Journalist

Lee Hugh
  • Koreas first private rocket launch put off on technical glitch
    Korea's first private rocket launch put off on technical glitch SEOUL, December 20 (AJP) -South Korean space launch startup Innospace has called off the launch attempt of the country's first privately-developed rocket, HANBIT-Nano, after engineers identified a technical issue during final countdown procedures in Brazil. The launch was scheduled for 9:30 p.m. Friday local time (9:30 a.m. Saturday in Korea) at the Alcantara Space Center, but was halted about an hour before liftoff when an abnormality was detected in a valve used to fill the second-stage liquid methane tank, the company said. Innospace said it had completed erection of the rocket and checks of telemetry and the flight termination system before beginning oxidizer loading at 6:17 a.m. local time. The countdown was stopped after the valve failed to operate normally following fueling. A new launch date will be determined in consultation with the Brazilian Air Force within the current launch window, which runs from Jan. 16 through Jan. 22, the company said. The delay marks the third postponement of the HANBIT-Nano launch. The mission was originally scheduled for Nov. 22 but was first delayed after abnormal signals were detected in avionics equipment. A second delay followed when an issue was found in the cooling system of the first-stage oxidizer supply during final prelaunch checks. Repeated delays are common in the space industry. In March, SpaceX, led by Elon Musk, postponed the launch of its Falcon 9 rocket multiple times due to weather and technical issues while preparing to send NASA’s SPHEREx space telescope into orbit. HANBIT-Nano is a two-stage launch vehicle designed to place up to 90 kilograms into a 500-kilometer sun-synchronous orbit. The rocket stands 21.8 meters tall, measures 1.4 meters in diameter, and has a liftoff weight of 18.8 tons. Its first stage is powered by a 25-ton-thrust hybrid rocket engine, while the second stage uses a three-ton-thrust liquid methane engine. The current mission, dubbed “Spaceward,” aims to deploy 18 kilograms of payload into a 300-kilometer-high orbit, including five small satellites from Brazil and India and three experimental devices. Innospace said the mission will be considered successful once the satellites reach their target orbit and stable communications are confirmed. Innospace previously conducted a successful test launch of its HANBIT-TLV vehicle in March 2023, validating its hybrid propulsion technology. The company said the HANBIT-Nano mission is a key step toward entering the small-satellite commercial launch services market. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-20 12:12:59
  • Koreas FTC chief signals suspension on Coupang if fault confirmed in data leak
    Korea's FTC chief signals suspension on Coupang if fault confirmed in data leak SEOUL, December 20 (AJP) -Ju Biung-ghi, chairman of South Korea’s Fair Trade Commission, said authorities are keeping open the possibility of slapping business suspension e-commerce giant Coupang following a large-scale leak of customer personal data. Speaking on KBS’ “NewslineW" on Friday afternoon, Ju said the FTC is mobilizing “all available means,” including dispute mediation and support for consumer lawsuits, to assist those affected by the incident. Ju’s remarks came amid renewed regulatory momentum at the FTC. Earlier this week, he also signaled the watchdog’s intent to resume efforts to tighten regulations on monopolistic online platforms — an initiative that had stalled amid strong opposition from the United States ahead of the Korea–U.S. trade agreement finalized last month. Regarded as a key architect of President Lee Jae Myung’s economic policy framework, Ju described Korea’s penalties for unfair business practices as relatively lenient. He voiced support for the president’s push to impose substantial fines on Coupang over the data breach, which affected nearly 34 million users. Ju stressed, however, that enforcement steps would depend on the outcome of the investigation. Authorities must first determine whether the leaked consumer information was actually misused in online transactions and whether such misuse has caused — or could cause — financial harm. “If consumer losses are confirmed, the FTC will demand that Coupang take steps to restore damages,” Ju said. Should the company fail to do so adequately, the commission could order a suspension of business operations. He added that if a suspension would result in greater harm to consumers, authorities could instead impose a penalty surcharge. A joint investigation team comprising multiple government agencies is currently examining the case, Ju said, adding that “the top priority” is to clearly establish responsibility for the data breach. Ju also addressed plans reported earlier in the day to President Lee to strengthen the FTC’s enforcement capacity. He said the commission would prepare measures to secure compulsory investigative powers, in line with the goal of making administrative sanctions more effective. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-20 11:58:27
