Journalist

Lee Hugh
  • Naver Pay Launches NFT-Based Community Features in Npay Wallet
    Naver Pay Launches NFT-Based Community Features in Npay Wallet Naver Pay said on March 12 it has launched a new community service based on non-fungible tokens, or NFTs, within its non-custodial digital asset wallet, Npay Wallet. Npay Wallet is a digital asset wallet designed to securely store digital art, tickets and certificates. The new Npay Wallet Community is built around NFTs and is intended to let users connect through shared interests. In the community's "channels," users can freely discuss specific topics, including Jeju Island's digital tourism pass, "Nauda," and game streams on Naver's streaming service, "Chzzk." By contrast, "ticket verification rooms" are operated as closed groups open only to holders of tickets and related NFTs for specific performances or events, including the KLPGA (Korea Ladies Professional Golf Association). The company said the goal is to help attendees form communities and increase engagement and a sense of being on site. Naver Pay said it plans to expand the community to additional content areas, including sports, games and performances, using NFTs. Starting March 31, it plans community events tied to Chzzk game broadcasts to offer a participatory experience that combines watching matches with fan interaction. To mark the launch, Naver Pay is also running an open promotion. Users who complete three missions in the community — liking posts, leaving comments and writing posts — can receive 1,000 won in Npay points. Those who post NFT verification content will be entered in a drawing for up to 50,000 won in additional points. An official at Naver Pay said, "Npay Wallet will expand beyond a digital wallet that stores NFTs into a platform that also provides community experiences where various events and fandom activities take place." * This article has been translated by AI. 2026-03-12 14:33:00
  • PM heads to US, Switzerland to bid for UN AI hub
    PM heads to US, Switzerland to bid for UN AI hub SEOUL, March 12 (AJP) - Prime Minister Kim Min-seok left for the U.S. on Thursday to promote South Korea's bid to host an artificial intelligence (AI)-related hub for the U.N. and its agencies. During his weeklong visit, Kim is scheduled to meet with U.N. Secretary-General António Guterres and other officials in New York, where he will promote South Korea's initiative for global cooperation on AI-related projects. He is also expected to hold a meeting with senior U.S. officials in Washington, D.C possibly including Vice President JD Vance, whom he met during his last visit in January. They are expected to discuss a range of pending issues including tariff-related negotiations. Kim is also likely to explain a bill outlining South Korea's massive investment pledges to the U.S. as a follow-up to a broader trade deal reached between the two countries last fall, which is expected to pass in the National Assembly here later in the day. After wrapping up his trip to the U.S., Kim will head to Geneva, Switzerland, for further discussions. He returns home next Thursday. 2026-03-12 14:31:54
  • Stray Kids Win Four Japan Gold Disc Awards, Most Ever for Overseas Artist
    Stray Kids Win Four Japan Gold Disc Awards, Most Ever for Overseas Artist Stray Kids won four prizes at the 40th Japan Gold Disc Awards, setting a record for the most wins by an overseas artist. The Japan Gold Disc Awards said on its official website on the 11th that the group received Best Asian Artist. It also won Album of the Year (Asia) and Best 3 Albums in the Asia category for its third Japanese mini album, “Hollow.” In addition, the live Blu-ray of its 2024 in-person fan event in Japan, “Stray Kids Fan Connecting ‘SKZ TOY WORLD,’” was named Music Video of the Year (Asia). The Japan Gold Disc Awards are hosted by the Recording Industry Association of Japan and marked their 40th edition this year. Winners were selected based on sales of recordings, videos and other products from Jan. 1 through Dec. 31, 2025. Stray Kids have also posted strong results on global charts. In 2025, the group achieved eight consecutive No. 1 debuts on Billboard’s main albums chart, the Billboard 200. On the International Federation of the Phonographic Industry’s 2025 year-end global charts, its fourth full-length album, “KARMA,” ranked No. 2 on the Global Album Sales Chart, the highest placement by a K-pop artist. The group was also the only K-pop act to place in the top 10 of the Global Artist Chart and the Global Album Chart. Stray Kids are scheduled to hold their sixth official fan meeting, “Stray Kids 6TH FANMEETING ‘STAY in Our Little House,’” on March 28-29 and April 4-5 at Inspire Arena in Incheon. In June and September, they are set to appear as headliners at The Governors Ball Music Festival in New York and Rock in Rio in Brazil.* This article has been translated by AI. 2026-03-12 14:30:16
