Journalist

Lee Hugh
  • Hyundai Motor and Chung family diplomacy under focus ahead of Lees Shanghai visit
    Hyundai Motor and Chung family diplomacy under focus ahead of Lee's Shanghai visit SEOUL, January 04 (AJP) -As Lee Jae Myung embarked on the first state visit by a South Korean president to China in nine years, attention is turning to a little-known episode of corporate diplomacy that helped preserve one of Korea’s most important overseas historical sites — the former headquarters of the Republic of Korea Provisional Government in Shanghai. At the center of that effort was the late Hyundai Motor Group chair Chung Mong-koo, whose direct engagement with Shanghai leaders two decades ago proved decisive in safeguarding the building amid a sweeping urban redevelopment drive. In 2004, Shanghai was pressing ahead with a major redevelopment of the Luwan district ahead of the 2010 World Expo, planning to transform more than 46,000 square meters of aging neighborhoods into a commercial and entertainment hub. The provisional government building — a cornerstone of Korea’s modern statehood narrative — stood within the redevelopment zone. Concerns mounted in South Korea that if the project were led by foreign developers, the historic site might not be fully protected. While Seoul requested preservation of the specific addresses housing the building, Shanghai officials maintained that excluding a small section from a large-scale redevelopment was impractical. According to Hyundai Motor Group materials and government accounts, Chung met senior Shanghai officials at City Hall in May 2004, urging the city to allow South Korean companies to participate in the redevelopment so the site’s preservation could be guaranteed. Chung described Shanghai as “an international city where a cutting-edge future and China’s former golden age coexist,” while stressing that the provisional government building was “a symbol of Korea’s spirit of independence and legitimacy,” carrying profound historical significance for South Koreans. His outreach extended beyond a single meeting. Follow-up discussions with Shanghai’s urban development leadership linked economic cooperation with historical preservation, elevating the issue to intergovernmental consultations between Seoul and Shanghai. The result was highly unusual. Despite an international open bid already having taken place, Shanghai put the redevelopment plan on hold, allowing the provisional government building to be preserved intact. Seoul officials at the time described the decision as a rare case of effective public–private coordination that conveyed the importance of the site to Chinese authorities. The episode has since been cited as an early example of how South Korean companies, operating beyond formal diplomacy, helped protect national heritage abroad through long-term trust and engagement.President Lee Jae Myung’s China itinerary spans Beijing and Shanghai, combining political diplomacy with economic and innovation-focused engagements. In Shanghai, the president is scheduled to meet city leaders, attend a Korea–China venture and startup summit, and visit the former provisional government building — a symbolic stop that links contemporary diplomacy with shared historical memory. The timing has drawn renewed attention to Chung’s role, particularly as Lee is accompanied by a 200-strong business delegation, the largest to travel with the president. Among the delegates is Chung Euisun, the son of the late Chung Mong-koo and now chairman of Hyundai Motor Group. His participation underscores the continuity of Hyundai’s engagement with China across generations — from his father’s quiet intervention to preserve a historic site to the group’s current focus on electric vehicles, hydrogen and next-generation mobility cooperation. Hyundai plans to uphold the legacy of the late Chung by stepping up preservation of overseas independence movement sites by assessing conditions and, when repairs are needed, pursuing preservation work in consultation with the veterans ministry and other agencies. A Hyundai Motor Group official said remembering the sacrifice and dedication of independence patriots and passing those values to the next generation is meaningful, adding the group will continue to work closely with the veterans ministry using its people, resources and technology. The company’s social contribution work in China has also drawn attention, including the “Hyundai Green Zone” project to combat desertification in Inner Mongolia, the “Dream Classroom” program supporting elementary schools in underserved areas, and hydrogen education through HTWO Guangzhou. Hyundai said the Inner Mongolia project has run for 17 years in line with China’s 2060 carbon neutrality policy and local anti-desertification efforts. Launched in 2008 under Chung and continued under Chairman Chung Euisun, it is one of the group’s flagship initiatives in China. Across three phases in Ulanqab, Inner Mongolia, Hyundai said it built an eco-friendly guesthouse village, created about 31,000 square meters of forest (including reed beds and waterside