Journalist

Lee Hugh
  • Korean Unions Press for More Pay and Job Security, Raising Labor Risk for Major Firms
    Korean Unions Press for More Pay and Job Security, Raising Labor Risk for Major Firms South Korea’s industrial sector is being shaken by growing labor risk, with unions stepping up pressure even as companies expand record bonuses and broaden conversions to regular employment aimed at job stability, industry officials said. According to the industry on the 22nd, the Samsung Electronics labor union’s joint struggle headquarters plans a large rally on the 23rd with about 37,000 participants, widely seen as a show of force ahead of any strike. The union’s key demand is to abolish the cap on performance bonuses. Samsung Electronics pays bonuses based on business-unit results but sets an upper limit; the union is seeking its full removal, effectively calling for unlimited, performance-linked compensation. With the semiconductor market highly volatile, the demand could increase the company’s burden by making the pay structure less flexible on the downside. Unions at Hyundai Motor Group are showing a similar pattern. Hyundai Motor paid about 500% of base pay in performance bonuses last year, along with encouragement payments in the tens of millions of won, marking its highest compensation level on record. Even so, the union has put a demand for a bonus equal to 30% of net profit on the wage and collective bargaining agenda. Industry watchers warn that tying bonuses to a fixed share of profit could reduce funds available for investment. Efforts to improve conditions across prime contractors and subcontractors are also facing complications. POSCO and HD Hyundai are strengthening measures such as converting partner-company workers to regular positions and improving treatment. But at worksites, additional demands from subcontractor unions and pushback from existing regular-worker unions are mixing, with signs of union-on-union conflict. Analysts say cooperation measures are expanding into broader calls to reshape employment structures, sowing new disputes. The trend is adding to pressure as external conditions remain uncertain, including energy-price instability tied to rising tensions in the Middle East and ongoing pressure from global supply-chain restructuring. The industry is increasingly wary that labor risk could go beyond higher costs and weaken fundamental competitiveness. A business group official said, “Even when companies accept demands such as bigger bonuses or conversions to regular employment, a structure is taking hold in which additional demands are repeated,” adding that it is “turning into an upward competition to keep raising demands, rather than labor-management negotiations.” Experts say repeated, short-term demands in an environment of weak trust between labor and management could undermine sustainability across industry. They also warn that if internal conflict drags on as global competition intensifies, both companies and workers could end up losing. Kim Dae-jong, a professor of business administration at Sejong University, said, “Considering that major industries have been sustained in part through national support, it will be difficult to gain broad public sympathy for excessive expansion of performance bonuses demanded by unions in semiconductors or autos.” He added, “Because jobs can be maintained only if companies keep investing, balance between bonuses and future investment is important.” Kim said, “Employment and wages can be maintained only if companies continue to grow,” and added that he hopes recent wage-bargaining conflicts at multiple companies will conclude in a mutually beneficial direction. 2026-04-22 18:04:43
  • Seoul Milk boosts eco-friendly packaging for Earth Day; Paris Baguette, Compose Coffee and Ildong Foodis updates
    Seoul Milk boosts eco-friendly packaging for Earth Day; Paris Baguette, Compose Coffee and Ildong Foodis updates Seoul Milk Cooperative steps up eco-friendly packaging for Earth Day Seoul Milk Cooperative said April 22 it is strengthening ESG management centered on environmentally friendly practices to mark Earth Day. The cooperative set up an ESG committee in 2021, the first in the dairy industry, and has expanded efforts from workplace changes—cutting single-use items, adopting recycled-paper business cards and switching to eco-friendly office supplies—to packaging innovation. On products, it has focused on packaging designed for recycling. It applied recycled material (r-PET) containers to its 700-milliliter organic milk and introduced label-free packaging for its spoonable yogurt brand Yohaim. It is also using paper straws, removing cap stickers and expanding water-separable labels. Last year, it introduced what it called the country’s first eco-friendly aseptic carton without aluminum. By