  • Samsung Biologics Showcases CDMO Platform at BMA 2026, Wins CMO Award
    Samsung Biologics Showcases CDMO Platform at BMA 2026, Wins CMO Award Samsung Biologics said it used a global biopharmaceutical technology event to promote its contract development (CDO) capabilities and earned recognition for its contract manufacturing (CMO) competitiveness. The company said it took part in the Asia Biopharmaceutical Manufacturing Conference (BMA 2026), held March 11-12 in Singapore. Now in its 13th year, BMA is billed as Asia’s largest biopharmaceutical technology event and is sponsored by global pharma and biotech consulting firm IMAPAC. Organizers said 500 companies and more than 1,200 participants attended. At the conference, Samsung Biologics presented on its high-concentration formulation development platform, S-HiCon, highlighting its CDO technology. Lim Heon-chang, head of the CDO Development Center’s Formulation Development Group, shared key development cases using S-HiCon, along with challenges and how they were addressed, and introduced the company’s main CDO services. Launched in 2024, S-HiCon is designed to help clients develop high-concentration formulations by drawing on Samsung Biologics’ formulation development experience. The company said it has secured nine CDO-related technology platforms to meet a range of needs. These include Developick, a platform to assess development feasibility; S-Choice, an in-house cell line platform; and S-Transient, a transient expression platform for candidate materials. The company said it provides tailored CDO services from early development through investigational new drug (IND) applications. Samsung Biologics also received an award at the ABEA 2026 ceremony held alongside the conference, which it said underscored its CMO competitiveness. ABEA honors companies in the Asia-Pacific region for performance in areas including bioprocessing, logistics and supply chain management, clinical trial expertise, organizational capability and technology over the past year. The company said it won the Bioprocessing Excellence in Korea Award in recognition of its process development capabilities and global-level quality and production systems, which support clients across the full biopharmaceutical development process through end-to-end services. * This article has been translated by AI. 2026-03-12 13:57:00
  • AMAZE Picks TWS as First 2026 Headliner for VR Concert Series
    AMAZE Picks TWS as First 2026 Headliner for VR Concert Series AMAZE, which helped popularize VR concerts featuring third- and fourth-generation K-pop artists last year, has selected fifth-generation idol group TWS to open its 2026 lineup. Choosing a rookie group in its second year since debut signals that VR concerts are taking hold as a mainstream performance format that now extends to newer-generation acts. Because VR concerts are screened in theaters for a set period, they require steady audience demand backed by a strong fan base. TWS has grown quickly since debut and has emerged as one of the most prominent fifth-generation groups. The group established a clear identity early with a bright, youthful concept, while its fandom expanded rapidly. TWS has also shown ticket strength in the live market. Within a year of debut, the group sold out its first fan meetings in South Korea and Japan. Its first Japan fan meeting sold out all seats across three shows, and subsequent Japan and Greater China solo tours also sold out. A recently announced second fan meeting, “2026 TWS Fan Meeting Psy Club,” likewise sold out quickly on the day of presales, underscoring demand. Chart and album results followed. TWS ranked No. 2 on Japan’s Oricon annual rookie ranking and reached No. 1 on the Billboard Japan Hot 100. The group also swept rookie awards at major South Korean ceremonies soon after debut. Industry observers say that combination of fandom scale and marketability aligns with the VR concert model. The group’s dense core fan base, centered on teens and people in their early 20s, is seen as having strong purchasing power for performances and related content. As K-pop performance content expands into theater screenings and XR productions, VR concerts are also drawing attention as an alternative format. In that context, TWS’ participation is being read as a sign that VR concerts are widening to include the next generation of K-pop artists. “TWS VR Concert: Rush Road” sold out quickly after ticket sales opened. Most screenings in the opening week sold out, followed by sellouts in key time slots and weekend screenings in the second week. The production also posted a 9.9 audience rating on Megabox and ranked No. 2 on the chain’s overall movie chart, indicating strong viewer satisfaction. Analysts say TWS’ selection reflects more than a bet on a newcomer, pointing instead to a fast-growing fandom and proven demand that highlight VR concerts’ commercial potential. Attention is now on how the format will evolve as it expands to newer generations of K-pop acts. * This article has been translated by AI. 2026-03-12 13:54:32
