Journalist

Lee Hugh
  • Australia allows Hanwha to increase stake in strategic shipbuilding firm
    Australia allows Hanwha to increase stake in strategic shipbuilding firm SEOUL, December 12 (AJP) - Hanwha Group has secured approval from the Australian government to increase its stake in Austal, a global shipbuilding and defense contractor, to 19.9 percent, the company said Friday. Austal, which operates major shipyards in the United States, builds vessels for the U.S. Navy and is considered a strategic defense asset by the Australian government. Hanwha sees the stake expansion as a step toward strengthening its shipbuilding capabilities and deepening its presence in the U.S. defense market. Australian Treasurer Jim Chalmers said the Foreign Investment Review Board had recommended “no objection” to Hanwha lifting its shareholding from 9.9 percent to 19.9 percent under strict conditions designed to protect national security. He emphasized that Hanwha will not be allowed to exceed the 19.9 percent threshold. Hanwha described the investment as a strategic move to expand collaboration with Austal. The South Korean conglomerate began pursuing the shipbuilder last year but faced an initial rejection in April 2024. It later acquired a 9.9 percent stake through off-market purchases by Hanwha Systems and Hanwha Aerospace in March. Hanwha subsequently sought approval from both Australian and U.S. authorities to further raise its stake. In June, the U.S. Committee on Foreign Investment cleared the company to increase its holding up to 100 percent. As Austal is a designated strategic shipbuilder, any foreign ownership changes require authorization from both governments. Hanwha said it plans to use the approval to integrate Hanwha Ocean’s shipbuilding capabilities with Austal’s global operations, aiming to generate broader synergies across its defense and marine businesses. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 14:38:46
  • Samsung Tri-Fold sells out in Korea despite hefty price
    Samsung Tri-Fold sells out in Korea despite hefty price SEOUL, December 12 (AJP) - The priciest handset-to-date Galaxy Z Tri-Fold landed across South Korea on Friday with much fanfare, selling out on the day one as consumers lined up to try the new concept phone whose dual display wings unfold into a 10-inch tablet-like screen. The device debuted through Samsung.com and 20 stores nationwide, including Samsung Gangnam, where initial online inventory sold out almost immediately, leaving only restock notifications available. The Galaxy Z Tri-Fold adopts an “in-folding” structure that allows both sides of the screen to fold inward, converting between a compact 6.5-inch bar-type display and a 10-inch tablet-like screen. When fully opened, the device measures just 3.9 millimeters thick — the slimmest profile in the Galaxy Z lineup — and houses a 5,600mAh battery distributed across three cells to balance weight and maintain durability. It supports up to 45W fast charging. Samsung equipped the device with Qualcomm’s Snapdragon 8 Elite processor, the same chipset used in the Galaxy Z Fold7, along with a 200-megapixel wide-angle camera to enhance shooting, editing, and multitasking performance. The model comes with 16GB of memory and 512GB of storage in a single “Crafted Black” configuration. Priced at 3.59 million won ($2,500), the Tri-Fold is Samsung’s most expensive foldable to date — even higher than Apple’s iPhone 17 Pro Max 2TB, which sells for 3.19 million won. Samsung executives argue the new device reflects a leap in foldable engineering since the company introduced its first model in 2019. After its domestic rollout, the Tri-Fold will expand to China, Taiwan, Singapore, the UAE, and the United States as Samsung seeks to widen its global footprint in an increasingly competitive category. Samsung foldable fleet led by Galaxy Z7 series has made remarkable strides this year, expanding the market share to 64 percent. 2025-12-12 14:32:08
  • Hyundai Motors Ioniq 9 outperforms BMW iX, Volvo EX90 in German magazines SUV review
