Journalist

Lee Hugh
  • KOSPI extends record rally past 6,500, driven by semiconductor momentum
    KOSPI extends record rally past 6,500, driven by semiconductor momentum SEOUL, April 23 (AJP) - Seoul benchmark KOSPI set new milestone Thursday, decoupled from the broad sidelined sentiment across Asia amid Gulf uncertainties, as stronger-than-expected first-quarter GDP and SK hynix earnings underscored the depth of South Korea's chip power. The main index rose 2.1 percent to a new intraday high of 6,551.3 in morning trade after opening at 6,488.83, with advances led by large-cap chipmakers following robust earnings from SK hynix. The undeterred rally this week prompted retail investors to take profits, while foreign investors turned active buyers. Foreign buying totaled 495 billion won, backed by institutional purchases of 289 billion won, while retail investors sold a net 725 billion won. The gains were underpinned by strong momentum in semiconductor shares. Samsung Electronics jumped 5.2 percent to 228,750 won, approaching its previous intraday high, while SK hynix rose 2.3 percent to 1,251,000 won. Earlier in the day, SK hynix reported record-breaking first-quarter earnings, posting an operating profit of 37.6 trillion won, reinforcing expectations that demand for AI-driven memory products remains robust. Other large-cap stocks showed mixed performance. SK Square rose 4.7 percent and Doosan Enerbility gained 5.4 percent, while LG Energy Solution fell 3 percent. HD Hyundai Heavy Industries and Samsung Biologics also traded lower. The tech-heavy KOSDAQ underperformed, falling 0.5 percent to 1,175.7, as foreign and institutional investors offloaded shares, while retail investors stepped in as heavy buyers. Asian markets were mixed, with regional sentiment supported by a temporary reprieve in geopolitical tensions after the United States signaled an indefinite extension of a truce with Iran. Overnight on Wall Street, major indexes closed higher, with the Dow Jones Industrial Average rising 0.7 percent, the S&P 500 gaining 1.1 percent and the Nasdaq Composite advancing 1.6 percent to fresh record highs. Japan’s Nikkei 225 was 0.06 percent off at 59,549.56, while the Shanghai Composite was up 0.11 percent at 4,110.79. The Hang Seng Index fell 0.5 percent to 26,034.12 at the open. Global indicators pointed to relatively stable risk conditions. The VIX volatility index fell 2.97 percent to 18.9, while the Philadelphia Semiconductor Index rose 2.7 percent. Oil prices edged higher, with West Texas Intermediate crude trading near $93 per barrel and Brent crude around $102. The Korean won strengthened slightly, with the exchange rate falling 0.1 percent to 1,477 per dollar. 2026-04-23 11:24:47
  • PPP’s Jang Dong-hyeok vows tough action on ‘party-harming’ acts, warns candidates could be replaced
    PPP’s Jang Dong-hyeok vows tough action on ‘party-harming’ acts, warns candidates could be replaced People Power Party leader Jang Dong-hyeok, with 41 days to go before the June 3 local elections, warned that the party would take strong action against what he called “party-harming” acts, saying, “You can never win a battle with a military whose discipline has collapsed.” Speaking further at a party supreme council meeting at the National Assembly on April 23, Jang said such conduct “from now on” could be fatal to the election. “It’s time to fight in earnest against the Democratic Party and its candidates,” he said. “Now is the time to correctly identify who we are fighting and fight properly.” He added that if the person engaging in such conduct is a candidate, “I will immediately replace the candidate.” Jang also said the party had moved to have each provincial and city party form an election committee. In areas where candidates for metropolitan mayor or governor have been decided, he said, the local party and the candidate will consult to form a committee, calling it a step that has been taken at every local election. He said the central election committee would be formed after watching how nominations are finalized. After the meeting, chief spokesperson Choi Bo-yoon told reporters that discipline for party-harming acts is “only natural” for a political party and said Jang delivered a strong message to prevent problems and help secure victory. Asked whether forming separate election committees or attacking the leadership would be considered party-harming conduct, Choi said forming separate committees “cannot, of course, be seen as party-harming.” She said the party’s position is that when candidates are confirmed in each region, local committees should be formed even before the central committee is set up so preparations for the local elections proceed steadily. Choi also rejected suggestions that Jang’s remarks were aimed at Gangwon Gov. Kim Jin-tae, who a day earlier urged Jang to “take responsibility,” saying