Journalist
Lee Hugh
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HD Hyundai Heavy Signs Deal to Build Sweden’s Icebreaking Vessel, a First for a Korean Yard HD Hyundai Heavy Industries said Sunday it has held a contract-signing ceremony for an overseas icebreaking vessel order, marking the first such deal won by a South Korean shipyard and moving the project into full implementation. The company said it signed the shipbuilding contract with the Swedish Maritime Administration on Friday local time at the National Maritime Museum in Stockholm. CEO Joo Won-ho and Swedish Maritime Administration Director General Erik Eklund attended the event and discussed the significance of the agreement and ways to cooperate going forward, the company said. HD Hyundai Heavy previously disclosed it had secured an order for one icebreaking vessel worth $348.9 million (about 514.8 billion won). The ship is expected to be delivered in 2029 and will have icebreaking capability rated at Polar Class 4. The company said the contract is seen as a step into the global icebreaker market and a foundation for expanding into Arctic-route vessels such as LNG carriers and bulk carriers equipped with icebreaking functions.* This article has been translated by AI. 2026-04-27 10:21:19 -
HJ Shipbuilding Wins Order for Two 10,100-TEU Container Ships HJ Shipbuilding said Sunday it has won orders worth a combined 357.2 billion won for two 10,100-TEU container ships. The ships are based on the company’s in-house 7,700- to 9,000-TEU eco-friendly container ship design and were engineered to the largest specifications that can be built in the dock at its Yeongdo shipyard in Busan. The company said the high-efficiency design expands cargo space on deck and in the holds, while applying an optimized layout aimed at improving process efficiency and safety. HJ Shipbuilding previously won its first order for a container ship of 10,000 TEU or more at the Yeongdo shipyard in February. With the latest deal, it has secured four ships of the same design. The company said building identical ships in sequence is expected to boost efficiency across design, procurement and production, improving productivity and profitability. It added that shipowners can also benefit from more efficient operations and maintenance. To meet International Maritime Organization environmental rules, the ships will be built with exhaust gas cleaning systems, known as scrubbers, and an alternative maritime power system for shore power supply. HJ Shipbuilding said it has also completed development of an LNG dual-fuel propulsion model based on the same design to meet future demand for cleaner fuels. Chief Executive Yoo Sang-cheol said the company has laid the groundwork to build four large container ships of 10,000 TEU or more in succession at the Yeongdo shipyard. He said it will strengthen competitiveness through selective, profitability-focused orders and high-quality, on-time delivery.* This article has been translated by AI. 2026-04-27 10:15:05 -
HD Hyundai Marine Solution jumps more than 9% on Q1 results, LNG retrofit outlook HD Hyundai Marine Solution surged more than 9% in early trading, buoyed by strong first-quarter results and upbeat brokerage assessments that the stock still has room to rise. According to the Korea Exchange, shares were trading at 277,000 won as of 10:04 a.m., up 23,500 won, or 9.27%, from the previous session. The company said in a filing on April 24 that first-quarter revenue totaled 574.6 billion won and operating profit came to 93.4 billion won. Revenue rose 18.3% from a year earlier and operating profit increased 12.5%. Brokerages have pointed to additional upside potential. Samsung Securities said it expects investor sentiment to improve on expectations of rising demand for liquefied natural gas, or LNG, facility retrofits amid heightened tensions in the Middle East, as well as the group’s expansion of its onshore power-generation engine business. Reflecting a higher valuation for the industrials sector, it raised its target price by 36.9% to 347,000 won. In a report Monday, Samsung Securities analyst Han Young-soo said revenue in the bunkering business jumped on higher oil prices, while the company’s overall profit margin edged down as the lower-margin bunkering segment took a larger share of sales. He added that margins in core businesses excluding bunkering improved from a year earlier and from the previous quarter. Han said net profit “far exceeded” market expectations as foreign-exchange-related gains were reflected. He said core business revenue posted a 19% compound annual growth rate over the past three years and is expected to grow 20% this year. He also said the Iran war is expected to spur LNG projects outside the Middle East, and that gas-importing countries have incentives to diversify supply sources for security reasons, raising the likelihood of increased demand for retrofits of floating storage and regasification units, or FSRUs, and floating storage units, or FSUs. Han added that maintenance work is also under way for engines already installed, and said the group’s shipbuilding volume is rising on a strong shipbuilding market and overseas expansion, while most overhang concerns have been resolved.* This article has been translated by AI. 2026-04-27 10:14:21 -
