Journalist

Lee Hugh
  • North Korea gears up for party congress
    North Korea gears up for party congress SEOUL, December 10 (AJP) - North Korea has convened a plenary meeting to prepare for the Workers' Party's upcoming key congress scheduled for early next year, state media reported on Wednesday. The state-run Korean Central News Agency said the plenary meeting, presided over by the country's leader Kim Jong-un, was held the previous day to discuss key policies and other issues. The year-end gathering, which usually takes place over several days in mid-December, reviews this year's achievements and sets the party's future plans for next year. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-10 10:35:41
  • Samsung unit enters humanoid robot market with investment in Norwegian robotics firm
    Samsung unit enters humanoid robot market with investment in Norwegian robotics firm SEOUL, December 10 (AJP) - Samsung Electro-Mechanics said Wednesday it has made a strategic investment in Norwegian electric motor company Alva Industries, marking its entry into the humanoid robot components market. Alva Industries said on its website on Dec. 9 that it will work with Samsung Electro-Mechanics on the development of advanced motor drive solutions for robots, following a multi-million euro investment. Founded in 2017, Alva is known for its proprietary fiber-printing technology, which enables the production of lighter motors while preserving high torque and precision control. The company describes the process as a next-generation approach to electric motor design. Samsung Electro-Mechanics said the deal is aimed at securing micro-motor capabilities required for finely controlled hand and joint movements in humanoid robots, in line with broader robotics development efforts at Samsung Electronics. The investment was made through a fund managed by Samsung Venture Investment Corporation. “Fiber-printing technology opens new possibilities for motor performance and design and is a key asset for next-generation robot actuators,” President Jang Deok-hyun said. “This investment lays an important technical foundation for our future humanoid robot business.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-10 10:28:43
  • South Koreas government opens talks on nuclear expansion in drafting long-term power plan
    South Korea's government opens talks on nuclear expansion in drafting long-term power plan SEOUL, December 10 (AJP) - South Korea is drafting a long-term energy roadmap that prioritizes renewable power while accelerating a phase-out of coal and reopening debate over the construction of new nuclear reactors. On Wednesday, the Ministry of Climate and Energy convened the first general committee meeting for electricity supply and demand at the government complex in Seoul, chaired by Minister Kim Sung-hwan. Updated every two years, the plan sets out national power demand forecasts and generation strategies for the 2026–2040 period. The committee will prepare provisional proposals across five areas: electricity demand, generation facilities, power system innovation, market reform and a separate subcommittee on Jeju Island. With the government placing greater emphasis on renewable energy, debate is expected to intensify over how quickly to raise its share in the power mix. The ministry’s recent pledge at the UN climate summit to join the Powering Past Coal Alliance (PPCA) has signaled a tougher stance on coal. Coal remains a major source of electricity. Government data show coal accounted for 28.1 percent of power generation last year, down from a peak of 52.4 percent in 2017–2018, but still ranking third after nuclear and liquefied natural gas (LNG). Analysts say South Korea could face pressure to accelerate its timetable after the PPCA recommended that OECD members eliminate coal power by 2030. Seoul currently plans to shut all 61 coal-fired plants by 2040. A faster coal exit could push up electricity prices. While the government argues that renewable costs are falling, their still-limited share in the energy mix could increase reliance on costlier LNG in the near term. The transition of workers from coal plants also remains a policy challenge. Attention is also focused on whether plans for new nuclear reactors will be carried forward. The previous, 11th plan proposed two large reactors and one small modular reactor. The government said it aims to finalize public consultation methods on new nuclear projects by year-end. “We will make early decisions on new nuclear plants through public surveys and forums and reflect them in the upcoming plan,” Kim said. “We will gather a wide range of views to address decarbonization, renewable intermittency and the operational constraints of nuclear power.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-10 10:10:56
  • North Korea launches multiple artillery shells into West Sea
    North Korea launches multiple artillery shells into West Sea SEOUL, December 10 (AJP) - The Joint Chiefs of Staff said Wednesday that North Korea fired about a dozen projectiles into the West Sea the previous day. "We detected around 10 artillery shells launched toward the West Sea at around 3 p.m. the previous day. The launch is presumed to be part of Pyongyang's regular artillery exercises," the JCS said, adding that it is conducting a thorough analysis of the launch. The launch comes as North Korea continues its winter military training, which typically begins in December. The North also fired a similar barrage of more than 10 artillery rounds early last month into the West Sea, which are believed to have sufficient range to hit targets in Seoul and nearby areas. "We are closely monitoring the situation and are prepared to respond to any provocation," a JCS official said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-10 09:55:32
