Journalist

Lee Hugh
  • Celltrion Completes Cancellation of 9.11 Million Treasury Shares, Industry’s Largest
    Celltrion Completes Cancellation of 9.11 Million Treasury Shares, Industry’s Largest Celltrion said Tuesday that its largest-ever cancellation of treasury shares has been fully reflected in the stock market following a change listing on April 13. With the process complete, the company said its total number of outstanding shares fell by about 4%. Celltrion described the move as the largest treasury-share cancellation ever in South Korea’s pharmaceutical and biotech industry. The canceled shares accounted for about 74% of the company’s treasury stock and 3.94% of total issued shares. Based on the previous day’s closing price, the cancellation was valued at about 1.7782 trillion won, exceeding the combined size of its treasury-share cancellations in 2024 and 2025. Celltrion said the cancellation is expected to improve earnings per share. Earlier, Celltrion said it recorded a shareholder return rate of about 103% last year through a cash dividend of 750 won per share and treasury-share cancellations, surpassing its stated three-year average target of 40%. A Celltrion official said the cancellation was aimed at boosting shareholder value and expressed confidence it would be a turning point for the company to be properly valued alongside future earnings growth.* This article has been translated by AI. 2026-04-14 15:12:00
  • Huons Biopharma Names Lee Jeong-hee as New CEO
    Huons Biopharma Names Lee Jeong-hee as New CEO Huons Biopharma, a Huons Group company specializing in botulinum toxin, said April 14 it has appointed Lee Jeong-hee, an executive director, as its new CEO. Lee, born in 1976, earned an MBA from Aalto University in Finland. He has more than 23 years of experience in the dermatology and medical aesthetics market, working in marketing, sales and strategic planning at Ipsen Korea, Hanwha Pharma, Hugel, Daewoong Pharmaceutical, Jetema and Chong Kun Dang Bio, among others. The company said Lee was credited with helping lay the groundwork for global expansion while leading overseas business development at Hugel and Daewoong Pharmaceutical. Huons Biopharma in January received product approval from China’s National Medical Products Administration for its botulinum toxin Hutox (sold domestically as Liztox) in a 100-unit dose, and began its first shipments last month. “Huons Biopharma is at an important turning point as it has secured approval in China for its botulinum toxin product and is moving into full-scale exports,” Lee said. “We will accelerate exports to China in the second half and expand R&D for next-generation products to sustain growth.”* This article has been translated by AI. 2026-04-14 15:09:00
  • Former PPP leader to run for Busan as races for local elections heat up
    Former PPP leader to run for Busan as races for local elections heat up SEOUL, April 14 (AJP) - Han Dong-hoon, the former leader of the main opposition People Power Party, said he wants to devote himself to improving the lives of residents in Busan, hinting that he will run for local elections slated for early June. Calling the southern port city his "political hometown," Han, who has yet to formally declare his candidacy, said he respects what he described as Busan's role in protecting South Korea and steering the country back on track, in an interview with CBS Radio on Tuesday. He promised he would do his best so that residents in the city's northwestern district of Buk-gu could be a little better off, indicating the seat he intends to run for. Han also said he is prepared to serve the district better than anyone. His comments came just a day after he wrote on social media that he had rented a flat in the city. It is now almost certain that Han is running as an independent candidate for the district after being expelled from the PPP in January this year over dubious allegations that included hundreds of defamatory comments about disgraced former President Yoon Suk Yeol and his wife, Kim Keon Hee posted on the party's online bulletin board, making the district likely to become one of key battlegrounds. Amid mounting calls within the ruling Democratic Party (DP) to field Ha Jung-woo, the presidential adviser for artificial intelligence and future strategies, the Busan native is widely expected to declare his bid in what looks to be a fiercely contested race between the two rival parties. This year's local elections, which will elect more than 4,000 metropolitan mayors, provincial governors and other heads of local governments nationwide, will be held on June 3. 2026-04-14 14:29:35
  • Nobel laureates greet visitors at downtown Seoul bookstore
    Nobel laureates greet visitors at downtown Seoul bookstore SEOUL, April 14 (AJP) - Portraits of Nobel Prize laureates line the Sejong-ro entrance corridor at Kyobo Book Centre in Gwanghwamun, offering passersby a glimpse of history's greatest minds. Among the portraits displayed are novelist Han Kang, who won the 2024 Nobel Prize in Literature, and Kim Dae-jung, South Korea's 15th president and recipient of the 2000 Nobel Peace Prize. The exhibition brings the achievements of Nobel laureates into the heart of the city, making their legacies accessible to daily visitors of one of Seoul's most prominent bookstores. 2026-04-14 13:57:36