there was “absolutely nothing” to link Kim’s comments to party-harming conduct. On Jang’s earlier request to the party ethics committee to suspend disciplinary action until the local elections end, Choi said it referred to matters already pending, while any newly occurring party-harming acts would still require judgment. She said failing to address repeated conduct related to the local elections would amount to the central party “abandoning” candidates who are campaigning hard. In response, Rep. Bae Hyun-jin, a lawmaker aligned with Han Dong-hoon, criticized Jang, writing on Facebook, “Now you’re even intimidating candidates. Then go to the U.S.” Bae wrote that Jang’s definition of party-harming conduct appeared to be “Don’t come, Jang Dong-hyeok,” adding that his trip to Gangwon the previous day must have upset him. She argued that candidates may feel they have no choice, saying it could be seen as an extreme act of loyalty because Jang “created” a situation in which, to beat the Democratic Party, “the reality is that Jang must not be there.” She also said that candidates nominated by the 17 local party organizations can ultimately be approved through a re-vote by the local party even if the supreme council rejects them. * This article has been translated by AI. 2026-04-23 11:24:28
  • LS Materials to Supply Ultracapacitors to U.S. Fusion Power Project for First Time
    LS Materials to Supply Ultracapacitors to U.S. Fusion Power Project for First Time LS Materials said Wednesday it will supply ultracapacitors, or UCs, to a U.S. nuclear fusion power project. The company said the order marks its first supply deal in the fusion power sector and will be used in a demonstration project aimed at commercialization by a U.S. energy company. LS Materials said it expects follow-on orders tied to additional demonstrations and larger orders if the project moves into commercialization. The company said high-output UCs for fusion power require advanced technology and must meet strict verification standards, making early references important as orders expand. It called the supply deal a turning point in establishing a leading position in the market. LS Materials said it is expanding beyond a business focused on wind turbines and uninterruptible power supplies into next-generation power infrastructure, including fusion, hydrogen fuel cells and grid stabilization. It added that the mid- to large-size UC market is dominated by a small number of players, meaning growth could translate directly into gains. Fusion power is a next-generation technology that produces energy using the same principle as the sun, and major countries including the United States, Europe and China are pursuing large-scale projects, the company said. With electricity demand rising sharply as AI data centers spread, investment in fusion is increasing, and demand is also expected to grow for UCs capable of high-output power control. The project will use more than 1,000 large UC modules. LS Materials said its UCs can deliver 15 megawatts of power in 0.06 seconds, providing the instant power needed to operate fusion equipment — a level comparable to supplying electricity used by thousands of households at once. Chief Executive Hong Young-ho said the supply deal is “an important turning point” in accelerating entry into the commercialization market. He said the company will expand orders in next-generation power infrastructure markets including hydrogen fuel cells, AI data centers and grid stabilization. * This article has been translated by AI. 2026-04-23 11:21:16
  • Hong Joon-pyo Slams Chosun Ilbo Over Call for Jang Dong-hyeok to Step Down
    Hong Joon-pyo Slams Chosun Ilbo Over Call for Jang Dong-hyeok to Step Down Hong Joon-pyo, former mayor of Daegu, criticized the Chosun Ilbo after it urged People Power Party leader Jang Dong-hyeok to resign, saying the times have changed. In a Facebook post on the 22nd, Hong said he had read a column by what he called a conservative media outlet calling for Jang to step down, adding that it contained “many correct points.” Chosun Ilbo ran a column titled “Chairman Jang Dong-hyeok, Now Is the Right Time to Step Down.” Hong responded by asking who was responsible for the collapse of South Korea’s conservative camp and who had helped elevate and create the Yoon Suk Yeol administration. He also asked who, under the Yoon administration, had encouraged Han Dong-hoon by saying he needed to differentiate himself from Yoon to become the next leader, adding that the Yoon administration was not ruined by conflict with Han. Hong accused those forces of manipulating the conservative camp with the arrogance that they could both install and bring down an administration, and said they were now trying to remove Jang without offering an alternative while bringing back a “immature narcissist” they had supported, which he said would