Journalist

Lee Hugh
  • South Korean stocks lead broader Asian rally
    South Korean stocks lead broader Asian rally SEOUL, December 22 (AJP) - South Korean stocks rallied on Monday, with the benchmark KOSPI reclaiming the 4,100 mark as Asian equity markets advanced broadly. In Seoul, the KOSPI rose 2.1 percent to close at 4,105.93, while the tech-heavy KOSDAQ gained 1.5 percent to 929.14. Foreign investors turned net buyers for the first time in six sessions, helping lift the main index. Institutional investors bought a net 1.6 trillion won ($1.1 billion) worth of shares, while foreigners purchased 1.1 trillion won on the main board. Samsung Electronics climbed 4 percent to 110,500 won, and chipmaker SK hynix surged 6 percent to 580,000 won. LG Energy Solution, the third-largest company by market capitalization, rose 2.8 percent to 389,500 won. Investment holding company SK Square jumped 8.4 percent to 315,000 won. Samsung Life Insurance advanced 3.4 percent to 160,300 won, while Korea Zinc gained 5.6 percent to 1,383,000 won. Among the top 10 blue chips, HD Hyundai Heavy Industries was the biggest decliner, falling 1.3 percent to 514,000 won. Japanese shares also rose. The Nikkei 225 added 1.8 percent to 50,402.39. Toyota Motor gained 0.9 percent to 3,455 yen, while Mitsubishi Corp rose 1.9 percent to 2,495 yen. SoftBank Group jumped 4.1 percent to 17,815 yen, and Hitachi climbed 1.9 percent to 5,004 yen. Sumitomo Mitsui Financial Group rose 0.9 percent to 5,064 yen. Chip-related stocks outperformed, with Tokyo Electron, the ninth-largest company by market value, surging 6.3 percent to 33,170 yen, and Advantest, ranked tenth, gaining 4.5 percent to 20,050 yen. Sony Group, the third-largest by market capitalization, was the sole decliner among the top 10, falling 0.9 percent to 3,960 yen. Market sentiment was shaped by the Bank of Japan’s decision on Friday to raise its key interest rate to 0.75 percent from 0.5 percent, marking another step away from the country’s long-standing ultra-loose monetary policy. In China, the Shanghai Composite Index rose 0.7 percent to 3,917.36. 2025-12-22 17:21:49
  • S. Korea develops the worlds second-fastest bullet train
    S. Korea develops the world's second-fastest bullet train SEOUL, December 22 (AJP) - South Korea has finished the development of a next-generation bullet train designed to operate at 370 kilometers per hour, the transport ministry said Monday. The achievement positions South Korea as the world's second-fastest rail operator, after China, to operate commercial rail services at speeds exceeding 350 kilometers per hour. Finalized under a four-year national research and development program, the project focused on the EMU-370. This electric multiple unit is built for a commercial speed of 370 kilometers per hour and a maximum design limit of 407 kilometers per hour. Manufacturing is slated to begin in 2026, with trial runs expected by 2030 and full commercial service following in 2031. The leap in speed moves South Korea ahead of other major rail markets like France, Germany, and Japan, which typically top out at around 320 kilometers per hour. China remains the leader, currently testing a 400 kilometers per hour model for a 2027 launch. The Korea Railroad Research Institute led the 22.5 billion won ($15.2 million) initiative, backed by 18.0 billion won in government funding. Engineers used the existing KTX-Cheongryong platform as a baseline, introducing upgrades to handle the intense aerodynamic resistance and vibration of ultra-high-speed travel. The Ministry of Land, Infrastructure and Transport reported that the EMU-370 features a 47.4 percent increase in motor output and a 12.3 percent reduction in running resistance. These changes, along with a 30 percent reduction in lateral vibration, are expected to significantly improve ride quality. Officials noted that the EMU-370 could eventually link major cities within a one-hour travel window. For instance, the travel time from Seoul to Busan could be reduced from the current 2 hours and 17 minutes to approximately 1 hour and 30 minutes. Beyond domestic use, the government is targeting export opportunities in markets like Vietnam and Poland, where new networks are being planned for speeds of 350 kilometers per hour or higher. "The completion of this project marks a milestone, coming two decades after South Korea introduced high-speed rail," Vice Minister Kang Hee-up said. The Ministry of Land, Infrastructure and Transport intends to continue its research into third-generation rail technology with an ultimate goal of reaching 400 kilometers per hour in operational speed. 2025-12-22 17:10:48
