Journalist

Lee Hugh
  • Import prices extend gain on weak won, softer oil prices offset the rise Dec
    Import prices extend gain on weak won, softer oil prices offset the rise Dec SEOUL, Jan. 14 (AJP) - South Korea’s import prices rose for a sixth consecutive month in December, though the pace of increase softened as falling global oil prices partially offset the impact of a weak won, data from the Bank of Korea (BOK) showed Wednesday — signaling lingering inflationary pressure likely to feed through to consumer prices with a lag. According to the BOK’s export-import price index (preliminary, in won terms; 2020=100), the import price index rose 0.7 percent from November to 142.39, marking a sharp deceleration from the 2.6 percent jump recorded the previous month. On a year-on-year basis, the index edged up 0.3 percent. Import prices have risen every month since July, marking the longest streak since May–October 2021. While the recent slowdown reflects easing energy costs, the sustained uptrend underscores the continued influence of the weak Korean won. Dubai crude oil prices fell 3.8 percent month on month and 15.3 percent on year to an average of $62.05 per barrel in December. The relief would have been greater if not for a weaker won. The U.S. dollar averaged 1,467.40 won in December, up 0.7 percent on month and 2.3 percent on year. “International oil prices declined, but the rise in the won-dollar exchange rate and higher prices for primary metal products pushed the import price index up,” said Lee Moon-hee, head of the BOK’s price statistics team. By category, intermediate goods prices rose 1.0 percent on month, driven by gains in primary metal products. Refined copper prices increased 8.7 percent, while other refined precious metals surged 13.6 percent. Mining products rose 0.2 percent, with copper ore climbing 10.0 percent and ammonia gaining 11.6 percent. Prices of "other" precious metal jumped 13.6 percent on month and as much as 89.5 percent on year, reflecting the spike in silver and gold prices. Raw material prices rose 0.1 percent overall. While crude oil prices declined, natural gas — including LNG — trended higher. On a year-on-year basis, however, LNG import prices fell 11.8 percent, broadly in line with the 13.3 percent annual decline in crude oil prices. Higher import prices tend to feed into consumer inflation after several months, keeping policymakers alert despite the recent moderation. Export prices hit record high as trade conditions improve Gains of exports prices benefited from the weak won and feverish demand for DRAM, helping to strengthen trade terms in Korea's favor. The export price index rose 1.1 percent on month to 140.93 in December, marking a sixth consecutive monthly increase and a record high. The rise, however, represented a significant slowdown from November’s 3.7 percent surge. DRAM export prices gained 5.2 percent on month and 57.5 percent on year amid dire shortage of mass-market memory due to capacity focus on high-performance memory by core producers Samsung Electronics and SK hynix. In trade terms, export prices posted annualized gains of 5.4 percent, while income terms surged 17.9 percent — comfortably supporting the country's trade surplus streak. The export volume index and export value index, which together underpin the export price index, rose to record highs of 141.88 and 162.25, respectively, indicating exports were sold in both larger volumes and at higher prices. Silver recorded the steepest increase among export items, surging 27.7 percent in December and rising 116.1 percent over the course of 2025 — the fastest growth among major metals — buoyed by its dual role as a safe-haven asset and a key industrial input for semiconductors and secondary batteries. Refined copper prices climbed 10.4 percent, reflecting strong demand tied to power grids and AI infrastructure. BOK officials noted that export volumes continued to rise, led by semiconductors and computer storage devices, with year-end shipment concentration amplifying the gains. Despite easing commodity prices, the BOK stressed that the exchange rate remains the decisive factor. In December, export prices measured in contract currencies rose just 0.4 percent from the previous month, while import prices were flat — confirming that most of the increase in won-based indices stemmed from currency effects rather than underlying price pressures. Looking ahead to January, Lee said both Dubai crude prices and the won-dollar exchange rate have so far declined from December averages, but cautioned that “uncertainty in both domestic and global conditions remains high.” 2026-01-14 10:53:09
  • Verdict in impeached presidents martial law case set for mid-February
