Journalist

Lee Hugh
  • Seoul sells $3 bn in USD bonds, largest sovereign offering since global financial crisis
    Seoul sells $3 bn in USD bonds, largest sovereign offering since global financial crisis SEOUL, February 06 (AJP) - South Korea on Thursday sold $3 billion in U.S. dollar-denominated bonds in its largest single sovereign offering since the aftermath of global financial crisis, building up the ammunition to defend the local currency while the debt environment remains favorable. According to the Ministry of Economy and Finance on Friday, the government issued $3 billion in foreign exchange stabilization bonds in two tranches: $1 billion in three-year notes and $2 billion in five-year bonds. The three-year papers were priced at 3.683 percent, or nine basis points above comparable U.S. Treasuries, while the five-year notes carried a yield of 3.915 percent, or 12 basis points over benchmark Treasuries. The deal marks the largest sovereign dollar bond issuance since April 2009, when Seoul raised $3 billion in the aftermath of the global financial crisis. Foreign exchange stabilization bond issuance has historically increased during periods of won weakness. The latest offering reflects the government’s increasingly firm stance on defending the currency. As of Friday, the won closed at 1,469.5 per dollar, surpassing its monthly average, under pressure from a strong greenback and persistent foreign capital outflows. The issuance is also aimed at replenishing foreign currency reserves. South Korea spent a total of $4.75 billion between December 2025 and January 2026 to stabilize the won, an unusually aggressive intervention by global standards. Most major economies typically build reserves toward year-end to meet capital adequacy requirements under the Bank for International Settlements framework. Korea, however, was the only major economy to substantially draw down dollar reserves in December. Reserves Decline Despite Record Surplus The reserve trend has raised concerns among policymakers. The Bank of Korea said Friday that despite recording its largest-ever current account surplus in 2025, foreign exchange reserves fell by $4.44 billion over the year. The central bank also confirmed this week that it had renewed its foreign exchange swap arrangement with the National Pension Service, highlighting ongoing efforts to secure dollar liquidity. Officials said the bond sale was driven in part by growing risks from external shocks, particularly amid prolonged trade tensions with the United States. On Jan. 27, U.S. President Donald Trump announced a 25 percent tariff hike on South Korean automobiles, citing delays in related legislation. The measure took effect this week. The finance ministry said it had “preemptively expanded foreign exchange reserves, which serve as an external safety valve, amid heightened uncertainties such as tariffs,” signaling that trade risks were a key factor behind the issuance. Geopolitical uncertainties were also considered, including instability in Venezuela and Iran and the prolonged war in Ukraine, all of which continue to weigh on global markets. The narrow spreads achieved in the latest sale point to Korea’s improved credit standing. During the 2009 financial crisis, spreads on 10-year Korean sovereign bonds surged to more than 430 basis points. After the 1998 IMF bailout, they exceeded 350 basis points. By contrast, the current spread of around 10 basis points over U.S. Treasuries is comparable to that of top-rated advanced economies and major international institutions. “This demonstrates that the so-called ‘Korea discount’ is steadily disappearing in the global sovereign bond market,” the ministry said. Foreign investor demand for Korean debt has strengthened further ahead of Korea’s scheduled inclusion in the World Government Bond Index between April and November. 2026-02-06 17:27:46
  • Woori, BNK and iM post profit gains and boost shareholder returns
    Woori, BNK and iM post profit gains and boost shareholder returns Woori Financial Group said it posted near-record results as noninterest income rose, offsetting one-time costs. BNK Financial Group and iM Financial Group also reported improved earnings on more diversified revenue, and all three financial holding companies moved to strengthen shareholder-return policies. Woori said on Thursday it earned 3.1413 trillion won in net profit last year, up 1.8% from a year earlier, marking a second straight year above 3 trillion won. The company avoided a profit decline even after booking a 51.5 billion won provision tied to a fine related to alleged loan-to-value ratio collusion; excluding that, the result was effectively a record, it said. Noninterest income rose 25% from a year earlier, reflecting the launch of Woori Investment & Securities and the impact of acquiring Tongyang Life Insurance. BNK said it earned 815 billion won in net profit last year, up 11.9% from a year earlier and the highest since 2021. With interest-income growth slowing, net