Journalist

Lee Hugh
  • Lee to embark on trip to India and Viet Nam this weekend for summit talks
    Lee to embark on trip to India and Viet Nam this weekend for summit talks SEOUL, April 16 (AJP) - President Lee Jae Myung will embark on a weeklong trip to India and Viet Nam this weekend, Cheong Wa Dae said on Thursday. In a press briefing at Cheong Wa Dae in Seoul on Thursday, national security adviser Wi Sung-lac said Lee is scheduled to leave for New Delhi on Sunday for talks with Indian Prime Minister Narendra Modi on Monday, followed by a series of expanded discussions with key officials. Lee's visit to the world's most populous nation comes just a few months after Indian Ambassador Gourangalal Das told AJP in an exclusive interview in January that a summit between the two leaders could take place soon with focus on elevated partnership in shipbuilding, energy and semiconductor sectors, as well as advanced industries such as artificial intelligence (AI). According to Das, shipbuilding, in particular, is one of the country's top industrial priorities. "There is a huge demand for ships in India," he pointed out earlier, adding that this would offer great opportunities for South Korea, given its technical prowess and competitiveness. Reflecting this, Wi said, "India is a key partner in expanding the scope of South Korea's pragmatic diplomacy in pursuit of national interests," adding that Lee's visit would further strengthen bilateral ties for "mutually beneficial and strategic cooperation." He also expressed hope that the two leaders would "lay the groundwork to achieve $50 billion in bilateral trade by 2030 through various strategic projects in the fields of AI, defense, shipbuilding and maritime industries, opening a new chapter in economic cooperation between the two countries." Before the summit with Modi, Lee will meet with South Korean nationals in New Delhi upon his arrival and visit a memorial to Indian spiritual leader Mohandas Gandhi to lay flowers in honor of his legacy of nonviolent resistance and civil rights advocacy. After wrapping up his trip to India with a forum with business leaders there, Lee will fly to Hanoi on Tuesday for talks with Vietnamese President Tô Lâm, who also serves as general secretary of the Communist Party. Lee will be accompanied by around 200 business leaders and executives from major conglomerates such as Hyundai Motor, LG, Samsung and SK, as well as representatives from business lobbies including the Korea Chamber of Commerce and Industry (KCCI) and the Federation of Korean Industries (FKI). A slew of memorandums of understanding (MOUs) on the sidelines of the summit talks are expected to be signed as they seek to expand into emerging markets and strengthen supply chain cooperation. Lee will return home on Friday. 2026-04-16 16:44:22
  • Samsung Electronics unveils 2026 AI TV lineup at European tech seminar
    Samsung Electronics unveils 2026 AI TV lineup at European tech seminar SEOUL, April 16 (AJP) - Samsung Electronics held its '2026 Europe Tech Seminar' in Frankfurt, Germany, from Wednesday to Thurdsay, showcasing its 2026 artificial intelligence (AI) TV and audio product lineups to European media and industry professionals. During the event, Samsung demonstrated its 'Vision AI Companion,' an integrated TV platform that functions as a smart home hub. The platform provides real-time information on viewed content and supports tasks such as trip planning and recipe recommendations. The company also detailed its latest AI-driven picture and sound features, including 'AI Upscaling Pro' for enhancing low-resolution video, 'AI Football Mode,' and 'AI Sound Controller Pro.' On the hardware front, Samsung highlighted its new 'Micro RGB' TV, emphasizing that it meets 100 percent of the BT.2020 color gamut standard established by the International Telecommunication Union (ITU). The 2026 OLED TV models feature 'Glare Free' technology to reduce light reflection, along with Pantone's 'ArtfulColor' certification. Additionally, Samsung introduced an OLED gaming monitor (FG600S) with a 500Hz refresh rate, a 6K resolution monitor (G80HS), and the 'Music Studio' Wi-Fi speaker series, which supports 3D surround sound. "By applying advanced AI technology across our entire lineup, from premium to entry-level models, we will usher in an era of AI TV popularization for everyone," said Lee Heon, Executive Vice President of Samsung Electronics' Visual Display Business. Samsung has hosted tech seminars annually since 2012 to present its latest technologies to global video and audio experts. 2026-04-16 16:25:08