flower gardens), and carried out a 300-square-meter grassland restoration project. In August 2019, Chung visited Zhenglan Banner in Inner Mongolia, where the project was underway. Since 2011, Hyundai said it has supported education at 96 elementary schools across 30 provinces in China through Dream Classroom, providing a cumulative 10.5 million yuan in equipment and scholarships. Since 2023, it has offered hydrogen-related education and science museum experience programs through HTWO Guangzhou, its local hydrogen fuel cell system production unit. Hyundai said these efforts helped it rank No. 1 for 10 consecutive years among automakers in the Chinese Academy of Social Sciences’ corporate social responsibility development index. As of 2025, it ranked third among all companies in China for the fifth straight year and second among foreign companies. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-04 13:17:22
  • Foreign stock ownership in Korean stocks highest in nearly 6 years
    Foreign stock ownership in Korean stocks highest in nearly 6 years SEOUL, January 04 (AJP) -Foreign ownership of South Korean stocks climbed to its highest level in nearly six years by the end of December 2025, as global investors doubled down on an AI-driven memory-chip boom led by Samsung Electronics and SK hynix, while bond inflows accelerated ahead of South Korea’s inclusion in a major global sovereign bond index. According to the Korea Center for International Finance (KCIF) on Sunday, foreign ownership accounted for 32.9 percent of Korea’s total stock-market capitalization at the end of December, the highest level since April 2020. The Financial Supervisory Service previously reported foreign ownership at 31.5 percent in April 2020 and 29.6 percent at the end of November last year. The official end-December figure has yet to be released. Foreign investors’ net buying in the electrical and electronics sector reached 4.5 trillion won in December, exceeding overall foreign net buying of 3.5 trillion won, the KCIF said. By stock, SK hynix attracted 2.2 trillion won in net foreign inflows, while Samsung Electronics drew 1.4 trillion won. Foreign ownership of SK hynix rose to 53.8 percent at the end of December, up from 53.2 percent a month earlier, while Samsung Electronics edged up to 52.3 percent from 52.2 percent. The KCIF attributed the surge in equity inflows primarily to tight memory-chip supply and rising prices, which are lifting earnings expectations for Korean chipmakers amid the global AI investment cycle. Nomura recently forecast that commodity memory prices could rise another 20 to 30 percent this year, raising its estimates for annual operating profit by 21.5 percent for Samsung Electronics and 9.7 percent for SK hynix. The center also pointed to valuation differentials as a key driver of foreign inflows. While foreign investors were net sellers of Taiwanese stocks by $1.6 billion in December, they were net buyers of South Korean equities. Taiwan’s 12-month forward price-to-earnings ratio stands at around 17, above its 10-year average of 14.7, while the Kospi trades near 10, broadly in line with its long-term average, the KCIF said. Expectations for policies aimed at boosting corporate value, including a third revision to the Commercial Act and potential changes to dividend taxation, also supported investor sentiment. Foreign money flowed strongly into bonds as well. In December, foreigners made net investments of 8.8 trillion won in Korean bonds, lifting total foreign bond holdings to 339.3 trillion won, up from 329.5 trillion won at the end of November. Korea’s long-anticipated inclusion in the FTSE World Government Bond Index is set to begin in April 2026 and conclude in November 2026, with the weighting added in eight equal monthly steps. The inclusion had originally been scheduled to start in November 2025, but FTSE Russell postponed the timeline to 2026. The WGBI, compiled by FTSE Russell, is regarded as a benchmark “developed-market” sovereign bond index, with stringent criteria covering outstanding issuance, credit ratings and market accessibility. The Korean government expects WGBI inclusion to help attract advanced-economy capital, stabilize fiscal management, reduce government borrowing costs, and enhance financial-market stability and external credibility. The National Pension Service, the country’s largest institutional investor, has previously estimated that WGBI membership could draw at least $56 billion into South Korea’s financial markets. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-04 12:53:47
  • Seoul assesses fallout after US capture of Venezuelan president