    Hyundai Motor's Ioniq 9 outperforms BMW iX, Volvo EX90 in German magazine's SUV review SEOUL, December 12 (AJP) - Hyundai Motor’s flagship electric SUV, the Ioniq 9, has taken the top spot in a major German comparison of electric SUVs, outperforming competing models from BMW, Volvo and Polestar, the company said Friday. German automotive magazine Auto Zeitung evaluated the Ioniq 9 against the BMW iX, Volvo EX90 and Polestar 3, reviewing categories including body design, driving convenience, powertrain and dynamic performance. The publication highlighted the vehicle’s spacious interior, made possible by Hyundai’s dedicated E-GMP electric platform. The second row includes power-adjustable leg rests, while the electronically folding third row offers greater cargo flexibility than its rivals. The magazine also cited the SUV’s additional features — such as a UV-C sterilization compartment, a Bose audio system with active road-noise control, and improved connectivity functions including charging-station navigation — as competitive strengths. “We are pleased that the Ioniq 9 has been recognized for its advanced technology and market appeal,” the company said in a press release. “We will continue striving to deliver top-tier electrification experiences to customers worldwide.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 13:57:25
  • Shinsegae chairman flies to US to attend dinner hosted by VP Vance
    Shinsegae chairman flies to US to attend dinner hosted by VP Vance SEOUL, December 12 (AJP) - Shinsegae Group Chairman Chung Yong-jin departed for the United States on Friday to attend a Christmas dinner hosted by U.S. Vice President J.D. Vance at the vice president’s residence in Washington D.C. The event, scheduled for Friday evening, local time, is expected to draw prominent figures from U.S. political and business circles, as well as members of the Rockbridge Network, an American public policy and investment organization founded by Vance. Chung serves as head of the Rockbridge Network’s Asia division and sits on the board of Rockbridge Network Korea, launched in October to foster policy dialogue and economic cooperation between Korea and the United States. In a press release, Shinsegae Group said Chairman Chung “is actively leveraging his global connections to seek growth opportunities for the group and contribute to South Korea’s economic development.” * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-12-12 13:40:48
  • Seoul Metro Union No. 1 reaches agreement, strike averted
    Seoul Metro Union No. 1 reaches agreement, strike averted SEOUL, December 12 (AJP) - Seoul Metro Union No. 1 and management of Seoul Transportation Corporation, which operates Seoul Subway Lines 1-8, reached a wage and collective bargaining agreement on Friday just before a general strike. This led to the cancellation of the union's planned general strike for that day. The Korea Railroad Corporation (KORAIL) also reached a settlement with the Korean Railway Workers' Union under the Korean Confederation of Trade Unions (KCTU), leading the railway union to suspend its strike. All subway lines are currently operating normally. 2025-12-12 13:19:17
  • KOSPI tops 4,150 as Dow hits record high
    KOSPI tops 4,150 as Dow hits record high SEOUL, December 12 (AJP) - Asian stocks in early Friday session tracked the mixed overnight performance in the United States, where the Dow Jones Industrial Average hit another record high even as the S&P 500 and Nasdaq slipped. South Korea’s benchmark KOSPI rose 1.1 percent to 4,154.47, while the KOSDAQ edged up 0.2 percent to 936.76 as of 9:49 a.m. Institutional investors led the market with 302 billion won ($205 million) in net purchases. Foreign investors sold 64.8 billion won, and retail investors offloaded 235.6 billion won. Most heavyweights advanced. Samsung Electronics gained 0.8 percent to 108,100 won, and SK hynix rose 2 percent to 576,000 won. Samsung Biologics added 1 percent, Hyundai Motor climbed 1.7 percent, and Kia gained 1.6 percent. Hanwha Aerospace jumped 4.8 percent to 947,000 won, while KB Financial Group rose 1 percent. LG Energy Solution slipped 0.9 percent to 442,000 won. One of the sharpest moves came from Samsung Fire & Marine Insurance, which plunged 22 percent to 491,500 won after surging 28 percent the previous day. Analysts attributed the volatility to short-term flows triggered by Samsung Group–linked ETFs increasing the insurer’s weighting during rebalancing. Entertainment stocks posted modest gains: HYBE rose 1.7 percent, JYP Entertainment 0.3 percent, SM Entertainment 0.1 percent, and YG Entertainment 0.5 percent. On the KOSDAQ, top-cap Alteogen fell 4.3 percent, while newly listed QuadMedicine surged 47 percent to 22,050 won, far above its IPO price of 15,000 won. Overnight in New York, the Dow Jones Industrial Average rallied 1.3 percent to a record 48,704.01. The S&P 500 inched up 0.2 percent, while the Nasdaq Composite fell 0.3 percent. Japan’s Nikkei 225 gained 0.7 percent to 50,500.23. All five of Japan’s top-cap stocks were higher: Toyota surged 3 percent, Mitsubishi UFJ rose 2 percent, Sony and SoftBank Group both added 0.9 percent, and Hitachi climbed 2.6 percent. Nintendo rose 2.4 percent and Honda advanced 1.2 percent. Expectations are strengthening for a Bank of Japan rate hike at its December 19 meeting. A Nikkei survey released Thursday showed all 29 economists polled anticipate a move to 0.75 percent, which would mark Japan’s first policy rate above 0.5 percent since 1995. In China, the Shanghai Composite slipped 0.5 percent, while Hong Kong’s Hang Seng Index rose 0.7 percent. Xinhua reported that the Central Economic Work Conference, chaired by President Xi Jinping earlier this week, called for more proactive fiscal policy, a moderately accommodative monetary stance, and a renewed emphasis on boosting domestic demand next year. The closed-door meeting sets China’s economic policy direction for the coming year. 2025-12-12 11:38:42