Chey Tae-won to Present South Korea’s AI Growth Strategy at National Assembly Seminar Chey Tae-won, chairman of the Korea Chamber of Commerce and Industry, will visit the National Assembly to lay out a national growth strategy for the AI era. The Korea Chamber of Commerce and Industry said Monday that the National Assembly Korea-China Parliamentary Union will hold its first policy seminar of 2026 at 8 a.m. Tuesday in the first small conference room of the National Assembly Members’ Office Building. The seminar will be held under the theme, “South Korea’s growth strategy amid the U.S.-China AI technology rivalry.” Chey is scheduled to deliver a special lecture offering a global business perspective on how the South Korean economy should respond. The event is set to begin with opening remarks by Kim Tae-nyeon and a commemorative photo session, followed by Chey’s lecture and a question-and-answer session with attending lawmakers. Organizers said about 40 lawmakers from both the ruling and opposition parties are expected to attend, including Kim Seong-won, senior vice chairman, and Reps. Lee Jae-jung, Min Byeong-deok, Jeong Il-young, Lim O-kyeong, Heo Seong-moo, Cho Bae-sook, Na Kyung-won, Shin Seong-beom and Cha Gyu-geun. Rep. Kim has led policy agendas focused on strengthening national industrial competitiveness and securing future growth engines, and has continued related discussions through an economic policy study group within the Assembly. Organizers said the seminar was arranged as part of that effort to flesh out a national strategy centered on AI and semiconductors. The Korea-China Parliamentary Union is a bipartisan parliamentary diplomacy platform with 145 lawmakers from both parties, and it continues policy discussions across areas including the economy, diplomacy and advanced industries.* This article has been translated by AI. 2026-04-27 10:13:36 -
Grand Korea Leisure Named a “Life Guardian” in 2026 Cheonmyeong Project Grand Korea Leisure (GKL) said Monday it has been appointed a “Cheonmyeong guardian” for the government’s “2026 Cheonmyeong Project,” overseen by the Office for Government Policy Coordination’s Life Guardian Promotion Headquarters. The project name, “Cheonmyeong,” carries a double meaning: “1,000 lives” and a person’s innate lifespan, or destiny (天命). A total of 44 organizations, including GKL, were selected as guardians and are expected to play a central role in spreading a culture of respect for life. GKL President Yoon Doo-hyun said the company will “actively participate in the nationwide effort to expand a culture of respect for life,” adding that it will fulfill its role as a public enterprise by helping ease social isolation among marginalized neighbors and supporting their recovery of the will to live. GKL said it is also running a range of community programs, including the “3-Go” initiative supporting at-risk households outside the formal welfare system, a recovery program for residents of Seoul Station’s jjokbang neighborhoods, the “Pyeolchyeodeurim” program for youth in education-vulnerable groups, and training environmental leaders through ESG partnerships. The company said it has been named a recognized community-contribution company for seven consecutive years since 2019. 2026-04-27 10:10:23 -
Lino Industrial Shares Slide More Than 14% on News of Major Shareholder Stake Sale Semiconductor test socket maker Lino Industrial’s shares were down more than 14% on Monday, a move widely attributed to news that its largest shareholder plans to sell a sizable stake. According to the Korea Exchange, Lino Industrial was trading at 106,500 won as of 9:55 a.m., down 14.39% from the previous session. The company said late April 24 that CEO Lee Chae-yoon plans to sell 7 million common shares through after-hours block trades over 30 days from May 26 to June 24. The sale would amount to 9.18% of total shares outstanding and was valued at 863.1 billion won based on the April 23 closing price of 123,300 won. Lino Industrial said the actual price per share could differ, adding that the purpose of the transaction is “asset management through the sale of shares held.” Some in the securities industry have also suggested the plan could be part of preparations to fund gift taxes for transferring shares to his children, citing Lee’s age of 75. Lino Industrial ranks sixth by market capitalization on the KOSDAQ and posted its best-ever annual results last year. On a consolidated basis, revenue rose 33.9% from a year earlier to 372.5 billion won, while operating profit increased 42.5% to 177.0 billion won. Its operating margin climbed 2.9 percentage points to 47.5%, an unusually high level for the industry.* This article has been translated by AI. 2026-04-27 10:09:51 -
