Journalist

Lee Hugh
  • Overseas outlets of Korean dining brands jump 25 percent in 5 years
    Overseas outlets of Korean dining brands jump 25 percent in 5 years SEOUL, February 05 (AJP) - South Korean dining brands have increased their overseas store count by nearly 25 percent over the past five years, a government survey showed on Thursday. According to the survey, released by the Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Corp. (aT), Korean dining companies operated 4,644 stores across 56 countries last year, up from 3,722 outlets in 48 countries in 2020. Over the same period, the number of companies operating overseas fell to 122 from 134, while the number of brands slipped to 139 from 147. The survey suggests companies are concentrating resources in key markets rather than expanding broadly, with many respondents reporting higher overseas sales over the past year. The United States was the largest market, accounting for 1,106 stores, or 23.8 percent of the total, more than double the 528 outlets recorded in 2020. China ranked second with 830 stores, down sharply from 1,368 five years earlier. Vietnam remained the largest base in Southeast Asia with 634 outlets, followed by the Philippines with 294, Thailand with 231 and Taiwan with 196 stores. By sector, chicken chains remained dominant, accounting for 39 percent of overseas outlets, followed by bakery brands at 25.5 percent. Together they made up nearly two-thirds of all stores abroad. The ministry said it plans to strengthen tailored support at each stage of overseas expansion, link restaurant operators with Korean food ingredient exporters and provide more detailed market information by country and region. "Overseas expansion has become an important pillar in boosting the global competitiveness of Korean cuisine and the broader food industry," said ministry official Jeong Gyeong-seok. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-05 13:58:34
  • Polaris Shipping Installs Starlink on 25 Bulk Carriers, Plans Autonomous Navigation Trials
    Polaris Shipping Installs Starlink on 25 Bulk Carriers, Plans Autonomous Navigation Trials Polaris Shipping, a carrier specializing in very large ore carriers and bulk ships, is accelerating its shift to smart shipping. The company said Wednesday it has completed installation of a Starlink-based satellite communications system on 25 of its bulk carriers and is moving ahead with plans to introduce a next-generation autonomous navigation system called HiNAS Control. Polaris Shipping said the rollout gives its bulk fleet stable, ultra-high-speed communications, enabling low-latency, high-speed data links on global routes. The company said the satellite network is intended not only to improve onboard internet access but also to support smart-ship operations, including real-time transmission of navigation data, remote support and integration with safety management systems. To advance autonomous navigation, Polaris Shipping said it will first deploy Avikus’ HiNAS Control system on two vessels for a pilot operation. Avikus is a subsidiary of HD Hyundai Group. The company described HiNAS Control as an autonomous navigation system that goes beyond perception and decision-making to perform actual ship-control functions. Polaris Shipping said the system can set optimal routes without crew intervention to help prevent maritime accidents and can reduce fuel costs by maintaining optimal speed and routing. After verifying performance in real operating conditions, Polaris Shipping said it will review, step by step, whether to expand the system to more ships. The company said it aims to build a data-driven smart-ship operating model by combining Starlink-based connectivity with HiNAS Control autonomous navigation technology. “Building ultra-high-speed satellite communications and introducing autonomous navigation systems are key factors that will determine future competitiveness in shipping,” a Polaris Shipping official said. “Through this project, we will strengthen a safe and efficient operating environment while simultaneously improving crew-centered working conditions and achieving digital-based operational innovation, leading global smart shipping.” 2026-02-05 13:54:17
  • Samsungs Lee Jae-yong heads to Winter Olympics for global business meetings