  • South Korea rises as attractive offshore oil storage base for Gulf nations
    South Korea rises as attractive offshore oil storage base for Gulf nations SEOUL, April 14 (AJP) - South Korea is moving to capitalize on the prolonged disruption in the Strait of Hormuz by leveraging its extensive oil stockpiling infrastructure to generate additional income while reinforcing its energy security. Although instinctively oil-poor, the country has quietly built one of the most sophisticated stockpiling systems among non-producing nations. Its extensive network of underground storage and refining infrastructure has turned it into an attractive “offshore reserve base” for major Gulf exporters seeking to hedge against geopolitical choke points. Multiple Middle Eastern oil producers have approached Seoul to explore storing their crude in Korea, home to the nine fuel storage bases including underground tanks and the world's single largest oil storage base with a combined capacity for 146 million barrels. “Countries, particularly in the Middle East, are showing increasing interest in using Korea’s stockpiling facilities,” Yang Ki-wook, director general for industrial resource security at the Ministry of Trade, Industry and Energy, said in a press briefing Tuesday. The interest reflects a strategic shift among exporters such as Saudi Arabia, the United Arab Emirates and Kuwait, whose economies are heavily dependent on uninterrupted oil flows through the Gulf. By pre-positioning crude outside the Strait of Hormuz, they can reduce exposure to geopolitical risks and maintain supply flexibility. The arrangement offers both commercial and strategic gains for the country. Under its international joint stockpiling program, state-run Korea National Oil Corp. (KNOC) leases idle storage capacity to foreign producers, generating rental income while securing priority rights to purchase the stored oil during supply disruptions. Korea on March 12 joined the International Energy Agency's emergency release by contributing 22.46 million barrels of strategic oil reserves to help contain international oil prices after the U.S.-Israeli attacks on Iran. The country currently holds about 100.1 million barrels of government-controlled reserves, fifth largest among IEA members. Korea also stores roughly 10 million barrels of foreign crude under joint agreements, including 4 million barrels for Kuwait Export Crude and 4 million barrels of light sour grades from Abu Dhabi National Oil Co. The government is stepping up contingency measures to stabilize supply and prices while securing alternative crude supplies as the war stretches close to two months. Seoul has secured 118 million barrels of extra crude, with 46 million barrels allocated for April and 72 million barrels for May. The volumes are sourced from 17 countries, including Saudi Arabia, the United Arab Emirates, the United States, Brazil and Australia. “Saudi Arabia accounts for the largest share of April shipments,” Yang said, adding that stockpile swap volumes stand at around 32 million barrels. Of the swap requests filed by four domestic refiners, 8.38 million barrels across six contracts have already been delivered, with an additional 8 million barrels expected to be contracted within the month. The stockpiling framework has played a supporting role in these negotiations, officials said, as Korea’s ability to offer storage options strengthened its position in securing replacement cargoes. For emergency actions at home, the government will extend a credit ceiling of up to $3 billion to the Korea National Oil Corp. (KNOC), backed jointly by the Export-Import Bank of Korea and the Korea Development Bank, to support timely crude imports. Demand-side controls are also being introduced, including adjusting construction schedules to manage asphalt demand and monitoring market disruptions in construction additives. 2026-04-14 13:56:55
  • Hanwha Ocean ramps up Canada submarine bid with Halifax talks
    Hanwha Ocean ramps up Canada submarine bid with Halifax talks SEOUL, April 14 (AJP) - Hanwha Ocean is ramping up its bid for Canada’s $40 billion submarine program, as its chief executive met with government and shipbuilding officials in Halifax. According to Hanwha Ocean on Tuesday, CEO Kim Hee-cheol recently visited Halifax, Canada, where he met with Premier of Nova Scotia Tim Houston and other provincial officials to explore potential collaboration for the submarine program. The talks covered defense readiness, MRO capabilities, workforce development and industrial infrastructure, as Hanwha Ocean shared its long-term strategy for the Canadian Patrol Submarine Project (CPSP). Kim also met with Dirk Lesko, president of Irving Shipbuilding, Canada’s largest shipyard, to discuss cooperation aimed at enhancing the Royal Canadian Navy’s sovereign submarine capabilities. “We will continue to