Rep. Lee Un-ju SEOUL, March 10 (AJP) - The turbulence triggered by the Middle East conflict raises a sober reckoning over South Korea’s energy vulnerabilities and the urgency to correct its energy sourcing structure, which is heavily dependent on imports of Middle Eastern fossil fuels, a three-term ruling party lawmaker said. “The spike in oil prices since the war reminds us how important energy security is and how poor South Korea stands in energy sufficiency,” Rep. Lee Un-ju, a First Member of the Supreme Council of the Democratic Party of Korea, told AJP in a recent interview. The country must raise the share of clean energy through nuclear reactors or renewables and diversify away from heavy imports of fossil fuels, she said. South Korea relies on the Middle East for 70.7 percent of its oil imports and 20.4 percent of its liquefied natural gas supplies, of which roughly 15 percent comes from Qatar — a structure that explains the havoc caused in Korean capital markets when oil prices surged above $100 per barrel on Monday. To “kill two birds with one stone” — reducing reliance on the Middle East while facilitating tariff negotiations with the United States — Korea should more actively consider participating in oil and gas production in the United States and expanding purchases of U.S.-produced energy, Lee said. Unlike the previous liberal government under President Moon Jae-in, which pursued a phase-out of nuclear power, the Lee Jae Myung administration is “thoroughly practical on energy policy,” she said. President Lee understands the crucial role of energy in the transition toward an AI-driven economy, she said, noting that energy reliability ultimately determines the quality and cost of AI services. To ensure competitiveness in AI technologies, the government recognizes the essential role of nuclear reactors, she said. “Renewables alone cannot guarantee power demand in the AI transition. We have the world’s most advanced nuclear reactor technology,” Lee said, highlighting the broad range of industries supported by the country’s reactor ecosystem. Lee said, "I hope that Korea Hydro & Nuclear Power's participation in U.S. nuclear plant construction becomes the first project in our investment in the United States." “Some may see it as a loss for our side,” she said. “But once a reactor starts operating with our help, it will require Korean parts and maintenance for decades, creating enormous revenue and profits for Korean companies.” Lee also pointed to the sharp depreciation of the Korean won, which recently revisited levels last seen in the aftermath of the global financial crisis 17 years ago. The weakness reflects market jitters over oil supply disruptions and potential U.S. tariffs, she said. The government is working closely with domestic refiners to respond to supply instability, and the exchange rate is expected to stabilize once supply concerns ease, she added. Trade concerns with Washington could also be addressed through the passage of a special bill on U.S. investment through a vote on Thursday and a high-level government delegation visit to Washington, Lee said. “All the relevant ministerial-level officials will go,” she said, expressing determination to resolve the tariff issue within the month. Legislators will also support the effort through parliamentary diplomacy. A bipartisan Korea-U.S. Parliamentarians’ League delegation will depart on March 23 for a five-day visit, where members will meet U.S. senators serving on foreign affairs, defense and energy committees, as well as executives from major technology companies. The delegation will include Reps. Lee Un-ju, Cho Kyung-tae and Min Hong-chul. “We must speak on behalf of the government when our national interest comes under challenge,” Lee said. The geopolitical environment has become increasingly tense and unpredictable, she added, describing the current era as one defined by “survival ideology.” “It doesn’t matter whether you are left or right. We are all striving to survive,” she said. The upcoming local elections in June — widely viewed as a midterm test of the administration — will focus on competence rather than negative campaigning, she said. “We won’t resort to negative or black propaganda,” Lee said. “Instead, we will present candidates who will work hard for the people and the country.” About the lawmaker: Rep. Lee Un-ju graduated from Seoul National University with a degree in French Language and Literature. After passing the National Bar Examination in 1997, she worked as a lawyer before becoming an executive director at S-Oil, a South Korean oil refining company, in 2008. She was elected to the National Assembly in Gwangmyeong, Gyeonggi Province, in both the 19th and 20th general elections, and won again in the 22nd general election from the Yongin Jung constituency, becoming a three-term lawmaker. 2026-03-10 10:25:00 -