    Samsung's Lee Jae-yong heads to Winter Olympics for global business meetings SEOUL, February 05 (AJP) - Samsung Electronics Chairman Lee Jae-yong has traveled to Italy to attend the 2026 Milan-Cortina Winter Olympics, where he is expected to combine Olympic engagements with meetings aimed at strengthening global business ties. Lee departed for Milan on Thursday, marking his first visit to an Olympic Games since attending the Paris Summer Olympics in 2024. Lee is expected to attend the opening ceremony and hold meetings with political and business leaders on the sidelines of the Games. He is also likely to explore cooperation opportunities with partners connected to Samsung’s European operations, including mobile devices, automotive electronics and semiconductors. Samsung Electronics has been an Olympic sponsor since serving as a local partner for the 1988 Seoul Summer Games. The company signed a global TOP (The Olympic Partner) sponsorship agreement with the International Olympic Committee in 1997 and has extended the partnership through 2028. Lee’s trip continues a recent pattern of using major international events for business diplomacy. In 2024, he visited the Paris Olympics — his first Olympic appearance in 12 years — where he held meetings with global industry leaders, including former ASML chief executive Peter Wennink, and attended a business leaders’ luncheon hosted by French President Emmanuel Macron at the Élysée Palace. Samsung said it will work with the IOC and Olympic Broadcasting Services to film parts of the opening ceremony using its Galaxy S25 Ultra smartphone and broadcast the footage live to global audiences. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-05 13:47:58
  • AP: Mavericks Trade Anthony Davis to Wizards One Year After Luka Doncic Deal
    AP: Mavericks Trade Anthony Davis to Wizards One Year After Luka Doncic Deal The Dallas Mavericks have traded Anthony Davis to the Washington Wizards. The AP reported on Wednesday that Dallas and Washington agreed to a blockbuster deal. Washington received Davis, Jaden Hardy, D’Angelo Russell and Dante Exum. Dallas got Khris Middleton, AJ Johnson, Malaki Branham and Marvin Bagley III, along with two first-round draft picks and three second-round picks. The move drew attention because it includes Davis. In February last year, Dallas sent franchise star Luka Doncic to the Los Angeles Lakers and acquired Davis. The deal sparked a stunned reaction at the time. While Davis is an elite player, many questioned the logic of trading the younger, more productive Doncic. Washington has now added Davis after acquiring Trae Young from the Atlanta Hawks last month, giving the Wizards a stronger lineup. Dallas, meanwhile, has effectively hit the reset button and is reshaping its roster around its next star, Cooper Flagg. 2026-02-05 12:51:00
  • K-Heritage Foundation, Aju Media join hands for K-heritage 5.0 era
    K-Heritage Foundation, Aju Media join hands for K-heritage 5.0 era SEOUL, February 05 (AJP) -The K-Heritage Foundation and Aju Media Group have joined hands to promote the digital preservation and global dissemination of Korea’s national heritage. The K-Heritage Foundation led by President Park Dong-seok, and Aju Media Group headed by President Lee Kwu-jin, signed a comprehensive memorandum of understanding (MoU) on Thursday to cooperate on the digital conservation, video production and international promotion of traditional Korean heritage. The agreement marks a key step in advancing the foundation’s “K-Heritage 5.0” vision. Under its 2026 business plan, the foundation has identified major initiatives including the globalization of a “Top 100 K-Heritage Video Archive” and the hosting of a UNESCO heritage expo in cooperation with countries that participated in the Korean War. Park said the Korean Wave must evolve beyond content consumption toward deeper values and heritage. “The Korean Wave should now move into the 5.0 era, expanding from entertainment into spirit, values and legacy,” Park said. “We aim to build a platform that shares Korea’s history and cultural heritage with global citizens, beyond K-dramas and K-pop.” He added that the video archive project and the UNESCO heritage expo would serve as foundations for systematically documenting Korea’s heritage and strengthening international cooperation. Under the agreement, the two sides will jointly pursue projects including digital recording and archiving of cultural assets, multilingual content production, global