  • Hotel Shilla presidents son admitted to Seoul National University
    Hotel Shilla president's son admitted to Seoul National University SEOUL, December 12 (AJP) - Hotel Shilla president Lee Boo-jin's eldest son has been accepted to Seoul National University. According to a list released by the prestigious university on Friday, his name, identified by his last name Im, appeared among the successful early-admission applicants to the university's Department of Economics for next year's academic year. Those admitted must register by next week. If he enrolls, he will follow in the footsteps of his uncle and Samsung chief Lee Jae-yong, who majored in Asian history after entering the university in 1987. Im had already drawn attention when it was revealed that he earned a near-perfect score on last month's university entrance exam, missing only one question. The news spread last week shortly after former conservative lawmaker Park Sun-young shared it on social media, adding that Im "never lost first place throughout his school years." His decision to forgo medical school, despite being a top scorer, while completing all his primary and secondary schooling in South Korea rather than abroad like many conglomerate or chaebol heirs, also drew praise as an exemplary case. Lee drew widespread attention in 1999 when she married Im Woo-jae, a former bodyguard of her late father Lee Kun-hee. But the couple divorced in 2020 after a lengthy legal battle. Lee gained custody of their son, while her ex-husband received a substantial portion of the couple's assets. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 11:23:33
  • PHOTOS: 400 bowls of warmth
    PHOTOS: 400 bowls of warmth SEOUL, December 12 (AJP) - Volunteers tied to the Korean Red Cross held a charity event on Dec. 11 in Daegu, serving 400 servings of patjuk (red bean porridge) to local elderly residents. The event precedes the traditional Korean observance of Dongji, marking the year's longest night, which falls on Dec. 22 this year. A widespread custom in Korea dictates the consumption of patjuk around this date, rooted in the ancient belief that the red color of the beans effectively wards off evil spirits. Patjuk is a traditional Korean porridge prepared with rice and incorporates a substantial quantity of boiled and thoroughly mashed red beans. The dish is typically completed with the addition of saealsim, small, round rice cake balls made from glutinous rice flour. 2025-12-12 11:13:44
  • OPINION: Won discount reflects structural weaknesses
    OPINION: Won discount reflects structural weaknesses The trauma of the 1997 financial crisis still casts a long shadow over South Korea. A rising dollar-won exchange rate evokes memories of a time when the rate surged to nearly 2,000 won per dollar and the foundations of the economy shook. Today’s rate—hovering around 1,470 won—is the highest since the 2009 global financial crisis, and its persistent climb has stirred fresh unease. Research by the Hyundai Research Institute shows that South Korea’s equilibrium exchange rate rose from 1,179 won in 2002 to 1,351 won at the end of 2024. Yet the market rate has stayed well above that level, reflecting a structural “won discount.” This is not the result of a crisis in the mold of 1997, when short-term foreign debt flooded the system. South Korea is now a net creditor country. Pension funds, corporations and individuals hold substantial overseas assets, and that outward investment has grown steadily over the years. What is driving the current rise is not foreign creditors pulling money out, but domestic investors actively buying dollar assets in search of higher returns. Still, in a highly open economy built on trade, a rapid depreciation of the won carries real costs—higher import prices, increased production costs for companies, faster inflation, reduced purchasing power and, ultimately, pressure on domestic demand just as signs of a recovery begin to emerge. Consumer prices rose 2.4 percent in November from a year earlier, the fastest