Journalist

Lee Hugh
  • Funeral held for South Korean volunteer killed in Ukraine
    Funeral held for South Korean volunteer killed in Ukraine SEOUL, November 27 (AJP) - A funeral was held in Kyiv earlier this week for a South Korean man who died fighting in Russia's war in Ukraine, the Ministry of Foreign Affairs here said on Thursday. Ukrainian authorities informed the South Korean government of his death, and his funeral service was held last Tuesday, with South Korean consular officials in attendance. Identified by his last name Kim, the man in his 50s is believed to have been killed earlier this year during combat in Donetsk in southeastern Ukraine. The ministry has been providing consular assistance to Kim's family. Further details about his identity have not been disclosed, but AFP released images showing Ukrainian soldiers honoring him beside a coffin draped with the South Korean flag. Reports of South Koreans volunteering to fight in Ukraine have surfaced previously, but the actual number of people who went there remains unknown. Among them was Rhee Keun, a famous YouTuber and former special warfare officer in the South Korean Navy. In March 2022, he flew to Ukraine to help fight against the Russian invasion but returned home just two months later due to injuries and shared some of his battlefield experiences from the front lines. It is illegal for a South Korean national to take part in a war in another country without government authorization, and offenders face at least one year behind bars. Rhee said at the time, "I could not sit idly by without using my military tactics and expertise to help Ukraine just because I was afraid of punishment. If I return alive, I will take responsibility for my actions." He was handed down a suspended prison sentence for illegally entering Ukraine to fight as a volunteer soldier, along with multiple other charges. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-27 14:25:30
  • South Korean food firms tap K-beauty boom for new growth
    South Korean food firms tap K-beauty boom for new growth SEOUL, November 27 (AJP) - South Korean food companies are accelerating their push into cosmetics and “inner beauty” products as slowing consumption and rising costs squeeze margins in their core businesses. The globally recognized K-beauty sector — supported by steady global demand and a strong manufacturing base — is emerging as an attractive diversification route. Industry sources say hy has expanded its probiotics research into skincare, developing products that use its HY7714 skin probiotic strain. Since debuting its first ampoule in 2023, the company has rolled out sunscreen and modeling packs, reinforcing a brand strategy that links nutritional supplements with topical skincare. Other firms are securing manufacturing capabilities directly. HiteJinro Group, best known for its alcoholic beverages, acquired cosmetics ODM producer B&B Korea — maker of brands such as d’Alba and Medicube — through its subsidiary Seoyoung E&T. The move enables the group to extend its portfolio into broader lifestyle businesses. Shinsegae Food has opted for an investment-led approach, committing 50 billion won to C&C International, a color cosmetics ODM company. Through participation in the “Beauty Synergy 2025 Private Equity Fund” established by Ascent Equity Partners, the company secured a 36.9 percent stake. The investment is aimed at establishing a stable revenue source without taking on direct manufacturing or sales operations. Companies are drawn to the beauty sector’s different profit structure. Food production is vulnerable to swings in global grain prices and logistics costs, while cosmetics typically face lower cost volatility. Premium and high-functionality products also tend to deliver higher gross margins, with branding and channel strategy playing an outsized role. Food companies, analysts say, can leverage strengths in raw-material development, quality control and marketing as they expand into beauty. K-beauty’s global growth is another factor. South Korean cosmetics exports reached a record $5.5 billion in the first half of the year, up 14.8 percent from a year earlier, according to customs data. Markets are diversifying beyond China and the United States, with exports to South America climbing from $15.3 million in 2020 to $70.2 million last year, driven by rising demand in Brazil, Chile and other emerging markets. “With domestic food consumption stagnating, there’s mounting urgency around finding new growth drivers,” an industry official said. “K-beauty, with its expanding global footprint, is increasingly seen as a promising option.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 14:23:38
  • South Koreas Upbit reports $31 million crypto theft