  • As won hovers at crisis-era levels, Seoul feels like the worlds most expensive city
    As won hovers at crisis-era levels, Seoul feels like the world's most expensive city SEOUL, December 22 (AJP) - Headline inflation in South Korea remains anchored around the mid-2 percent range, but many households say daily life feels increasingly unaffordable, as a weak won erodes purchasing power and amplifies price pressures across imported goods. Seoul now "feels like the most expensive city in the world," ahead of Tokyo and London, according to a recent British Time Out survey that asked residents in 100 global cities to assess their cost of living. Only 30 percent of respondents in Seoul said they could afford dining out, while just 43 percent said they could comfortably buy a cup of coffee. The ranking places Seoul above Istanbul, Türkiye, where annual inflation stood at 31 percent in November. Korea's consumer price index rose a far more modest 2.4 percent in the same month. The disconnect reflects currency effects rather than headline inflation. Prices feel higher when converted into won, which remains stuck near levels last seen during periods of crisis. The won ended last year at 1,472 per U.S. dollar, sharply weaker than 1,288 at the close of 2023 and 1,264.5 in 2022, amid political turmoil and capital outflows after a disgraceful martial-law stunt. Despite strong exports and a record current-account surplus, the currency still hovers around 1,480 per dollar and is set to average at its weakest ever for this year. Korea's real effective exchange rate (REER) — which measures currency strength against a basket of trading partners, adjusted for inflation — fell to 87.05 in November, approaching 85.47 in the wake of the global financial crisis and 86.63 recorded during the 1998 IMF bailout. The weak currency is feeding through to import costs. The import price index rose 2.6 percent in November, the fastest increase in 19 months, according to the Bank of Korea (BOK). While import prices fell 2.3 percent year on year in U.S. dollar terms, they rose 2.2 percent in won terms. This divergence is particularly visible in food and beverage items that Korea relies on imports for. Coffee import prices fell 1 percent in dollar terms from a year earlier, but rose 3.6 percent in won. Wine prices declined 0.2 percent in dollars but climbed 4.4 percent in won. Nut import prices rose 17.7 percent in dollars and an even steeper 23.1 percent in won. Such price pressures are weighing on already-fragile domestic demand. A survey by the Korea Chamber of Commerce and Industry of 300 retail companies nationwide projected retail sales growth of just 0.6 percent next year, which would mark the weakest performance in five years. The chamber cited shrinking consumer sentiment, high inflation, intensifying competition, and heavy household debt as the main drags. Nearly 68 percent of respondents pointed to weak consumer confidence, while 46.5 percent cited inflation. Spending data show early signs of strain. Family expenditure on education fell 0.7 percent in the third quarter, the first quarterly decline in five years. Education is typically one of the last areas that Korean households cut back on. "The foreign exchange market is still dominated by concerns about further depreciation rather than a reversal," said Park Sang-hyun, an analyst at iM Securities. The BOK last month raised its inflation forecast for next year from 2.0 percent to 2.1 percent, warning that if the exchange rate remains around 1,470 per dollar, inflation could reach 2.3 percent. 2025-12-22 16:54:37
  • No special amnesty planned for Christmas
    No special amnesty planned for Christmas SEOUL, December 22 (AJP) - There will be no special amnesty for next week's Christmas and New Year's holidays. According to sources from the ruling Democratic Party (DP) on Monday, President Lee Jae Myung has not started reviewing year-end pardons. Such special pardons typically take about a month from the Justice Ministry's review to a final decision. In August, just two months after taking office, Lee granted pardons to a total of 836,687 people including Cho Kuk, leader of the minor Rebuilding Korea Party serving a prison term for corruption related to his children's university admissions, and Yoon Mi-hyang, former head of a charity for wartime sex slavery victims, who received a three-year suspended sentence for embezzling donations. For this reason, Lee appears to see little need for another round of pardons. Nevertheless, parole could be expanded to address overcrowding in correctional facilities. During a briefing from the ministry last week, Lee instructed officials to grant parole when there is no risk of reoffending and victims have been compensated. 2025-12-22 16:43:01