  • Why Toss Is Publishing Books to Boost Users’ Financial Literacy
    Why Toss Is Publishing Books to Boost Users’ Financial Literacy Toss, the mobile finance platform known for simplifying money transfers, is expanding its push to raise users’ financial literacy by publishing books. After releasing two personal finance titles in 2024 and 2025, it has now added a standalone book based on an industry tour of the United States. According to the financial industry on the 16th, Toss Securities, a Toss affiliate, published “We Went!: Silicon Valley, Washington, D.C., and Texas,” a compilation of U.S. field reports. The book records analysts’ visits to key hubs of the U.S. economy. In May 2024, Toss published “THE MONEY BOOK,” covering basic knowledge and everyday questions across saving, investing, loans, real estate and insurance. It ranked No. 1 on Kyobo Book Centre’s overall bestseller list online and offline and No. 1 in Aladin’s business and economics category. In November last year, Toss also published the economics magazine “The Money Issue.” The steady publishing effort reflects Toss’ founding identity of building “a world where anyone can use finance conveniently and equally.” The company says people handle money throughout their lives but often lack opportunities to learn about it properly. Rather than focusing only on tactics for growing wealth, Toss has aimed to change how users think about money and plan their lives. The book strategy also aligns with the MZ generation’s “text-hip” trend, in which reading is treated not only as self-improvement but as a shareable personal taste. As short-form content dominates, a culture of expressing values through text has spread, and efforts to explain finance in everyday language have drawn a positive response, the industry says. Toss also appears to view higher financial literacy as a path to stronger brand trust. At the end of March, the Toss Bank website recorded 650,000 monthly visitors. The site offers financial content across 11 categories, and users have increasingly turned to it to find and read information they need. Toss is also preparing a follow-up edition to “Unusual Challenge,” a book published for the company’s 10th anniversary in 2022, according to industry officials. A Toss official said the company is explaining finance in everyday language to break the perception that it is difficult and rigid. “Through books, we want to narrow gaps in financial understanding and create an environment where anyone can naturally build economic knowledge,” the official said. 2026-04-16 16:15:52
  • SK hynix to test Samsungs shock earnings as AI memory boom deepens
    SK hynix to test Samsung's shock earnings as AI memory boom deepens SEOUL, April 16 (AJP) - After Samsung Electronics’ mind-blowing first-quarter numbers, its memory-focused rival SK hynix will be closely watched to see whether its three-month earnings can match — or even eclipse — expectations when it reports January–March results next week. According to financial data tracker FnGuide, the consensus among domestic brokerages estimates SK hynix’s operating profit for the period at 34.9 trillion won ($24.8 billion), with quarterly revenue projected to reach a record 50.13 trillion won. The heightened expectations follow Samsung Electronics’ preliminary estimate of 57.2 trillion won in first-quarter operating profit — a figure that surpassed its full-year 2025 earnings of 43.6 trillion won and reset the bar for the sector. Investors are now watching whether SK hynix can deliver a similar upside surprise, particularly given its heavier exposure to memory chips. Its full-year income for 2025 was record 47.2 trillion won. For the fourth quarter, it reported quarterly high of 19.17 trillion won in operating profit on revenue of 32.83 trillion won. SK hynix has emerged as a dominant player in high bandwidth memory (HBM), commanding nearly 57 percent of the market as of the fourth quarter of 2025. HBM, a critical component for AI accelerators such as Nvidia chips, has seen explosive demand from hyperscale data centers. That surge has strained cleanroom capacity, as HBM production requires roughly three times the resources of standard DRAM. The resulting supply constraints, combined with aggressive stockpiling, have pushed memory prices sharply higher — rising an estimated 90 to 95 percent in the first quarter from the previous quarter. Brokerages have been quick to revise target prices and earnings forecasts upward, citing tighter-than-expected supply of conventional memory