removing the aluminum layer from the previous paper-polymer-aluminum structure, the cooperative said it improved recycling efficiency. It applied the carton to its organic aseptic milk and is seeking to expand its use. Seoul Milk said it received a minister’s commendation last year in the resource-circulation category from the Ministry of Climate, Energy and Environment, citing measurable results since 2021, including packaging redesign and building recycling systems. It also said it is strengthening low-carbon production, operating 107 farms certified for low-carbon livestock products, while sales of its low-carbon certified milk are rising. “ESG activities centered on eco-friendliness are leading to tangible results,” cooperative Chairman Moon Jin-seop said. “We will strengthen resource-circulation systems across the entire production and distribution process.” Paris Baguette launches cakes in the low 20,000-won range, expands value desserts With high prices persisting, Paris Baguette is expanding its value dessert lineup with cakes priced in the low 20,000-won range. The bakery chain said April 22 it has launched two new cakes priced in the low 20,000-won range to reduce the burden of everyday spending. The Cheese Souffle Cake layers a soft souffle cheese topping with white cake and cheese cream. The Ttitra Earl Grey Cake uses Earl Grey from premium blended tea brand Ttitra, and adds peach pieces for a brighter flavor. Paris Baguette also sells other cakes in the same price range, including Tiramisu Cake and Strawberry Blossom Cake. “We are expanding our value cake series that customers can enjoy casually in everyday life,” a company official said. “We will continue to broaden choices with products across a range of prices and concepts.” Compose Coffee to release “Coffee Hanmogom” keyring sets to extend new-menu momentum Compose Coffee said April 22 it will offer “Coffee Hanmogom” keyring sets featuring a bear character from its brand film to mark the launch of its new “All Day Compose” menu line. The chain said new items, including the Vanilla Cream Latte, topped 350,000 cups sold within a week of release. It said the Vanilla Cream Latte has drawn interest as a reasonably priced menu item, highlighting rich vanilla cream and dark-chocolate flavor. The keyring sets were planned on the back of the new menu’s popularity. Each set pairs a coffee drink with a “Coffee Hanmogom” keyring. The character name combines the Korean phrase for “a sip of coffee” with “teddy bear,” reflecting the tone of the brand film. The sets come in five versions: Vanilla Cream Latte, Nutty Cream Latte, Pineapple Coffee, Better Than Einspanner and All Day Oat. The company said the lineup is designed to reflect different preferences, including decaf, fruit and cream-based options. A Compose Coffee official said the sets are intended to offer a brand experience “from morning to evening, anytime and anywhere.” Ildong Foodis Hi-Mune sponsors disability sports event with Paralympians ​​​​​​​ ​​​​​​​Ildong Foodis said April 22 it sponsored the “Disability Sports With Paralympians” event with its Hi-Mune Protein Balance Active drink. The event was held April 18 at Seoul World Cup Stadium with FC Seoul, featuring participatory sports programs bringing together people with and without disabilities. On site, a “Dream Paralympics” program offered hands-on experiences in disability sports such as wheelchair basketball and blind football. Medalists from the 2026 Milan-Cortina Winter Paralympics also attended and met with the public. During a K League match that day, Nordic skier Kim Yoon-ji served as match-ball presenter, and snowboarder Lee Je-hyeok took part in the ceremonial kickoff. Ildong Foodis provided Hi-Mune Active to participants to support energy and nutrition during exercise. The company said the high-protein drink contains 20 grams of protein per pack and uses MPC (milk protein concentrate) and goat milk protein. An Ildong Foodis official said the sponsorship was arranged to help promote disability sports around the Day of Persons with Disabilities, adding that Hi-Mune would “be there wherever protein is needed.” Hi-Mune has continued marketing activities across sports including soccer, running and golf, the company said. * This article has been translated by AI. 2026-04-22 18:03:15
  • KOSPI, Nikkei hit fresh record highs despite US-Iran talks on hold