    Verdict in impeached president's martial law case set for mid-February SEOUL, January 14 (AJP) - A verdict for disgraced former President Yoon Suk Yeol's botched martial law debacle is set for mid-February. After wrapping up a 17-hour final hearing for Yoon on charges of insurrection and abuse of power that lasted until the small hours of Wednesday, the Seoul Central District Court said it will deliver its ruling on Feb. 19. Prosecutors earlier asked the court to sentence Yoon to death. They also sought life imprisonment for former Defense Minister Kim Yong-hyun, accused of conspiring with Yoon over the Dec. 3 declaration of martial law in 2024, 30 years in prison for former military intelligence chief Noh Sang-won, and 20 years for former police chief Cho Ji-ho. Prosecutors argued that Yoon, as president, had a duty to uphold the constitutional order but destroyed it, and that he never properly apologized to the public for the debacle. In his final statement, the impeached president justified his martial law bid, repeating his previous claims. Yoon claimed that the short-lived martial law, which lasted just "a few hours," had been framed as an insurrection, with investigators launching a "mega-scale" probe that detained and indicted public officials who refused to give the statements they want to hear. He reiterated that his martial law bid was a presidential decision aimed at addressing what he described as legislative abuses by a party with a parliamentary majority, as well as repeated impeachments of officials that he said had paralyzed state affairs. Yoon said his only intention was to alert the public to a national crisis and urge vigilance, deploying only a small number of troops to the National Assembly without attempting to block votes or arrest politicians. He criticized the ongoing trials and investigations as an "organized effort" to frame him for insurrection and purge political opponents, claiming those who attempted to arrest and detain him were instead undermining the constitutional order. Yoon then asked the court for leniency for military personnel and public officials who carried out their duties under the declaration of martial law. He also urged the court to weigh the case's constitutional implications and his sense of responsibility to prevent the paralysis of state affairs, adding, "That can never be an attempt to subvert the Constitution." 2026-01-14 10:52:55
  • Coupang cuts logistics workforce as orders slip after data breach
    Coupang cuts logistics workforce as orders slip after data breach SEOUL, January 14 (AJP) - Coupang has cut more than 6,000 logistics workers over the past month through unpaid leave and a pullback in hiring as order volumes decline following a recent personal data breach, industry sources said Wednesday. Coupang Fulfillment Services, the e-commerce company’s logistics arm, notified full-time workers — including regular and contract employees — at major fulfillment centers nationwide in mid-December that they could apply for unpaid leave. More than 5,000 workers have taken up the offer over a month, the sources said. Hiring has also slowed sharply. In December, CFS hired about 1,400 fewer workers than in the previous month, a decline believed to be concentrated among short-term and day laborers. Combined with unpaid leave applicants, the reduction brings the workforce contraction to about 6,400 workers over the past month. Industry officials said day-labor shifts are increasingly being shortened. Coupang’s annual job fairs in major regions such as Gyeonggi Province, Daegu and Daejeon are also not expected to be held this year. The workforce adjustments come as user activity and spending show signs of strain. According to app analytics service Mobile Index, Coupang’s daily active users fell to 14.8 million by late December, down 17.7 percent from early in the month. Payment volume declined 7.7 percent between the first week of November and the third week of December. At the same time, rival platforms appear to be benefiting. Following controversy surrounding Coupang’s data breach and its handling of the incident, orders at competitors such as SSG.com and Market Kurly rose by 10 to 15 percent, according to industry estimates. 2026-01-14 10:30:11
  • From India plants to CES, Hyundai Motor Group chairman signals long-term tech ambitions
    From India plants to CES, Hyundai Motor Group chairman signals long-term tech ambitions SEOUL, January 14 (AJP) - Hyundai Motor Group Chairman Chung Eui-sun has begun 2026 with a series of overseas visits spanning China, the U.S. and India, underscoring the group’s focus on future technologies including mobility, hydrogen, artificial intelligence and robotics. Hyundai said Wednesday that Chung visited Hyundai Motor’s Chennai plant in southeastern India and Kia’s Anantapur plant in central India, followed by Hyundai Motor’s Pune plant in western India. During the visits, he reviewed production and sales and discussed the group’s mid- to long-term strategy in one of its most important growth markets. Hyundai entered India in 1996 and is marking its 30th anniversary this year. The group holds roughly a 20 percent share of the Indian auto market, ranking second overall, and is pursuing a more localized strategy to drive its next phase of growth. At the Chennai plant, Chung received a business briefing and toured the Creta production line, as well as Hyundai Mobis’ battery-system assembly facility. He said Hyundai’s growth over the past three decades had been built on support from Indian consumers and called for a “home-brand” strategy aimed at making the company a long-term national presence in the market. He urged executives to strengthen differentiation through vehicle quality and customer-focused service, and to foster a culture that encourages persistence and innovation even after setbacks. At Kia’s Anantapur plant, Chung said the brand — now in its eighth year in India — should set