Journalist

Lee Hugh
  • 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
  • Korea grand sale kicks off
    Korea grand sale kicks off SEOUL, December 19 (AJP) - The Korea Grand Sale, hosted by the Ministry of Culture, Sports and Tourism and the Korea Tourism Organization, opened on December 17 and will run for 67 days until February 22, 2026. An opening ceremony was held in Myeongdong on December 17, featuring various performances to celebrate the launch. The festival is Korea's flagship promotional event targeting foreign tourists, combining shopping, culture, and tourism. Nationwide discounts and special offers are available across various sectors, including airlines and transportation, shopping, accommodation, food and beverage, beauty, healthcare, experiences, and convenience services. The event features diverse programs, including K-content experiences that allow international visitors to directly immerse themselves in Korean culture, with strong positive responses expected from foreign tourists. 2025-12-19 16:19:33
  • PHOTOS: Narye, the grand royal year-end ritual
    PHOTOS: Narye, the grand royal year-end ritual SEOUL, December 19 (AJP) - The National Gugak Center will stage its year-end performance Narye from December 18 to 21 at the Yeakdang Theater in Seocho District, Seoul. Narye is a traditional ritual that dates back to the Goryeo and Joseon dynasties. Held on the final night of the lunar year, it was performed in royal courts, government offices, and private homes to drive away lingering misfortune and malevolent spirits, while praying for peace and prosperity in the coming year. It was one of the largest year-end ceremonies of the court, bringing together royal performers and the most skilled folk entertainers of the time. The event is remembered as a rare royal celebration that temporarily set aside distinctions of rank and status. The Annals of the Joseon Dynasty note that on the day Narye was held, “even court historians were present but did not record the events,” suggesting that the occasion allowed an unusual degree of freedom. Various forms of popular entertainment of the era, including Yeonhwadaemu and other performances, were staged alongside the ritual. Building on this historical context, the upcoming production reimagines the courtly Narye through a contemporary lens. Storytellers and fictional spirit figures are introduced to guide the audience through the ritual sequence. What was once an all-night ceremony has been condensed into a 90-minute stage performance. The program is structured in four acts: Gocheonji, announcing the beginning of the ritual to heaven and earth; Seyeksin, appeasing the spirits; Gunahee, a series of performances meant to expel misfortune; and Gitaepyeong, offering prayers for a peaceful new year. Each act features musicians and dancers from the National Gugak Center’s Court Music Orchestra, Folk Music Orchestra, and Dance Company, presenting representative music and choreography associated with the royal rite. A defining feature of this production is its reinterpretation of the traditional Narye procedures through newly created choreography that remains rooted in ritual form while appealing to contemporary audiences. More than 130 performers from the National Gugak Center’s ensembles take part in the production. 2025-12-19 16:17:34
  • PHOTOS: Japans imperial court at the heart of Seoul
    PHOTOS: Japan's imperial court at the heart of Seoul SEOUL, December 19 (AJP) -Inside the exhibition hall, order and formality define the presentation of Japanese court culture. Through the Long Ages of Time: Japanese Court Culture, currently on view at the National Palace Museum of Korea, traces the formation and development of Japan’s court traditions across historical periods. The exhibition was organized to mark the 20th anniversary of the National Palace Museum of Korea and the 60th anniversary of the normalization of diplomatic relations between Korea and Japan. A total of 39 artifacts from the Tokyo National Museum are being shown in Korea for the first time, including paintings, craft works, court attire, and materials related to court rituals. The exhibition focuses on the overall structure and characteristics of court culture. The exhibition introduces the court as a space where politics, daily life, and ritual functioned together. Records depicting court life, decorative objects, court clothing, and ceremonial materials illustrate how rank, role, and order were expressed within the court system. The exhibition gains additional context from its setting within the National Palace Museum of Korea, where permanent displays of Joseon royal culture are housed. Running from December 18, 2025, to February 22, 2026, the exhibition marks the first comprehensive introduction of Japanese court culture in Korea. 2025-12-19 16:12:59
  • KAI secures Surion helicopter contracts worth 71 billion won
    KAI secures Surion helicopter contracts worth 71 billion won SEOUL, December 19 (AJP) - Korea Aerospace Industries (KAI) said Friday it has signed separate contracts to supply one Surion multipurpose helicopter each to the Korea Coast Guard and the Korea National Park Service. The Coast Guard contract is valued at 38.5 billion won, while the National Park Service deal totals 32.8 billion won, KAI said. Each contract covers one helicopter along with spare parts, ground support equipment and training for pilots and maintenance personnel. The helicopter for the Coast Guard will be equipped with a search radar, a high-performance electro-optical and infrared system, and an automatic identification system for ships to support maritime security and safety missions, the company said. The National Park Service helicopter will be configured for disaster response and will feature a newly developed firefighting water tank that is currently under development. Including the two latest contracts, KAI said it has secured orders for seven Surion helicopters for government use in 2025. In total, the company has signed contracts for 42 helicopters for government agencies, including the police, Coast Guard, forestry and fire services, and national parks, and has delivered 28 of them. KAI also delivered two firefighting helicopters to Iraq’s Interior Ministry in October under a contract signed last year, and that the aircraft have completed initial flights in preparation for operational deployment. KAI Chief Executive Cha Jae-byung said in a press release that he is pursuing overseas marketing based on the aircraft’s performance and mission equipment. 2025-12-19 16:09:47