distribution platforms and public-interest cultural diplomacy programs. Lee said the K-Heritage 5.0 initiative represents the next stage of the Korean Wave. “This is a highly meaningful direction for the future of Korean culture,” Lee said. “It would be especially significant if this agenda is officially presented at this year’s UNESCO World Heritage Committee meeting in Busan.” He emphasized the role of media in preservation and outreach. “Our responsibility is to document and spread cultural value,” Lee said. “Aju Media will actively work to record disappearing craftsmanship, traditional skills and regional heritage through video and data, and share them with the world.” The partnership will initially run for one year from the signing date, with plans for automatic renewal. The two organizations will continue consultations and jointly develop projects to build a comprehensive global platform for Korean heritage. Through the agreement, the K-Heritage Foundation and Aju Media Group aim to transform Korea’s cultural legacy into a “future asset” to be shared by future generations and global audiences alike. 2026-02-05 12:11:22
  • FM meets US energy chief to discuss nuclear cooperation
    FM meets US energy chief to discuss nuclear cooperation SEOUL, February 5 (AJP) - Foreign Minister Cho Hyun met with U.S. Secretary of Energy Chris Wright on the sidelines of a U.S.-led ministerial meeting on critical minerals in Washington, D.C. on Wednesday. According to the Ministry of Foreign Affairs here, the two sides reaffirmed their commitment to the speedy implementation of a tariff-related bilateral agreement reached in October last year. The agreement includes Seoul's pledge to invest $350 billion in the U.S. as part of a broader deal to reduce reciprocal tariffs from 25 percent to 15 percent. But the deal now faces uncertainty as U.S. President Donald Trump has threatened to raise tariffs again, citing delays in carrying it out. Cho and Wright also agreed to work together to facilitate the implementation of the deal through working-level discussions, with Cho saying he expects that expanded cooperation on the construction of nuclear submarines as well as on uranium enrichment and the reprocessing of spent nuclear fuel will further strengthen strategic ties between the two allies. Wright said he would actively work to achieve tangible outcomes. 2026-02-05 11:24:26
  • Software tantrums shake Asian markets; Korean shares lose nearly 3%
    Software tantrums shake Asian markets; Korean shares lose nearly 3% SEOUL, February 05 (AJP) - Asian stocks tracked Wall Street lower early Thursday, as fears over disruption in the software industry from rapid advances in artificial intelligence triggered broad selling. The Nasdaq suffered its worst two-day rout since last April’s “tariff tantrums,” as investors retreated from software stocks following the release of a suite of industry-specific AI tools, including systems capable of reviewing legal contracts developed by Anthropic. Asian semiconductor shares took a header after Advanced Micro Devices reported earnings that fell short of elevated expectations for AI-driven growth. AMD shares plunged more than 17 percent. “The pullback reflects lingering concerns over AI-related earnings visibility,” said Han Ji-young, a researcher at Kiwoom Securities. “Given their close linkage to U.S. tech shares, Korean stocks remain vulnerable to further downside.” In Seoul, both the benchmark KOSPI and the secondary KOSDAQ retreated more than 2 percent, as foreign investors took profits following months of strong gains. As of 11:05 a.m., the KOSPI had fallen 2.76 percent to 5,223.10, while the KOSDAQ dropped 2.56 percent to 1,120.00. The won weakened against the U.S. dollar, pressured by renewed dollar strength and continued yen weakness. The move followed comments from U.S. Treasury Secretary Scott Bessent reaffirming support for a strong-dollar policy, while political uncertainty ahead of Japan’s snap election weighed on the yen. As a result, the won–dollar exchange rate rose above the 1,460 level in early trading, with the dollar gaining 1.20 won to 1,461.70. Foreign investors sold a net 2.3 trillion won on the main board and 2.1 trillion won on the KOSDAQ. Losses were broad-based across sectors, led by heavyweight technology stocks, while defense and shipbuilding shares also traded lower. Samsung Electronics fell 