  • South Korea to host 4th UN Ocean Conference in 2028
    South Korea to host 4th UN Ocean Conference in 2028 SEOUL, December 10 (AJP) - South Korea will host the 4th United Nations Ocean Conference in June 2028 after the UN General Assembly adopted a resolution endorsing the bid in New York on Dec. 9, the Ministry of Oceans and Fisheries and the Ministry of Foreign Affairs said Wednesday. The UN Ocean Conference, held every three years, is the world’s largest high-level maritime meeting, focused on implementing Sustainable Development Goal 14, which seeks to conserve and sustainably use the oceans and marine resources. Organizers expect about 15,000 participants from the UN’s 193 member states, international organizations and non-governmental groups. The 2028 gathering will take place two years before the 2030 deadline for achieving the UN Sustainable Development Goals, heightening its significance as a forum for shaping post-2030 global ocean governance. In line with long-standing UN practice of joint stewardship by developed and developing nations, South Korea will co-host the conference with Chile. Seoul and Santiago agreed to the co-hosting arrangement in April 2024. President Lee Jae Myung pledged the country’s commitment to hosting the event in a keynote address to the UN General Assembly in September. Oceans Minister Jeon Jae-soo attended the latest UN meeting to consolidate international backing for the bid. As an official UN conference, the agenda and structure will be determined through negotiations among member states, led by South Korea and Chile. The South Korean government said it plans to use the event to showcase its maritime technology, shipbuilding and ocean policy capabilities. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-10 09:52:14
  • ADB raises South Koreas 2025 growth outlook to 0.9% on stimulus, chip demand
    ADB raises South Korea's 2025 growth outlook to 0.9% on stimulus, chip demand SEOUL, December 10 (AJP) - The Asian Development Bank (ADB) raised its 2025 economic growth forecast for South Korea to 0.9 percent from 0.8 percent, citing the impact of government stimulus measures and stronger global demand for semiconductors. In its latest regional outlook, the ADB also lifted its projection for 2026 growth to 1.7 percent from 1.6 percent. The ADB’s 0.9 percent growth estimate aligns with forecasts from the International Monetary Fund (IMF) and the Korea Development Institute (KDI). By contrast, the Bank of Korea and the Organization for Economic Cooperation and Development (OECD) project slightly stronger growth of 1.0 percent. The ADB said fiscal support and easing uncertainty following trade negotiations with the U.S. have helped stabilize the outlook, but warned that downside risks remain. A prolonged downturn in the domestic real estate market and escalating geopolitical tensions could weigh on growth. Inflation is expected to average 2.1 percent this year, the ADB said, driven by higher food and oil prices. Additional price pressures could emerge from the planned reduction of fuel tax subsidies and a weaker won. The ADB also left its 2025 growth forecasts for the United States and Japan unchanged at 1.7 percent and 1.1 percent, respectively, while projecting modest upticks next year. China’s growth forecast was revised up to 4.8 percent from 4.7 percent, while India’s was raised to 7.2 percent from 6.5 percent, reflecting resilient domestic demand and strong export performance. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-10 09:38:26
  • SK hynix mulls ADR listing in US
    SK hynix mulls ADR listing in US SEOUL, December 10 (AJP) - South Korea's memory giant SK hynix is deliberating to list its treasury shares on a U.S. stock market in the form of American Depositary Receipts (ADRs) to further bolster its corporate value. In a disclosure responding to the Korea Exchange's request on ADR rumors, the company said Wednesday it would report further details within a month. Shares in Seoul opened 4 percent higher at 588,500 won ($400) upon the disclosure posted before the market opening and closed at 585,000 won. According to a report by Korea Economic Daily, SK hynix has received multiple proposals from global investment banks to convert some of its treasury shares — roughly 2.4 percent of total outstanding, or 17.4 million shares — into ADRs for trading in the United States. An investment-banking official familiar with discussions said the initiative is being “pursued with sincerity at the group level as part of a broader push to enhance corporate value,” adding that the company is expected to begin selecting underwriters soon. Depositary receipts are alternative securities issued to facilitate overseas trading when the underlying shares remain held by a custodian in the home market. When issued in the United States, they are known as ADRs. For SK hynix, the potential listing