    Seoul assesses fallout after US capture of Venezuelan president SEOUL, January 4 (AJP) - The government is assessing any fallout after the U.S. captured Venezuela's authoritarian leader Nicolás Maduro in a lightning military operation the previous day, while monitoring further developments. In a statement on Sunday, the Ministry of Foreign Affairs urged, "All relevant parties should exercise maximum restraint to ease tensions in the region" and expressed hope that democracy will be restored as soon as possible through dialogue. The ministry added that it is taking all necessary measures to ensure the safety of South Korean nationals in Venezuela. According to the ministry, about 70 South Koreans are currently in Venezuela, most of them in Caracas, with no injuries reported as of Saturday. U.S. military forces raided Maduro's presidential palace in Caracas, captured him along with his wife and son, and airlifted them by helicopter to the USS Iwo Jima amphibious assault ship. At a press conference at his private residence in Mar-a-Lago, Florida, U.S. President Donald Trump said, "We're going to run until such time as we can do a safe, proper and judicious transition" to new leadership. But he added, "We can't take a chance that someone else takes over Venezuela that doesn't have the interests of the Venezuelan people in mind." He also warned the U.S. is ready to launch a "second and much larger attack" if needed. Maduro, who has been accused of involvement in illegal cocaine and narcotics trafficking, arrived in New York earlier in the day and is expected to face drug-related charges. 2026-01-04 12:43:00
  • North Korea fires multiple ballistic missile into East Sea
    North Korea fires multiple ballistic missile into East Sea SEOUL, January 4 (AJP) - North Korea fired a ballistic missile into the East Sea, the Joint Chiefs of Staff said on Sunday. The Joint Chiefs of Staff said it detected several projectiles, believed to be ballistic missiles, launched around 7:50 a.m. from a site near Pyongyang, but provided no further details as it analyzes the launch site and missile type. It was North Korea's first ballistic missile launch this year and came about two months after it fired a short-range ballistic missile in November last year. Shortly after the launch, the government here convened an emergency meeting of top security officials from related agencies and urged Pyongyang to stop provocative actions, saying they violate U.N. Security Council resolutions. South Korean authorities are closely monitoring North Korea for any further provocations while heightening military readiness. The North's latest provocation came just hours before President Lee Jae Myung's four-day trip to China for a summit with Chinese President Xi Jinping. It also came a day after U.S. President Donald Trump abruptly announced the capture of Venezuela's authoritarian leader Nicolás Maduro, along with his wife and son, in a military operation. Maduro, who has been accused of involvement in illegal cocaine and narcotics trafficking, was reportedly flown to New York to face drug-related charges. 2026-01-04 10:04:23
  • Doctors associations urge halt to government-backed Korean medicine infertility programs
    Doctors' associations urge halt to government-backed Korean medicine infertility programs SEOUL, January 03 (AJP) - Doctors' associations in Korea have called on the government and local authorities to immediately suspend public support for Korean medicine–based infertility treatment, citing a lack of scientific evidence and safety verification. At a press conference on Saturday, the Korean Medical Association (KMA), the Korean Society of Obstetrics and Gynecology and related groups said such programs pose potential risks to maternal health and fetal safety. "These treatments are being promoted without sufficient scientific or safety verification, despite infertility care being a highly specialized medical field directly linked to the health and lives of both parents and unborn children," the groups said. They cited a report published by the Research Institute for Healthcare Policy on the use of Korean medicine in infertility treatment, saying 4,473 participants took part in programs operated by 103 local governments between 2017 and 2019, recording a clinical pregnancy rate of 12.5 percent over an average treatment period of 7.7 months — roughly half the natural pregnancy rate observed over the same timeframe. They also warned that many herbal medicines used in these infertility treatments contain ingredients that have been linked to fetal abnormalities, miscarriage and organ toxicity when used during pregnancy. "Recommending treatments that lack even minimal safety assurances to women experiencing infertility — and funding them with public money — is unacceptable," they said. The groups urged an in-depth investigation into the toxicity and teratogenic risks of herbal ingredients used in infertility treatment, as well as full public disclosure of the findings. The controversy comes as the Ministry of Health and Welfare announced plans to extend Korean medicine to fertility treatments to promote the development of traditional medicine. The KMA, in response, criticized the policy as lacking scientific grounds and reiterated its demand for a full suspension. However, the Association of Korean Medicine has pushed back against the criticism, arguing that its infertility programs have accumulated sufficient clinical experience over years of implementation. The group has urged the government to expand support to protect patient choice and address Korea's low birth rate. 2026-01-03 17:38:27