3.61 percent to 163,000 won, while chipmaker SK hynix dropped 3.67 percent to 867,000 won. Battery maker LG Energy Solution edged up 0.12 percent to 403,000 won. Financial and biotech shares were mixed. Samsung Life Insurance rose 0.46 percent to 198,400 won, while Samsung Biologics slipped 0.68 percent to 1,747,000 won. Automakers also posted mixed moves, with Hyundai Motor down 0.79 percent at 500,000 won and Kia up 0.57 percent at 157,700 won. Defense and aerospace shares weakened, with Hanwha Aerospace retreating 5.89 percent to 1,246,000 won. Shipbuilders were also under pressure. HD Hyundai Heavy Industries fell 2.06 percent to 571,000 won, while Hanwha Ocean slid 2.43 percent to 140,500 won after reporting weaker-than-expected fourth-quarter earnings, prompting near-term selling despite broker upgrades and positive long-term outlooks for LNG and special-purpose vessels. Elsewhere in Asia, Japan’s Nikkei 225 was nearly flat, down 0.15 percent at 54,210.24, while China’s Shanghai Composite fell 0.6 percent to 4,076.89 and Hong Kong’s Hang Seng Index dropped 1.1 percent to 26,543.85. 2026-02-05 11:19:04
  • BYD Korea Unveils Dolphin Electric Hatchback, Starting at 24.5 Million Won
    BYD Korea Unveils Dolphin Electric Hatchback, Starting at 24.5 Million Won BYD Korea on Wednesday unveiled the BYD Dolphin, a small electric hatchback aimed at the urban EV market. The company said the Dolphin is optimized for city driving, with efficient packaging and a price positioned to appeal to first-time EV buyers, commuters and consumers looking to downsize. Its exterior follows BYD’s EV design concept, “Ocean Aesthetics,” reinterpreting the dolphin’s flowing curves and movement in a modern style. Despite its compact size, the Dolphin has a 2,700-millimeter wheelbase and seats five. With the rear seats folded, cargo space expands to as much as 1,310 liters, BYD Korea said. The model will be offered in two trims: the Dolphin and the long-range, higher-performance Dolphin Active. The Dolphin Active produces 150 kW (about 204 horsepower) and accelerates from 0 to 100 kph in 7.0 seconds. Both trims are built on the EV-only e-Platform 3.0 and include a heat-pump system to improve energy efficiency across driving conditions. The car uses BYD’s Blade Battery. The Ministry of Environment-certified driving range is up to 354 kilometers per charge (Dolphin Active). With fast charging, the battery can be charged to 80% in about 30 minutes, the company said. A rotating 10.1-inch touch display supports T Map navigation, wireless Apple CarPlay and Android Auto, and over-the-air updates. Features include vehicle-to-load capability, a panoramic glass roof with an electronic sunshade, and a 3D surround-view monitor. The Dolphin Active adds a two-tone exterior color option, ventilated front seats and wireless smartphone charging. The Dolphin earned a five-star rating in Euro NCAP crash tests, BYD Korea said. All trims come standard with seven airbags and advanced driver-assistance systems. Prices, after eco-friendly vehicle tax benefits and before subsidies, are set at 24.5 million won for the Dolphin and 29.2 million won for the Dolphin Active. BYD Korea said the Dolphin will go on sale nationwide starting Feb. 11, with test drives available at BYD showrooms. Deliveries of the Dolphin Active are scheduled to begin in March on a rolling basis. * This article has been translated by AI. 2026-02-05 10:51:00
  • Marco Landi says AI will expand cinematic creativity as festival moves to South Korea
    Marco Landi says AI will expand cinematic creativity as festival moves to South Korea SEOUL, February 05 (AJP) - Marco Landi, the former president of Apple and a leading figure in the global artificial intelligence sector, says the technology should be viewed as a tool for augmented imagination rather than a threat to human creativity. Landi, who currently serves as the president of Institut EuropIA and founded the World AI Film Festival (WAIFF), shared his vision for the future of cinema and technology during a recent interview. His remarks come as the festival prepares to expand to South Korea in 2026, marking a significant step in his mission to build a global ecosystem for AI-driven storytelling. With a career spanning leadership roles at Texas Instruments and Apple, Landi has spent decades at the intersection of innovation and culture. He established the House of Artificial