  • Analysis: U.S. turns to Section 301 to sustain tariff strategy, what it means for Korea
    Analysis: U.S. turns to Section 301 to sustain tariff strategy, what it means for Korea SEOUL, March 12 (AJP) -The Trump administration’s decision to launch a sweeping Section 301 investigation into South Korea and 15 other economies signals that Washington’s tariff-centered trade policy remains firmly intact despite a recent Supreme Court ruling that struck down a key legal foundation for earlier duties. The Office of the United States Trade Representative (USTR) announced Wednesday that it is opening investigations into “structural excess capacity and production in manufacturing sectors” across a range of major trading partners. The list includes China, the European Union, Japan, South Korea, India, Mexico, Taiwan and Vietnam, among others. While the probe is formally framed as an inquiry into industrial overcapacity and trade distortions, it serves a broader purpose: rebuilding the Trump administration’s tariff framework after the Supreme Court invalidated the reciprocal tariffs imposed under the International Emergency Economic Powers Act (IEEPA). USTR Jamieson Greer made clear that the administration’s policy direction remains unchanged. “The policy remains the same — the tools may change depending on courts and other circumstances,” Greer said during a briefing with reporters. In practice, the move shifts the legal foundation for tariffs from emergency powers to Section 301 of the Trade Act of 1974, a longstanding trade enforcement provision that authorizes the U.S. government to investigate and retaliate against foreign practices deemed “unreasonable or discriminatory” toward U.S. commerce. How Section 301 has been used Section 301 has historically been one of Washington’s most powerful unilateral trade tools. The provision allows the USTR to investigate foreign policies or practices that harm U.S. commerce and, if necessary, impose retaliatory measures such as tariffs or the suspension of trade concessions. The tool was widely used before the establishment of the World Trade Organization (WTO) in 1995, after which the United States relied more heavily on the WTO’s dispute settlement system to resolve trade conflicts. In 2017 the administration launched a major investigation into China’s intellectual property and technology transfer policies. That probe ultimately led to tariffs ranging from 7.5 percent to 25 percent on about $370 billion worth of Chinese imports, marking one of the largest trade enforcement actions in modern history. The new investigation suggests the administration is now prepared to expand the use of Section 301 beyond China to a broader group of major trading partners. Unlike the earlier probe, which focused on intellectual property issues, the current investigation centers on what Washington describes as “structural excess capacity” in manufacturing. U.S. officials argue that some economies are producing far more industrial goods than global markets can absorb, often supported by subsidies, state-backed financing or other policy measures. Washington contends that such excess capacity can distort global markets, displace U.S. production and discourage investment in American manufacturing. The move comes after the U.S. Supreme Court struck down the administration’s reciprocal tariffs imposed under the International Emergency Economic Powers Act, ruling that the emergency powers law did not provide the authority to impose broad trade tariffs. The Section 301 investigation therefore represents a new legal pathway to maintain tariff leverage using a statute specifically designed for trade enforcement. The investigation is proceeding on an accelerated timeline. Written comments from stakeholders will be accepted beginning March 17 and must be submitted by April 15. Public hearings are scheduled to begin May 5. The schedule aligns with another temporary measure currently in place. The United States has imposed a 10 percent global tariff under Section 122 of the Trade Act, which can remain in force for only 150 days. The administration is widely expected to complete the Section 301 process before that deadline in order to establish a more durable legal basis for tariffs. If the investigation concludes that foreign practices are harming U.S. commerce, Washington could impose tariffs, introduce service-related fees or pursue negotiations aimed at changing those policies. In the Federal Register notice accompanying the investigation, the USTR