again damage the conservative camp. He also suggested they might be trying to elevate Oh Se-hoon again, as he said happened during the June 2006 local elections if Oh loses the Seoul mayoral race. Addressing conservative media, Hong said they may once have “pulled the strings” in Korean society, but the era and media environment have changed. He said he hoped they would contribute to the country’s future, adding that it was no longer “your era,” but an era for all citizens. Hong previously declared he was cutting ties with Chosun Ilbo. During his 2020 run in Daegu’s Suseong-gu-eul district, Hong criticized Chosun Ilbo coverage that was critical of him, saying he was angered by “false and fabricated” reporting. He questioned whether the paper’s editorial policy was to demand that the public accept “schemes” by a small group of opposition vested interests, and said he would stop reading Chosun Ilbo after 40 years as a subscriber. 2026-04-23 11:20:14
  • CJ CheilJedang, Samyang executives get suspended prison terms in $3B sugar price-fixing case
    CJ CheilJedang, Samyang executives get suspended prison terms in $3B sugar price-fixing case A Seoul court on Wednesday convicted current and former executives and employees of CJ CheilJedang and Samyang of fixing sugar prices in a case prosecutors valued at about 3 trillion won. A judge handed suspended prison terms to top executives and fined each company 200 million won. Judge Ryu Ji-mi of the Seoul Central District Court sentenced Kim, a former CJ CheilJedang Food Korea chief, and Choi, a former Samyang CEO, to 2 1/2 years in prison, suspended for three years, and fined each 100 million won for violating the Fair Trade Act. Nine other employees from the two companies also received suspended prison terms and fines. Under joint-penalty provisions, the court fined CJ CheilJedang and Samyang 200 million won each. "Based on the defendants’ confessions and corroborating evidence, guilt is recognized," the court said, adding that the conduct "undermined the basic purpose of the law and distorted market order." The judge said that even when collusion occurs in business-to-business transactions, "the ultimate harm can be passed on to consumers" and should not be treated lightly. The court also noted that the companies had previously been investigated by the Fair Trade Commission in a flour price-fixing case and had received relief or reduced penalties through a leniency program, yet similar conduct was repeated. Still, the judge said it was difficult to conclude the companies reaped excessive profits, citing the public nature of international raw sugar prices, the bargaining power of large buyers and price trends for raw sugar. The court also considered that the defendants admitted wrongdoing and expressed remorse, and that some responsible parties had been detained for more than five months. Prosecutors said the defendants agreed in advance on the timing and size of sugar price increases from February 2021 to April last year, limiting competition. Prosecutors put the value of the collusion at about 3.2715 trillion won. Investigators said the companies quickly reflected increases in raw sugar costs in product prices, but limited price cuts when raw sugar prices fell. During the period, sugar prices rose as much as 66.7%, and even after raw sugar prices declined, prices remained about 55.6% higher than before the collusion. At closing arguments, prosecutors sought three years in prison and a 100 million won fine for Kim, and 2 1/2 years in prison and a 70 million won fine for Choi. * This article has been translated by AI. 2026-04-23 11:19:23
  • South Korea Defense Ministry: Wartime Command Transfer Timing to Be Set at SCM
    South Korea Defense Ministry: Wartime Command Transfer Timing to Be Set at SCM South Korea’s Defense Ministry said Wednesday that the timing of the transfer of wartime operational control will be decided by the South Korean and U.S. defense chiefs at the Security Consultative Meeting, based on recommendations from the two militaries, and then submitted to the presidents of both countries. Defense Ministry spokesperson Jeong Bit-na made the remarks at a regular briefing in response to a question about comments by U.S. Forces Korea Commander Xavier Brunson at a U.S. House Armed Services Committee hearing. Brunson said a roadmap had been submitted to the Pentagon to meet the required conditions before the second quarter of fiscal 2029 (the first quarter of 2029 by South Korean standards). Jeong said the allies are pursuing the transfer “systematically, stably and consistently” under the “conditions-based OPCON transition plan” agreed in 2015, with the principle that the transfer will take place once mutually agreed conditions are met. She said the ministry has designated this year as “the first year of the OPCON transfer” and is working to complete