Journalist

Lee Hugh
  • SK On Moves to Open Tokyo Office to Expand Japan Auto and ESS Business
    SK On Moves to Open Tokyo Office to Expand Japan Auto and ESS Business SK On is moving to set up a local office in Japan as it steps up its push into the market. Industry sources said SK On is completing administrative procedures with the aim of opening a Tokyo office by the end of this month. The Japan office would serve as a base to expand cooperation with local automakers, including Nissan, while also exploring opportunities in energy storage systems, or ESS. The company plans to broaden its portfolio beyond EV batteries into ESS and speed up new project orders. It is also known to be discussing EV battery and ESS cooperation plans with multiple Japanese companies. The move comes as the EV market slowdown drags on, with SK On seeking a two-track approach: entering Japan’s conservative auto market while expanding its ESS business. “Using our Japan office as a hub, we will strengthen a faster, closer response system to customer needs and continue profitability-focused growth, including securing new orders,” an SK On official said.* This article has been translated by AI. 2026-04-22 08:21:18
  • Korea Credit Union Federation Moves to Launch Asset Management Firm in October
    Korea Credit Union Federation Moves to Launch Asset Management Firm in October The Korea Credit Union Federation said April 22 it is moving ahead with plans to establish an asset management company to strengthen oversight of credit unions’ financial soundness. The federation has reviewed the plan as a way to speed up the disposal of nonperforming loans and to provide more systematic support for loss prevention and management improvement. With revisions to the Credit Union Act completed after a National Assembly plenary vote on March 31 and promulgation on April 21, the federation said it will begin related procedures with the goal of starting operations in October this year. The new credit union asset management company will work alongside KCU NPL Loan, which has handled bad-loan resolution, to help stabilize delinquency rates and strengthen soundness management. Unlike KCU NPL Loan, which has faced limits on NPL purchases due to regulations such as caps on total assets, the new company will be able to buy nonperforming loans more flexibly without requiring additional capital contributions. It may also borrow from the deposit protection fund if needed, which the federation expects will improve the speed and flexibility of funding. The company will also be able to carry out 12 types of work, including credit checks on debt-related parties and debt collection. The federation said this should allow it to manage the full process more integrally, from purchasing nonperforming loans to recovery, improving efficiency. Go Yeong-cheol, chairman of the Korea Credit Union Federation, said the company “will provide practical help in managing the soundness of member credit unions by increasing the speed and efficiency of nonperforming-loan resolution.” He added that the federation “will actively support” efforts to ensure the system operates stably in the field.* This article has been translated by AI. 2026-04-22 08:19:04
  • Singer Yook Joong-wan Says He Gave Up Scooters After Wife’s Warning
    Singer Yook Joong-wan Says He Gave Up Scooters After Wife’s Warning Singer Yook Joong-wan said he quit riding scooters, a hobby he once called his “happiness,” after his wife urged him to stop following the birth of their child. Yook appeared on the SBS variety show “Same Bed, Different Dreams Season 2: You Are My Destiny,” which aired on April 21. “Scooters were happiness for me, but it felt like my arms and legs were cut off,” Yook said. He said his wife told him to give it up because their baby had been born, and the couple argued. “Then she said, ‘If something happens to you, are you going to take care of the baby?’ After hearing that, I wrapped it up,” he said. Asked by Kim Sook whether he could ride in secret, Yook said he had in fact bought a scooter without telling his wife, but suspected she kept getting tips. He said he covered up with a helmet and face covering, leaving only his eyes visible, but was recognized outside his home by his 3-year-old daughter, who called out “Dad,” drawing laughter.* This article has been translated by AI. 2026-04-22 08:18:17
