Journalist

Lee Hugh
  • North Korea highlights need for nuclear submarines
    North Korea highlights need for nuclear submarines North Korea's Korean Central News Agency criticized the recent U.S.-South Korea joint statement, claiming it reveals a hostile stance and could destabilize military security in the Asia-Pacific region. The agency argued that South Korea's pursuit of nuclear submarines could lead to a 'nuclear domino effect' and escalate an arms race. This response followed the joint fact sheet released on Nov. 14. North Korea's reaction is perplexing, given its own nuclear developments. The term 'nuclear domino' is particularly striking. If North Korea had not pursued nuclear weapons or submarines, it might have grounds to criticize South Korea. However, North Korea's nuclear arsenal is a significant global threat, making its stance questionable. Two motives may underlie North Korea's comments. First, it seeks to emphasize its status as a de facto nuclear state. Unlike official nuclear weapon states under the Nuclear Non-Proliferation Treaty (NPT), North Korea withdrew from the NPT after receiving nuclear technology and support. Recognizing North Korea as a nuclear state could encourage other countries, like Ukraine, to follow suit. Ukraine, once the third-largest nuclear power, might reconsider its stance due to its conflict with Russia. Second, North Korea's reaction may stem from anxiety over South Korea's potential acquisition of nuclear-powered submarines, which could disrupt China's maritime strategy. President Lee Jae-myung's push for nuclear submarines marks a significant shift in South Korea's defense capabilities. During a summit with President Trump, Lee highlighted the limitations of diesel submarines and advocated for nuclear fuel to enhance regional defense and reduce U.S. operational burdens. Critics argue that developing nuclear submarines could heighten regional tensions. However, historical evidence suggests tensions can escalate independently of such developments. North Korea's response underscores the strategic necessity for South Korea to pursue nuclear-powered submarines, emphasizing the importance of realistic power dynamics in international politics. Author's Background ▷Ph.D. in Political Science, University of Freiburg ▷Vice President, Korean Association of International Studies ▷Former Research Fellow, Korea Institute for National Unification * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 07:59:15
  • South Korea ushers in private-led space era with 4th Nuri launch
    South Korea ushers in private-led space era with 4th Nuri launch GOHEUNG, South Korea, November 27 (AJP) - South Korea opened a new chapter in its space program Thursday with the successful fourth launch of the homegrown Nuri rocket — the first assembled by Hanwha Aerospace — marking a decisive shift toward a private sector–driven space industry. The 200-ton, three-stage rocket lifted off from the Naro Space Center at 1:13 a.m. and entered a sun-synchronous orbit 600 kilometers above Earth, deploying a next-generation medium satellite along with 12 cube satellites. The flight was completed in 18 minutes and 52 seconds, faster than the planned 21 minutes and 24 seconds, after its engines outperformed design specifications, according to Park Jong-chan of the Korea Aerospace Research Institute (KARI). The medium satellite made first contact with Antarctica’s King Sejong Station 42 minutes after launch, with further communications scheduled with ground stations in Daejeon and Norway’s Svalbard. Deputy Prime Minister Bae Kyung-hoon called the mission a “pivotal moment” as the country transitions from a government-led model to a private sector–driven space economy. “South Korea is committed to becoming a top-five space power, with ambitions stretching from lunar exploration to deep space,” he said. For the first time, Hanwha Aerospace led the manufacturing and assembly of Nuri, following a technology transfer agreement with KARI earlier this year. The transfer, valued at 24 billion won (US$16.2 million), gives Hanwha exclusive rights to produce and operate Nuri through 2032, covering design, manufacturing and launch operations. Launchpad and propulsion-test infrastructure remain under government control. Compared with Nuri’s third launch in May 2023, which reached 550 km and carried 500 kg of payloads, Thursday’s mission flew higher and carried 960 kg — nearly double the earlier load. Experts say the launch is a watershed moment in Korea’s emergence into the “new space” era. “This marks the true beginning of private-sector-led space development,” said Huh Hwan-il, aerospace engineering professor at Chungnam National University. “Japan transferred launch vehicle technologies to industry two decades ago, and Mitsubishi Heavy Industries now leads that market. Korea must prepare similar institutional groundwork to help companies fully utilize government-built capabilities.” The Korea Space Agency said it plans the fifth and sixth Nuri flights in 2026 and 2027, followed by a seventh in 2028. “We are planning next year’s budget to begin developing a next-generation launch vehicle building on Nuri’s technology,” said agency head Yoon Young-bin. South Korea’s steady push toward commercial space development — with Nuri now transitioning from state laboratories to private hands — positions the country to accelerate toward its long-term goal of joining the global top tier of space powers. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 07:40:31