profit at nonbank units such as BNK Capital and BNK Investment & Securities rose about 30% from a year earlier, supporting the overall result. iM said its 2025 net profit attributable to controlling shareholders totaled 443.9 billion won, up 106.6% from a year earlier. Profit expanded as credit-loss costs at nonbank affiliates eased and profitability recovered at key subsidiaries including iM Securities. The stronger earnings were followed by bigger shareholder payouts. Woori set its cash dividend payout ratio at 31.8%, topping 30% for the first time, and said its effective shareholder return ratio reached 39.8% using tax-exempt dividend resources. Its common equity Tier 1 ratio improved 80 basis points from a year earlier to 12.9%. Woori also plans to expand share buybacks and cancellations this year to 200 billion won, up 33% from a year earlier. BNK decided on a cash dividend of 735 won per share and said it will also carry out share buybacks and cancellations. iM’s board approved a cash dividend of 700 won per common share, up 40% from a year earlier, putting its total shareholder return ratio at a record 38.8%. It also plans to buy back and cancel 40 billion won worth of shares in the first half of 2026. “The key point in this earnings season is that they proved their commitment to shareholder returns with numbers,” a financial industry official said. As value-up plans become more concrete, the official said, financial stocks that had long been undervalued may have a chance to be priced more fairly by the market.* This article has been translated by AI. 2026-02-06 17:27:43
  • Soaring Gold and Silver Prices Push Milan-Cortina Olympic Medals to Record Metal Value
    Soaring Gold and Silver Prices Push Milan-Cortina Olympic Medals to Record Metal Value The athletes who step onto the podium at the Milan-Cortina d’Ampezzo Winter Olympics will take home honor — and what is being described as the most expensive medals ever, driven by a global surge in gold and silver prices. CNN reported on Feb. 5 local time that more than 700 gold, silver and bronze medals are expected to be awarded across events including skiing, ice hockey, figure skating and curling. While the symbolic value of a medal cannot be priced, CNN said the metal value alone is at a record high. The jump reflects a sharp rise in precious-metals prices. According to financial data provider FactSet, since the Paris Olympics in July 2024, spot gold has risen about 107% and spot silver about 200%. As a result, a Winter Olympics gold medal is valued at about US$2,300 (about 3.38 million won), and a silver medal at about US$1,400 (about 2.06 million won). That is more than double the Paris 2024 level for gold medals and more than triple for silver medals. Italy’s state mint made the gold medals using recycled metals. Although they appear gold, they are filled with pure silver. Under International Olympic Committee rules, gold medals must be based on at least 92.5% pure silver and plated with at least 6 grams of gold. For this Games, the gold medal is made with 500 grams of 99.9% silver and plated with 6 grams of gold, for a total weight of 506 grams. By contrast, the raw-material value of a bronze medal — made with about 420 grams of copper — is about US$5.60 (about 7,500 won) each. Analysts expect precious-metals prices to remain strong, which could push medal values higher in future Olympics. Ole Hansen, head of commodity strategy at Denmark-based investment bank Saxo Bank, said demand is likely to hold up given geopolitical uncertainty and rising government debt. He predicted medals for the 2028 Los Angeles Olympics will be much more expensive than those for Milan. Still, medals are not valued only by their metal content. CNN noted that Olympic medals can sell for far more as collectibles, citing a 1912 Stockholm Olympics gold medal that sold for US$26,000 (38.22 million won) in 2015. CNN added, however, that most Olympic medals are never sold. 2026-02-06 17:21:00
  • KAI Signs 101.4 Billion Won FA-50PH Performance-Based Logistics Deal With Philippines
    KAI Signs 101.4 Billion Won FA-50PH Performance-Based Logistics Deal With Philippines 한국항공우주산업(KAI)는 6일 필리핀 국방부와 전투기 FA-50PH에 대한 성과기반군수지원(PBL) 계약을 체결했다고 밝혔다. 계약 규모는 약 1,014억원이며 계약 기간은 2028년까지다. KAI는 이번 PBL이 항공기 가동률과 정비 신뢰도 등 운용 성과를 기준으로 군수 지원을 제공하는 방식이라고 설명했다. KAI는 이를 항공기 수명주기인 30~40년 동안 안정적인 지원 체계를 구축하는 선진 군수지원 방식으로 소개했다. KAI는 2024년 12월 필리핀과 약 270억원 규모의 1년 단기 PBL 시범 계약을 체결한 바 있다. KAI는 이후 기술력을 인정받아 이번 3년 장기 계약으로 이어졌다고 밝혔다. KAI는 항공기 후속지원이 항공기 획득비의 2~5배에 달하는 핵심 사업이라고 덧붙였다. 필리핀은 KAI의 대표적인 FA-50 운용국으로 분류된다. 필리핀은 2014년 FA-50PH 12대를 처음 도입한 이후 약 10년간 후속지원과 군수지원을 받아 왔다고 KAI는 밝혔다. KAI는 이러한 신뢰를 바탕으로 필리핀이 지난해 FA-50PH 12대를 추가 도입했고, 2014년에 수출된 기존 FA-50PH에 대한 성능 개량 사업도 연이어 계약했다고 전했다. 박경은 KAI CS본부장(전무)은 "국산 항공기를 운용 중이거나 운용을 예정하고 있는 모든 국가들 대상으로 국가별 운용 환경과 요구에 최적화된 맞춤형 후속지원 체계를 구축해 나갈 것"이라고 말했다. 2026-02-06 17:18:00
  • BTS Comeback D-43: How songs come to reshape Koreas global image