identifies South Korea as an economy with significant export strength in several key industries. The filing notes that Korea’s global trade surplus is concentrated in sectors such as electronic equipment, automobiles and auto parts, machinery, steel, and ships and marine vessels. The notice also highlights Korea’s trade relationship with the United States, citing a large bilateral surplus in goods and services in recent years. U.S. officials argue that such patterns may reflect structural overcapacity that distorts global markets and undermines investment in domestic manufacturing. By framing the issue in terms of industrial capacity rather than simple trade imbalances, Washington is positioning the probe within a broader strategy aimed at reshaping supply chains and strengthening domestic production. Although the current investigation focuses on manufacturing overcapacity, USTR officials have suggested that additional Section 301 probes could address other issues affecting U.S. companies abroad. While U.S. officials say current bilateral trade arrangements remain valid, Section 301 actions could still result in new tariffs or other restrictions. Seoul highlights that it is ready and not alone in the new offensive. “The U.S. government has repeatedly explained that it would use Section 301 to restore tariffs to the level that existed before the Supreme Court ruled the IEEPA-based tariffs unconstitutional, and we have been discussing that scenario with them,” Yeo Han-koo, South Korea's trade representative, said Thursday in a briefing. "The overcapacity investigation is not aimed solely at Korea. It is a broad investigation covering 16 economies,” he said. Yeo dismissed speculation that the issue could be linked to the regulatory scrutiny surrounding Coupang, noting that the probe concerns manufacturing overcapacity rather than digital-sector policies. “The Section 301 investigation is separate from issues such as digital non-tariff barriers. It has nothing to do with Coupang,” he said. According to Yeo, the United States also appears focused on maintaining the overall structure of existing trade agreements while using alternative legal tools to restore tariff leverage. “The U.S. government’s objective is to preserve and maintain the trade deals it has already concluded as much as possible while using other legal instruments to restore tariffs to previous levels,” he said. He noted that Washington had earlier imposed a blanket 10 percent tariff under Section 122 of the Trade Act as a temporary measure because Section 301 investigations typically require months to complete. “Section 301 investigations generally take several months to a year, which is why the U.S. first imposed the across-the-board 10 percent tariff under Section 122,” Yeo said. Based on the expected timeline, he said tariff adjustments under Section 301 could begin emerging around mid-July. Trade experts say the political context in Washington may also shape how aggressively tariffs are applied. Heo Yoon, professor of international trade at the Graduate School of International Studies at Sogang University, said tariffs are a major element of economic campaign strategy for U.S. midterm elections. “Because Section 301 tariffs are item-based, their scope is narrower than the previous reciprocal tariffs and the resulting tariff revenue could be significantly lower,” he said. “That may lead the U.S. government to impose higher tariffs on specific sectors to make up the difference.” “The USTR hearings are essentially a negotiating table where the 16 economies under investigation will face the United States,” Heo said. “Both the government and the private sector must prepare detailed rebuttals to the U.S. arguments in order to minimize potential tariff damage.” *AJP's Kim Yeon-jae contributed to this article. 2026-03-12 13:49:52
  • No-frills Eastar Jet tops South Korean carriers in seat occupancy
    No-frills Eastar Jet tops South Korean carriers in seat occupancy SEOUL, March 12 (AJP) - Eastar Jet filed more than 90 percent of its seats on average last year, the highest among South Korean airlines, the budget carrier said on Thursday. Of the carrier's roughly 33,600 flights with 6.33 million seats, about 5.71 million passengers were aboard, reaching an average seat occupancy rate of 90.14 percent. The figure is well above the aviation industry's average of 84.86 percent, according to the Ministry of Land, Infrastructure and Transport. Eastar Jet attributed the high occupancy rate to several factors such as affordable fares, flexible routes, comfortable cabins and convenient in-flight services, as well as benefits offered through affiliated partnerships. The carrier is also modernizing its fleet, replacing half of its 20-plane fleet with new Boeing 737-8 aircraft featuring premium leather seats and quieter engines. Eastar Jet also had the fastest check-in among South Korean carriers, averaging 10 minutes and 8 seconds, in a survey conducted by Incheon International Airport Corp. last year. "We will keep working to provide passengers with an easy and convenient travel experience, in line with our 'Easy Flight' slogan reflected in our corporate name," said an Eastar Jet spokesperson. 2026-03-12 13:48:41