  • Korean Inc.s USD hoarding is inevitable as U.S. trade and FDI footprints deepen
    Korean Inc.'s USD hoarding is inevitable as U.S. trade and FDI footprints deepen SEOUL, November 26 (AJP) - South Korea’s finance minister signaled the government had even asked major exporters for help in propping up the won — a reversal of the usual dynamic that underscores the urgency on the FX front. But expectations for meaningful action remain low, as companies tied to massive U.S. investment commitments have little incentive to part with their dollar reserves. The won’s annual average has already exceeded 1,400 per dollar this year, surpassing the 1997 Asian financial crisis level of 1,398.88, according to market data. The currency’s depreciation has coincided with Korean firms accelerating overseas investment, especially in the United States, while delaying dollar conversions amid deepening uncertainty over the dollar’s trajectory. Data from the Bank for International Settlements (BIS) shows Korea’s real effective exchange rate (REER) slid to 89.09 at the end of October — its lowest since August 2009. A REER below 100 signals an undervalued currency, reflecting broad weakness against major trading partners. The index is expected to fall further in November as the dollar has strengthened more than 3 percent over the past month. A weaker won traditionally boosts export competitiveness, but today’s environment is anything but typical. Korea’s biggest exporters are generating large dollar inflows while committing to multiyear overseas investments denominated in dollars — leaving them with few reasons to repatriate foreign currency. “Companies are hoarding dollars simply because they don’t expect the dollar to weaken,” said Jang Bo-seong, senior researcher at the Korea Capital Market Institute. “It is common sense to avoid a money-losing practice.” Jang noted that exporters naturally hedge by holding dollars, since payments for overseas investments, equipment and raw materials are often settled in dollars. “Without a clear signal that the dollar will weaken, holding dollar assets is seen as the safer choice.” Chipmakers — responsible for roughly a quarter of Korea’s exports — epitomize the mixed effects. A strong dollar boosts revenue on U.S.-denominated sales but simultaneously raises import costs for equipment and materials while inflating the won value of massive overseas investments. SK hynix, whose U.S. exposure is particularly large with about 70 percent of sales linked to American customers, says its FX posture hinges primarily on its investment cycle rather than daily market moves. “Dollar inflows from exports are managed in line with overseas investment, procurement and payment schedules,” a company official said, adding that hedging strategies are used to reduce volatility. Samsung Electronics, Hyundai Motor and LG Electronics either did not respond to requests for comment or declined to discuss their foreign-currency management. The corporate preference for holding dollars is now directly shaping FX market dynamics. “Foreign exchange markets are ultimately driven by supply and demand,” Jang said. “When large corporates hold onto dollars instead of converting them, it inevitably tightens dollar supply in the domestic market.” This imbalance is magnified by Korea’s massive overseas investment pledges. Korean companies have committed more than $350 billion to U.S. projects as they seek to hedge geopolitical risks and secure access to advanced manufacturing ecosystems. A persistently weak won raises the won-denominated cost of those investments, further reinforcing incentives to stockpile dollars. For now, authorities have little choice but to hope for a retreat in the dollar. “If the dollar index begins to decline meaningfully, companies may reassess their currency positions,” Jang said. “For the time being, however, holding dollars remains rational from a corporate risk-management perspective.” As the won tests levels unseen even during past crises, policymakers and markets alike are closely watching whether corporate dollar hoarding — once viewed as a cyclical defensive move — is becoming a structural feature of Korea’s FX landscape. 2025-11-26 18:02:56