    BTS Comeback D-43: How songs come to reshape Korea's global image SEOUL, February 06 (AJP) - When a government survey on South Korea’s global image is released each year, the top name rarely changes. Once again, BTS ranked first in the “2025 National Image Survey of Korea” released late last month by the Ministry of Culture, Sports and Tourism. The ranking itself is familiar. What is changing is what it represents. Jungkook placed sixth overall — the highest among solo artists — while online reactions framed the results less as news than as confirmation. On X, fans repeated the phrase “national treasure.” Facebook fan pages described the outcome as long-overdue recognition. The responses suggest that BTS’s influence has moved beyond novelty. It now operates as part of South Korea’s cultural infrastructure — stable, predictable and deeply embedded. The broader survey found that Korean cultural content — including K-pop, dramas and films — remains the strongest factor shaping foreigners’ views of South Korea. For many overseas audiences, entertainment has become the country’s primary point of entry. External studies reinforce the pattern. The Korean Foundation for International Cultural Exchange reported in its 2024 Overseas Hallyu Survey that regular exposure to Korean content increases favorability toward Korea and strengthens interest in visiting. The Korea Culture and Tourism Institute found similar links between cultural consumption, trust in Korean brands and purchasing behavior. In practical terms, liking Korean music increasingly leads to choosing Korean destinations, products and platforms. One of the clearest signs of that shift appears in language learning. In 2024, The New York Times reported that Duolingo recorded a 22 percent year-on-year rise in Korean learners in the United States. Many learners cite BTS as their starting point. Fans often say they began studying Korean to follow livestreams or understand lyrics without subtitles. Over time, that curiosity expanded to dramas, interviews and historical content. Interest, in many cases, moves from consumption to participation. In 2021, BTS’s Korean-language address at the United Nations General Assembly symbolized that shift — presenting Korean not as a niche cultural language, but as a global medium. For long-time fans, the transformation has unfolded gradually. Some describe pride in “growing up” alongside the group, watching both BTS and Korean culture gain confidence on the global stage. Others say the group’s discipline and longevity became a personal source of motivation. As the 2026 comeback approaches, those reflections are resurfacing online, with fans revisiting past milestones and tracing how their own engagement has evolved. At the 2025 APEC CEO Summit, RM noted that a decade earlier, few would have expected Korean-language songs to command worldwide attention — a reminder of how quickly the landscape has shifted. The cultural ecosystem surrounding BTS now extends well beyond pop. Hwang Eun-soon, director of the Cheongju National Museum, has said the institution plans to develop exhibitions that connect traditional metal culture with contemporary perspectives — reflecting a wider effort to reinterpret heritage for new audiences. BTS’s decision to incorporate “Arirang” into their comeback fits this trajectory. Tradition is not presented as a museum piece, but as material that can circulate through modern platforms. National image rarely changes overnight. It is shaped through repetition, familiarity and trust. The annual survey, where BTS continues to rank first, captures that accumulation. What began as global curiosity has matured into routine engagement — visible in language classrooms, tourism data and consumer habits. As March 21 approaches, BTS’s return highlights not just another comeback, but a cultural system that has learned how to sustain influence over time — quietly, consistently and at scale. 2026-02-06 17:15:14
  • Weverse hits record growth as BTS and BLACKPINK return to global stage
    Weverse hits record growth as BTS and BLACKPINK return to global stage SEOUL, February 06 (AJP) - The return of K-pop’s most influential acts, BTS and BLACKPINK, has fueled a significant surge in user engagement for Weverse, the global fan community platform. According to the 2025 Weverse Fandom Trend report released on February 6, the platform reached several new milestones in user growth and activity over the past year. The resurgence was most visible following the military discharge of BTS members in June last year. New followers for the group’s community spiked by over 300 percent compared to the previous month, with the total follower count surpassing 30 million in July. Similarly, BLACKPINK became the first girl group on the platform to exceed 10 million followers in January. The group also recorded the highest digital product sales on the platform following the announcement of their latest world tour. Driven by these major names, Weverse reported a monthly active user count of over 12 million. The