and SK hynix’s pricing power in HBM. Mirae Asset Securities maintained its target price at 1.54 million won, projecting a higher first-quarter operating profit of 36.7 trillion won. “Elevated price levels are expected to persist due to irreversible specification upgrades in smartphones, polarized supply-demand conditions, and structural limits to capacity expansion,” said Kim Young-gun, an analyst at Mirae Asset Securities. “This should support sustained high returns on equity.” Analysts say the AI boom is now lifting the broader memory portfolio, not just premium HBM products. Pak Yu-ak of Kiwoom Securities raised his target price to 1.3 million won, noting that strong AI-driven demand is spilling over into mobile memory, including LPDDR5X and UFS. Still, he cautioned that the cycle may be entering a new phase. “As the memory semiconductor cycle shifts from price increases to shipment growth, the stock’s trajectory over the next six months could differ from the past half-year,” Pak said. Shares of SK hynix closed Thursday up 1.7 percent at 1,155,000 won. Some analysts argue the current rally reflects more than a typical cyclical upswing, pointing instead to a structural shift in the industry. “Robust growth is highly likely to continue amid limited supply increases,” said Ryu Young-ho of NH Investment & Securities. He added that SK hynix’s partnership with TSMC would be key to developing next-generation, high-efficiency memory solutions. With earnings projections reaching unprecedented levels, internal expectations are also rising. Under SK hynix’s profit-sharing structure — which allocates roughly 10 percent of operating profit to bonuses — employees are bracing for potentially record payouts if the current upcycle holds. SK hynix will release its first-quarter earnings and hold a conference call on April 23. 2026-04-16 16:02:51
  • Into the void: sinkhole response drill
    Into the void: sinkhole response drill Gyeonggi, April 16 (AJP) -The ground opens without warning. Asphalt fractures, steel buckles, and in seconds, what was solid becomes void. On Wednesday, fire authorities staged that moment. At the Gyosan public housing development site in Hanam, 77 rescue personnel moved through a carefully choreographed collapse — a large-scale sinkhole scenario designed to mirror one of the most unpredictable urban hazards. The three-day drill, running from April 15 to 17, brought together teams from the Gyeonggi Fire Services, Hanam Fire Station and the elite 119 Special Rescue Team. The scenario was stark. A sudden ground subsidence swallows vehicles and destabilizes nearby structures. Victims are trapped below — unseen, unreachable, and running out of time. Rescue teams worked vertically and blindly. Ladders dropped into the void. Ropes tightened against unstable edges. Aerial ladder trucks hovered overhead, lowering rescuers into fractured terrain where every step risked further collapse. Above ground, crews sealed off the perimeter, scanning for cracks that could widen without notice. Underground rupture can release toxic gases from damaged sewage lines. Crews rehearsed ventilation protocols, deploying detection equipment before entering confined spaces — a reminder that in sinkhole disasters, what cannot be seen can be just as lethal. South Korea’s sinkholes are not rare anomalies. They are a recurring risk, often tied to rapid urban development and aging subterranean infrastructure. In Gyeonggi Province alone, such incidents have accounted for roughly a fifth of the national total over the past decade, according to rescue officials. Seasonality compounds the threat. The spring thaw loosens soil. Summer monsoon rains saturate it. What appears stable can, under pressure, simply give way. For the rescuers, the drill is repetition under controlled conditions. Because when the ground collapses, response is measured not in plans — but in seconds. 2026-04-16 15:52:26
  • Culture Minister Choi Hwi-young Meets Sports Council Chief Yoo Seung-min on Supplementary Budget Follow-Up