pace this year, in part due to the weak won. Travelers changing money abroad now routinely face a roughly 10 percent haircut on top of the official rate. And unlike in the past, when a weaker currency could boost exports, Korea’s reliance on semiconductors and intermediate goods—tightly integrated into global supply chains—limits the traditional trade benefits of a cheaper won. With the won stuck near 1,470, the government has launched an all-out push to engineer a reversal. The National Pension Service has been urged to extend swap lines with the Bank of Korea, expand strategic hedging and adjust its overseas investment ratios. Regulators are scrutinizing securities firms’ foreign stock sales, and companies are being encouraged—directly or indirectly—to convert their dollar earnings into won. Six major government bodies, including the Ministry of Economy and Finance and the central bank, are involved in this unprecedented campaign. The effort straddles a fine line between stabilizing markets and interfering with them, and it risks signaling that authorities lack more effective tools to manage currency volatility. Expecting the National Pension Service to act as a “currency firefighter” is especially fraught. The fund’s mandate rests on profitability and stability; compelling it to intervene for short-term macro policy goals could undermine public trust, especially if losses emerge. Meanwhile, the surge of individual investors into U.S. equities—more than $30.6 billion from January to November, triple last year’s total—has prompted concern from Bank of Korea Governor Lee Chang-yong. But blaming retail investors risks misdiagnosing the origins of the won’s slide. Corporations, for their part, are holding more dollars for perfectly rational reasons: hedging exchange gains, securing liquidity for overseas investment and preparing for the roughly $350 billion in commitments stemming from U.S. tariff negotiations. Faced with such structural incentives, government carrots such as reduced policy finance rates are unlikely to meaningfully shift corporate behavior. The exchange rate has been pushed up by a combination of cyclical and structural forces: a 40-month interest rate inversion with the United States; foreign investors taking profits in Korean equities; rising overseas investments by Korean individuals; and expanding corporate foreign direct investment. Longer-term trends—including Korea’s slowing growth, weakening manufacturing base and rapid demographic decline—have also reduced the appeal of the won in global markets. International investors increasingly see the won as a structurally weak currency that trades below its equilibrium value, reflecting deeper concerns about the country’s economic fundamentals. If U.S. interest rates fall next year and Korea’s exports and stock market strengthen, the won may stabilize. Deputy Prime Minister Koo Yun-cheol has pledged to balance foreign exchange supply and demand in the short term while raising national competitiveness over the long term. But unless Korea addresses its structural weaknesses—rigid labor markets, regulatory burdens, low productivity—any relief is likely to be temporary. Dollar outflows and renewed currency spikes will remain recurring risks. The broader exchange rate debate is ultimately a judgment on Korea’s economic strength. Exports reached a record $640.2 billion from January to November, up 2.9 percent from a year earlier, yet that headline masks vulnerabilities: strip out semiconductors and exports actually fell 1.5 percent. The domestic economy remains fragile after prolonged stagnation, and legacy manufacturing sectors such as petrochemicals and steel are losing ground to intensifying Chinese competition. Concerns that parts of Korea’s industrial base may shift to the United States under new tariff arrangements also weigh on sentiment. As high exchange rates become a near-permanent feature of the economic landscape, Korea’s policy orientation must change. Inflation control—not expansionary fiscal measures—should be the government’s top priority. Stimulus spending must be deployed sparingly, and fiscal tools should be redirected toward strengthening the country’s productive capacity. Restoring confidence in Korea’s economic future is the surest path to a stable exchange rate and a fairly valued won. There was a time when earning dollars was considered an act of patriotism. That belief, it seems, is returning. About the author: Park Won-jae holds a master’s degree in business from Aalto University in Finland and has served as Tokyo correspondent, editorial writer and economic editor at Dong-A Ilbo, CEO of Dong-A.com and chairman of the Korea Online Newspaper Association. He is currently a professor at Kyungsung University. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 11:11:41