Intelligence in 2021 to promote education and inclusion, particularly for women and young creators. He later launched the World AI Cannes Festival to explore how AI transforms specific industries, with cinema emerging as a primary focus. "Film is a powerful lens because it brings together storytelling, emotion, music, image, and culture," Landi said. "Our goal is not a technological revolution that erases tradition, but a thoughtful transition that preserves Europe’s rich cinematic heritage while helping creators embrace new tools." The inaugural WAIFF in 2025 received 1,500 submissions from around the world in just three months. Landi noted that AI is radically lowering the barriers to entry for filmmakers, allowing creators to produce high-quality work with significantly smaller budgets. The decision to bring the festival to South Korea follows a surge of international interest. Landi emphasized that the Seoul edition is designed as a two-way bridge to foster cross-cultural exchange between South Korean creators and international filmmakers. "Every country brings its own cultural perspective, sensibility, and storytelling tradition," Landi said. "By sharing these experiences, we enrich one another. Cinema becomes a space of dialogue rather than competition." Addressing concerns about the ethical implications of AI, Landi stressed the importance of governance and the protection of intellectual property. He said WAIFF is developing an ethical charter to ensure creators are fairly rewarded and their work is respected. "AI is not here to replace creativity," Landi said, citing a conversation with musician Jean-Michel Jarre. "It is a tool that helps imagination move faster, reach further, and materialize ideas more efficiently." Landi's philosophy on technology leadership remains rooted in principles he observed during his time at Apple. He cited the influence of Steve Jobs, noting that technology must be effective enough for people to want to use it and beautiful enough for them to want to own it. As the festival grows, Landi hopes to reach at least 50 countries within three years. He envisions WAIFF as an ecosystem that connects creators, investors, and distributors while fostering sustainable business models for the new film industry. Traditional filmmaking and AI-assisted creation can coexist and enrich one another, Landi said. He noted that the festival aims to reach at least 50 countries within three years as it builds a broader structure dedicated to education and ethics. 2026-02-05 10:48:01
  • Celltrion posts record profit as new biosimilars drive sales growth
    Celltrion posts record profit as new biosimilars drive sales growth SEOUL, February 05 (AJP) - South Korean biopharmaceutical company Celltrion reported record annual earnings on Thursday as strong sales of newer, higher-margin biosimilars lifted both revenue and profitability. In a regulatory filing, the firm said consolidated revenue for 2025 rose 17 percent from a year earlier to 4.16 trillion won, while operating profit jumped 137.5 percent to 1.17trillion won. It marked the first time Celltrion surpassed both 4 trillion won in annual revenue and 1 trillion won in operating profit in the same year. Operating margin rose to 28.1 percent, up 14.3 percentage points from a year earlier. Fourth-quarter revenue climbed 25.1 percent year on year to 1.33 trillion won, while operating profit surged 142 percent to 475.2 billion won, exceeding company guidance. Celltrion attributed the growth largely to rapid expansion of higher-margin new biosimilars. Alongside steady sales of established products such as Remsima, Truxima and Herzuma, newer drugs including Remsima SC, Yuflyma, Vegzelma and Zymfentra gained traction, lifting global biopharmaceutical sales 24 percent to 3.9 trillion won. New products accounted for 54 percent of total biopharmaceutical sales, the company said. Celltrion set a 2026 revenue target of 5.3 trillion won and plans to increase the share of new products in sales to 70 percent through bidding strategies centered on newer drugs and by strengthening its direct sales network. The company also plans to expand its contract manufacturing and development businesses through its Branchburg, New Jersey, facility, while broadening its biosimilar and innovative drug pipeline to support longer-term growth. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-05 10:37:53