NH NongHyup Bank launches KOSPI 200-linked ELD deposit with rates up to 10% NH NongHyup Bank said April 27 it will launch “Equity-Linked Deposit (ELD) 26-2,” a principal-protected product designed to offer additional returns. The one-year deposit uses the KOSPI 200 index as its underlying asset and comes in three types: Stable I, Return I and Return II. At maturity, principal and interest are guaranteed. Early termination carries fees and could result in a loss of principal. The deposit can be used as collateral for a loan and is covered by deposit insurance. The Stable I type has no knock-out feature and pays, for individual customers, an annual return of 2.6% to 3.2% (2.45% to 3.05% for corporate customers) if the index at maturity rises 0% to 5% from its initial level. The Return I type offers individuals an annual return of 2.6% to 5.6% (2.47% to 5.47% for corporate customers) if the index rises 0% to 30%. If it rises more than 30%, the return is fixed at the minimum rate. The Return II type offers individuals an annual return of 2.3% to 10.0% (2.17% to 9.87% for corporate customers) if the index rises 0% to 25%. If it rises more than 25%, the return is also fixed at the minimum rate. All quoted returns are annual, before tax. Subscriptions will be accepted through May 6 at branches nationwide and via NH All One Bank and NH Smart Banking. “ELDs are products that guarantee principal at maturity while offering the potential for additional returns,” an NH NongHyup Bank official said, adding the bank will continue to introduce products that meet customer demand. 2026-04-27 10:09:17 -
Trump Says Iran Should Call to Negotiate, Not Expect U.S. Delegation U.S. President Donald Trump is increasing pressure on Iran, saying he may pursue negotiations by phone rather than in-person talks. He also argued that maritime blockades are working and claimed Iran’s oil pipelines could soon suffer internal explosions, extending what he described as economic pressure. In a phone interview with Fox News on April 26 (local time), Trump said he would not send “people” on an 18-hour trip as a U.S. negotiating team. “We’ll do it by phone. So if they want, they can call us,” he said. Referring to a call the previous day with Pakistan, Trump said, “We’re not going to do this anymore,” adding, “We have all the cards.” He said Pakistan would continue to stay involved, underscoring that it would keep its mediating role. “They know what has to be in the (final) deal,” Trump said. “They can’t have nuclear weapons. Otherwise there’s no reason to meet.” The remarks came as Trump weighs whether to resume face-to-face talks with Iran after saying he would keep a ceasefire in place until negotiations end. The United States had planned to send a delegation to Pakistan for talks, but has held off after Iran showed what the article described as a passive stance toward negotiations. Trump’s comments about “phone negotiations” were interpreted as a message aimed at pressuring Iran while reducing reliance on the talks. On the war with Iran, Trump said, “We’ve done a great job, and we’re going to have a big victory.” He added, “I hope they act smart, but even if they don’t, we’re going to win anyway.” On blockade measures targeting Iran-linked vessels in places including the Strait of Hormuz and the Pacific, Trump called them “incredibly effective,” claiming it means Iran “can’t make a lot of money anymore.” He said that when a pipeline carrying large volumes of oil can no longer keep loading containers or ships and the line becomes blocked, “the pipe mechanically explodes internally underground.” He claimed it had happened to Iran and said the blockade left it without ships. “It just explodes,” Trump said, adding that “they say they have only three days left” before that happens. He said that once it explodes, it cannot be restored, and even if it were repaired it would reach only about 50% of its current scale. Trump also complained about the North Atlantic Treaty Organization, saying it “didn’t help us properly.” He said the United States had “poured trillions of dollars” into supporting NATO for a long time, but “when we needed a little help, they weren’t there,” adding, “So we have to remember that.” On China’s role, Trump said he did not think it had helped much. “It could help, but I don’t think there’s a lot they can do,” he said, adding that China could have acted “much worse,” but he did not think it had done so. Trump also said he had “good conversations” with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelenskyy, without specifying when. “We’re trying to solve the Russia-Ukraine situation,” he said. “I hope we can do it.”* This article has been translated by AI. 2026-04-27 10:06:16 -