  • DS Investment & Securities Raises SGC Energy Target on Data Center, Power Outlook
    DS Investment & Securities Raises SGC Energy Target on Data Center, Power Outlook DS Investment & Securities on Tuesday maintained its “buy” rating on SGC Energy and raised its target price to 83,000 won, citing expectations for a normalization in power-generation earnings and expansion of its data center business. Ahn Ju-won, a researcher at DS Investment & Securities, said SGC Energy posted first-quarter revenue of 612.0 billion won and operating profit of 35.6 billion won, down 1.0% and up 102.7% from a year earlier, respectively. He said higher winter electricity demand lifted the system marginal price, or SMP, slightly boosting generation revenue, while the generation operating margin recovered to 6.7%, helping overall profitability return to normal levels. The generation margin was about 2.2% in the first quarter of last year. The construction segment delivered steady results as plant project progress improved, with an operating margin of 5.9%. The glass business, however, saw both revenue and profit slow due to weaker consumption of alcoholic beverages and drinks, he said. Looking ahead, Ahn said rising oil prices tied to tensions in the Middle East could push SMP higher and accelerate gains in the generation business. He noted the average SMP was 107 won in the first quarter but had risen to 119 won as of April. He added that while WTI has fallen from its peak, it remains in the $80 range, suggesting SMP could stay elevated. DS Investment & Securities forecast this year’s operating profit in the generation segment at 146.2 billion won, a sharp increase from a year earlier, with an operating margin of about 14.8%. The construction business is expected to sustain stable growth as orders expand, led by semiconductor and pharmaceutical-bio projects. Ahn also pointed to the data center business as a mid- to long-term growth driver. He said annual profit of about 100.0 billion won is expected from data center leasing income starting in 2028. The plan calls for a total capacity of 300 megawatts, and the operating timeline for the first 40 megawatts has been confirmed. He said demand is rising quickly as global companies expand AI investment in South Korea, and the second phase is expected to take shape between late this year and early next year. * This article has been translated by AI. 2026-04-22 08:15:18
  • Wall Street closes lower as U.S.-Iran talks uncertainty lifts oil prices
    Wall Street closes lower as U.S.-Iran talks uncertainty lifts oil prices U.S. stocks ended lower as uncertainty over follow-up U.S.-Iran talks outweighed better-than-expected earnings. Major indexes opened higher on corporate results, but sentiment cooled quickly as signs mounted that momentum for negotiations was weakening ahead of a cease-fire’s expiration. On April 21 (local time), the Dow Jones Industrial Average fell 293.18 points, or 0.59%, to 49,149.38. The S&P 500 dropped 45.13 points, or 0.63%, to 7,064.01, and the Nasdaq slid 144.43 points, or 0.59%, to 24,259.96. Energy shares held up relatively well on rising crude prices, but the broader market was pressured by Middle East risks. The main driver was concern that talks could be delayed. Reuters reported that Iran said it could discuss matters with the United States in Pakistan only if Washington drops what Tehran described as pressure and threats, and that negotiations would be difficult if those conditions are not met. Reports that the Pakistan meeting schedule was in doubt and that U.S. Vice President JD Vance’s trip was uncertain added to worries that tensions could rise again after the cease-fire ends. Oil prices jumped. Brent crude rose 3.14% to $98.48 a barrel, and U.S. benchmark West Texas Intermediate gained 2.81% to $92.13 a barrel, on renewed concerns about supply disruptions in the Middle East. Gold fell more than 2% as a stronger dollar and rising Treasury yields outweighed safe-haven demand. Investors also watched a Senate hearing for Kevin Warsh, a candidate to lead the Federal Reserve. Warsh said he would protect the Fed’s independence while also pointing to the need to overhaul the policy framework and communications. Treasury yields rose, and uncertainty over monetary policy returned to focus. After the close, another development emerged. President Donald Trump said he would extend the cease-fire until Iran’s leadership presents a unified proposal. The statement came from the U.S. side, and Iran did not immediately respond, limiting any immediate easing of market anxiety.* This article has been translated by AI. 2026-04-22 08:07:11