  • Lee set to move into Cheong Wa Dae as renovations near completion
    Lee set to move into Cheong Wa Dae as renovations near completion SEOUL, December 22 (AJP) - President Lee Jae-myung is expected to move into Cheong Wa Dae in central Seoul soon, as renovations of the sprawling presidential compound are nearly complete. Some staff have already moved in, with the presidential office's daily press briefings resuming there on Monday. Lee's relocation from the current office in Yongsan to Cheong Wa Dae is expected to be completed as early as early as next week. Once moved in, he will have a shared workspace with top aides and key officials, including chief of staff Kang Hoon-sik, policy chief Kim Yong-bum, and national security adviser Wi Sung-lac, to facilitate closer communication with them. Repairs to the official residence are not finished, so Lee is expected to commute from the current residence in Hannam-dong for the time being. Taking office in June this year, Lee vowed to return to the compound but delayed doing so while it underwent repairs needed after several years of public access since May 2022 with the inauguration of his predecessor President Yoon Suk Yeol, who was impeached over his Dec. 3 declaration of martial law last year. Lee has said the Yongsan office has a structure vulnerable to eavesdropping and security risks, making it unsuitable as a presidential workplace. Lee may use Cheong Wa Dae until 2030 during his presidency, but he eventually intends to relocate the office to the administrative city of Sejong, where most ministerial offices and other government agencies have been moved since 2012 as part of efforts to promote balanced regional development. 2025-12-22 16:10:18
  • Hankook Tires Hungarian plant donates tires to local community
    Hankook Tire's Hungarian plant donates tires to local community SEOUL, December 22 (AJP) - Hankook Tire & Technology said on Monday that its Hungary plant has donated 28,000 tires to local government bodies as well as nonprofit and charitable organizations under a corporate social responsibility initiative launched in 2012. The tire firm said said the initiative reflects the environmental, social and governance (ESG) management philosophy of the company and supports sustainable development in the Hungarian community. This year, the plant provided tire donations to around 130 public agencies and organizations, including groups focused on public safety and social welfare, it said. Recipients included child health organizations such as the Peter Cerny Foundation, which specializes in the rescue and transport of premature infants, and the Saint Martin Children’s Ambulance Service, which provides emergency care for seriously ill children. The company said the donations help ensure the reliable operation of their vehicles. Hankook Tire said it also expanded support to disaster response and environmental protection groups, including the Hungarian Water Rescue Service, the Delta National Disaster Rescue Team and the World Wide Fund for Nature. Additional recipients included volunteer neighborhood watch groups and fire departments, a foundation supporting people with disabilities, and animal protection organizations. Since establishing its Hungary plant in 2008, Hankook Tire has carried out community-focused initiatives across the country each year, including tire donations, infrastructure improvement projects, support for vulnerable households and youth scholarship programs, the company said. 2025-12-22 16:01:35
  • South Koreas Mirae Industries signs $7.5 million chip equipment supply deal
    South Korea's Mirae Industries signs $7.5 million chip equipment supply deal SEOUL, December 22 (AJP) - Mirae Industries, a South Korean manufacturer of semiconductor back-end process equipment, said on Monday it has signed an additional supply contract worth $7.5 million with Unimos Micro Electronics for semiconductor inspection equipment. In a regulatory filing, the company said the contract is equivalent to 37.7 percent of its 27 billion won in revenue recorded last year. Mirae Industries said the latest order reflects the results of its efforts to expand overseas markets and boost exports. A company official said the deal “once again proves our competitiveness in the global market,” adding that cumulative sales through the third quarter have already surpassed full-year 2024 revenue. 2025-12-22 15:20:40