enhance our competitiveness by working closely with Canadian industry and government to build a sustainable, Canada-centered submarine operational ecosystem,” Kim said. Hanwha Ocean has also been expanding partnerships with local companies as part of its bid for the CPSP. The company signed a teaming agreement with PCL Construction last week, one of Canada’s largest construction firms, to jointly develop submarine-related infrastructure. The deal follows a memorandum of understanding signed between the two companies in November last year. Industry sources said the partnership is part of Hanwha Ocean’s strategy to shorten delivery timelines and strengthen localization as it competes with Germany’s ThyssenKrupp Marine Systems (TKMS) in the final stage of the bid. According to industry officials, Hanwha Ocean also recently formed partnerships with five Canadian firms — OSI Maritime Systems, EMCS Industries, Techsol Marine, Jastram Technologies and Curtiss-Wright — to strengthen its local industrial base for the CPSP. Such local partnerships are considered critical, as Canada places strong emphasis on industrial and economic contributions in the bidding process. Analysts say the competition between Hanwha Ocean and TKMS could ultimately hinge on these factors, given both companies’ advanced submarine capabilities. Canada’s CPSP involves the procurement of up to 12 diesel-electric submarines of around 3,000 tons. The contract value alone is estimated at $13.5 billion, while the total project size, including 30 years of MRO, could reach around $40 billion. A consortium of Hanwha Ocean and HD Hyundai Heavy Industries is currently competing against Germany’s ThyssenKrupp Marine Systems (TKMS), with the final selection expected around June. 2026-04-14 13:51:31
  • Early adopters but slow system: Koreas AI gap widens
    Early adopters but slow system: Korea's AI gap widens SEOUL, April 14 (AJP) - South Koreans are among the world's fastest adopters of artificial intelligence and among the most prolific in patenting the technology, yet government and corporate support remains strikingly behind, a global comparative study found. The 2026 AI Index Report, released Tuesday by Stanford University's Institute for Human-Centered Artificial Intelligence, is a 423-page annual assessment widely regarded as one of the most authoritative gauges of global AI progress. South Korea registered 14.31 AI patents per 100,000 people in 2024 — far ahead of Luxembourg at 12.25, China at 6.95 and the United States at 4.68. Adoption is accelerating just as quickly. Generative AI usage rose from 25.9 percent in the first half of 2025 to 30.7 percent in the second half, the fastest increase among 30 regions surveyed. The gain pushed South Korea up seven places to 18th globally, though still well behind leaders such as the United Arab Emirates at 64 percent and Singapore at 60.9 percent. On paper, policy momentum is strong. South Korea enacted 17 AI-related laws between 2016 and 2025 — the second-highest among G20 nations after the United States. The report highlighted the AI Basic Act, which took effect this year, as a cornerstone framework aimed at fostering innovation while building public trust. The country also remains a significant player in model development, ranking third globally with five notable AI models launched in 2025, trailing only the United States and China. But beneath these headline gains, the gaps widen. Private AI investment totaled just $1.78 billion, placing South Korea 12th globally — a fraction of the $285.9 billion poured into the sector in the United States and $12.4 billion in China. Even with 59 newly funded AI firms, the ecosystem lacks the scale to match its innovation output. Structural weaknesses extend to the workforce. About 81.4 percent of South Korea's AI talent pool is male, one of the widest gender imbalances among surveyed countries, alongside Japan and Brazil. More critically, institutional support is lagging. South Korean employees gave their organizations some of the lowest marks globally for AI readiness. Workers in Japan, South Korea and Portugal reported the weakest support for AI literacy training and governance frameworks, with fewer than half saying their employers provide meaningful backing. In India, by contrast, roughly 85 to 90 percent reported strong institutional support. The disconnect between individual adoption and organizational readiness is not unique to Korea, but it is particularly pronounced. A McKinsey survey found 88 percent of organizations use AI in at least one business function, yet 60 percent say adoption remains stuck at the pilot stage — a gap increasingly described as "shadow AI," where employees deploy tools informally outside official systems. "South Korea is known to have a particularly high rate of shadow AI usage. Even though formal adoption through corporate channels remains limited, employees are quietly using these tools on their own," said Park Hyun-kyu, professor of management of technology at Sogang University. Globally, the expansion is rapid and uneven. Generative AI reached 53 percent population adoption within three years — faster than personal computers or the internet. Corporate investment surged 130 percent to $581.7 billion in 2025, with the United States dominating the field. For South Korea, the picture is clear: a country moving faster than most at the edge of adoption and innovation, but held back by hesitant institutions and underpowered capital. Until that gap closes, its AI momentum risks remaining diffuse — energetic, but not yet fully mobilized. 2026-04-14 13:48:26