    KOSPI, Nikkei hit fresh record highs despite US-Iran talks on hold SEOUL, April 22 (AJP) - Asian markets mostly closed higher on Wednesday, with South Korea's benchmark KOSPI closing above the 6,400 mark for the first time, despite fresh uncertainties over the prolonged conflict in the Middle East after another round of talks between the U.S. and Iran was postponed indefinitely. The KOSPI rose 0.46 percent to close at a record 6,417.93 points, while the junior KOSDAQ gained 0.18 percent to finish at 1,181.12. Among large-cap tech shares, Samsung Electronics slipped 0.68 percent to 217,500 won and SK hynix also edged down 0.08 percent to 1,223,000 won. Battery makers traded mixed, with LG Energy Solution rising 1.36 percent to 484,500 won and Samsung SDI gaining 2.17 percent to 659,000 won. Automakers were subdued, with Hyundai Motor falling 0.92 percent to 541,000 won, while Kia was flat at 160,000 won. Defense and industrial shares advanced, led by Hanwha Aerospace, up 1.80 percent to 1,416,000 won, while HD Hyundai Heavy Industries surged 11.28 percent to 641,000 won. Samsung Electro-Mechanics jumped 5.18 percent to 812,000 won, while Samsung Biologics fell 1.70 percent to 1,561,000 won. Despite the index extending its rally overall, up 52 percent since the start of this year, the entertainment sector has moved in the opposite direction, with shares of the four major entertainment companies falling more than 20 percent on average. SM Entertainment posted the steepest decline. Its shares fell 31.33 percent over the past four months, from around 130,000 won at the start of the year to 92,700 won on Wednesday. Over the same period, shares of HYBE dropped 24.24 percent, while YG Entertainment fell 21.47 percent and JYP Entertainment declined 12.67 percent, leaving the sector largely sidelined from the broader equity rally. The South Korean won remained stable, trading at 1,478 won against the dollar, compared with the previous close of 1,476 won. Elsewhere in Asia, Japan's benchmark Nikkei 225 closed at a record high, supported by continued buying in artificial intelligence (AI) and semiconductor-related shares. The index rose 0.4 percent from the previous session to finish at 59,585.86, surpassing its prior record close of 59,518.34 set on April 16. The gains were led in part by technology heavyweights, including SoftBank Group, whose shares surged 8.47 percent to 5,620 yen. China's Shanghai Composite rose 0.52 percent to 4,106.26, while Hong Kong's Hang Seng Index fell 1.22 percent to 26,163.24. 2026-04-22 18:01:26
  • People Power Party Picks Lee Jeong-hyeon for Jeonnam-Gwangju Special City, Yang Jeong-mu for North Jeolla Governor
    People Power Party Picks Lee Jeong-hyeon for Jeonnam-Gwangju Special City, Yang Jeong-mu for North Jeolla Governor The People Power Party’s nomination management committee on Tuesday made single-candidate nominations for Lee Jeong-hyeon, a former nomination committee chair, as its candidate for mayor of the planned Jeonnam-Gwangju Integrated Special City, and for Yang Jeong-mu, a former party chapter chair for Jeonju Gap, as its candidate for governor of North Jeolla Special Self-Governing Province. Committee chair Park Deok-heum said at an afternoon news conference at the party’s central headquarters in Yeouido, Seoul, that Lee is “the right person” to lead “change and a new leap forward” for the newly launching integrated special city, citing his national government experience and political skills. Ahn Tae-uk, a former Gwangju party chair who had applied for the Jeonnam-Gwangju post, withdrew his application. Park said he expects Ahn to continue supporting the party “for a new leap forward and victory,” noting a by-election is expected in Gwangju’s Gwangsan-eul district. The by-election is expected after Min Hyung-bae, a lawmaker from the Democratic Party, was ultimately selected as the party’s candidate for mayor of the Jeonnam-Gwangju Integrated Special City. The committee also made single-candidate recommendations for Cha Hwa-yeol as its candidate for mayor of Pyeongtaek in Gyeonggi province and for Lee Nam-hyung as its candidate for head of Seoul’s Gwanak district. For the June 3 parliamentary by-elections, the party nominated Kim Min-kyung in Asan-eul, South Chungcheong province; Kim Seok-hoon in Ansan Gap, Gyeonggi province; and Oh Ji-seong in Gunsan-Gimje-Buan-gun Gap, North Jeolla province. Park said more discussion is needed on the nomination for Pyeongtaek-eul in Gyeonggi, where Cho Kuk, leader of the Rebuilding Korea Party, is running, adding that a decision will be made “within a day or two.”* This article has been translated by AI. 2026-04-22 18:00:19
  • Seoul mayoral rivals Oh Se-hoon and Jung Won-oh court social workers in first joint appearance