  • Seoul Tourism Foundation Partners With LAFC to Boost Global Marketing
    Seoul Tourism Foundation Partners With LAFC to Boost Global Marketing Seoul Tourism Foundation has partnered with Los Angeles FC, a leading club in Major League Soccer, as it steps up global marketing tied to sports content. The foundation said the effort is aimed at accelerating its push toward an era of 30 million inbound visitors to Seoul. The Seoul Tourism Foundation, led by CEO Gil Ki-yeon, said it signed an official partnership with LAFC on April 20 local time and has begun a full-scale campaign to strengthen the Seoul tourism brand. The collaboration was designed to use sports events with global fan bases to raise Seoul’s profile worldwide. ◆ “U.S. soccer fans hooked on jegichagi” ... ‘Seoul buzz’ at BMO Stadium Ahead of the signing, about 2,000 local fans attended LAFC’s Fan Fest on April 19 at BMO Stadium, the club’s home venue, the foundation said. It ran hands-on challenge events meant to showcase Seoul’s energy. Activities included a “Seoul Heading Challenge” featuring step-by-step height targets modeled on Seoul landmarks such as Gyeongbokgung Palace and the Dongdaemun Design Plaza, and a “Seoul Jegichagi Challenge” that blended soccer juggling skills with the traditional Korean kicking game. The jegichagi zone drew long lines as fans repeatedly tried again after finding it harder than expected. The foundation also offered hanbok try-ons and operated a photo zone featuring Haechi, a signature Seoul character, to highlight a range of Korean cultural attractions. ◆ Apple TV broadcasts, Son Heung-min promo video ... Seoul to reach 100-plus countries The foundation said the partnership will expand marketing across digital and in-person channels. With LAFC matches carried via Apple TV to more than 100 countries, the “VISIT SEOUL” brand is being displayed to global soccer audiences through stadium outdoor boards and broadcast shots. In June, short Seoul tourism promotional videos featuring Son Heung-min and key LAFC players are set to be released on official social media channels. Starting on the 27th, the foundation will also give away limited-edition “Seoul X LAFC” posters at 20 locations, including tourist information centers and goods shops across Seoul, to strengthen online-offline synergy. “Hard-core sports fans are attractive potential tourists who are willing to invest time and money for the teams and players they support,” Gil said. “Building on this partnership, we will strengthen marketing cooperation so sports fans around the world recognize Seoul as a global tourism city they must visit.” 2026-04-22 08:06:19
  • Yongsan’s Hyochang Park Station redevelopment advances on floor-area incentives amid ‘cage apartment’ debate
    Yongsan’s Hyochang Park Station redevelopment advances on floor-area incentives amid ‘cage apartment’ debate Debate over so-called “cage apartments” — criticism of high-density projects dominated by small units — is spreading to redevelopment plans around Hyochang Park Station in Seoul’s Yongsan district. Even so, projects in the area are moving ahead on the back of floor-area ratio incentives. According to the redevelopment industry on April 21, the promotion committee for a station-area, long-term jeonse housing (Shift) urban renewal-type redevelopment project near 82-1 Wonhyo-ro 1-ga will hold an on-site briefing on April 23 to select a design firm. The plan was finalized last month after passing the Seoul Metropolitan Government’s City Planning Commission. It expands the project to 2,743 homes, including 553 long-term jeonse units and 210 redevelopment rental units. The area applied for a public redevelopment program in 2020 but failed to meet the aging-building criteria. It was selected in 2021 for Seoul’s “Shift Season 2” program. In exchange for supplying some homes as long-term jeonse units priced at about 80% of market levels, the project can receive a floor-area ratio close to 500%. Some residents say high-density construction could worsen living conditions and have raised the “cage apartment” issue. In the neighborhood, several villa