  • PHOTOS: Korea Grand Sourcing Fair opens in Seoul, draws global buyers
    PHOTOS: Korea Grand Sourcing Fair opens in Seoul, draws global buyers SEOUL, November 26 (AJP) — South Korea’s trade agency is hosting a large-scale sourcing fair in Seoul this week to boost global opportunities for K-beauty and K-food exporters. The Korea International Trade Association (KITA) opened the 2025 Korea Grand Sourcing Fair (KGSF 2025) on Tuesday at COEX, bringing together promising Korean exporters and major global buyers. First launched in 2009, the annual event has become a key platform for connecting domestic suppliers with international retailers. This year’s edition has drawn more than 150 overseas buyers from over 30 countries alongside over 850 Korean companies, aiming to secure new business partnerships. Riding the global wave of Korean culture, K-beauty and K-food companies account for about 70 percent of all participants, many of whom are seeking collaboration with major international retailers such as Walmart in the United States, Marui in Japan, Miniso in China, Malaysia’s Prema group, and Thailand’s Central Department Store. KITA expects more than 2,200 export consultations to take place over the two-day event. Visitors takes part in a business consultation at COEX in Seoul’s Gangnam District on Nov. 26, 2025. AJP 2025-11-26 18:01:22
  • Asian shares rise on AI tailwind; Chinese markets mostly flat
    Asian shares rise on AI tailwind; Chinese markets mostly flat SEOUL, November 26 (AJP) - Asian shares closed broadly higher Wednesday, lifted by renewed optimism over artificial intelligence following the debut of Google’s “Gemini 3.0” model. While sector performance varied across the region, sentiment improved as investors increasingly dismissed the notion of an AI bubble. The benchmark KOSPI climbed 2.67 percent to 3,960.87. Easing anxiety over the AI sector and direct market intervention by foreign exchange authorities served as the day’s strongest catalysts. Institutional investors led the rally, net buying 1.23 trillion won ($838 million). The surge was interpreted as a result of the National Pension Service and major brokerages stepping up domestic equity purchases after FX authorities urged reduced reliance on overseas assets. Foreign investors also turned net buyers, adding 516 billion won. Retail investors, however, sold 1.8 trillion won, reflecting both profit-taking and skepticism over the government’s use of pension funds in its stock and currency defense operations. Despite intervention, the Korean won closed at 1,471.2 won per dollar, down 5 won as of 4:45 p.m., suggesting FX measures have yet to meaningfully reverse the currency’s slide. Treasury yields fell across the curve amid the absence of tangible momentum toward exchange-rate normalization. The 3-year yield fell 2.3 basis points to 2.878 percent, while the 10-year yield dropped 2.2 basis points to 3.242 percent. Market heavyweights advanced, though with varying strength. Samsung Electronics posted the strongest gain, rising 3.52 percent to 102,800 won after drawing investor attention through its AI semiconductor supply partnership with Broadcom, a key collaborator of Alphabet. SK hynix reversed early losses and finished 0.96 percent higher at 524,000 won, though its positioning as an Nvidia partner — rather than an Alphabet-linked supplier — capped its upside. AI component makers rallied, with Samsung Electro-Mechanics jumping 6.42 percent to 257,000 won. Prospects for a Ukraine war ceasefire fueled a surge in reconstruction-related plays. Hyundai Engineering & Construction rose 7.73 percent to 65,500 won, Samsung C&T gained 3.28 percent to 236,000 won, and nuclear energy firm Doosan Enerbility advanced 5.71 percent to 77,700 won. ESS and battery stocks also enjoyed a sharp rebound on renewed confidence in AI-led demand. Samsung SDI rose 7.03 percent to 304,500 won, and LG Energy Solution climbed 5.32 percent to 435,500 won. Japan’s Nikkei 225 rose 1.85 percent to 49,559.07. Gains in semiconductor equipment bellwethers were more muted: Advantest rose 1.99 percent to 19,460 yen ($124.58), and Tokyo Electron inched up 0.23 percent to 31,170 yen. Ibiden, a key Nvidia partner, fell 3.75 percent to 10,905 yen after plunging more than 7 percent earlier. SoftBank Group rebounded 5.65 percent to 16,260 yen after a sharp drop the previous day tied to its OpenAI exposure rather than Alphabet’s ecosystem. Taiwan’s TAIEX also joined the rally, rising 1.85 percent to 27,409.54. MediaTek — reportedly involved in designing Alphabet’s next-generation AI chip — surged 9.7 percent to 1,300 Taiwan dollars ($41.5), while TSMC rose 1.77 percent to 1,440 Taiwan dollars on expectations of increased TPU manufacturing. In mainland China, the Shenzhen market led gains with the SZSE Component rising 1.02 percent to 12,907.83, driven by a surge in communication equipment stocks on expectations of increased state investment in information infrastructure. Shandong Zhongji Electrical jumped 13.21 percent to 543 yuan ($76.6). The Shanghai Composite slipped 0.15 percent to 3,864.18, weighed down by weak domestic consumption. The index’s heavy weighting toward state-owned enterprises, financial firms, and consumer staples amplified the impact of China’s slowdown. China’s 10-year Treasury yield fell to 1.83 percent on Nov. 21 — below Japan’s 1.84 percent — underscoring prolonged economic malaise. Hong Kong’s Hang Seng Index erased early gains and was trading nearly flat at 25,930 as of 4:45 p.m., up just 0.14 percent. 2025-11-26 17:42:21