represents a bid to break free from what has become a chronic valuation discount. Shares of the company trade only in Korea, limiting exposure to U.S. passive investors and long-only funds restricted to U.S. markets. If ADRs are listed in New York, analysts say, SK Hynix could tap a far deeper investor pool and be assessed against global peers on equal footing — particularly Micron Technology, whose business structure, earnings cycle, and product mix closely mirror those of SK hynix. Yet their valuations diverge sharply: SK Hynix trades at 11.4 times expected 2024 earnings, compared with Micron’s 28.7 times. Despite SK hynix’s central role in the artificial-intelligence semiconductor “alliance” anchored by Nvidia — supplying high-end HBM chips that have become the industry’s hottest commodity — it remains absent from major U.S. semiconductor ETFs. In VanEck’s SMH, TSMC’s ADRs account for 9.1 percent; in SOXX, they represent 3.77 percent. SK hynix holds a 0 percent weight in both. Taiwan Semiconductor Manufacturing Company offers perhaps the clearest precedent. When TSMC listed its ADRs on the New York Stock Exchange in 1997, the move helped global investors apply a higher valuation multiple based on U.S. semiconductor comps. Over time, TSMC expanded its ADR issuance from 2–3 percent of outstanding shares to nearly 20 percent. A persistent premium of ADR prices over the Taiwan-listed shares ultimately propelled a broader revaluation of the company in its home market — an outcome SK Hynix aims to replicate. The timing also aligns with Korea’s “value-up” initiative and with ongoing debates over mandatory treasury-share cancellation. Because ADR issuance uses existing treasury shares rather than destroying them, the policy goals remain intact while allowing a company to unlock greater value. The proposal could also reshape traditional shareholder-return practices in Korea, which have centered almost exclusively on dividends and share buybacks. SK hynix, which shifted into a net-cash position in the third quarter, has faced mounting pressure to boost shareholder payouts. An ADR listing offers a “third path,” potentially raising its market value without resorting to new borrowing or issuing fresh equity. A U.S. listing would require compliance with America’s stringent disclosure and accounting standards, improving transparency and governance while broadening access to capital. Shareholders would benefit from any rerating of the stock, while the company could gain the option to raise significant funds at a later stage. Questions remain over supply. Aside from portions of treasury shares already tied to a 2023 exchangeable bond, SK hynix holds roughly 2.4 percent of its outstanding shares that are usable for ADR issuance — equivalent to about 10 trillion won. An industry official cautioned that such a float would still rank only as a mid-cap in the U.S. market, suggesting the company may need to repurchase additional shares if it aims to secure material valuation impact. Its local rival Samsung Electronics trades ADRs over the counter, without listing them directly on the New York Stock Exchange or Nasdaq. 2025-12-10 09:15:28
  • Kookmin University wins national program to train next-generation eco-biological materials specialists
    Kookmin University wins national program to train next-generation eco-biological materials specialists SEOUL, December 09 (AJP) - Kookmin University said Tuesday it has been selected for the government's "Specialized Graduate School in Environmental Fields" initiative in the area of biological materials, a program overseen by the Ministry of Climate, Energy and Environment and supported by the Korea Environmental Industry and Technology Institute. The project will run for five years from 2025 to 2030 with a total budget of 6.2 billion won. Professor Park Yong-cheol of the Department of Bio-Fermentation and Convergence is leading the program. The ministry designed the initiative to advance sustainable green technologies based on bio-derived materials and to strengthen South Korea's competitiveness in securing biological resources amid intensifying global competition following the Paris Agreement and the Nagoya Protocol. It also aims to cultivate a new talent pool and build an industrial ecosystem in the eco-friendly biological materials sector. With the new designation, Kookmin University will launch and operate the "Eco-Biomaterials Convergence Graduate Program," which will train students in both development and production technologies. The school plans to open 114 courses, including new modules dedicated to biomaterials development and manufacturing, and offer industry-linked programs such as the PBR-MAX track, on-site internships and global seminars to strengthen practical competencies. Kookmin University will also build a research platform that integrates AI, data science and synthetic biology for eco-biomaterials, while expanding its global collaboration network in the sector. The university said the initiative is expected to enhance connectivity between education, research and industry while contributing to new green-technology industries and broader industrial competitiveness. Kookmin University previously operated a specialized graduate program in green convergence technologies after being selected for an earlier round of the initiative in 2020. Its