  • Golden, Rosés APT. place in UK year-end top 10
    'Golden,' Rosé's 'APT.' place in UK year-end top 10 SEOUL, January 03 (AJP) - "Golden," a song from the "KPop Demon Hunters" soundtrack, and Rosé of BLACKPINK’s global hit "APT." have both placed in the top 10 of the UK End of Year Singles Chart. According to the chart released Friday, "Golden," performed by the fictional group Huntrix from Netflix's animated film "KPop Demon Hunters," ranked fourth overall. The track previously topped the UK Official Singles Chart for a total of 10 non-consecutive weeks last year. "APT.," a collaboration between Rosé and U.S. pop star Bruno Mars, finished fifth on the chart. The song peaked at No. 2 during its run and has now spent a cumulative 57 weeks on the chart. Other songs from "KPop Demon Hunters" also made the year-end list. "Soda Pop" and "Your Idol" by the film's rival group Saja Boys ranked 36th and 44th, respectively, while Huntrix tracks "How It's Done" and "What It Sounds Like" placed 67th and 90th. "Golden" has continued to enjoy strong popularity in the U.S. as well, including a high-profile performance at a New Year's event in New York. The song held the No. 1 spot on Billboard’s Hot 100 for eight weeks and remained in the top 10 of the Billboard 200 albums chart for 27 weeks following its release. Topping the UK End of Year Singles Chart was "Ordinary" by U.S. pop newcomer Alex Warren. British singer-songwriter Lola Young's "Messy" placed second, followed by "Pink Pony Club" by American singer-songwriter Chappell Roan at No. 3. 2026-01-03 16:37:11
  • Nearly 70% of departing KT subscribers switch to SK Telecom after fee waiver
    Nearly 70% of departing KT subscribers switch to SK Telecom after fee waiver SEOUL, January 03 (AJP) - More than 30,000 subscribers have left KT in the three days following the company's decision to waive early termination fees, with around 70 percent of those switching to SK Telecom. According to industry sources on Saturday, a total of 31,634 subscribers left KT between Dec. 31 and Friday, averaging more than 10,000 departures per day. Of those, 26,192 moved to rival mobile carriers, including 18,720 — more than 70 percent — who switched to SK Telecom. Another 7,272 subscribers moved to LG Uplus, while the remainder opted for budget mobile virtual network operators (MVNOs). Industry officials attribute the heavy shift toward SK Telecom to its customer reacquisition policies. Following last year's hacking incident, SK Telecom has been restoring subscription tenure and membership tiers for returning customers, a move that appears to have encouraged former users to switch back amid KT's penalty waiver. Differences in consumer trust are also believed to have played a role. While the SK Telecom case was largely concluded with the imposition of fines, LG Uplus remains under scrutiny over suspected record concealment. KT's compensation package itself has also been cited as a factor driving subscriber departures. Although the company offered termination of early fee waivers, additional data allowances and expanded membership benefits, the extra data benefit does not apply to users on unlimited data plans, who account for roughly 30 percent of its subscriber base. With KT's fee waiver program set to remain in effect until the 13th and rival carriers continuing aggressive customer campaigns, industry watchers expect further subscriber losses in the coming days. All three of South Korea's major mobile carriers were attacked by hackers last year. A joint public-private investigation led by the Ministry of Science and ICT found that KT's breach involved a significantly larger scale of malware infections than the incident at SK Telecom, while SK Telecom was assessed to have suffered greater damage in terms of personal data leaks. LG Uplus is expected to face an intensive police investigation following allegations of false submissions and server disposal related to its breach. 2026-01-03 14:51:15
  • Police arrest taxi driver in fatal Jonggak Station crash after positive drug test
    Police arrest taxi driver in fatal Jonggak Station crash after positive drug test SEOUL, January 03 (AJP) - Police have arrested a taxi driver after he tested positive for drugs following a fatal crash near Jonggak Station in central Seoul, officials said Saturday. According to police, the driver was detained after a preliminary drug test showed a positive result for morphine. The accident occurred at around 6 p.m. Friday on a road near Jonggak Station in Seoul's Jongno District, when a taxi collided with two vehicles. The collision sent the taxi onto the sidewalk, killing one pedestrian and injuring 13 others. Police said the electric taxi, driven by a man in his late 70s, first struck a vehicle, crashed into a signal pole at a crosswalk and then hit another vehicle ahead. In the process, pedestrians waiting to cross the street were struck and knocked to the ground. Among the injured was a woman in her 40s, a South Korean national, who suffered cardiac arrest. She was transported to a hospital while receiving cardiopulmonary resuscitation (CPR) but later died. Police said they have not ruled out the possibility that the driver had taken legally prescribed medication, such as cold medicine, and have requested a detailed analysis from the National Forensic Service. A further investigation will be conducted into potential vehicle defects, the driver's health condition and the circumstances surrounding any drug use before deciding whether to seek an arrest warrant. 2026-01-03 11:04:57