  • Koreans spend more time on ChatGPT than on Naver, making Korea OpenAIs No. 2 market
    Koreans spend more time on ChatGPT than on Naver, making Korea OpenAI's No. 2 market SEOUL, November 26 (AJP) - South Koreans have emerged as the world's most avid ChatGPT users, spending more time on the AI platform than on the country's dominant portal Naver, and pushing Korea to become OpenAI's second-most profitable market despite its small population, data showed. According to app analytics firm Sensor Tower, Korea ranked No. 2 after the United States in ChatGPT revenue contribution. Global downloads of the ChatGPT app have surpassed 1.4 billion, with India accounting for the largest share at 15.7 percent. Korea represented a modest 1.5 percent of total downloads, placing it 21st — but contributed a disproportionately high 5.4 percent of global revenue, or roughly $200 million, out of ChatGPT's $3.5 billion worldwide. Korea's revenue per download reached $8.7 — nearly on par with the U.S. at $8.8 — indicating an unusually high share of paid subscribers. The service's explosive rise in Korea accelerated after OpenAI introduced image-generation features that allow users to transform portraits into Ghibli-style or other customized illustrations in seconds. App downloads hit a record in August, and revenue peaked again in October. From Jan. 1 to Nov. 20, ChatGPT ranked No. 1 in overall downloads and No. 4 in app revenue in Korea — an exceptional feat in a market where the top-grossing apps are typically mobile games. ChatGPT also dominated Korea's AI-assistant category. Downloads were three times those of Google's Gemini, daily active users were eight times higher, and revenue exceeded that of Anthropic's Claude by more than tenfold. On the web, ChatGPT ranked as the fifth most-visited site in Korea — trailing only YouTube, Naver, Google and Daum. Korean users spent an average of 367 minutes per month on the site, about 1.7 times longer than on Naver. Roughly 90 percent of visits came from users typing the address directly rather than arriving via search, suggesting ChatGPT has already become a primary work tool rather than a supplemental service. The broader uptake of AI services in South Korea has also surged. A March report by the Ministry of Science and ICT showed generative AI usage among the general population doubled from 17.6 percent in 2023 to 33.3 percent in 2024. Overall AI service use — spanning translation tools, voice recognition and recommendation systems — climbed from 32.4 percent in 2021 to 60.3 percent last year. Most users relied on AI for information searches, document writing, translation and other productivity tasks. Digital consumption patterns are shifting in parallel. Subscription-based online services jumped from 13.1 percent to 49.4 percent in one year, while overseas e-commerce usage — led by AliExpress and Temu — rose from 20 percent to 34.3 percent as global platforms expanded their footprint in Korea. A Science and ICT Ministry official said the government aims to "strengthen public digital skills and ensure the ethical use of AI," noting that further policy measures are in the works. Workplace adoption is even more pronounced. A Bank of Korea survey of 5,512 workers conducted between May and June found that 63.5 percent had used generative AI at least once, and 51.8 percent had used it for work — roughly double the 26.5 percent reported in the United States. Heavy users — those spending more than an hour a day on AI tools — accounted for 78.6 percent in Korea, compared with just 31.8 percent in the U.S. The Bank of Korea estimated that AI tools have reduced working hours by an average of 3.8 percent per week and may have contributed up to 1 percentage point to Korea's GDP growth since ChatGPT's launch in late 2022. The gains were strongest among highly educated workers and those with shorter job experience, as AI helped narrow skill gaps. A central bank official cautioned, however, that shorter working hours do not always translate directly into higher output. "Actual productivity improvements may be smaller if the saved time is not used for additional work," the official said. As AI becomes increasingly embedded in everyday life and professional workflows, analysts say generative AI is reshaping the architecture of Korea's digital-services market. Companies and government agencies are racing to upgrade their platforms, and Korea's rapid adoption curve is expected to leave a lasting imprint on the country's AI ecosystem. 2025-11-26 17:31:52