  • Foreign investors flee Seoul as KRW weakness persists
    Foreign investors flee Seoul as KRW weakness persists SEOUL, Mar. 12 (AJP) — Foreign investors pivoted to a net sell-off in South Korean financial markets between February and March, marking the first net outflow in six months. The South Korean won continued its steady decline, extending a period of weakness that began last month. The value of the won has depreciated by 2 percent since February, falling from a January average of 1,439.5 per dollar to 1,469.2 as of March 10 according to a Bank of Korea (BOK) release on Thursday, marking the second consecutive month of decline, following a 1.4 percent weakening in January. While the won’s fall last month occurred even as the U.S. Dollar Index softened, the current depreciation has been exacerbated by a 1.9 percent surge in the dollar index, fueled by escalating conflict in the Middle East. Among emerging market currencies, the won’s decline was surpassed only by the Russian ruble, which fell 3.7 percent. In stark contrast, the Brazilian real emerged as the top performer, appreciating by 1.9 percent this month following a 5.7 percent surge last month, bolstered by the Brazilian central bank’s fiscal tightening and interest rate hikes. While advanced currencies also weakened—with the euro falling 2 percent, the yen 2.1 percent, and the pound 1.9 percent—the underlying drivers differed significantly from the won. The weakness in these currencies was largely driven by dovish expectations: the yen softened following Prime Minister Sanae Takaichi’s nomination of a dovish policy board member, while the euro fell as CPI dipped below the 2 percent target. The won, however, continued to slide despite the BOK ruling out the possibility of rate cuts. Volatility is also on the rise. The won’s daily fluctuation range expanded from 0.36 percent in December to 0.45 percent in January, reaching 0.58 percent in February. Foreign portfolio investment saw a net outflow of $7.76 billion, the first shift to negative territory since August. This represents the second-largest monthly net outflow on record, eclipsed only by the $8.97 billion flight during the July 2008 financial crisis. Equity markets bore the brunt of the exodus, with $13.5 billion in foreign capital exiting the KOSPI. This surpassed the previous record of $11.04 billion set during the onset of the Covid-19 pandemic in March 2020, marking the largest monthly equity outflow in South Korean history. Conversely, the bond market saw a net inflow of $5.74 billion, as investors engaged in bargain hunting amid falling Korean bond prices. This marks the fourth consecutive month of net inflows into fixed income since October. External borrowing conditions remain relatively stable. The spread on short-term external borrowing held steady at 11 basis points, while the CDS premium stood at 22 basis points, marginally up from 21 basis points last month. However, mid-to-long-term external borrowing spreads edged up from 42 basis points to 46 basis points, reflecting deteriorating external conditions, including the Middle East conflict and the blockade of the Strait of Hormuz. 2026-03-12 13:36:07
  • Internet Newspaper Ethics Committee Completes First 2026 Training for New Reporters
    Internet Newspaper Ethics Committee Completes First 2026 Training for New Reporters The Internet Newspaper Ethics Committee, chaired by Lee Jae-jin and known as the “Inshin Yunwi,” said it held the first session of its “2026 Basic Training for New Internet Newspaper Reporters” over two days, from the 10th to the 11th, at the Korea Press Foundation’s Media Education Center. The program was attended by more than 20 new reporters from outlets that have pledged to take part in the committee’s voluntary self-review system. The committee said the training was designed to help new reporters build core reporting and writing skills while strengthening ethics awareness and digital capabilities needed in a changing news environment. The course was jointly operated with the Korea Press Foundation. The curriculum focused on practical skills, including straight-news writing theory and exercises, Korean spelling and dictionary use, suicide coverage and reporting ethics, internet media ethics and self-review cases, and the use of generative AI for reporting. Park Young-rye, head of the committee’s article review office, led a lecture on internet media ethics and self-review using real