platform now hosts 178 different artists and recorded 200 million viewers for its live streaming service, Weverse Live, with cumulative views reaching 1 billion. User retention also improved, with the average monthly time spent on the app rising to 263 minutes, up from 237 minutes the previous year. The platform’s growth extends well beyond South Korean acts. KATSEYE, a girl group formed through a joint venture between HYBE and Geffen Records, saw its average Weverse Live viewership grow by 490 percent, with its community surpassing 2 million members. The Japan-based boy group &TEAM also maintained high engagement, conducting 199 live broadcasts over the year. Weverse further noted a significant expansion in Latin America, where sales of digital products surged by more than 700 percent. Weverse, launched in 2019, is the flagship service of Weverse Company, a subsidiary of HYBE. HYBE is the South Korean entertainment giant behind BTS and houses multiple labels including Pledis Entertainment, ADOR, and Source Music. While initially focused on HYBE’s own roster, the platform has evolved into a global ecosystem by integrating artists from rival agencies and international labels. This includes major Western artists such as Ariana Grande and Conan Gray, as well as Japanese acts like YOASOBI and AKB48. The report highlighted that fans are increasingly evolving into "super fans" through active communication tools such as Weverse DM and digital memberships. Large-scale communities with over 3 million members increased from five in 2024 to nine last year, while total merchandise sales through Weverse Shop rose from 20.6 million to 25.2 million items. Weverse stated that the platform has proven to be a space where fans can discover and expand the joy of fandom activities tailored to their own preferences. The company plans to continue focusing on the fandom experience to allow fans to interact more deeply with artists. 2026-02-06 17:13:35
  • LG Energy Solution to Buy Stellantis Stake, Take Full Control of NextStar Energy
    LG Energy Solution to Buy Stellantis Stake, Take Full Control of NextStar Energy LG Energy Solution said Thursday it will convert its Canadian joint venture with Stellantis, NextStar Energy, into a wholly owned subsidiary by acquiring Stellantis’ 49% stake. NextStar Energy began producing batteries for energy storage systems, or ESS, in late November. LG Energy Solution said it plans to run the Canadian plant this year as a production hub to target the North American ESS market. The company is expected to benefit from improved profitability because it will receive investment subsidies from the Canadian government on its own, as well as subsidies equivalent to the U.S. Advanced Manufacturing Production Credit, or AMPC. LG Energy Solution said the two companies will keep their partnership intact after the deal. Stellantis will continue to receive electric vehicle batteries from the Canadian plant as previously planned even after selling its stake. With the acquisition, LG Energy Solution will operate three ESS production bases in North America, following its plants in Holland and Lansing, Michigan. It plans to nearly double ESS production capacity by the end of this year to 60 gigawatt-hours globally, including more than 50 GWh in North America. NextStar Energy is in stable mass production and plans to more than double ESS battery output this year. Chief Executive Officer Kim Dong Myung said the Canadian site strengthens the company’s growth foundation in North America. “We will not only respond quickly to surging ESS demand, but also secure additional North America-based customers and build our position to play a key role in the EV industry,” he said. * This article has been translated by AI. 2026-02-06 16:54:00
  • BTS, ENHYPEN, and SEVENTEEN lead Parrot Analytics global demand rankings for 2025
    BTS, ENHYPEN, and SEVENTEEN lead Parrot Analytics global demand rankings for 2025 SEOUL, February 06 (AJP) - BTS has been named the most popular act in the global entertainment market for 2025, according to a year-end report from Parrot Analytics. The group spearheaded a dominant year for the South Korean entertainment giant HYBE, with labelmates ENHYPEN and SEVENTEEN also securing spots within the top 10. The 2025 annual report, "What Audiences Loved in 2025," ranked BTS at the top of the "Talents of the Year Under 30" category. ENHYPEN took second place, while SEVENTEEN followed at number eight. These rankings are based on "Average Demand," a standardized metric developed by Parrot Analytics to quantify audience attention. Unlike traditional charts that focus solely on sales or streams, this data captures a wide range of engagement signals—including social media activity, search engine queries, and fan research—to measure the total global demand for a specific artist or brand. Parrot Analytics noted that BTS remained a focal point of global interest throughout 2025. Despite a period of limited group activities, the