    South Korea's Upbit reports $31 million crypto theft SEOUL, November 27 (AJP) - Upbit, South Korea’s largest cryptocurrency exchange, said Thursday that digital assets worth about $31 million were stolen in an early-morning security breach, marking the platform’s most serious incident since its major hack six years ago. Operator Dunamu said the breach was detected around 4:40 a.m., when assets on the Solana network were transferred to an unauthorized wallet. The stolen holdings include Solana (SOL) and 23 other tokens such as DoubleZero (2Z), Access Protocol (ACS), Bonk (BONK) and Doodles (DOOD). “Upon detecting the anomaly, we immediately halted all Solana-related transactions and initiated a comprehensive security review,” Dunamu said in a statement. “The loss has been fully covered by Upbit’s own assets.” The company added that remaining assets had been moved to offline cold wallets to prevent further unauthorized transfers and that it is preparing to cooperate with law enforcement. The incident is the first major theft involving Upbit since November 2019, when 342,000 Ethereum — then valued at roughly $500 million — were moved from the exchange’s hot wallet to an external address. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 14:11:41
  • South Korea unveils new guidelines to boost foreign investor entry into stock market
    South Korea unveils new guidelines to boost foreign investor entry into stock market SEOUL, November 27 (AJP) - South Korea’s Financial Services Commission (FSC) on Thursday unveiled new guidelines for foreign omnibus accounts, aiming to streamline market access for overseas investors and attract additional capital inflows. Omnibus accounts allow foreign institutions to trade and settle Korean equities without opening individual accounts for each client — a structure similar to how South Korean investors trade U.S. stocks. The country’s first such account was launched in August, eight years after the system was first introduced. The updated guidelines provide detailed procedures for account opening, allocation of shareholder rights, and mandatory reporting. They also establish internal control standards designed to prevent market abuse and money laundering by foreign financial investment firms. The FSC said the guidelines will be translated into English and distributed to market participants. A corresponding revision to financial investment business regulations — removing restrictions on which entities can open omnibus accounts — is expected to be completed in December. The regulatory overhaul will enable small and mid-sized foreign securities firms and asset managers, previously excluded unless granted special exemptions, to access the system. “We expect this to improve foreign investors’ access to the domestic stock market and stimulate capital market activity by attracting new investment funds,” the FSC said in a press release. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 14:04:10
  • BOK holds base rate at 2.50%, bond yields jump as markets price in end of easing
    BOK holds base rate at 2.50%, bond yields jump as markets price in end of easing SEOUL, November 27 (AJP) - The Bank of Korea kept the base rate unchanged at 2.50 percent at its final monetary policy meeting of 2025 on Thursday and signaled that the latest easing cycle may be nearing an end as a persistently weak won fans inflation while simultaneously eroding household purchasing power. Governor Rhee Chang-yong said the decision was “almost unanimous,” with five of the six board members voting for a freeze due to heightened foreign-exchange volatility and unresolved uncertainty in the housing market. One member sought a cut to shore up the fragile economy. Three members also argued the central bank should preserve room for another reduction in three months, depending on how risks evolve. Bond prices fell on the perceived hawkish tilt. The three-year government bond yield rose 5.3 basis points to 2.948 percent, while the five-year gained 4.8 basis points to 3.132 percent. (Bond yields move inverse to prices.) The won strengthened 5.6 won to 1,464.9 per dollar following repeated verbal interventions. The KOSPI slipped back below 4,000 after a brief rebound. Rhee declined to confirm market speculation that the BOK’s easing cycle — which began in October 2024 after rates peaked at 3.50 percent — was effectively over as the market noted the tweaks in the BOK statement after the rate meeting – the replacement of the phrase “easing stance” with the softer “possibility of easing.” “How this is interpreted is up to individuals,” Rhee said. “It is difficult to predict what lies ahead when both upward and downward pressures exist.” The BOK made mild revisions to its growth forecast: raising this year’s projection to 1.0 percent from 0.9 percent and next year’s to 1.8 percent from 1.6 percent. Growth in 2027 is expected to edge slightly above the potential rate of 1.8 percent, at 1.9 percent. Rhee warned of a buildup in inflationary pressure next year due to the weak currency and firmer global oil prices. The won is projected to average above 1,400 per dollar this year — a level unseen even during the Asian Financial Crisis or the Global Financial Crisis. To stabilize the currency, fiscal and monetary authorities have formed an emergency council with the National Pension Service, Korea’s largest