    Seoul mayoral rivals Oh Se-hoon and Jung Won-oh court social workers in first joint appearance Democratic Party Seoul mayoral candidate Jung Won-oh and People Power Party candidate Oh Se-hoon, the incumbent Seoul mayor, appeared side by side at an official event for the first time since their nominations were confirmed on April 22, seeking support from social workers. They attended the 40th anniversary ceremony of the Seoul Association of Social Workers that afternoon at the Baekbeom Kim Koo Memorial Hall in Seoul’s Hyochang-dong neighborhood. Also present were Seoul Vice Mayor for Political Affairs Kim Byung-min, Democratic Party lawmakers Nam In-soon and Jung Tae-ho, and People Power Party lawmakers Seo Myung-ok and Kim Jae-seop. In congratulatory remarks, Oh said Seoul has made “accompanying the vulnerable” the top priority of city administration and pointed to what he described as policy results. “Seoul is an administrative unit where debt tends to keep rising, but during my term the debt fell significantly,” Oh said. He added that even under tight budgets, the city has worked each year to raise social workers’ pay and bring allowances in line with reality to improve working conditions. Oh said a survey of social welfare workers showed job satisfaction rose to 81.7% from 64.4% three years earlier. “I believe a warmer and healthier special city with a higher quality of life will be completed when social workers can take pride in their work,” he said. Oh also signaled his desire to serve another term, saying he wanted to “take responsibility to the end” so social workers can focus on their jobs in a better environment. Jung, casting himself as the challenger, responded by setting a higher target. “Since Mayor Oh says he did so well that job satisfaction rose into the 80% range, I’ll set my goal at 90%,” Jung said. He also highlighted his personal ties to the field, noting his wife is a social worker and that he studied social welfare. Jung said that while working as Seongdong district mayor, he felt most strongly that welfare is not completed by systems and budgets alone but “at the fingertips of social workers.” “I will do everything I can so that those fingertips can carry strength and warmth,” he said.* This article has been translated by AI. 2026-04-22 17:54:16
  • Aricell CEO’s sentence cut to 4 years on appeal in fire that killed 23
    Aricell CEO’s sentence cut to 4 years on appeal in fire that killed 23 A South Korean appeals court sharply reduced the prison sentence for Park Soon-kwan, CEO of Aricell, who was indicted under the Serious Accidents Punishment Act after a factory fire that killed 23 workers.  The Suwon High Court’s Criminal Division 1 on Tuesday overturned a lower court ruling that had sentenced Park to 15 years in prison and instead sentenced him to four years. Park was charged with violating the Serious Accidents Punishment Act (industrial manslaughter), the Dispatch Workers Act and the Occupational Safety and Health Act.  The court said the outcome of the fire was “extremely grave,” noting that 23 people died and nine were injured. But it said Park appeared to have made a management decision in delegating much of Aricell’s work to his son, and that there was insufficient basis to conclude he did so to evade responsibility under the serious-accidents law or the dispatch law. While the appeals court agreed Park qualified as a responsible manager under the Serious Accidents Punishment Act and upheld multiple safety-duty violations found at trial, it reached a different conclusion on prosecutors’ primary allegation regarding emergency exits.  It said Article 17 of the safety and health rules requires emergency exits in workplaces handling hazardous materials and in the buildings themselves, but does not require exits on every floor. The court said there was no duty to install an emergency exit on the second floor of Building 3 at the factory. The appeals court also reduced the sentence for Park’s son, Park Jung-eon, Aricell’s general headquarters chief. It overturned the lower court’s sentence of 15 years in prison and a 1 million won fine, and sentenced him to seven years in prison and a 1 million won fine. He was indicted on charges including violations of the Occupational Safety and Health Act and professional negligence resulting in death and injury.  After the ruling, bereaved families protested, saying, “What kind of law is this?” and “If the court had considered the families even a little, it could not have issued a four-year sentence.” A lawyer for the victims said a four-year term in a case of this scale raised doubts about whether the serious-accidents law could function going forward, calling the decision “a ruling that deeply hurt the families.” Park was indicted over the June 24, 2024, fire at Aricell’s plant in Seosin-myeon, Hwaseong, accused of failing to inspect harmful and dangerous factors and of not preparing a manual for major accidents, among other alleged breaches of safety and health obligations. His son was accused of violating duties of care in battery storage and management and in safety management to prepare for fires, leading to a large loss of life.  In September last year, the trial court sentenced Park to 15 years in prison, the heaviest sentence imposed in a case prosecuted since the Serious Accidents Punishment Act took effect in 2022. His son was also sentenced to 15 years in prison and fined 1 million won.* This article has been translated by AI. 2026-04-22 17:51:39