ambitious goals and seek to become the preferred choice for Indian consumers in terms of brand appeal, product competitiveness and quality. He emphasized the importance of moving quickly once objectives are set to support sustainable growth and a stronger brand. At the Pune plant, Chung closely reviewed production quality for the new Venue model and underscored the plant’s role in supporting the local economy. He also met with employees and their families, thanking them for their support and crediting their commitment as a key factor in Hyundai and Kia’s success in India. The India trip followed a visit to Beijing on Jan. 4-5, Chung’s first in eight months, where he assessed market conditions and explored strategic cooperation with Chinese partners. He attended a Korea-China business forum at the Diaoyutai State Guesthouse for the first time in nine years, coinciding with a state visit by South Korean President Lee Jae Myung. During the China visit, Chung discussed cooperation in areas including mobility, hydrogen, batteries and advanced technologies. He met with Zeng Yuqun, chairman of Contemporary Amperex Technology Co., the world’s largest battery maker, to discuss electric-vehicle batteries. CATL supplies batteries for several Hyundai Motor Group models, including the Hyundai Kona EV and Kia Ray EV. He also exchanged views on hydrogen-related business with Hou Qijun, chairman of energy giant Sinopec, and met Zhang Naiwen, chairman of Yueda Group, Kia’s joint-venture partner in China. Chung then traveled to Las Vegas on Jan. 6-7 to attend CES 2026, the world’s largest consumer-technology trade show, where he tracked developments in artificial intelligence and robotics and met with executives from major global technology companies. Among the meetings drawing particular attention was his public encounter with Nvidia Chief Executive Jensen Huang. Hyundai Motor Group and Nvidia have been expanding cooperation, including a contract for the supply of 50,000 Blackwell graphics processing units and efforts under a memorandum of understanding to advance physical AI capabilities, including plans to establish an Nvidia AI technology center in South Korea. 2026-01-14 10:11:06
  • BTS to tour 34 cities across world with over 70 gigs
    BTS to tour 34 cities across world with over 70 gigs SEOUL, January 14 (AJP) - K-pop boy band BTS will embark on a world tour in April, marking their first large-scale tour in about four years since their last one in Las Vegas in 2022. The group teased the tour on Wednesday at midnight with a poster on the global fan platform Weverse. The tour will begin in Goyang, Gyeonggi Province, before heading to stops across North America, Europe, South America, and Asia. With some 79 shows planned across 34 major cities across the world, the tour is expected to set a record for the most dates performed on a single tour by a K-pop act. Additional stops in Japan and the Middle East are also planned, likely extending the tour further. The tour is scheduled to kick off with three-day concerts on April 9, 11, and 12 on the outskirts of Seoul. BTS will then move to the southern port city of Busan to perform on June 12 and 13, with the June 13 show expected to coincide with their debut anniversary, allowing them to celebrate with fans. Starting with concerts on April 25 and 26 in Tampa, Florida, the septet's North American leg will include 28 shows across 12 cities. They will perform at Sun Bowl Stadium in El Paso, Texas, and Gillette Stadium in Foxborough, Massachusetts, becoming the first K-pop act to hold concerts of this scale in those cities. BTS will also take the stage at Stanford Stadium in California, following British band Coldplay as just the second artist to headline the venue. Additional U.S. dates include AT&T Stadium in Arlington and M&T Bank Stadium in Baltimore, marking the first-ever performances by a South Korean artist at those venues. BTS will then tour Europe in June and July with 10 shows in five cities including London, Paris, Madrid, and Brussels. They will also visit five South American cities including São Paulo and Buenos Aires, and plan to hold concerts in the Middle East. According to their management agency, they will perform on 360-degree stages during the tour. Just ahead of the tour, BTS will release their fifth full-length album on March 20, featuring 14 tracks. The album marks their full-group reunion, nearly three years and nine months after they completed their respective mandatory military service. BTS said the album conveys their honest feelings and reflections on past moments, with the goal of presenting themselves "as they are now." 2026-01-14 09:58:33
  • Taekwang Industries to acquire Dongsung Pharmaceutical in K-beauty push