review cases. Song Sang-geun, a professor with a special appointment at Ewha Womans University’s Journalism Education Institute, taught writing theory and hands-on practice. Training programs run in cooperation with the National Institute of the Korean Language and the Korea Suicide Prevention Center, along with instruction on using generative AI, were also included. Participants were also required to complete the Korea Press Foundation Media Academy’s online course, “Practical Guidelines for Disaster Reporting,” before the end of the program, the committee said, making the training a comprehensive course that also covers disaster-reporting ethics. An Inshin Yunwi official said the program was created to help new reporters systematically learn the basic qualifications of journalists and strengthen practical reporting skills. The official said the committee hopes the training will help participants grow into journalists trusted in the field and said it will continue regular education programs to promote a responsible media environment. The committee said it plans to run the basic training course three times this year.* This article has been translated by AI. 2026-03-12 11:21:09
  • Asian stocks edge lower on oil supply fears, Hormuz disruption concerns
    Asian stocks edge lower on oil supply fears, Hormuz disruption concerns SEOUL, March 12 (AJP) — Asian stock markets traded mostly lower Thursday as investors weighed volatile oil prices and the risk of prolonged shipping disruptions in the Strait of Hormuz despite a coordinated release of strategic crude reserves by major consuming nations. The International Energy Agency (IEA) said Wednesday that its 32 member countries agreed to release 400 million barrels of strategic oil reserves, the largest coordinated drawdown in the agency’s history, to stabilize global energy markets rattled by the war between the United States and Iran. The planned release is more than double the 182.7 million barrels released in two rounds after Russia’s invasion of Ukraine in 2022. South Korea and Japan are also expected to contribute shares from their emergency stockpiles. Still, investor sentiment remained fragile as Iranian attacks on commercial vessels near the Strait of Hormuz and continued threats to shipping routes raised fears of supply disruptions along one of the world’s most critical oil corridors. In Tokyo, the Nikkei 225 fell 1.06 percent to 54,444.13 in morning trading. Hong Kong’s Hang Seng Index slipped 0.39 percent to 25,798.95, while China’s Shanghai Composite Index edged down 0.17 percent to 4,126.61. Taiwan’s TAIEX declined 0.47 percent to 33,952.85. Overnight on Wall Street, semiconductor shares rose after strong earnings from Oracle lifted technology sentiment. Nvidia gained 0.66 percent and Micron Technology advanced 3.86 percent, pushing the Philadelphia Semiconductor Index up 0.63 percent. South Korean chip stocks, however, traded lower as investors remained cautious. Samsung Electronics fell 1.05 percent to 188,000 won, while SK hynix slipped 0.73 percent to 948,000 won. South Korea’s main bourses were volatile ahead of the quarterly “quadruple witching” day, when futures and options contracts on stocks and indexes expire simultaneously, often triggering sharp swings. “Concerns over foreign investor flows during derivatives expiry and continued news surrounding the Strait of Hormuz could limit the market’s upside,” said Han Ji-young, an analyst at Kiwoom Securities, noting that sector-specific divergence is likely in the near term. As of 10:51 a.m., the benchmark KOSPI was down 0.40 percent at 5,587.45, while the tech-heavy KOSDAQ rose 0.68 percent to 1,144.56. Shares were mixed across sectors. Battery maker LG Energy Solution edged up 0.14 percent to 370,000 won, while biotech stocks weakened. Samsung Biologics fell 2.35 percent to 1,618,000 won, and Celltrion declined 1.44 percent to 206,000 won. Defense-related shares gained amid heightened geopolitical tensions. Hanwha Aerospace rose 2.55 percent to 1,446,000 won, while Hanwha Ocean jumped 3.14 percent to 137,800 won. Industrial stocks also advanced, with Doosan Enerbility climbing 2.57 percent to 103,600 won and HD Hyundai Heavy Industries rising 2.03 percent to 602,000 won. Automakers traded mixed. Hyundai Motor slipped 1.32 percent to 523,000 won, while Kia gained 1.30 percent to 164,100 won and Hyundai Mobis fell 2.01 percent to 414,500 won. Financial shares also showed mixed performance. KB Financial dropped 1.32 percent to 149,300 won, while Shinhan Financial rose 0.55 percent to 91,600 won. Among technology stocks, Naver gained 0.45 percent to 223,000 won, while SK Square declined 1.06 percent to 559,000 won. The Korean won weakened against the U.S. dollar, with the greenback rising to 1,477.30 won from the previous session’s 1,466.2 won. 2026-03-12 11:13:10