  • K-Handmade Fair
    K-Handmade Fair SEOUL, December 19 (AJP) - South Korea’s largest handmade exhibition, K-Handmade Fair 2025, opened on Dec. 18 at COEX B Hall in southern Seoul. Held under the theme “Happy Pages,” the four-day event runs through Dec. 21. The fair features handmade works across a wide range of categories, including crafts, design, art, interior items, fashion, accessories and beauty products, with around 600 booths participating. Visitors can meet creators in person at booths showcasing knitting, woodworking and leather goods, and purchase handmade products. DIY experience programs and seminars on handmade business are also being held. 2025-12-19 22:17:11
  • Asian markets rally as BOJ ends policy uncertainty
    Asian markets rally as BOJ ends policy uncertainty SEOUL, December 19 (AJP) - Asian equities closed higher on Friday as investors welcomed signs of cooling U.S. inflation and the Bank of Japan’s long-anticipated interest rate hike, which helped clear a major policy overhang across the region. The BOJ’s move allowed markets to look past fears of a disorderly yen carry-trade unwind — at least for now — lifting benchmark indices across Asia. In Seoul, the KOSPI rose 0.65 percent to close at 4,020.55, reclaiming the 4,000 level. Institutional investors led the advance, snapping up a net 858.3 billion won ($580 million) in shares, more than offsetting combined selling by foreign and retail investors. The Korean won, however, remained fragile, ending the session at 1,479.3 per dollar, down 2.8 won as of 3:45 p.m., despite a brief intraday rebound. The BOJ raised its short-term policy rate from 0.5 percent to 0.75 percent — the highest level in 30 years — supporting the yen and exerting residual pressure on the won. A temporary suspension of South Korea’s foreign-exchange stability levy, aimed at encouraging FX inflows including dollars, has yet to show a meaningful impact. Bond yields in Seoul edged higher, with the 10-year government bond yield rising three basis points to 3.342 percent. Stocks within the Hyundai Motor Group saw sharp rotation. Hyundai AutoEver surged 18.45 percent to 305,000 won, fueled by investor optimism that the group will accelerate its push into robotics and software-defined vehicles (SDVs). Hyundai Motor gained 2.12 percent, while Hyundai Mobis rose 4.12 percent. Semiconductor heavyweights lagged the broader market. Samsung Electronics fell 1.21 percent to 106,300 won, and SK hynix declined 0.91 percent, as sentiment was weighed down by concerns over a looming supply glut from Chinese manufacturers flooding the market with legacy DRAM chips, potentially pressuring prices later this year. Hanwha Group also stood out. Hanwha Ocean climbed 5.8 percent on news of a new LNG carrier contract, while Hanwha Systems jumped 10.93 percent amid reports it will supply advanced electronic displays for Boeing’s F-15 fighter jets. The tech-heavy KOSDAQ rose 1.55 percent to 915.27, buoyed by renewed biotech momentum. Rznomics, an RNA-editing specialist, hit its daily 30 percent limit to close at 117,000 won on its second day of trading. Index heavyweight Alteogen gained 3.94 percent. In Tokyo, the Nikkei 225 advanced 1.03 percent to 49,507.21, as markets welcomed Governor Kazuo Ueda’s resolve to normalize monetary policy amid steady domestic inflation. Toyota rose 1.81 percent to 3,424 yen ($21.9), while Honda gained 0.91 percent despite lingering recall concerns. Japanese chip-equipment makers tracked gains in U.S. peers, with Ibiden surging 4.44 percent and Tokyo Electron climbing 2.94 percent. Taiwan’s TAIEX added 0.83 percent, led by a 2.55 percent jump in Foxconn, which ended at 221.5 Taiwan dollars ($7). TSMC was flat at 1,430 Taiwan dollars, while MediaTek slipped 0.7 percent to 1,410 Taiwan dollars amid worries over intensifying competition in legacy chips. Mainland Chinese markets edged higher, with the Shanghai Composite up 0.36 percent and the Shenzhen Component rising 0.66 percent. Hong Kong’s Hang Seng Index was up 0.73 percent in late trade. 2025-12-19 17:24:51
  • Unionized rail workers threaten indefinite strike again
    Unionized rail workers threaten indefinite strike again SEOUL, December 19 (AJP) - Unionized railway workers on Friday again threatened to launch an indefinite strike starting next Tuesday, citing the failure to fulfill agreements over bonus payments. State-run rail operator KORAIL's workers, who called off a planned strike at the last minute earlier this week after tentatively agreeing to further discussions on performance-based bonuses, said they will go on strike from the first train next Tuesday unless the agreements are fulfilled. Once they proceed with the strike, that could halt an average of about 250 trains a day, prompting government authorities to call a meeting to discuss measures to avoid disruptions. These measures could include limiting bookings on some routes and canceling plans to run additional trains during the holiday season. 2025-12-19 17:19:47