  • How a single remark exposed deeper fault lines in U.S.–South Korea relation
    How a single remark exposed deeper fault lines in U.S.–South Korea relation SEOUL, April 22 (AJP) - When South Korean Unification Minister Chung Dong-young told lawmakers in March that North Korea was operating uranium enrichment facilities in Yongbyon, Kangson and Kusong, he intended to highlight the growing sophistication of its nuclear program. Instead, his remarks triggered an intelligence dispute with Washington and a controversy within the highly divisive Korean society. At the heart of the dispute is Kusong, a location that Washington claims had never been officially acknowledged at such a high level. That is not to say it had not appeared in open-source analyses, according to Chung's defense. "This statement was based on publicly available sources, including reports by the Institute for Science and International Security and media reports," the minister said in a recent interview. "Framing this as a leak of classified information is deeply regrettable and raises questions about the motive." A ministry spokesperson followed up by stating that "no such information was provided by any foreign government." Despite these denials, U.S. concerns appear to center on perception rather than strict classification boundaries as intelligence-sharing relationships depend not only on what is disclosed, but also on how it is publicly framed. Victor Cha, Korea chair at the Center for Strategic and International Studies (CSIS), pushed back directly against Chung’s justification. "We did not report on enrichment activities, which is the claim by the minister. We reported on high-explosive test triggers. Big difference," Cha wrote on X on Tuesday. "CSIS has never done a report on nuclear facilities at Kusong. Just setting the record straight." This distinction is significant. While earlier research pointed to possible high-explosives testing in Kusong — relevant to nuclear detonation mechanisms — it did not confirm uranium enrichment activities. For U.S. officials, conflating the two could imply a higher level of certainty than the intelligence supports. Analysts suggest that Washington's response reflects accumulated frustration over a range of issues rather than a single incident. "It is possible that accumulated dissatisfaction between South Korea and the United States over North Korea and foreign policy has surfaced through the minister's remarks," said Hwang Jin-tae, a professor of North Korean studies at Dongguk University. "The United States may suspect that sensitive information it collected was used as the basis for the statement." Recent flashpoints include South Korea's push for greater control over the Demilitarized Zone (DMZ), debates over joint military exercises, and disagreements over communication regarding U.S. Forces Korea operations. The reported restriction of intelligence sharing underscores how sensitive the issue has become. "Reports say the United States has withheld 50 to 100 pages of North Korea-related intelligence per day for a week," People Power Party lawmaker Kim Gunn wrote on Facebook on Tuesday. "This is a serious issue that must be resolved quickly." "In foreign and security affairs, remarks by senior officials are not personal opinions," Kim said. "They are strategic messages. Especially on sensitive issues like North Korea's nuclear program, government messaging must be precise and fact-based." However, not everyone agrees with Washington's response. "There is no doubt that the existence of nuclear-related facilities in Kusong had already been widely known through academic papers and media reports," President Lee Jae Myung wrote on X on Monday in defense of his minister. The controversy has quickly become politicized in Seoul. Conservative lawmakers have accused Chung of undermining trust, while progressives argue he has been unfairly targeted. "Restricting information unilaterally when it is not classified violates the spirit of the alliance," said Yang Moo-jin, a professor at the University of North Korean Studies. "The Kusong uranium enrichment issue has already been disclosed publicly, so it is clearly not subject to protection." "Amplifying this issue domestically does not help the U.S.–South Korea alliance," he added. Beyond the political fallout lies the core concern that Pyongyang's nuclear program is expanding beyond known facilities. Historically, Kusong has been associated with high-explosives testing. Identifying it as a uranium enrichment site marks a significant escalation in official rhetoric — one that carries strategic implications for both intelligence assessment and diplomacy. Ultimately, the Kusong controversy is less about whether the information was technically classified and more about the fragile trust underpinning intelligence cooperation. Whether the two sides can manage these tensions without undermining cooperation remains an open question. 2026-04-22 17:46:55