  • OPINION: Why Beijing cannot tolerate Tokyos remark related to Taiwan Strait
    OPINION: Why Beijing cannot tolerate Tokyo's remark related to Taiwan Strait Recent comments by Japanese leaders linking a Taiwan Strait contingency to Japan’s “survival crisis” have triggered a strong response from China. During recent conversations, many South Korean acquaintances asked why Beijing reacted so forcefully. China considers a firm response not only necessary, but also legitimate — and I hope this commentary clarifies Beijing’s position for Korean readers. First, Japan is interfering in China’s internal affairs and challenging China’s core interests. For China, Taiwan is an inalienable part of its territory and the Taiwan question lies at the very core of China's national interests. The fact that national reunification has not yet been achieved remains a source of deep historical pain for 1.4 billion Chinese people. How the Taiwan question is eventually resolved is solely a matter for the Chinese people, and no external interference is acceptable. A Japanese leader’s statement that a Taiwan contingency would constitute “a crisis for Japan’s survival,” and could justify the exercise of collective self-defense, signals — for the first time in official context — an openness to using force over the Taiwan issue. This constitutes a clear violation of China’s sovereignty and a major provocation. Many within Japan and the international community have also expressed alarm. To safeguard its sovereignty and territorial integrity, China must respond resolutely. Second, Japan is evading historical responsibility and breaking its diplomatic commitments. Japan bears heavy historical responsibility for its occupation and colonization of Taiwan from 1895 to 1945, during which it carried out massacres, resource exploitation, forced assimilation and conscription. Japan must fully acknowledge and atone for these historical crimes. When China and Japan normalized diplomatic relations, Beijing established three basic principles centered on strict adherence to the one-China principle. All four political documents signed thereafter explicitly address Taiwan. These commitments — with the force of international law — leave no room for reinterpretation. Recent remarks by a Japanese leader disregard these obligations and undermine trust. To preserve the political foundation of China-Japan relations, China must respond firmly. Third, Japan is undermining the postwar order and signaling a revival of militarism. Major international legal documents — the Cairo Declaration, the Potsdam Declaration and Japan’s Instrument of Surrender — confirmed China’s sovereignty over Taiwan and compelled Japan to return territories it had taken. Together with U.N. Resolution 2758, these form the basis of the postwar order. Japan’s linkage of the Taiwan issue to its own “survival crisis” denies these documents and challenges the U.N. Charter. Historically, Japan invoked similar justifications to expand its military and wage aggression under the guise of self-defense. Today, less than a month after a new government took office, Japan has rolled out ambitious military expansion plans while amplifying tensions around Taiwan — raising legitimate concerns about the revival of militaristic tendencies. To protect the outcomes of World War II and uphold peace and stability, China must react decisively. China has consistently sought stable, mutually beneficial relations with Japan and values cooperation among the three Northeast Asian neighbors. But on fundamental issues of sovereignty, principle and historical truth, China will not compromise. This year marks the 80th anniversary of China’s victory in the War of Resistance Against Japanese Aggression and Korea’s liberation. Both China and Korea have actively commemorated this history to defend truth and uphold justice. Japan, as a defeated state with a legacy of militarist aggression, should have used this important year to reflect deeply, reaffirm its commitment to peaceful development and rebuild trust with its neighbors. Instead, its recent rhetoric has heightened regional anxiety, prompting strong reactions across Asia and the global community. China’s response is rational, lawful and entirely justified. It defends China’s dignity and interests, upholds international justice and contributes to regional peace. I trust that the South Korean public will understand and support China’s position. * The author is the Chinese ambassador to South Korea. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 11:03:46