households displayed placards claiming the rental share would exceed 40%. A nearby real estate agent said owners with larger land shares and existing rental income are more likely to oppose the plan out of concern that profits could fall after redevelopment. The promotion committee rejected that claim, saying the rental share is “about 29%.” It said rentals currently account for 23% by area and could drop to the low 20% range if eased base floor-area ratio benefits are applied. The committee added that support already exceeded 70% when it received approval as a promotion committee and said the project faces no obstacles. It aims to obtain approval to establish the association in September and select a builder by the end of the year. Disputes over rental ratios and project profitability are spreading more broadly. Around Hyochang Park Station, multiple redevelopment models — including Moa Town, station-area Shift and the urban public housing complex project — are being pursued at the same time, fueling conflicts of interest depending on the approach. The Hyochang-dong 5-307 area has also adopted the station-area long-term jeonse housing urban renewal-type redevelopment model. With the designation of the redevelopment zone and public notice of the plan issued on April 16, the project is moving forward. It calls for 2,993 homes, including 450 redevelopment rental units and 743 long-term jeonse units. Of the total, 1,941 units would be in the 40 to 60 square meter range, reflecting a high-density approach. Near Exit 5 of Hyochang Park Station on Subway Line 6, the Yongmun-dong 1-126 area is facing internal conflict over whether to proceed under a public-led model or switch to a private approach. Amid the dispute, some have claimed opposition stands at 37%. The area was selected in 2022 as an eighth-round candidate site for the urban complex project. To be designated as a main project zone, it must secure consent from at least two-thirds, or 66.7%, of landowners. Under the urban complex project, the Korea Land and Housing Corp., or LH, becomes the project operator. Incentives include higher floor-area ratios and reduced burdens for public contributions, while 20% to 30% of the homes are used as public housing. That differs from the privately proposed station-area Shift program. Elsewhere, in the Hyochang-dong 5-291 area, organizers are collecting consent forms to participate in the urban public housing complex project. A preparatory committee said that under Season 2, rules for the station-area type were revised — including allowing floor-area ratios up to 1.4 times the legal cap — so the economics are not weaker than private redevelopment. 2026-04-22 07:55:44
  • Paradise Credit Rating Raised to A+ on Strong Results and Hotel Expansion Plans
    Paradise Credit Rating Raised to A+ on Strong Results and Hotel Expansion Plans Paradise has been building stronger credibility in capital markets on steady earnings and early investment, industry officials said. According to the industry on the 22nd, Korea Investors Service upgraded Paradise’s corporate bond rating at its eighth review to A+ (stable) from A (positive). NICE Investors Service also reaffirmed the A+ (stable) rating it assigned in October last year, again citing the company’s solid financial health. ◆ Casino demand, hotel deals seen supporting stronger results The upgrade was attributed to improved performance from rising casino customer demand, expectations for revenue growth through hotel acquisitions and new hotel construction, and expanded investment supported by financial stability. Paradise posted 1.1499 trillion won in revenue last year, up 7.3% from a year earlier. The company’s growth was driven by higher drop amounts from Japanese VIP and mass-market customers, the evaluators said. They also pointed to the acquisition of the Grand Hyatt Incheon West Tower, a 501-room property, as a key investment expected to help sustain revenue growth. ◆ Debt ratio at 84.4% despite investment push Despite large-scale investment, Paradise has maintained strong financial indicators. Borrowing is expected to rise due to new projects, including development of a flagship hotel in Jangchung-dong, Seoul, but annual operating cash flow of about 200 billion won is supporting the funding needs. As of 2025, net debt fell 61 billion won from the end of the previous year to 377.3 