  • Polarization deepens as two chip giants dominate KOSPI
    Polarization deepens as two chip giants dominate KOSPI SEOUL, April 22 (AJP) -South Korea's main bourse is flying to new heights and exports remain resilient despite Gulf shocks, but the momentum is increasingly powered by a single engine — chips. Memory giants Samsung Electronics and SK hynix now account for about 67 percent, or 137.3 trillion won ($XX billion), of total first-quarter operating profits among South Korean companies, according to financial data provider FnGuide. That is more than double last year’s share, when the two firms contributed less than 30 percent of the total. Samsung Electronics alone posted more than 57 trillion won in operating profit for the first quarter, surpassing the combined total of all KOSPI-listed companies during the same period last year. SK hynix, a pure-play memory chipmaker, is also on track for outsized results, with its first-quarter operating profit expected to exceed 40 trillion won in its earnings report due Thursday — nearing its full-year earnings level. Their stellar performances are attributed to both companies securing strong positions in the semiconductor market while achieving sustained growth in high-value chips such as high-bandwidth memory (HBM), used in artificial intelligence (AI)-related infrastructure. The outlook for other major players, however, remains bleak. Hyundai Motor Company, despite steady sales, is expected to see its first-quarter operating profit decline by more than 1 trillion won year-on-year, partly due to a 15 percent reciprocal tariff in the North American market. LG Energy Solution is also projected to remain in the red following the termination of contracts with Ford Motor Company and Freudenberg Battery Power Systems. This imbalance has fueled a rally in the stock market. On Wednesday, the benchmark KOSPI closed at 6,417.93, up 0.46 percent, hitting an all-time high for the second consecutive day. However, the gains have been largely concentrated in the two tech giants. According to the Korea Exchange, as of Wednesday, the combined market capitalization of Samsung Electronics and SK hynix reached approximately 2,140 trillion won. This represents 41 percent of the total KOSPI market cap of 5,200 trillion won ($3.5 trillion). A year earlier, the two companies' combined market cap stood at 1,350 trillion won or around 30 percent of the total. The most significant risk factor is the surge in debt-leveraged trading. According to the Korea Financial Investment Association, the outstanding balance of margin loans reached 34.7 trillion won as of Tuesday, marking another all-time high. The figure has been on a steady upward trajectory since surpassing 30 trillion won on Jan. 29. In response to rising volatility, brokerages have raised margin requirements and banned new transactions in contracts for difference (CFDs) - derivative products that allow investors to settle price differences in cash without owning the underlying asset. Despite these measures, implementation for Samsung Electronics and SK hynix has been slower than for other stocks, raising questions about their effectiveness. Non-bank lending is also increasing. Card loan balances reached nearly 43 trillion won in the first quarter, another record high. Data submitted by the Financial Supervisory Service to the office of Lee Hun-seung of the People Power Party shows that new card loan issuance to high-credit borrowers - those with scores above 800 - exceeded 3 trillion won in the fourth quarter. High-credit borrowers are increasingly turning to high-interest card loans, which can carry rates of around 15 percent, to fund real estate and stock investments, the FSS said. The trend is driven by tighter mortgage lending at commercial banks and efforts to capitalize on the surging KOSPI. While household financial assets have grown significantly from 960 trillion won in 2024 to 1,430 trillion won last year, the KOSPI's volatility remains a concern, as a growing number of investors may struggle to repay their debts. When the KOSPI plunged more than 12 percent on March 4 following the blockade of the Strait of Hormuz, the ratio of forced liquidations to outstanding credit reached 6.5 percent - the highest level since the market shock during the early stages of the coronavirus pandemic in March 2020. 2026-04-22 17:34:19
  • WSJ: Trump Asked Aides Whether to Resume Strikes on Iran After Talks Collapse