    Culture Minister Choi Hwi-young Meets Sports Council Chief Yoo Seung-min on Supplementary Budget Follow-Up Choi Hwi-young, minister of culture, sports and tourism, met with Korea Sports Council President Yoo Seung-min on the 16th at the council’s headquarters in Seoul to discuss follow-up measures for major new and expanded sports projects totaling 23.2 billion won in the first 2026 supplementary budget. The ministry said the funding will be used for projects including an expanded youth sports infrastructure program (up 9.5 billion won); disability sports class vouchers (up 6.2 billion won) that can be used at about 9,500 facilities; and increased sports-activity incentives (up 4.0 billion won) usable at about 86,000 affiliated sports and health merchants. It also includes additional funding for building training facilities for winter sports (up 3.0 billion won) and rewards for reporting sports ticket scalping (up 500 million won), the ministry said. Choi said he hopes the supplementary budget will help expand jobs in the sports sector and spur consumption, but added that he was disappointed the sports budget did not reflect the sector’s expectations. He said the ministry will work with the sports community, including the council, to identify needed projects and persuade fiscal authorities so the sports budget can be increased in the 2027 main budget.* This article has been translated by AI. 2026-04-16 15:51:00
  • South Korea eyes role in Europe-led Hormuz security push after Gulf war
    South Korea eyes role in Europe-led Hormuz security push after Gulf war SEOUL, April 16 (AJP) -South Korea is moving to join Europe-led multinational talks aimed at restoring safe passage through the Strait of Hormuz once the Gulf conflict subsides, signaling a cautious but deliberate step toward postwar maritime security operations. The presidential office said Thursday that President Lee Jae Myung is “positively” considering participation in a video summit set for Friday, bringing together 70 to 80 countries and international organizations with stakes in the strategic waterway, which carries roughly one-fifth of global energy shipments. “It is in our interest to work with like-minded states to ensure the free and safe reopening of the Strait of Hormuz,” a senior official said. The meeting, led by the United Kingdom and France, is expected to focus on postwar plans to restore freedom of navigation in the chokepoint. Defense Minister Ahn Gyu-back told a parliamentary hearing earlier this week that London and Paris are spearheading discussions on forming a multinational maritime force, adding that Seoul has already signaled its willingness to take part. “As a responsible member of the international community, we are preparing step-by-step plans,” Ahn said, noting that a four-phase strategy has been drawn up in coordination with the Joint Chiefs of Staff and the Defense Ministry. Military officials say options under review range from dispatching personnel to a multinational command structure to providing remote or logistical support without a direct deployment to the strait. French President Emmanuel Macron said Tuesday the initiative would take the form of an international security mission excluding parties directly involved in the conflict — namely the United States, Israel and Iran. The European-led framework aims to ensure safe navigation through the strait even after active fighting subsides, though officials cautioned that restoring full maritime operations could take time. Germany, historically cautious about overseas deployments, is also likely to participate, according to a senior official. Its involvement would broaden the scope of the mission, given Berlin’s financial resources and key military capabilities. Seoul has already taken part in online consultations led by the UK and France. Joint Chiefs of Staff Chair Jin Young-seung joined videoconference discussions on March 26 and again on Wednesday, alongside parallel vice foreign minister-level talks. With limited allied support to reopen the chokepoint — where traffic has dwindled under tight Iranian control — Washington has moved unilaterally. U.S. forces began a “reverse blockade” on Iranian activities over the water corridor since earlier this week. President Donald Trump said on Truth Social that the United States had begun “clearing out” the strait “as a favor” to countries including China, Japan, South Korea, France and Germany, while criticizing them for failing to act. Despite a ceasefire, uncertainty persists over when the strait can fully reopen. A report by The New York Times said Iran has been unable to locate or remove naval mines it previously deployed, complicating efforts to resume maritime traffic. Citing U.S. officials, the report added that Tehran may not have recorded the precise locations of all the mines, some of which were designed to drift with ocean currents. While Iran has released maps indicating safe routes, those corridors are considered limited. Analysts say South Korea could be assigned mine-clearing duties if it joins the mission. “Possible roles would