  • Cold snap grips South Korea over first weekend of new year
    Cold snap grips South Korea over first weekend of new year SEOUL, January 03 (AJP) - South Korea was hit by a sharp cold snap over the first weekend of the new year, with temperatures dropping to around minus 10 degrees Celsius nationwide on Saturday, the Korea Meteorological Administration (KMA) said. Morning temperatures in most regions hovered near minus 10 degrees Celsius, while strong winds pushed wind chill values even lower. The cold spell, however, is expected to ease from Saturday afternoon, with temperatures gradually rising to seasonal averages. According to the KMA, temperatures will remain close to the seasonal norm for the time of year, with average lows ranging from minus 12 to zero degrees Celsius and daytime highs between 1 and 9 degrees. Highs on Saturday are forecast to reach between zero and 8 degrees Celsius. On Sunday, morning lows are expected to range from minus 10 to 2 degrees Celsius, with daytime highs climbing to between 1 and 10 degrees. Some regions are forecast to see light rain or snow over the weekend. Parts of the west coast of South Chungcheong Province may receive less than 1 centimeter of snowfall or around 1 millimeter of precipitation through Saturday afternoon. Light snow flurries of under 0.1 centimeter are expected in mountainous areas of Jeju Island through Saturday morning, along the southern Gyeonggi coast through Saturday night, and across Chungcheong Province and North Jeolla Province until Sunday morning. The KMA warned that icy roads and black ice could form in areas experiencing rain or snow, urging both drivers and pedestrians to exercise caution. Dry weather conditions are also expected to persist in Seoul, parts of inland Gyeonggi Province, the east coast and mountainous areas of Gangwon Province, eastern South Jeolla Province, and much of the Gyeongsang region, raising the risk of wildfires and other fires. Fine dust levels are forecast to remain at "moderate" levels across most of the country on Saturday, but air quality is expected to deteriorate to "poor" in Seoul, southern Gyeonggi Province, Sejong, North Chungcheong Province and North Jeolla Province on Sunday. 2026-01-03 09:54:21
  • Korean president reaffirms one-China policy ahead of summit in Beijing
    Korean president reaffirms one-China policy ahead of summit in Beijing SEOUL, January 03 (AJP) - South Korean President Lee Jae Myung reaffirmed Seoul’s respect for the “one-China” policy on Taiwan in an interview with China Central Television ahead of his summit with Chinese President Xi Jinping, underscoring his administration’s intent to stabilize and recalibrate relations with Beijing. “The healthy development of South Korea–China relations depends on full respect for each other’s core interests,” Lee said in the interview, according to CCTV’s Chinese-language translation released on Friday. “With regard to China’s most core concern, the Taiwan issue, we will uphold our position of respecting the one-China stance.” Lee stressed that the diplomatic principles agreed upon when Seoul and Beijing established formal ties in 1992 remain valid and continue to serve as the “core guidelines” for bilateral relations. He added that maintaining peace and stability in Northeast Asia, including across the Taiwan Strait, is a shared responsibility. The remarks come as tensions have risen in the Taiwan Strait, following large-scale Chinese military drills near Taiwan earlier this week. Taiwan’s current ruling party has consistently rejected Beijing’s sovereignty claims over the self-governed island. Addressing concerns over regional alignments, Lee said South Korea’s military alliance with the United States does not imply confrontation with China. He emphasized that Seoul seeks a “new, equal and cooperative relationship” with Beijing, particularly in artificial intelligence and other advanced technology sectors. Lee also highlighted the two countries’ shared historical experience of resisting Japanese aggression during World War II, calling for greater efforts to learn from history and prevent its repetition. As part of efforts to institutionalize dialogue, the South Korean president proposed holding annual summit meetings with China’s leader, signaling a push for more regular and structured high-level engagement. Lee’s four-day state visit to China begins Sunday, with talks expected to cover regional security, economic cooperation and technology partnerships amid an increasingly complex geopolitical environment in East Asia. 2026-01-03 08:04:36