  • Investigation underway after Eastar Jets passenger flight lands with cargo door open
    Investigation underway after Eastar Jet's passenger flight lands with cargo door open SEOUL, November 26 (AJP) - An Eastar Jet passenger plane landed at Jeju International Airport with its cargo door partially open earlier this week, the budget carrier revealed on Wednesday, days after the incident. The incident occurred last Monday when a flight carrying 177 passengers from Gimpo touched down with the door ajar, prompting an investigation by the Ministry of Land, Infrastructure and Transport. With no injuries reported, the aircraft's pressurization system reportedly operated normally, but the incident caused significant delays for subsequent flights. "The ministry suspects that the cargo door lock may have been damaged during landing, causing it to open. "If the door had opened mid-flight, it could have caused decompression, requiring passengers to use oxygen masks," a ministry official explained, adding that a door warning light had activated shortly after takeoff. But further investigation will determine whether pilots and crews followed proper procedures to ensure passengers' safety. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-26 17:19:29
  • Koreans donated gold during IMF crisis — but their love for foreign wont rescue the won this time
    Koreans donated gold during IMF crisis — but their love for "foreign" won't rescue the won this time SEOUL, November 26 (AJP) - Korean authorities are pleading for all-around help — from the "big-brother" National Pension Service (NPS) to brokerages and exporters — to mobilize every possible tool to defend the Korean won drifting toward the untouched 1,500-won ($1.02) watershed. But they cannot expect sympathy, much less sacrifice, from ordinary Koreans, whose enduring appetite for overseas spending — on goods, travel, and securities — remains undeterred even as the won weakens beyond levels seen during the 1998 IMF bailout. The weakness in the currency has done little to quell Korea's love for the foreign. According to Bank of Korea data released Tuesday, overseas credit-card spending by Korean residents reached a record $5.93 billion in the third quarter, up 3.9 percent from last year's previous high of $5.71 billion and 7.3 percent above the second quarter's $5.52 billion. Foreign visitors, by contrast, spent just $3.76 billion on cards in Korea — barely half the amount spent by Koreans abroad and unchanged from the previous quarter, despite a record surge in inbound arrivals. On a per-card basis, Koreans spent an average of $314 abroad in the third quarter, roughly 56 percent more than the $201 spent by foreigners inside Korea. Outbound travelers totaled 7.09 million, up 4.8 percent from the previous quarter, according to the Korea Culture and Tourism Institute. The travel balance remains deep in deficit. Korea spent $2.5158 billion abroad versus $1.8344 billion earned from inbound tourism, generating a $681.4 million shortfall — another sign that Koreans spend far more abroad than foreign travelers spend at home. "Prices in Korea are relatively high. While the official inflation rate hovers around 2 percent, the real figure exceeds 4 percent when housing costs are factored in," said Kim Sang-bong, economics professor at Hansung University. "For many Koreans, it's cheaper to travel overseas. A domestic trip costs 200,000 to 300,000 won per person, whereas around 2.3 million won can cover a five-day trip to Vietnam or Japan." The pattern echoes last year's travel boom to Japan, fueled by the yen's plunge into the 800-won range. Korea's Shopping Festa — the country's biggest shopping extravaganza and local alternative to Black Friday — has also struggled to gain traction amid high exchange rates. With the won nearing 1,500 per dollar, U.S. product prices are rising in real time, prompting a shift toward Chinese and Japanese retailers. Platforms such as 11st and Coupang still rolled out major cross-border deals, but industry officials say the dependence on North American brands that once powered sales is no longer sustainable. Even the strong dollar has not tempered Koreans' passion for U.S. stocks. Net overseas securities investment reached $99.8 billion between January and September, more than triple the $29.6 billion net inflow of foreign investment into Korean securities over the same period. Korea's net external financial assets — the value of foreign assets held by