billion won. The debt ratio stood at 84.4%, and the borrowing dependency ratio was 29.5%, levels the agencies described as reflecting a very stable financial structure. NICE Investors Service cited continued performance centered on the integrated resort Paradise City and stronger customer-attraction capacity from new hotel acquisitions. It said capital expenditures and working-capital burdens were manageable relative to cash generation. A Paradise official said the market had given the company a high assessment of its business performance and future value. The official said Paradise would use the higher credit standing to strengthen its financing competitiveness and contribute to the development of South Korea’s tourism industry. 2026-04-22 07:52:20
  • Korea Talent Donation Association Delivers Supplies, Gifts to Seoul Orphanage
    Korea Talent Donation Association Delivers Supplies, Gifts to Seoul Orphanage The Korea Talent Donation Association, led by Chairman Choi Se-gyu, said it visited SOS Children’s Village in Sinwol-dong, Seoul’s Yangcheon District, on the 21st and held a ceremony to deliver daily necessities and gifts for children in need. The event was hosted by announcer Shim So-won. The association said donations and support were provided by Lee Wan-guk, chairman of Shambala CC; Yoon Jong-cheol, CEO of Utrax; Koo Bon-hoon, ESG committee chair at Samgu I&C; Lee Gi-sik, CEO of Hyosung ENG; Song Myeong-ui, chairman of Whale Food; Han Dong-bin, CEO of Winner Technology; Won Mi-hee, head of the Yeowoorak Arts Troupe; Yoo Jeong-yeol, CEO of Hi-Tech Yuil; Kim Dong-oh, CEO of Dongoh Construction; Kim Han-byeol, CEO of Philip Construction; Hwang Cheong-seong, honorary branch manager at Kyobo Life Insurance; Kim Seung-gi, an advisory member of the association; Ko Jeong-yong, CEO of Aizen Pharma Korea; Kim Hye-jeong, CEO of Neokim; Choi Gyu-hyeong, CEO of Daeil E&P; Kang Cheol-su, head of Ace Medical; and singer Jang Hae-ok of Hallyu Star Entertainment. It said Kim Young-gi, chairman of KuuKuu, and Hwang Eun-ju, president of Yonsei University FCEO Alumni Association, donated rice; Jang Jong-cheol, CEO of Imjin Industry, and Myung Jeong-gil, CEO of MG Company/ Tteurak Sangjo, donated ramen; Jung Mi-hwa, CEO of EK Book, donated children’s books; Kim Jeong-an, chairman of People Sharing Hope, donated daily necessities; Hong Seung-soon, CEO of Belcarino, donated wristwatches and wallets; Eo Jeon-gwi, described as the holder of a Guinness record related to one of the world’s three major bicycle categories, donated bicycle helmets; singer Kim Da-hyeon donated a seaweed set; and Ma Seung-hwan of Dalbit donated a kitchen dish set. Choi said, “Everyone is struggling because of high prices, but the warm spirit of giving has not cooled,” adding that “at times like this, it is important to deliver sincere support to places that need help.” He said the association would continue working to establish a sustainable culture of giving. The association said it works to support marginalized groups through volunteer talent donations. Its activities include free weddings for couples with disabilities, performances for military units and prisons, support for multicultural families, concerts to help child-headed households, startup consulting, free moving assistance and rural volunteer work. The association released a list of additional sponsors and attendees after the event: Kim Ju-hyeon; Song Soon-hee, team leader at Samsung Life Insurance’s Mokdong branch; Gong Mi-hwa, a Kyobo Life Insurance consultant; Han Jang-hyeon, CEO of Y&M Construction; Ha Chang-su; Kim Jin-hyeon, head of Lotte Art Planning; Park Myeong-rae, CEO of L&K Pharm; Kim Geum-ju; Choi Jeong-myeong; Jeong Seon-ja, an advisory member of the association; Choi Ji-young of Aranggung; Lee Seok-muk, division head at Builtone; Lee Sang-deok, head of Hanil Trading; Shin Jun-uk, head of Anyang Jungang Hanwoo Gopchang; poet Choi Hae-yeon; Park Ji-hu; Park Sang-jun (Ryu Jeong-a); Lee Sang-yoon, CEO of Hohyeon; Choi Sang-gwi, digital artist; Kim Sang-hyeon of the Incheon New Knowledge Association; Lee Yong-jin, an operations committee member of the association; Kim Ji-yoon, head of Samsung Real Estate; So Chun-seop, CEO of Inszone; Yoon Seung-ho, transportation business; Park Gyeong-seop, chairman of the Korea Festival Culture and Arts Reporters Group; Lee Yeo-jin, a director of the