holder of dollar-denominated assets, hoping to better manage supply-demand dynamics in the FX market. Rhee called the won’s weakness extraordinary, attributing it to a deep structural tilt toward overseas investments rather than crisis-level stress. He pointed to the stability of Korea’s external borrowing conditions: the five-year credit default swap premium stood at 24 basis points in October, down from 31 in May. “We could send a positive signal to the foreign-exchange and real economy if we halt the easing cycle,” he said, though he emphasized that both monetary and fiscal policy options are limited because the imbalance is structural rather than cyclical. “That the won remains weak despite the narrowing Korea-U.S. rate gap suggests the core issue lies in the imbalance between domestic and overseas investment flows,” he added. Rhee rejected claims that the NPS is being pressured to defend the currency, arguing that an excessively weak won already erodes returns from the fund’s overseas portfolio — ultimately undermining retirement assets. 2025-11-27 13:56:22
  • TRAVEL: A walk over royal revenge — The dark secret of Seouls Cheonggyecheon
    TRAVEL: A walk over royal revenge — The dark secret of Seoul's Cheonggyecheon SEOUL, November 27 (AJP) - Strolling along the Cheonggyecheon Stream in downtown Seoul, it is easy to be lulled by the gentle flow of water and the hum of the city fading into the background. Once buried beneath suffocating asphalt and elevated highways, this eco-friendly waterway was miraculously restored in the mid-2000s. Today, it serves as a serene urban sanctuary for office workers seeking a lunch-hour escape and tourists soaking in the city's vibe. But beneath the stream's largest stone bridge lies a story that is anything but peaceful. It is a tale of a dynasty’s bloody birth, a stepson’s cold-blooded grudge, and a literal pathway paved with revenge. To the casual observer, the Gwangtonggyo Bridge is simply a marvel of Joseon Dynasty engineering. Originally constructed in 1412 by King Taejong to tame the flood-prone waters, it was the widest bridge in the capital, spanning 15 meters. Yet, if you venture beneath the bridge and look closely at the stone embankments, you will find something unsettling: upside-down carvings of intricate floral designs and solemn guardian deities. These are not ordinary construction materials. They are tombstones. The story dates back to the founding of the Joseon Dynasty in the late 14th century. King Taejo, the dynastic founder, had a beloved second wife, Queen Sindeok. A fierce political operator, Sindeok managed to maneuver her own son into the position of Crown Prince, bypassing Taejo’s older, battle-hardened sons from his first marriage. The most ambitious of those sidelined sons was Yi Bang-won (who would later become King Taejong). Following Queen Sindeok’s death in 1396, a heartbroken King Taejo built a magnificent tomb for her within the city walls — on the site of the current British Embassy near Deoksugung Palace — so he could be near her spirit. However, peace did not last. Yi Bang-won launched a bloody coup, killing his half-brothers and seizing the throne. But taking the crown wasn't enough; he wanted to erase his stepmother’s legacy. Once King Taejo passed away, Taejong exacted his posthumous revenge. He stripped Queen Sindeok of her royal title and dug up her grave, exiling her remains to a remote site outside the city walls. In a final act of spite, Taejong took the heavy stone slabs and statues from her tomb — sacred objects meant to guard her soul — and dumped them into the Cheonggyecheon. He ordered them to be used as the foundation stones for Gwangtonggyo Bridge. His intent was clear and cruel: he wanted the citizens of Seoul to trample over his stepmother’s grave for eternity. History is often ironic. During the Joseon era, Gwangtonggyo became the center of a popular folk tradition. On the first full moon of the lunar year, citizens believed that crossing the bridge as many times as their age would ward off leg ailments and bad luck. For centuries, thousands of people flocked here to wish for health, unwittingly participating in a king’s centuries-old vendetta as they marched over the Queen’s desecrated tomb stones. When Cheonggyecheon was restored in 2005, the bridge was reconstructed, and the stones were revealed to the public once more. Today, visitors can walk under the Gwangtonggyo and touch the cold, granite history. You can clearly spot the Sinjangseok (guardian stones) and the Geumgangjeo (a Buddhist symbol of indestructible truth) carved into the blocks. Some are inverted, others broken — silent witnesses to a family feud that shaped a nation. Above the bridge, the city of Seoul rushes forward into the future. But below, in the cool shadows of the Cheonggyecheon, the stones of Gwangtonggyo remain, reminding us that even in the most serene landscapes, history is often waiting to be discovered — and stepped upon. 2025-11-27 13:45:30
  • Asian shares extend rally on AI momentum and KOSPI recovers 4,000-mark.