Department of Bio-Fermentation and Convergence — the only one of its kind in South Korea — has partnered with 19 companies in food, pharmaceuticals, cosmetics and environmental materials to offer joint projects, internships and on-site training. The university said this track record helped secure the latest selection. The department will be renamed the Department of Convergence Bioengineering beginning in the 2026 academic year to reflect its integration of biotechnology and AI. "This selection is an important milestone that demonstrates Kookmin University's strength in ESG fields, a key pillar of the KMU Vision 2035: EDGE agenda," Kookmin University President Chung Seung-ryeol said in a statement. "We will continue working to become a hub for interdisciplinary and industry-ready talent in green technology." Professor Park said the university will "further expand the environmental and industrial value of biological materials" and strengthen its ability to train globally competitive talent, calling the new program a significant step in advancing Kookmin University's practical education model. 2025-12-09 17:52:20
  • Asian stocks mostly flat ahead of FOMC as caution builds
    Asian stocks mostly flat ahead of FOMC as caution builds SEOUL, December 09 (AJP) - Asian stocks were largely unchanged on Tuesday as investors stayed cautious ahead of the Federal Reserve’s final policy meeting of the year. In Seoul, the benchmark KOSPI slipped 0.3 percent to 4,143.55, while the KOSDAQ added 0.4 percent to 931.35. Market sentiment was subdued as traders awaited the outcome of the two-day Federal Open Market Committee meeting beginning Tuesday U.S. time, where policymakers will decide the December rate move. The KOSPI retreated after two sessions of gains, dragged lower by heavyweight tech shares Samsung Electronics and SK hynix. Samsung slid 0.9 percent to 108,400 won ($73.8), and SK hynix dropped 1.9 percent to 566,000 won. LG Energy Solution, the third-largest stock by market cap, fell 1.8 percent to 443,500 won. Autos also weakened. Hyundai Motor declined 2.7 percent to 307,000 won, Kia slipped 1.4 percent to 123,800 won, and KB Financial Group lost 1.5 percent to 126,000 won. Entertainment stocks were mixed to slightly higher. HYBE rose 0.7 percent to 291,000 won, JYP Entertainment edged up 0.3 percent to 67,800 won, and YG Entertainment added 0.5 percent to 61,800 won, while SM Entertainment dipped 0.4 percent to 101,600 won. In Tokyo, the Nikkei 225 inched up 0.1 percent to 50,655.10 as large-cap shares moved unevenly. Toyota Motor, the index’s biggest constituent, rose 0.2 percent to 3,066 yen ($19.6), and SoftBank Group gained 0.8 percent to 18,800 yen. Mitsubishi UFJ Financial Group slipped 0.5 percent to 2,486 yen, and Nintendo tumbled 3.4 percent to 11,900 yen. Canon climbed 1.3 percent to 4,635 yen, and Panasonic Holdings advanced 1.5 percent to 1,886.5 yen. NHK on Monday released a survey of 1,192 adults showing that 54 percent were concerned that China–Japan tensions could negatively affect the Japanese economy—14 percent saying they were “very worried” and 40 percent “somewhat worried.” In China, the Shanghai Composite Index fell 0.4 percent to 3,909.52. China’s exports rose more than expected in November, according to customs data released Monday. Shipments increased 5.9 percent from a year earlier to $330.35 billion, beating economists’ forecasts of a 3.8 percent gain in a Reuters poll and 4 percent in a Bloomberg survey. The country’s trade surplus for January–November reached $1.08 trillion, topping the $1 trillion mark for the first time on record. Some Chinese economists say the surplus is now too large and is weighing on domestic demand. Zhang Jun, dean of the School of Economics at Fudan University, said in a recent speech that China should consider narrowing the surplus—and even running a deficit in the long term—to stimulate consumption. 2025-12-09 17:37:36
  • Chinese, Russian military jets briefly buzz South Korean airspace
    Chinese, Russian military jets briefly buzz South Korean airspace SEOUL, December 9 (AJP) - Around nine Chinese and Russian military aircraft buzzed South Korea's air defense identification zone (KADIZ) on Tuesday, according to the Joint Chiefs of Staff (JCS) here. According to the JCS, two Chinese and seven Russian aircraft entered the KADIZ at around 10 a.m., before leaving shortly after. This prompted South Korean military fighter jets to scramble in response to any incidents. They were bombers and fighter jets involved in the two big powers' military maneuvers in the region. A JCS official said, "The Russian aircraft entered the KADIZ near Ulleungdo Island and the easternmost islets of Dokdo, while the Chinese aircraft entered near the submerged shelf of Ieodo, before converging near Japan's Tsushima Island." Similar flybys occurred in November, last year during their joint military exercises as well. The air defense identification zone does not constitute territorial airspace but is established in order to identify air traffic. It is common protocol for aircraft to obtain prior permission before entering another country's air defense identification zone. But Russia does not recognize South Korea's KADIZ, citing a lack of international legal basis. The KADIZ over Ieodo overlaps with the airspaces of both South Korea and China. 2025-12-09 17:26:35