association; singer Geumbit Yerim; singer Han Hyeong-gyo of the Korea Entertainment Arts Federation; Yang Seul-gi, a traditional Korean musician; Jeong Bok-hee, director at DMC Trips; Choi Byeong-yeon, deputy director at Seoul Mideum Dental Clinic; Kim Yong-ik, head of Arichai; Jeong Jin-yeong, senior welfare director at the Yeongjong Civic Coalition; actor Han Ji-il; Han Yun-jin, vice president of the Korea Festival Culture and Arts Reporters Group; Han Ji-yeon, news director of the group; Jeong Eun-gyeong, a freelance broadcaster with the group; Jeong Yeon-ju of the World Women Peace Volunteer Group; Jang Seong-suk; Moon Seong-soon; Han Hye-soon; Choi Cho-young; Kim Young-ju; Park Byeong-gu; Kang Young-soon, a public official; Park Hae-gyeong, a director of the Korea Calligraphy and Painting Association; Oh Du-seong, chairman of the Federation of Small Business Owners; Kim Young-jung, external cooperation chair of the federation; and members of Talent and Creative Golf. * This article has been translated by AI. 2026-04-22 07:51:19
  • The Boyz File Embezzlement Complaint Against One Hundred Label CEO; Agency Denies Allegations
    The Boyz File Embezzlement Complaint Against One Hundred Label CEO; Agency Denies Allegations The dispute between K-pop group The Boyz and their agency, One Hundred Label, has escalated into a criminal complaint as their exclusive-contract fight continues. The Boyz’s legal representative said on 21 that nine members filed a complaint accusing One Hundred Label CEO Cha Ga-won of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes. The complaint was filed by nine members, excluding member New, the representative said. The conflict had already surfaced over the group’s exclusive contract. The Boyz signed with One Hundred in December 2024, and in February this year nine members filed for an injunction to suspend the validity of their exclusive contracts. At the time, the group said the agency had not paid settlements since July last year and had refused to allow access to materials needed to verify transparency in the accounting. One Hundred countered that it could not accept demands to terminate the contracts. One Hundred rejected the new criminal allegation. Attorney Hyun Dong-yup, the agency’s legal representative, said the embezzlement claim against Cha was “groundless” and said the company had “faithfully carried out” its settlement obligations. He said the agency would respond by using “all legal means,” including a potential false-accusation charge, while adding that it still wants all 10 members to promote together. In an additional statement, One Hundred also argued the complaint lacks a sufficient legal basis. According to One Hundred, Yongsan Police Station asked to merge the case into an investigation being handled by Team 6 of Unit 1 of the Financial Crimes Investigation Division under the Seoul Metropolitan Police Agency’s Major Crime Investigation Division, which is investigating Cha, but the investigative team declined. Citing Hyun’s view, One Hundred said the refusal appeared to reflect that “the property’s belonging to another person” had not been recognized based solely on the complaint. The agency called the filing a “smear” complaint with “markedly weak” legal grounds. One Hundred also disputed the accounting claims, saying accountant Kim Geon-young of accounting firm Hyun completed account analysis and an overall audit and confirmed there was no misuse of funds or embezzlement. The agency again said it would pursue legal action, including for false accusation, over what it called an unfounded criminal complaint. One Hundred said the dispute has worsened in part because of how The Boyz’s legal representative has responded, alleging false information was provided to some members to encourage internal division. It also pointed to the first hearing on 20, saying the other side requested more than a week for an explanation period, and claimed the goal was to delay through a public-relations fight rather than resolve the matter. The agency said it has already paid members large signing bonuses and settlements, and that its settlement payment plan is transparently established. Despite the legal battle, The Boyz plan to proceed with scheduled concerts. The group is set to hold a solo concert from 24 to 26 at KSPO Dome in Olympic Park in Seoul’s Songpa district. 2026-04-22 07:48:16