Koreans minus liabilities — surged from $12.7 billion in 2014 to $1.03 trillion in the second quarter, underscoring the nation's structural preference for dollar-based safe assets. The NPS alone now holds 580 trillion won in overseas assets. Retail "Seohak ant" day traders — Koreans investing in U.S. and global stocks — have increased eightfold in just four years. Corporate direct overseas investment, too, hit a record $81.7 billion. Experts warn that even though Korea's foreign-currency liquidity is solid in the short term, structural imbalances in dollar supply and demand continue to drive pressure on the won–dollar exchange rate. "The real challenge is that there is no clear solution to the structural imbalance," said Wi Jae-hyun, analyst at NH Futures Research Center. "Excessive concentration of overseas investment in equities and slow repatriation of export proceeds, especially after large-scale U.S. investment commitments, are amplifying upward pressure on the exchange rate. But exchange rates driven by supply-demand dynamics behave like a rubber band — the higher they go, the more forcefully they can snap back." In 1998, Koreans lined up to donate gold to rescue the nation. In 2025, their wallets are overseas — and no amount of nostalgia will change that. 2025-11-26 17:19:07
  • Korean marriage cases spike in Sept in upside for birth growth streak
    Korean marriage cases spike in Sept in upside for birth growth streak SEOUL, November 26 (AJP) - The number of marriages in Korea reached the largest tally in a decade in September. The sharp rise in marriages — widely considered a leading indicator of births — has raised expectations that the recent rebound in childbirth numbers could continue in the coming months. According to Statistics Korea's population trends for September released on Wednesday, 18,462 couples married last month, an increase of 3,005 cases from a year earlier. Marriage numbers have now grown for 18 consecutive months, reaching the highest level for September since 2015. For the first three quarters of the year, cumulative marriages totaled 58,305, which represents an increase of 6,600 cases, or 12.8 percent, compared with the same period last year. Marriage counts rose across all regions, supported by a combination of factors, including an increase in the population at the typical marriage age, generally those in their 30s, and shifting social perceptions toward marriage. The rebound in marriages, combined with ongoing growth in births since late last year, suggests that the annual number of newborns in 2025 could surpass last year's total of 238,317. Korea recorded 22,369 births in September, which is 1,780 more births, or an 8.6 percent increase, compared with a year earlier, marking the highest September figure since 2020. Cumulative births for the year reached 191,040, reflecting a 7 percent increase year-on-year. The total fertility rate — the expected number of children a woman will have over her lifetime — rose to 0.85 in September, an increase of 0.06 from a year earlier. The rate for the third quarter stood at 0.81, up 0.04. The rise in births was driven largely by women in their 30s. Birth rates among mothers aged 30 to 34 increased by 2.4 percent, and those 35 to 39 increased by 5.3 percent, while births among women aged 25 to 29 declined slightly by 0.1 percent. Meanwhile, 28,101 deaths were recorded in September, a 3.9 percent decrease compared with the same month last year. With deaths outnumbering births, the country's population still saw a natural decline of 5,732 people for the month. 2025-11-26 17:18:49
  • Online sexual violence on the rise among teenagers, report finds
    Online sexual violence on the rise among teenagers, report finds SEOUL, November 26 (AJP) - Nearly 30 percent of teenagers have experienced sexual violence over the past three years, according to a report released by the Korea Sexual Violence Relief Center (KSVRC) on Wednesday. Based on an analysis of reported cases from 2022 to 2024, the report found that there were 14,146 cases in 2022, 15,542 in 2023, and 14,874 in 2024. Among them, cases involving those under 19 increased from 27.6 percent in 2022 to 28.6 percent in 2024. The report also revealed a concerning rise in the number of offenders under 19. Juvenile offenders increased from 1,962 in 2022 to 2,042 in 2023 and 2,069 in 2024, accounting for approximately 13 percent of all offenders last year. "Online spaces have become an integral part of many children's lives these days, leading to a rise in digital sexual violence," the center said. "Cases of online grooming, where perpetrators demand photos or videos and then use them for threats or illegal distribution, are on the rise. Many victims remain unaware of their exposure for extended periods," it added. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-26 16:57:11