    Asian shares extend rally on AI momentum and KOSPI recovers 4,000-mark. SEOUL, November 27 (AJP) - Asian equity markets maintained their positive momentum on Thursday, driven by persistent optimism surrounding the Artificial Intelligence (AI) sector and a growing global conviction that US interest rates may soon ease. The KOSPI in Seoul led the charge, reclaiming the psychologically significant 4,000-point mark to trade 1.4 percent higher at 4,017, reclaiming the 4,000-point mark for the first time in five days. Sentiment improved after the Bank of Korea raised its annual growth outlook and held rates steady, a coordinated move with fiscal authorities to help stabilize the Korean won. The KOSDAQ gained 0.5 percent to 881.6. Institutional investors — seen as responding to government pressure to support won demand — led the rally with net purchases of 215.7 billion won ($147 million). Foreign investors also remained net buyers from the opening bell, adding 182.1 billion won. Retail investors booked profits, offloading 400.7 billion won. The won traded at 1,466 per dollar, up 4.5 won from the previous day. Market leaders Samsung Electronics and SK hynix advanced simultaneously for the first time in weeks. Samsung Electronics gained 2 percent to 105,000 won, while SK hynix jumped 5.7 percent to 555,000 won, reclaiming the key 550,000-won level as Nvidia shares rebounded overnight. Energy names tracked chipmakers higher. Doosan Enerbility climbed 1.67 percent to 79,000 won, extending its upward run on the strength of its wide portfolio spanning large nuclear reactors, small modular reactors and gas turbines. Robot stocks — essential to semiconductor production — also rose. Doosan Robotics gained 3.5 percent to 74,400 won, while KOSDAQ-listed Rainbow Robotics, a Samsung Electronics affiliate, climbed 3.5 percent to 386,500 won. Biotech shares were mixed. Samsung Epis Holdings, newly spun off from Samsung Biologics, surged 15 percent to 418,000 won, easing concerns about undervaluation. Celltrion was little changed at 186,500 won. In Japan, the Nikkei 225 climbed 1.35 percent to 50,230. Semiconductor names led gains, with Advantest up 4.5 percent at 20,340 yen ($130.6) and Ibiden up 5.7 percent at 11,525 yen. Materials producer Denka, known for fluorine gas used in wafer cleaning, rose 5 percent to 2,670 yen. Taiwan’s TAIEX edged up 0.67 percent to 27,593. Chip sentiment was mixed: TSMC traded flat at 1,445 Taiwan dollars ($46.2), as reports surfaced that Alphabet plans to outsource key semiconductor packaging to Intel. MediaTek gained 3.1 percent to 1,340 Taiwan dollars, extending its rally on expectations it will benefit from Alphabet’s AI chip roadmap. On the mainland, Shenzhen outperformed with the tech-heavy SZSE Component up 1.03 percent to 13,043. The Shanghai Composite added 0.4 percent to 3,880. Hong Kong’s Hang Seng Index inched up 0.2 percent to 25,989, with gains capped after a deadly apartment fire in Tai Po on Wednesday left at least 44 people dead and forced the cancellation of corporate events across the city. 2025-11-27 11:30:45
  • Koreas acting community bids final farewell to beloved actor Lee Soon-jae
    Korea's acting community bids final farewell to beloved actor Lee Soon-jae SEOUL, November 27 (AJP) - Veteran actors and young aspiring performers bid a final farewell to their beloved teacher and role model Lee Soon-jae, whose passion for acting endured until illness forced him off the stage at age 90. The funeral was held at 5:30 a.m. Thursday at Seoul Asan Medical Center, attended by family members, fellow actors, longtime students, and colleagues from across the entertainment industry. Jeong Bo-seok, who played Lee’s son in the sitcom “High Kick,” presided over the ceremony before a crowd that filled the 120-seat funeral hall, including students from Gacheon University where Lee