  • Krafton, Naver, Mirae Asset pool capital for Asia startup bets
    Krafton, Naver, Mirae Asset pool capital for Asia startup bets SEOUL, December 19 (AJP) - Game developer Krafton said on Friday it will set up an Asia-focused investment fund with Naver and Mirae Asset Group worth up to 1 trillion won ($740 million), betting on fast-growing technology companies across the region. The fund, named the Krafton–Naver–Mirae Asset Unicorn Growth Fund, will target promising technology firms in major Asian markets, including South Korea and India. The partners said the vehicle aims to generate long-term growth by supporting rapidly expanding tech industries and startup ecosystems. The initiative builds on an earlier Asia growth fund jointly established by Naver and Mirae Asset, which has invested in India’s largest food delivery platform and a leading Southeast Asian mobility company. Krafton joins the partnership after cumulatively investing more than 200 billion won in India’s digital entertainment market. The South Korean game publisher said it has established a strong presence in India on the back of the success of its flagship game service and plans to further expand its investment activities there. The fund will combine their respective strengths: Krafton’s market insight in India and content expertise, Naver’s capabilities in platforms, content and artificial intelligence, and Mirae Asset’s extensive Indian network and asset management experience. Affiliates of Mirae Asset Group will take part in managing the fund, assuming roles based on their areas of specialization. Son Hyun-il, head of Krafton’s India unit, said the partnership is expected to create “meaningful synergy” and that the fund will seek sustainable businesses in India that deliver “social and economic value” beyond gaming. He added that Krafton plans to broaden its investments into sectors such as consumer goods, sports, media and healthcare, with the aim of becoming a trusted brand among the Indian government and public. Choi In-hyuk, head of Naver’s tech business, said it was “meaningful” to pursue strategic cooperation with Krafton, which he said has built a strong foundation in India. He added that Naver will contribute by identifying innovative Indian companies and helping expand the local tech ecosystem through its platform, content and AI capabilities. 2025-12-19 17:11:44
  • Musinsa opens first overseas multi-brand store in Shanghais Anfu Road
    Musinsa opens first overseas multi-brand store in Shanghai's Anfu Road SEOUL, December 19 (AJP) - South Korean fashion platform Musinsa has opened its first overseas multi-brand store in Shanghai on Friday, marking a strategic push to expand its offline presence in China’s rapidly shifting fashion retail market. The new store, located on Anfu Road — one of Shanghai’s most influential fashion districts — brings together 59 brands across three floors, including 44 Korean designer and accessory labels and a selection of Chinese and global sports brands. The company says the space is designed to act as a hub connecting Korean independent brands with young Chinese consumers, reflecting Musinsa’s broader plan to accelerate overseas expansion. Anfu Road, often compared to Seoul’s Seongsu-dong, is known for its concentration of flagship stores and high-end boutiques, making it a focal point for trend-conscious shoppers and influencers. Musinsa said the district’s mix of heritage buildings and modern retail aligns with its strategy to position Korean designer brands within culturally resonant urban locations. The Shanghai store features themed zones to help customers navigate products more intuitively. The first floor will run rotating pop-up concepts, beginning with “Musinsa Closet,” highlighting six Korean labels that have gained traction among Chinese shoppers. The second floor focuses on Musinsa’s curated brand coordination displays, while the third floor includes a “K-pop Zone,” featuring items worn by South Korean idol groups — a nod to local demand for celebrity-driven fashion cues. The store also incorporates design elements referencing Musinsa’s retail identity, including an artwork wall illustrating its flagship locations in Seoul and dedicated zones for sneakers and headwear. Musinsa said the Shanghai opening is intended to strengthen its position as a bridge between Korean designers and the Chinese market, adding that additional localized retail strategies are being explored for other major Chinese cities. 2025-12-19 17:01:22
  • KT Wiz infielder Hwang Jae-gyun to end 20-year baseball career