group saw repeated spikes in demand driven by the annual "BTS FESTA" and various solo projects from individual members. The report suggested that the group has reached a level of fame where its brand functions as a permanent piece of cultural infrastructure. ENHYPEN's high ranking was attributed to its successful transition to larger global venues. Following a performance at the Coachella Valley Music and Arts Festival, the group launched its "WALK THE LINE" world tour, which consisted of 29 shows across 18 cities. According to data from the tour, the group drew approximately 676,000 attendees, including its encore performances in South Korea. SEVENTEEN also saw significant commercial success, with its fifth studio album, "HAPPY BURSTDAY," peaking at number two on the Billboard 200. The group's tour activities attracted more than 1.26 million fans across 38 performances worldwide. Its 10th-anniversary event, "B-DAY PARTY," saw over 352,000 visitors attend a special exhibition and solo stage at Seoul's Jamsu Bridge and Banpo Hangang Park. The report concluded that K-pop artists are leading a shift in the global market toward consumption models driven by digital culture and highly active fandoms. Following this period of sustained global demand, BTS is scheduled to return to the stage as a full group on March 21. The comeback performance, titled "BTS THE COMEBACK LIVE | ARIRANG," will take place at 8 p.m. at Gwanghwamun Square in central Seoul. The event marks the release of the group's new 14-track album, "ARIRANG," which arrives on March 20. According to BigHit Music and reports from Netflix, the concert will be broadcast live to more than 190 countries, marking the first time a live solo concert from South Korea has been streamed globally on the platform. 2026-02-06 16:49:20
  • Back to back in conventional arms, India and Korea have room for alliance
    Back to back in conventional arms, India and Korea have room for alliance SEOUL, February 06 (AJP) - Drones and AI-enabled systems now dominate headlines from modern battlefields. Yet, when wars grind on, they still come down to firepower. A recent study by the Royal United Services Institute and the Open Source Centre estimated that Russian artillery accounts for roughly 70 percent of Ukrainian casualties. The Council on Foreign Relations similarly notes that artillery remains the “king of battle,” responsible for about 80 percent of casualties in the Russia-Ukraine war. By that measure, India and South Korea stand among the world’s most capable conventional forces. In the 2026 rankings by Global Firepower, India and South Korea place fourth and fifth out of 145 countries — a rare pairing, reinforced by the fact that both remain de facto at war with hostile neighbors. Beyond that similarity, their military profiles diverge sharply. India is a nuclear-armed, all-volunteer force with one of the world’s largest standing armies. South Korea operates a conscription-based system built around a smaller active force and a massive reserve. India spends about 2.3 percent of GDP on defence, roughly $74.4 billion in 2024, ranking near sixth globally in total outlays. Its army fields more than 4,000 tanks, centered on Russian-built T-90S and T-72 platforms and indigenous Arjun variants, and plans to acquire around 1,770 Future Ready Combat Vehicles. Much of this armour is concentrated along borders with China and Pakistan, reflecting the need to cover multiple fronts across a vast landmass. South Korea, ranked fifth overall, devotes about 2.6 percent of GDP — around $43.9 billion — to defence. It maintains roughly 500,000 active-duty troops, backed by several million reservists. The army operates an estimated 2,300 to 2,500 tanks, mainly modern K1 and K2 Black Panther models, placing it among the few countries with more than 2,000 high-end main battle tanks. In practice, India relies on mass — large numbers spread across immense territory — while South Korea concentrates dense mechanisation and firepower in a compact theatre. Diverging air and naval trajectories India has been steadily shifting defence investment toward air and sea power. In 2024, budget growth for the navy and air force — about 13 percent and 26 percent — outpaced the army’s roughly 11 percent increase, according to a Korea-based KIEP brief on India’s defence modernisation. The shift reflects recognition in New Delhi that land-based defences alone are insufficient under pressure from both China and Pakistan. The Indian Air Force ranks sixth globally in the 2025 World Directory of Modern Military Aircraft. It fields about 1,716 active aircraft, with a balanced mix of fighters, helicopters and trainers. Its frontline fleet blends Russian Su-30MKIs, French Rafales and Mirage 2000s, and the indigenous Tejas, underscoring India’s reliance on multiple suppliers as it pursues stealth and next-generation programs. South Korea’s air arm is smaller but more fighter-heavy. The Republic of Korea Air Force operates roughly 822 aircraft