Bentley Unveils Bentayga Artenara Edition Luxury SUV 벤틀리모터스는 10일 럭셔리 스포츠유틸리티차량(SUV) ‘벤테이가 아르테나라 에디션’을 공개했다. 이 모델은 스페인 그란 카나리아 섬의 ‘아르테나라’ 마을과 ‘로케 벤테이가’ 지형에서 영감을 받아, 이를 현대적 디자인 언어로 반영했다고 벤틀리는 밝혔다. 국내에 출시된 ‘아틀리에 에디션’의 컬러 큐레이션도 계승했다. 벤테이가 아르테나라 에디션에는 벤틀리 최상위 뮬리너 라인업에 적용되던 ‘더블 다이아몬드 그릴’이 기본으로 장착된다. ‘브라이트 크롬’ 외장 트림과 함께 블랙라인 사양도 제공되며, 블랙라인 선택 시 프론트 스키드 패널, 리어 디퓨저, 더블 다이아몬드 그릴 등이 적용된다. 외장 색상은 벨루가, 그래나이트, 페일 브로드가, 글레이셔 화이트 등 8가지로 구성된다. 22인치 뮬리너 휠이 기본이며, 23인치 ‘슈퍼 럭스’ 휠은 선택 사양이다. 파워트레인은 4.0L V8 트윈터보 엔진으로, 최고출력 550PS, 최대토크 78.5kg·m를 낸다. 48V 전자식 안티롤 컨트롤 시스템 ‘벤틀리 다이내믹 라이드’와 ‘올 휠 스티어링 시스템’도 적용됐다. 벤테이가 아르테나라 에디션은 벤테이가와 벤테이가 EWB 두 가지 라인업으로 선보이며, 국내에는 올해 4분기 공식 출시될 예정이다.* This article has been translated by AI. 2026-03-10 10:21:17 -
North Korean leader highlights 'traditional friendship' with China in letter to Xi SEOUL, March 10 (AJP) - North Korean leader Kim Jong-un has expressed his expectations for further cooperation with his country's traditional alley in a letter to Chinese President Xi Jinping, state media reported on Tuesday. According to the state-run Korean Central News Agency, Kim sent the letter to Xi the previous day, expressing his belief that cooperation between the two countries "will become even closer in the future." He was also quoted as saying that strengthening the "traditional friendship" between North Korea and China would help meet the "new demands of the times." The letter was a reply to Xi, who sent a congratulatory message late last month when Kim Jong-un was re-elected general secretary of the ruling Workers' Party at the country's rare party gathering. Kim also thanked Xi for his message, saying it provided "support and encouragement" for himself and party members. 2026-03-10 10:18:42 -
LG CNS invests in U.S. robotics firm Dexmate, broadening humanoid hardware lineup SEOUL, March 10 (AJP) - South Korean IT solutions provider LG CNS said it has made a strategic investment in Dexmate, a Silicon Valley-based robotics startup, marking the first such deal by a Korean company with the U.S. firm. The investment, announced Tuesday, was channeled through LG Technology Ventures, the conglomerate's corporate venture capital arm. Dexmate, founded by PhDs from MIT, UC San Diego and Carnegie Mellon University, manufactures humanoid robots whose hardware has been adopted as a standard research platform by global robotics AI developers. Its flagship model, Vega, forgoes bipedal legs in favor of an omnidirectional wheeled base, a design choice that prioritizes stability and endurance over human-like locomotion for industrial use. The robot features 36 degrees of freedom and dual arms capable of carrying a combined payload of about 15 kilograms, with a single charge sustaining more than 20 hours of continuous operation. Its wheeled lower body offers a more stable platform than bipedal counterparts, making it well-suited for deployment in logistics centers and manufacturing plants. The deal expands LG CNS' robot hardware portfolio to include wheeled humanoids alongside bipedal and quadruped models it had already secured. The company said it plans to bundle the hardware with a robot foundation model and its proprietary operation and training platform to offer what it calls a "full-stack RX service" for industrial clients. "This investment is a strategic move to organically combine robot hardware, foundation models and our platform to enable large-scale robot operations and accelerate deployment across industrial sites," said Lee Jun-ho, head of LG CNS' smart logistics & city business division. 2026-03-10 10:05:12 -
Hanon Systems targets No. 1 global thermal management by 2036 Korea & Company Group said its automotive thermal energy management unit, Hanon Systems, has set out a growth vision ahead of its 40th anniversary on March 11. Hanon Systems said it aims to become the world’s No. 1 thermal management solutions company by 2036, when it marks its 50th anniversary. The company said it will accelerate expansion beyond its core automotive thermal management technology. It plans to broaden its portfolio by targeting infrastructure industries that need high-efficiency thermal management, including data center cooling systems, where demand has been rising. Hanon Systems currently supplies automotive thermal management solutions through 50 production plants worldwide and three R&D innovation centers. It is assessed as the world’s No. 2 manufacturer in automotive thermal management and one that offers a full lineup globally. The company said it plans to position itself not only as a partner to the auto industry but also as a key infrastructure partner across industries that require thermal management technology. It also plans to expand into adjacent growth areas, including the global aftermarket, to strengthen its mid- to long-term growth base. To mark its anniversary on March 11, Hanon Systems released the message “40 Years Forward.” The company said it reflects its intent to build new growth opportunities in future mobility and other industries that require thermal management, based on technology and innovation accumulated over the past 40 years. “This 40th anniversary will be more than a commemoration — it will be a new starting point to leap to the world’s No. 1 thermal management solutions company, grounded in execution and healthy fundamentals,” said Lee Soo-il, vice chairman and CEO of Hanon Systems.* This article has been translated by AI. 2026-03-10 09:52:29