    Taekwang Industries to acquire Dongsung Pharmaceutical in K-beauty push SEOUL, January 14 (AJP) - Taekwang Industries said Wednesday it will acquire mid-sized drugmaker Dongsung Pharmaceutical through a consortium with United Asset Management Co., known as UAMCO, marking its latest move to diversify beyond its core chemicals and textiles businesses. Taekwang's board approved the acquisition at a meeting held Jan. 7. Dongsung produces a range of consumer health and personal-care products. Taekwang said the deal is intended to accelerate its expansion into beauty and health care. The group has recently outlined plans to enter cosmetics and household goods and established a cosmetics-focused unit, SIL. The acquisition of Dongsung would allow Taekwang to build what it described as a “beauty and health care platform” spanning both cosmetics and pharmaceuticals. The company plans to build on Dongsung’s stable revenue base centered on over-the-counter drugs and hair-care products, while applying its own brand management, product planning and distribution capabilities to improve competitiveness. Working with UAMCO, Taekwang plans to improve Dongsung’s financial structure by reviewing a shift toward outsourced manufacturing, including ODM and OEM models, and by optimizing production lines through UAMCO-backed companies such as Picostec. The group also aims to raise profitability by streamlining selling and administrative expenses. A Taekwang official said the acquisition is a strategic bid to strengthen competitiveness in the K-beauty market by combining Taekwang’s cosmetics strategy with Dongsung’s research capabilities and expertise in hair-care products. The official added that the company aims to gradually complete an integrated value chain, from product planning and manufacturing to distribution, to establish a foundation for mid- to long-term growth. 2026-01-14 09:41:01
  • Seoul bus workers to resume wage talks as strike enters second day
    Seoul bus workers to resume wage talks as strike enters second day SEOUL, January 14 (AJP) - Unionized bus workers in Seoul are set to resume wage negotiations with management on Wednesday, after going into an indefinite strike the previous day that suspended all services. With a second day of major traffic disruptions, the two sides are scheduled to sit down for talks again at 3 p.m., following a series of previous negotiations that collapsed as they failed to narrow their differences. The main point of dispute is whether bonuses should be included in their wages. Bus drivers have been demanding that bonuses be calculated as part of their wages, arguing that it is not subject to collective bargaining but is a legally-binding requirement stemming from a Supreme Court ruling in December 2024. As around 7,000 buses stopped operating, the Seoul Metropolitan Government increased subway services, adding more trains during the morning and evening rush hours, as well as nearly 700 free shuttle buses to and from subway stations. 2026-01-14 09:04:39
  • South Koreas stock market cap jumps 76 percent in 2025
    South Korea's stock market cap jumps 76 percent in 2025 SEOUL, January 14 (AJP) - South Korea’s stock market capitalization surged nearly 80 percent over the past year, propelled by sharp gains in Samsung Electronics and SK hynix. Total market capitalization rose by 1,718 trillion won ($1.3 trillion) to 3,972 trillion won at the start of this year, from 2,254 trillion won a year earlier, according to an analysis released Wednesday by the Korea CXO Institute. The rally also broadened the ranks of large-cap stocks. The number of listed companies with market capitalizations exceeding 1 trillion won climbed by 88 over the year to 318, up from 236 in the first quarter of last year. Samsung Electronics recorded the largest increase in market value, adding more than 440 trillion won to reach about 760 trillion won at the start of this year, compared with 318 trillion won a year earlier. SK hynix followed closely, with its market capitalization rising by more than 360 trillion won to 492 trillion won from 124 trillion won. Together, the two semiconductor giants accounted for a substantial share of the broader market’s gains. Several other companies also posted sizable increases. SK Square added about 41 trillion won in market value, while Doosan Enerbility rose by roughly 37 trillion won. Hanwha Aerospace, HD Hyundai Heavy Industries and Hanwha Ocean each recorded gains exceeding 20 trillion won over the period. Oh Il-seon, head of the Korea CXO Institute, said the market’s resilience in the face of lingering global uncertainties reflected investors’ early pricing of expectations for artificial intelligence-driven growth and a cyclical rebound in semiconductors. 2026-01-14 08:43:46
  • Lee–Takaichi Nara summit strikes light tone with K-pop drums, sidesteps thorny issues
    Lee–Takaichi Nara summit strikes light tone with K-pop drums, sidesteps thorny issues SEOUL, January 13 (AJP) -South Korean President Lee Jae Myung and Japanese Prime Minister Sanae Takaichi held a summit Wednesday in Japan’s ancient city of Nara, reaffirming their commitment to what they described as a new 60 years of bilateral relations while striking an unusually light-hearted tone that emphasized cultural rapport over sensitive disputes. After their talks and joint press statements, the Japanese side arranged an unannounced cultural event during a closed-door follow-up meeting. Wearing matching blue uniforms bearing their names and national flags, the two leaders sat side by side at a Pearl drum kit and performed an impromptu duet, playing “Golden” from the Netflix series K-Pop Demon Hunters and BTS’ global hit “Dynamite.” Lee called the moment a personal milestone. “Today I fulfilled a lifelong dream,” he said, according to his office. “Since I was young, I wished to play the drums.” Takaichi, who is known to have played heavy-metal drums in college, guided Lee