the transition as soon as possible. She added that Seoul is strengthening cooperation with Washington to complete verification of full operational capability, or FOC, this year and decide the transfer timing. Assessment and verification for the transfer proceed in three stages: initial operational capability (IOC), full operational capability (FOC) and full mission capability (FMC). The FOC assessment has been completed and verification is underway. The ministry said it held the first 2026 meeting to assess progress on the OPCON transfer on Jan. 28, chaired by Defense Minister Ahn. At the time, it said completing FOC verification this year was the key goal as it moves ahead with the transfer within the administration’s term.* This article has been translated by AI. 2026-04-23 11:16:12
  • KAIST-Linked Deep Tech Startup Point2 Closes $76M Series B Round
    KAIST-Linked Deep Tech Startup Point2 Closes $76M Series B Round The Korea Advanced Institute of Science and Technology said on the 23rd that Point2 Technology, a deep-tech startup co-founded by KAIST professor Bae Hyun-min and alumni, has secured an expanded Series B investment. The company closed the Series B round at about 100 billion won ($76 million). KAIST said it is the first Korea-based startup and the first among South Korean semiconductor companies to receive a strategic investment from Nvidia. KAIST cited Point2 Technology’s “e-Tube” technology as a key driver of the deal. AI data centers must connect thousands of semiconductors, but copper wiring has limits on transmission distance, while fiber optics have been criticized for higher costs and power use. The company’s approach uses radio-frequency signals and plastic waveguides to transmit data, aiming to address both constraints. KAIST said it extends transmission distance about 10 times compared with copper wiring, while cutting power consumption and cost to about one-third of optical cables. It also reduces data-transfer latency, which KAIST said positions it as a core technology for next-generation AI infrastructure. “This is a representative case in which core technology developed at KAIST led to investment from global big tech,” Bae said. He added that KAIST will strengthen support so startups with strong technology can enter global markets more quickly. 2026-04-23 11:15:27
  • Platinum Bridge Wraps Up Cosmoprof Bologna 2026, Steps Up K-Beauty Push in Europe
    Platinum Bridge Wraps Up Cosmoprof Bologna 2026, Steps Up K-Beauty Push in Europe Platinum Bridge, which supports K-beauty brands seeking to enter Europe, has completed its participation in the global beauty trade show “Cosmoprof Worldwide Bologna 2026” in Bologna, Italy. Cosmoprof is widely known as one of the world’s largest beauty industry events, drawing brands and buyers from dozens of countries each year and showcasing trends across skincare, makeup, hair care and ingredients. At the exhibition, Platinum Bridge highlighted its premium skincare brand EQULIB. European and other international distribution officials visited the booth for meetings, and the company said talks with some buyers moved into discussions on exports and distribution. EQULIB was presented as a lineup built around functional ingredients and skincare technology. The products received favorable feedback for ingredient stability and packaging quality, the company said. In Europe, strict rules on ingredients and safety standards make certification readiness a key evaluation factor. The company said the exhibition was followed immediately by a local event in Milan. After the trade show, Platinum Bridge ran a K-beauty pop-up store in the Porta Venezia commercial district, an area known for active fashion and beauty spending and strong local foot traffic. Working with Italian distributor Umerity, Platinum Bridge invited buyers it met at the fair to the pop-up. The company described the approach as linking business-to-business meetings with direct checks of consumer response. Product testing and consumer feedback were gathered on site, and some items were used to gauge local preferences and purchase intent, the company said. Interest in naturally derived ingredients and functional skincare has been growing in the European market. “Europe has high cosmetics regulatory standards, but it is also a region with strong market trust,” Platinum Bridge said in a statement. “An entry strategy that considers local certification and distribution structure at the same time is important.” The company added that the trade show and pop-up “reconfirmed demand and potential for K-beauty in Europe,” and said it plans to support certification work and expand distribution networks so competitive brands can gain a foothold in local retail. Industry observers say that as K-beauty’s presence grows in the global market, strategies that go beyond simple exports to secure both local distribution and direct consumer touchpoints are becoming more important.* This article has been translated by AI. 2026-04-23 11:12:19