    KT Wiz infielder Hwang Jae-gyun to end 20-year baseball career SEOUL, December 19 (AJP) - Infielder Hwang Jae-gyun is retiring from baseball, the KT Wiz said on Friday. In a statement released by the club, Hwang said, "Despite a good offer from the club, I decided to retire after much consideration." He added, "Thanks to the fans who always supported me enthusiastically, I was able to play for 20 years." "It was a great honor to be selected for the national team and to compete in international sporting events such as the Olympics and Asian Games," he recalled. "I also hope to be remembered as a player who consistently performed well without major injuries." He also expressed his gratitude to his family, coaches, teammates, and the clubs he played for. Making his professional debut in 2007 with the now-defunct Hyundai Unicorns in the Korea Baseball Organization (KBO) league, Hwang played for the Kiwoom Heroes and Lotte Giants, and also had a brief stint with the San Francisco Giants in Major League Baseball in 2017. He then joined the KT Wiz in 2018 and spent the remainder of his career with the team. He appeared in 2,200 games, posting a .285 batting average, 2,266 hits, 227 home runs, and 235 stolen bases. KT Wiz will hold an official retirement ceremony for Hwang early next year. 2025-12-19 16:40:22
  • Bank of Korea takes rare moves to boost USD liquidity and defend won
    Bank of Korea takes rare moves to boost USD liquidity and defend won SEOUL, December 19 (AJP) -The Bank of Korea (BOK) on Friday moved to shore up foreign-exchange market liquidity to help stabilize the won, announcing temporary regulatory relief and incentives for financial institutions in desperate move to buttress the local currency without direct intervention. At an emergency meeting held Friday, the central bank’s Monetary Policy Board approved a six-month package of measures to be applied from January through June next year. The steps follow a joint government–BOK announcement a day earlier outlining a “flexible adjustment plan” for the foreign-exchange stability framework. Under the measures, the BOK will for the first time pay interest on excess foreign-currency reserve deposits held by financial institutions in hopes to keep their dollar holdings at home. Previously, banks earned no return on such deposits, but they will now receive interest benchmarked to the U.S. Federal Reserve’s target policy rate range of 3.50 to 3.75 percent. The board also decided to fully waive the foreign-exchange stability levy over the same period. The levy, imposed on non-deposit foreign-currency liabilities under the Foreign Exchange Transactions Act, was introduced to curb excessive foreign-currency borrowing. The waiver is expected to reduce banks’ dollar funding costs and encourage a greater supply of foreign currency to the market. Yoon Kyung-soo, director general of the BOK’s International Department, said the levy waiver alone would lower financial institutions’ foreign-currency funding costs by about 10 basis points. He added that paying interest on foreign-currency reserves would strengthen banks’ liquidity buffers while also supporting profitability. The BOK said the measures would reinforce exchange-rate stabilization efforts alongside regulatory easing announced by the government, which included postponing foreign-currency liquidity stress tests and raising the cap on foreign banks’ forward foreign-exchange positions from 75 percent to 200 percent. Yoon said the central bank convened the emergency monetary policy meeting after judging that recent exchange-rate movements reflected a severe imbalance between supply and demand, but stressed that “this is not a situation comparable to last year’s martial law-related crisis.” He noted that foreign-currency funds previously managed overseas would effectively remain in South Korea if deposited at the BOK, easing pressure on the market. He also said any early-January inflows of excess reserve deposits would be manageable, as foreign-exchange reserves are calculated at month-end. Potential increases in currency-hedging demand from the National Pension Service, he added, were unlikely to pose a major risk, though adjustments could take time. Earlier this week, the central bank has extended $65 billion currency swap arrangement with the NPS. The move marks the first emergency Monetary Policy Board meeting since December 4 last year, immediately after the declaration of martial law. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-19 16:39:25
  • South Koreas priciest land for 23rd year
    South Korea's priciest land for 23rd year SEOUL, December 19 (AJP) - A prime commercial plot in Seoul’s iconic Myeong-dong shopping district has been named South Korea’s most expensive piece of land for the 23rd consecutive year. The 169-square-meter site, currently occupied by a Nature Republic flagship store, saw its officially appraised value for 2026 set at 188.4 million won ($145,000) per square meter. This represents a 4.4 percent increase from the 2025 valuation. The plot has held the top spot in the Ministry of Land, Infrastructure and Transport's annual rankings since 2004. Trailing closely behind the Nature Republic site is a 392-square-meter plot occupied by Woori Bank’s Myeong-dong branch, which ranked second with a 2026 valuation of 187.6 million won per square meter. 2025-12-19 16:20:28