    WSJ: Trump Asked Aides Whether to Resume Strikes on Iran After Talks Collapse U.S. President Donald Trump asked aides whether the United States should consider resuming attacks on Iran after talks aimed at ending the war between the two countries fell apart, The Wall Street Journal reported. The newspaper, citing U.S. officials, said Trump on April 21 asked advisers whether to review the option of restarting airstrikes on Iran. The officials said Trump weighed the possibility but was cautious about restarting a war that lacks broad public support and could drag on. Inside the White House, optimism had been high that the talks could produce a written agreement with Iran, the report said. Air Force Two, the plane used by Vice President JD Vance, was said to be waiting to depart from Joint Base Andrews in Maryland. Pakistani intermediaries also told the U.S. side they expected the Iranian delegation to travel to Islamabad. But Iran shifted its position as a cease-fire deadline neared and did not enter negotiations, the Journal reported. Vance’s planned trip to Pakistan was paused in the early afternoon and later postponed indefinitely. Trump continued meetings at the White House with Vance, Middle East envoy Steve Witkoff and Jared Kushner to review response options, according to the report. Aides said Iran’s government was divided and that hard-liners were unwilling to accept U.S. demands. Some in the White House also questioned whether Iran could carry out any commitments made in talks. Trump and his team ultimately chose a middle course: keep pressure on Iran while leaving the door open to negotiations until Iran presents a specific proposal, the report said. The United States is expected to maintain existing pressure measures, including a maritime blockade, while watching for a possible return to talks. On Truth Social, Trump said the blockade would remain in place and that the cease-fire would be extended as long as negotiations continue. Iran’s U.N. ambassador, Amir-Saeid Iravani, said Iran could return to talks if the United States lifts the maritime blockade. Al Jazeera reported that Iravani told reporters the United States must stop what he called “cease-fire violations” before further negotiations. “As soon as they lift the blockade, the next negotiations will be held in Islamabad,” he said, adding, “Iran is prepared for any scenario.”* This article has been translated by AI. 2026-04-22 17:30:11
  • South Korea to Normalize Q2 Treasury Bond Issuance as Foreign Inflows Rise
    South Korea to Normalize Q2 Treasury Bond Issuance as Foreign Inflows Rise The government decided to return to normal issuance of Korean Treasury bonds and other public-sector bonds in the second quarter. The Finance and Economy Ministry said it held the second meeting of a consultative group of bond-issuing agencies on the 22nd, chaired by Hwang Sun-gwan, director general of the Treasury Bureau, to discuss second-quarter issuance plans. For Korean Treasury bonds, issuance for May and June will be set within the first-half target range of 55% to 60%. Issuance of major public-sector bonds other than Treasury bonds in the second quarter is expected to rise by about 6 trillion won from the original plan. The government and issuing agencies had previously agreed to scale back first-quarter issuance to stabilize markets ahead of inclusion in the World Government Bond Index, or WGBI. A review of first-quarter results showed Treasury bond issuance came in at 61.5 trillion won, the minimum level within the 27% to 30% target range, at 27.5%. For public-sector bonds excluding Treasury bonds, issuance was reduced by about 7 trillion won from the original plan. The government said it decided to normalize second-quarter issuance after judging that Treasury yields have stabilized on a downward trend despite uncertainty such as the Middle East war and inflation concerns, and that foreign investment inflows have been smooth since WGBI inclusion. Foreign investors’ net purchases of Treasury bonds totaled 8.5 trillion won on a trade-date basis from March 30 through April 21, and 6.4 trillion won on a settlement-date basis from April 1 through April 21. Given that most public-sector bonds are short-term issues with maturities of three years or less, the government said it plans to increase the share of medium- to long-term Treasury bonds with maturities of five years or more in the second quarter to minimize supply-demand pressure on the market. Hwang said, “Since April, the bond market has stabilized with the steady inflow of WGBI funds, but external uncertainty still exists, so monitoring market conditions and coordination among agencies are necessary.” He added, “If needed, we will hold meetings as necessary to consult and adjust issuance volumes and timing.”* This article has been translated by AI. 2026-04-22 17:22:22