  • Frontline units told to assume border farther south to avoid clashes
    Frontline units told to assume border farther south to avoid clashes SEOUL, December 22 (AJP) - The South Korean military has internally instructed frontline units to consider the more southerly boundary when the Military Demarcation Line (MDL) along the inter-Korean border overlaps or is unclear, to avoid accidental clashes with North Korea. During a regular press briefing at the Ministry of Defense, Joint Chiefs of Staff spokesperson Lee Sung-joon said the military prioritizes MDL markers set up in the Demilitarized Zone (DMZ) and conducts comprehensive assessments in areas where such markers are unavailable, in response to North Korean incursions across the MDL, whether accidental or intentional. South Korea has responded to such violations by firing warning shots. The MDL is the ceasefire line drawn by the armistice signed on July 27, 1953. Of the roughly 1,292 markers installed at that time, only about 200 remain in place. Over time, South Korea marked the MDL on its military maps based on these markers. The UN Command also produced its own maps, resulting in differences that can reach tens of meters in some areas. North Korea has continued to violate the MDL since April last year, after beginning large-scale work near the DMZ, including mine removal and land development. North Korean soldiers have crossed the MDL 16 times since March, with 10 of those cases occurring last month. 2025-12-22 14:46:15
  • Korean Air, Asiana face fines for breaching merger conditions on seat supply
    Korean Air, Asiana face fines for breaching merger conditions on seat supply SEOUL, December 22 (AJP) - South Korea’s antitrust regulator said on Monday it will impose penalties totaling 6.5 billion won ($5 million) on Korean Air and Asiana Airlines for violating merger-approval conditions that restrict sharp reductions in seat supply. The Fair Trade Commission (FTC) said it will fine Korean Air 5.88 billion won and Asiana 580 million won for breaching a corrective order that bars the airlines from cutting annual seat supply to below 90 percent of 2019 levels during the same period. The penalty is a monetary sanction imposed when companies fail to comply with corrective measures attached to a merger approval, the commission said. Korean Air and Asiana filed their merger notification in November 2020, with final approval granted on Dec. 24 last year. As part of the approval, the FTC enforced service requirements include limits on reductions in seat supply, caps on average fare increases, and the maintenance of seat pitch and free baggage allowances. According to the FTC, between Dec. 12, 2024, and March 28, 2025, the two airlines supplied 82,534 seats on the Incheon–Frankfurt route, equivalent to 69.5 percent of the 118,728 seats offered during the same period in 2019. This fell 20.5 percentage points short of the required threshold. The commission said the penalties are intended to raise compliance awareness and prompt tighter management of seat supply to prevent repeat violations. 2025-12-22 14:40:53
  • South Koreas strategic oil reserves hit 100 million barrels
    South Korea's strategic oil reserves hit 100 million barrels SEOUL, December 22 (AJP) - South Korea's strategic oil reserves have surpassed 100 million barrels for the first time, the government said on Monday. The Ministry of Trade, Industry and Energy said the final oil tanker carrying this year’s stockpiled crude arrived at the Korea National Oil Corp.’s storage base in Geoje, bringing state-held reserves to 100 million barrels. Privately held oil stockpiles stood at about 95 million barrels as of October. Combined public and private reserves are sufficient to cover more than 210 days of net daily imports, exceeding the standard set by the International Energy Agency (IEA), the ministry said. South Korea began building strategic oil reserves in 1980 after the first and second global oil shocks highlighted the risks of supply disruptions. Since then, reserves have been expanded systematically, the ministry said. As a result, South Korea now holds the fourth-largest oil stockpiles among IEA member countries, providing a strong buffer against global energy supply shocks. 2025-12-22 14:22:06