through the performance and led the session. The two leaders later exchanged drumsticks signed by each of them. Presidential spokesperson Kim Nam-joon said the event was specially prepared by Japan to symbolize trust and rapport between the leaders, turning the informal meeting into a cultural exchange rather than an extension of negotiations. Japan’s reception of Lee also drew attention for its warmth and protocol. Takaichi made an unscheduled appearance to greet Lee in person outside his lodging upon arrival, and Japanese authorities provided top-level security arrangements throughout the visit. The Nara meeting marked the first time in 15 years that a South Korean president has visited a Japanese city outside Tokyo for a bilateral summit. Nara is Takaichi’s hometown and political constituency. During formal talks, which lasted about 90 minutes, the two leaders reaffirmed the importance of bilateral ties and agreed to expand future-oriented cooperation through continued “shuttle diplomacy,” including reciprocal leader-level visits. Lee also emphasized the need for trilateral cooperation among South Korea, Japan and China, as well as continued coordination among Seoul, Washington and Tokyo on regional security and North Korea. Sensitive historical and territorial issues were discussed but not highlighted publicly. Lee described agreements on working-level cooperation — including efforts to identify remains of Korean forced laborers at a wartime coal mine site in Japan — as “small but meaningful progress.” Lee said the two countries, which normalized diplomatic ties in 1965, should build on past reconciliation to shape the next six decades of relations. Takaichi echoed the sentiment, expressing hope that Lee’s visit would further elevate Seoul-Tokyo ties amid growing geopolitical uncertainty. * This article, published by Aju Business Daily, was edited by AJP. 2026-01-13 22:39:39
  • Korean pastor Jeon Kwang-hoon arrested over alleged role in court rampage
    Korean pastor Jeon Kwang-hoon arrested over alleged role in court rampage SEOUL, January 13 (AJP) -South Korean ultra-right pastor Jeon Kwang-hoon of Sarang Jeil Church was arrested at court on suspicion of orchestrating a violent rampage at the Seoul Western District Court following the arrest of former President Yoon Suk Yeol last year on Wednesday, the same day prosecutors asked for a death penalty for Yoon for his ill-served marital-law attempt. The Seoul Western District Court issued an arrest warrant for Jeon after a pre-arrest hearing, citing concerns that he could destroy evidence or flee. Senior Judge Kim Hyung-seok, who presided over the warrant review, said the risk factors justified taking Jeon into custody. Jeon is accused of instigating aggravated trespass of a public building by encouraging supporters to storm the court in the early hours of Jan. 19, 2025, shortly after Yoon’s arrest. Prosecutors allege that demonstrators smashed court fixtures and assaulted police officers during the incident. Investigators say Jeon exerted psychological control over followers under the guise of religious devotion and provided financial support to close aides and conservative YouTubers to incite violence. Police believe such actions played a central role in mobilizing the crowd. A total of 141 people have been sent to trial in connection with the rampage, including two individuals described as Sarang Jeil Church “special mission evangelists.” During the warrant hearing, police argued that Jeon posed a flight risk, citing his regional network known as “Freedom Village” and the possibility he could leave the country. Authorities also raised concerns about evidence destruction, noting that a church office computer was replaced in July last year shortly before a search and seizure. Before attending the hearing at around 9:50 a.m., Jeon held a news conference and denied the allegations, saying, “Now that it’s a left-wing president, they’re having a fit trying to arrest me.” He has consistently rejected claims that he instigated the violence, maintaining that he urged supporters not to clash with police. The arrest follows a procedural delay. Prosecutors initially rejected a police request in December to seek warrants for Jeon and Shin Hye-sik, head of the YouTube channel Shinui Hansu. After supplementary investigations, prosecutors requested a warrant for Jeon alone on Jan. 7. Police said they plan to soon refer Jeon’s case to prosecutors along with other suspects, including Shin. Jeon’s arrest marks the fourth time he has been taken into custody. In 2018, he was sentenced in a first trial to 10 months in prison for violating the Public Official Election Act during the 19th presidential election. An appeals court later reduced the sentence to six months, suspended for two years. He was arrested again in February 2020 ahead of the 21st general election on another election-law violation and released on medical bail. In September that year, he was re-imprisoned for violating bail conditions but later released after being acquitted. Jeon also faced a possible arrest in January 2020 during the Moon Jae-in administration over allegations that he led a violent protest near the presidential office, though a warrant was denied at the time. * This article, published by Aju Business Daily, was edited by AJP. 2026-01-13 22:27:14