taught acting for decades. “How I wish this were just a scene from a drama,” said actor Kim Young-chul — often remembered for his kingly roles in historical series — as he recalled how Lee helped him stay grounded in his acting journey. “I’ll miss you dearly. I will never forget you, my dear teacher.” Actress Ha Ji-won also shared her tribute, remembering Lee as “a true artist” who constantly questioned, challenged, and inspired himself and those around him. A seven-minute memorial video featured Lee laughing in his signature deep roar when asked whether he enjoyed acting. “What do you think? I’m still acting,” he replied — a line that drew teary smiles from the mourners. Lee was laid to rest at Eden Paradise in Icheon, Gyeonggi Province. Born in 1934 in North Hamgyong Province, Lee debuted in 1956 and rose to become a beloved “national actor” through iconic roles in “What Is Love,” “Hur Jun,” and “High Kick.” He was the oldest recipient of last year’s KBS Drama Awards. Even into his late 80s, Lee remained devoted to the stage, most recently performing in “Waiting for Godot.” The government posthumously awarded him the Geumgwan Order of Cultural Merit on Nov. 25, honoring his lifetime contribution to Korean performing arts. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 11:30:04
  • 2.2-magnitude earthquake shakes Wanju in southern South Korea
    2.2-magnitude earthquake shakes Wanju in southern South Korea SEOUL, November 27 (AJP) - A magnitude 2.2 earthquake struck near Wanju in southern South Korea, prompting several residents to report feeling tremors in the area. According to fire authorities, the earthquake occurred at around 8:06 p.m. on Wednesday, 6 kilometers southeast of Wanju in North Jeolla Province. The epicenter was located at 35.89 degrees north latitude and 127.23 degrees east longitude, with a depth of 5 kilometers. Tremors, accompanied by a loud noise, were observed in nearby areas like Jeonju and Iksan, but no structural damage or injuries were reported. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 11:26:50
  • UNESCO official expresses regret over redevelopment project near Jongmyo Shrine
    UNESCO official expresses regret over redevelopment project near Jongmyo Shrine SEOUL, November 27 (AJP) - Lazare Eloundou Assomo, head of the UNESCO World Heritage Centre, reiterated the need for a Heritage Impact Assessment (HIA) amid controversy over a redevelopment project near Jongmyo Shrine. During a meeting in Paris, France on Wednesday with Huh Min, head of the Korea Heritage Service (KHS), Assomo expressed strong regret over the project. The controversy began after the Seoul Metropolitan Government abruptly decided late last month to raise the height limit for the area, which is slated for redevelopment into an urban complex. The KHS worries that raising the height limit from 71.9 meters to 145 meters could diminish the historical and cultural value of the UNESCO World Heritage site, designated in 1995 for its unique architectural landscape and historical significance as a royal ancestral ritual space. Assomo had previously sent a letter on Nov. 15, urging the South Korean government to conduct a survey to assess potential impacts on the values of the World Heritage site before proceeding with the project. Huh explained the country's efforts and commitment to preserving the ancient shrine’s values in line with UNESCO's recommendations. Huh also met with Khaled El-Enany, the new UNESCO Secretary-General the previous day, to discuss preparations for next year's World Heritage Committee meeting in Busan, outlining the plans and seeking UNESCO's support. Promising his attendance at the meeting, El-Enany praised South Korea's efforts to preserve its national heritage and cultural assets and pledged UNESCO's full support. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 11:10:16