and ranks 12th in the same index. Fighters account for more than half its inventory, anchored by F-35A stealth jets, F-15Ks, KF-16s, FA-50s and the emerging KF-21 Boramae. Geography shapes this structure. The ROKAF is optimized for air superiority and rapid strikes against North Korean artillery, missile and command targets, prioritizing high-end combat aircraft over large transport fleets. Its early adoption of fifth-generation fighters gives it an unusually dense concentration of advanced platforms. At sea, South Korea holds a modest edge. Global naval rankings place the Republic of Korea Navy fifth, ahead of India’s seventh. Seoul operates a highly modernized fleet of Aegis destroyers, advanced frigates and Dosan Ahn Chang-ho–class submarines equipped with submarine-launched ballistic missiles. India’s navy, by contrast, centers on two aircraft carriers — INS Vikramaditya and INS Vikrant — and Arihant-class nuclear ballistic missile submarines, making it the world’s sixth nuclear-armed submarine power. These assets support ambitions for expanded SSBN and SSN fleets. However, a significant portion of India’s surface fleet consists of older vessels facing modernization challenges, while South Korea’s smaller navy benefits from a higher share of recently built, domestically designed ships. A demanding “Make in India” customer India’s defence market is shaped by its insistence on industrial self-reliance. “Because India experienced decades of exploitation under colonial rule, there is a deep-rooted reluctance to depend purely on foreign imports,” said Jung Kyeong-woon, a research fellow at the Korea Association of Military Studies. “If you want to sell major systems to India today, the government expects you to bring factories, jobs and technology.” The war in Ukraine has highlighted the risks of India’s long dependence on Russian weapons, from delays in S-400 deliveries to shortages of spare parts for Soviet-era platforms. South Korea’s K9 Vajra programme illustrates how Seoul can adapt to this environment. A 2017 contract for 100 self-propelled howitzers, produced locally and delivered by 2021, was followed by a second order in 2024 for another 100 units through 2030. The programme combined competitive performance with domestic manufacturing — a model aligned with Make in India priorities. Attention is now turning to whether the KF-21 Boramae, set to enter full service with the ROKAF, could become South Korea’s next major export platform for India. Strategic convergence Taken together, India and South Korea represent two of the world’s most formidable conventional military powers, built on different strategic logics but comparable industrial depth. India brings scale, geographic reach and nuclear-backed deterrence. South Korea offers dense high-tech firepower, mature defence manufacturing and rapid production capacity. As supply-chain security, localisation and interoperability gain importance, the overlap between the two systems is growing. For New Delhi, Korea offers a reliable partner less encumbered by geopolitical volatility than traditional suppliers. For Seoul, India represents one of the few markets large enough to sustain long-term defence-industrial cooperation. Back to back in global rankings, the two countries now face a shared opportunity: to translate parallel strengths in conventional arms into a deeper strategic and industrial alliance. 2026-02-06 16:48:18
  • South Korean GM Supplier Workers to Return After Employment-Succession Deal
    South Korean GM Supplier Workers to Return After Employment-Succession Deal Korea GM subcontracted workers at the Sejong logistics center are set to return to work after the automaker agreed to take over their employment, ending a dispute over mass layoffs after about two months. The Korea GM Parts Logistics Branch of the Korean Metal Workers’ Union said on Thursday that Korea GM acknowledged its responsibility as the primary employer and reached a tentative agreement to succeed the employment of all subcontracted workers at the Sejong facility. Under the deal, employment succession and existing working conditions would be maintained even if the subcontractor changes. Wages for the roughly two-month layoff period will be paid as compensation. Gyeongryun Logics will take over operations from Woojin Logistics, which shut down. The union branch approved the tentative agreement at a members’ meeting. Of 96 eligible voters, 95 cast ballots, with 74 in favor and 21 against, for a 77.89% approval rate. A joint committee formed to support the union said it plans to hold a victory report event on Sunday at the domestic shipping area inside the Korea GM Sejong logistics center. A union official said, “We hope Korea GM, recognizing its responsibility as the primary employer, ensures mass layoffs are not repeated,” and added that the union also hopes restructuring at the company’s directly operated service centers will be halted.* This article has been translated by AI. 2026-02-06 16:36:00