likely include mine removal, securing the strait and escorting oil tankers,” said Jeong Kyung-woon, a researcher at the Korea Association of Military Studies. He added that even the formation of a multinational naval force could itself serve as pressure on Iran by narrowing its strategic options. Ahn emphasized that any deployment would only take place after the war ends. Experts urged caution. “While South Korea is allied with the United States, it is important to avoid being drawn into a conflict that is not directly our own,” said Choi Gi-il, a professor of military studies at Sangji University. Separately, top naval commanders from South Korea, the United States and Japan held talks in Seoul on Wednesday — the first such trilateral meeting since 2022 — fueling speculation that Washington may seek broader allied support for Hormuz-related operations. 2026-04-16 15:33:22
  • AI unsettles game workforce in Korea as industry peaks out
    AI unsettles game workforce in Korea as industry peaks out SEOUL, April 16 (AJP) - The artificial intelligence scare has caught up with the game industry, once a top career choice for software programmers in South Korea, with as many as three in four feeling threatened by the new technology in a sector now past its heyday. A survey of 1,078 unionized employees at major publishers including Nexon, NC and Netmarble found that 77.3 percent were anxious about their jobs, according to results presented Wednesday at a National Assembly policy forum hosted by the ruling Democratic Party's game industry task force. The poll, conducted from March 27 to April 10 by the IT branch of the Korean Chemical Textile Food Workers' Union, underscores a growing disconnect between rapid AI adoption and limited institutional response. While 65.6 percent of respondents said they already use AI tools regularly at work and 80.3 percent acknowledged tangible efficiency gains, only 26.7 percent reported that formal discussions between management and labor had taken place. A majority — 82.3 percent — called for clear guidelines on how AI-driven productivity gains should be shared. Their anxiety stands in contrast to the industry's strong financial performance. Meritz Securities projected that the combined operating profit of the country's seven largest game publishers would reach about 937.2 billion won ($635.7 million) in the first quarter, exceeding market consensus by 20 percent and surging 64.1 percent from a year earlier. Combined revenue was estimated at 3.57 trillion won, up 33.7 percent. Still, publishers are aggressively trimming payroll. NC cut its workforce by 35.1 percent — from about 4,886 to 3,170 — between 2024 and late 2025 through voluntary retirement programs and spinoffs. Krafton accepted about 200 voluntary resignations since last November, while Nexon froze new hiring and reassigned developers in what industry observers describe as indirect restructuring. Research and development spending has also declined. NC's R&D outlays fell 22.9 percent to 325.1 billion won last year, with Netmarble, Pearl Abyss and Kakao Games also scaling back investment. Rising labor costs have accelerated the shift toward automation. Average annual pay at Krafton rose to 129 million won last year from 109 million won in 2024. Pearl Abyss saw its per-capita figure jump to 134.1 million won from 98.5 million won. Similar increases were recorded at NC, Netmarble and Kakao Games. At the same time, the domestic market is nearing saturation. Total industry revenue grew 3.9 percent to 23.85 trillion won in 2024, only a marginal improvement from 3.4 percent growth in 2023 and a sharp slowdown from the 21.3 percent surge recorded in 2020. Analysts say the AI-driven shift reflects a broader structural change across the IT sector. "Front-end interfaces once required large numbers of lower-skilled workers, while back-end systems relied on highly skilled engineers. Now, a client module can be handled by one or two senior engineers supported by AI," said Im Chung-jae, a professor of game software at Keimyung University. "From a company's standpoint, there is little reason to turn down a tool that delivers faster and more flexible results." President Lee Jae Myung echoed that view, urging labor leaders on April 10 to focus on adapting to technological change rather than resisting it. Even so, human creativity remains a critical variable as the industry evolves. "Games and animation have always been creative domains, so AI's impact is different from live-action production," Im said. "If AI produces flawed results, the issue is no longer the tool itself but the capability of the person designing the system and giving the commands." As development shifts beyond coding toward planning and creative direction, demand is likely to grow for talent that blends technical expertise with design and humanities-based thinking. 2026-04-16 15:20:43