KTO, Aero K Aim to Raise Foreign Passenger Share at Cheongju Airport to 35% by 2028 Korea Tourism Organization and Aero K Airlines are teaming up to develop Cheongju International Airport as a new gateway for “K-tourism,” aiming to spread inbound travel beyond the Seoul metropolitan area. The two sides said they plan to lift the share of foreign passengers using Cheongju Airport to as high as 35% by 2028, more than triple the current level. ◆ Deal targets inbound growth via regional airport KTO said it signed a memorandum of understanding with Aero K on April 24 at its Seoul Center to expand foreign visitor arrivals through Cheongju Airport and boost regional tourism. The agreement is intended to diversify entry routes for visitors to South Korea by using regional airports and to generate demand for travel outside the capital region. Cheongju Airport, a hub for central South Korea, was cited as having strong growth potential. In the first quarter of this year, international passengers at Cheongju Airport jumped 67.6% from a year earlier, KTO said. However, foreign travelers accounted for only about 11% of total users, leaving room for further growth. KTO plans to work with Aero K, which operates about 70% of Cheongju’s international routes, to expand key Asia routes and step up efforts to attract overseas visitors. ◆ Joint marketing to focus on Taiwan, Japan and Southeast Asia Under the agreement, the organizations said they will pursue joint marketing through 2028, including developing region-specific tour products linked to air routes, supporting charter flights and Cheongju-linked packages, hosting familiarization tours for overseas travel companies, and offering airfare discount promotions. They also outlined route-specific strategies. For the Taipei, Taiwan, route, which has a relatively high share of foreign passengers, they plan to strengthen promotions that bundle flights and lodging. In Japan, they will look beyond Tokyo and Osaka by seeking charter flights from smaller regional cities and running familiarization tours to develop new demand. They also plan to attract more visitors from Southeast Asia by linking promotions to a new Manila route scheduled to launch in September. Aero K recently secured traffic rights for 13 weekly flights across four China routes: Beijing (four per week), Shanghai (three), Chengdu (three) and Hangzhou (three), the organizations said. “By increasing foreign visitor inflows through regional airports, we will spread tourism flows that are concentrated in the capital region across the country,” KTO President Park Seong-hyeok said. He added that KTO will strengthen cooperation with airlines to support growth in inbound demand despite external changes such as high oil prices. 2026-04-27 10:05:01 -
LG Electronics to spin off 4 in-house ventures in AI, robotics; offer up to 400 million won in funding LG Electronics said its in-house ventures are preparing to become independent startups, with four teams selected to spin off from the company after developing business-to-business technologies in artificial intelligence, robotics and advanced materials. The company said Monday it recently held a “Studio341 Demo Day” and chose four teams that have met the requirements for a final spin-off. Studio341 is an internal venture program launched in 2023 to carry forward the challenge-and-innovation spirit of GoldStar, LG’s predecessor. The name comes from 341 Yeonji-dong, Busanjin-gu, Busan — GoldStar’s first address. LG Electronics works closely with startup accelerator Bluepoint Partners from selection and mentoring through the spin-off process. This year’s selected teams are: Seka, an AI solution that detects errors in hardware design data; MachineFlow, an enterprise AI coding agent aimed at improving code quality; PreKitchenLab, a kitchen automation robot and operations management B2B solution; and Atomer, a fabless-based design solution for advanced flame-retardant materials. The teams advanced to the final round in July last year after a competition of about 12-to-1, then completed mentoring and passed a final review. The final panel included officials from LG Electronics, startup development specialists and venture capital firms, and assessed business value as well as team composition and capabilities. Depending on the review results, each team will receive up to 400 million won in initial investment, LG Electronics said. The company plans to complete the spin-off procedures in July. LG Electronics said it will continue providing support for a period after the spin-offs to help the startups establish themselves in the market, while also seeking synergies in AI automation solutions, robotics and advanced materials. The first startups spun off in 2024 have been selected for South Korea’s TIPS tech startup support program and the DIPS “super-gap” startup initiative, the company said, and have been recognized for business performance and technology across areas including AI, robotics, materials and platforms. Since last year, LG Electronics has also expanded the program to pursue open innovation with external startups that have solutions aimed at creating new customer experiences. Kang Sung-jin, head of partnerships at LG Electronics, said that as the era of “physical AI” arrives, partnerships among companies with strengths in different technologies and solutions are becoming more important. He said LG Electronics will continue supporting Studio341 spin-offs so they can grow into reliable partners for the company. * This article has been translated by AI. 2026-04-27 10:04:08