  • Korea Tourism Organization Earns Top Rating in 2025 Public Agency Satisfaction Survey
    Korea Tourism Organization Earns Top Rating in 2025 Public Agency Satisfaction Survey Korea Tourism Organization President Park Seong-hyeok said Wednesday the agency received the highest rating, "very excellent," in the Finance and Economy Ministry’s 2025 public agency customer satisfaction survey. The annual survey, intended to improve service quality and public satisfaction, covered 186 public institutions this year. Results were released in five tiers: very excellent, excellent, average, poor and very poor. The organization was the only agency under the Ministry of Culture, Sports and Tourism to earn the top grade. The result was attributed to efforts to expand programs nationwide, including the "Digital Tourism Resident ID" and "Travel Month," aimed at responding to regional population decline, as well as initiatives to attract domestic and international visitors and boost domestic demand. "The organization’s sincere efforts to deliver happiness to people’s lives through tourism led to the meaningful result of the highest customer satisfaction rating," Park said. "As the nation’s leading public institution in tourism, we will listen more closely to the public and, through innovation, grow into an organization that moves travelers from around the world." Separately, the organization is accepting entries through next month’s May 12 deadline for a public contest seeking proposals on tourism policy. It said it plans to gather creative ideas from the public to improve tourism-related services and expand customer-centered projects. Details are available on the Korea Everywhere tourism website. 2026-04-23 11:09:52
  • Samsung Targets Europe With High-Efficiency Built-In AI Appliances
    Samsung Targets Europe With High-Efficiency Built-In AI Appliances Samsung Electronics said it held an appliance technology seminar, “The Brief Milan,” on April 21 (local time) at a showroom inside its Italian subsidiary in Milan for major local media and influencers. The company highlighted high-efficiency AI appliances tailored to energy-conscious European consumers, along with SmartThings-based features such as “AI Energy Saving Mode.” Samsung showcased a range of laundry products that meet Europe’s energy-efficiency Grade A standard. The Bespoke AI Washer cuts energy use by an additional 65% beyond the Grade A threshold and includes “AI Custom Wash+,” which detects load weight, fabric type and soil level to run an optimized cycle automatically. The Bespoke AI Dryer and the all-in-one washer-dryer Bespoke AI Combo also achieved Grade A energy efficiency. When connected to SmartThings and run in “AI Energy Saving Mode,” the Bespoke AI Washer can reduce energy use by up to an additional 70% and the Bespoke AI Dryer by up to an additional 20%. The Bespoke AI Combo can cut energy use by up to an additional 60% for washing and up to an additional 30% for drying. Samsung also presented built-in kitchen appliances designed to fit European living spaces while maintaining performance. The event introduced a new hood-integrated induction cooktop rated at Europe’s “A+” energy-efficiency grade. With a hood built into the center of the cooktop, it is designed to remove smoke and odors generated during cooking. Also on display, the Bespoke AI Dishwasher reduces energy use by an additional 20% compared with Europe’s Grade A benchmark and features a built-in design intended to blend into kitchen spaces. The Bespoke AI Refrigerator 1-Door uses “Space Max” technology to provide 387 liters of interior capacity while keeping a compact exterior, and includes an “Auto Open Door” function that opens with a touch. It also uses metal materials to help retain cold air and includes an “AI Precise Cooling” function that analyzes usage patterns to limit temperature increases inside the refrigerator. A built-in top-refrigerator, bottom-freezer (BMF) model also uses Space Max technology to offer up to 298 liters of capacity. When connected to SmartThings and used in “AI Energy Saving Mode,” it can reduce energy use by up to 15%. Samsung also displayed the Bespoke AI Family Hub refrigerator, featuring a 21.5-inch touchscreen and an internal camera-based “AI Vision” function that recognizes items being added and removed in real time. With “AI Energy Saving Mode” enabled through SmartThings, it can reduce energy use by up to 10%. “Samsung Electronics will actively target the European market by strengthening our lineup of high-efficiency built-in AI appliances tailored to the European lifestyle,” said Moon Jong-seung, a vice president in Samsung’s DA Business Division. * This article has been translated by AI. 2026-04-23 11:09:18