  • FM seeks Mexicos help in securing stable crude oil imports in phone call
    FM seeks Mexico's help in securing stable crude oil imports in phone call SEOUL, April 16 (AJP) - Foreign Minister Cho Hyun talked with Mexico's new Foreign Minister Roberto Velasco over the phone, the Ministry of Foreign Affairs said on Thursday. Congratulating him on his inauguration last week, Cho said the two countries should further expand economic cooperation, stressing that the Latin American country is South Korea's top trade and investment partner in the region. He then asked for help in ensuring a stable supply of crude oil for South Korean companies, as Mexico is a key oil producer in the Spanish-speaking continent. "It is deeply concerning that the prolonged conflict in the Middle East is affecting global security and economic stability," Cho was quoted as saying. He also expressed hope that peace in the region would be "restored as soon as possible." Cho also emphasized the need to lay the groundwork to resume talks on a free trade agreement and other relevant issues, as the two ministers agreed to work together to address global challenges within multilateral frameworks such as MIKTA, a cross-regional consultative group established in September 2013, consisting of five countries: Australia, Indonesia, Mexico, South Korea, and Türkiye. Cho and Velasco also agreed to broaden cooperation in advanced industries such as artificial intelligence and space technology. 2026-04-16 15:06:11
  • Banks Keep Selling Equity-Linked Deposits Despite Regulator Warning on Mis-Selling Risk
    Banks Keep Selling Equity-Linked Deposits Despite Regulator Warning on Mis-Selling Risk Rising stock-market volatility amid external uncertainty, including the Iran war, is fueling consumer complaints about equity-linked deposits, or ELDs. Financial regulators have warned banks to tighten controls because the products could be mis-sold, but banks have opted to keep selling them rather than shut the window. The move reflects a balancing act: staying mindful of regulators while trying not to give up fee-based income. According to the financial sector on the 16th, the Financial Supervisory Service on April 9 called in vice presidents from major banks and urged stricter management of sales limits for investment products such as ELDs by risk rating. The watchdog said that if sales of high-risk products rise in a period of heightened volatility, it could lead to mis-selling. The FSS views ELDs and exchange-traded funds, or ETFs, as having potential mis-selling risks similar to the Hong Kong H-index equity-linked securities, or ELS, episode. ELDs advertise maximum rates in the 10% to 14% range, but actual returns can vary widely depending on the performance of the KOSPI 200. If the index moves outside a set range, the return can be fixed at around 2%, widening the gap between expected and realized returns when markets swing sharply. As a result, more investors who signed up expecting principal protection and high yields are ending up with rates lower than regular time deposits, the report said. Complaints have also continued from customers who said they joined without fully understanding that early cancellation triggers fees and that interest is not paid. Even so, banks have not closed ELD sales channels. KB Kookmin Bank recently launched a similar product while strengthening customer guidance and staff training. Shinhan Bank has responded by revising product brochures, and NH NongHyup Bank is preparing internal steps to improve brochures and non-face-to-face guidance. Rather than cut sales, banks are seeking to limit liability by strengthening explanations. Some in the industry say the burden has grown. As regulators emphasize risk controls for investment-product sales, pressure has increased, while the need to secure non-interest income remains. A commercial bank official said, “Risk-management demands have grown, but with alternative products available, it is difficult to completely stop selling investment products.” For now, banks appear set to keep searching for a balance between regulatory warnings and revenue, maintaining sales while trying to reduce responsibility through tighter disclosures and controls. 2026-04-16 14:57:41