  • KOSPI tests 6,000 on Iran deal hopes; Asia stocks broadly higher
    KOSPI tests 6,000 on Iran deal hopes; Asia stocks broadly higher SEOUL, April 14 (AJP) - Asian markets were broadly upbeat Tuesday after U.S. President Donald Trump hinted at renewed negotiations with Iran, raising hopes for a diplomatic breakthrough before the two-week ceasefire ends next Tuesday. South Korea’s benchmark KOSPI led the gains, rising 3.2 percent to 5,993.59 after flirting with 6,000. The KOSDAQ gained 2.3 percent to 1,125.03 as of 11:15 a.m. Japan’s Nikkei 225 rose 2.55 percent to 57,943.50, while Hong Kong’s Hang Seng Index advanced 0.90 percent to 25,891.28, and China’s Shanghai Composite Index was up 0.33 percent at 4,001.65. Semiconductors led gains, with SK hynix soaring 7 percent to 1,113,000 won and testing a new record high on expectations for stellar first-quarter earnings. Samsung Electronics rose 3.6 percent to 208,500 won. Automakers also advanced, as Hyundai Motor gained 4.28 percent to 499,000 won and Kia rose 2.24 percent to 150,700 won. Among biopharmaceutical stocks, Celltrion rose 2.72 percent to 200,500 won, supported by news that the company completed a record-scale treasury share retirement, cancelling about 4 percent of its outstanding shares — equivalent to roughly 1.78 trillion won. Strong earnings also supported the stock, with the company posting 4.16 trillion won in revenue and 1.17 trillion won in operating profit last year, as profit jumped 137.5 percent from a year earlier and margins improved. Industrial and defense stocks were mixed, with HD Hyundai Heavy Industries adding 1.51 percent to 470,000 won, while Hanwha Aerospace slipped 1.50 percent to 1,507,000 won. Among battery shares, LG Energy Solution edged down 0.12 percent to 401,000 won and Samsung SDI fell 1.20 percent to 471,750 won. Financials moved higher overall, with KB Financial Group gaining 0.45 percent to 157,300 won, Shinhan Financial Group rising 1.12 percent to 99,400 won, and Mirae Asset Securities surging 11.64 percent to 72,900 won. On the KOSDAQ, biopharmaceutical and healthcare stocks showed broadly positive momentum, with Alteogen rising 2.26 percent to 361,500 won and Samchundang Pharm adding 0.19 percent to 527,000 won. ABL Bio gained 1.94 percent to 158,000 won, while HLB surged 8.40 percent to 63,200 won and LigaChem Biosciences jumped 4.40 percent to 197,100 won. Caregen also advanced 1.74 percent to 93,600 won. Defense and industrial-related names traded mixed, with LIG Nex1 climbing 0.96 percent to 94,600 won, while Rino Industrial slipped 1.50 percent to 111,700 won. Robotics and tech-related stocks were strong, as Rainbow Robotics surged 3.75 percent to 608,000 won and Peptron gained 2.69 percent to 267,000 won. In the currency market, the won strengthened slightly, with the dollar trading at 1,479.50 won, compared with the previous close of 1,489.30. Overnight on Wall Street, all three major indexes closed higher as investors leaned toward optimism over a potential de-escalation. The Dow Jones Industrial Average rose 0.63 percent to 48,218.25, the S&P 500 gained 1.02 percent to 6,886.24, and the Nasdaq Composite advanced 1.23 percent to 23,183.74. The gains were driven by a continued rally in technology stocks, with Oracle surging 12.69 percent. 2026-04-14 11:20:27
  • North Korean leader again oversees test-firing of missiles from naval destroyer
    North Korean leader again oversees test-firing of missiles from naval destroyer SEOUL, April 14 (AJP) - North Korean leader Kim Jong-un has inspected again the test-firing of missiles from a naval destroyer, state media reported Tuesday. "Two strategic cruise missiles and three anti-warship missiles were test-fired" last Sunday from the 5,000-ton multipurpose destroyer Choe Hyun to assess its "operational efficiency," with Kim observing it, according to the state-run Korean Central News Agency. Kim's latest inspection of the destroyer comes about a month after he observed similar tests on March 4 and March 10. They flew along preset trajectories over the West Sea, hitting their targets with "ultra-precise" accuracy. Kim was quoted as expressing "great satisfaction over the fact that the preparedness of our army's strategic action has been strengthened in a qualitative way with various achievements recently made in the field of defense science." Stressing it as the country's "most important priority," he urged officials to "steadily and unlimitedly bolster up the powerful and reliable nuclear war deterrent." "Kim's remarks on strengthening the country's 'strategic and tactical attack capability' appear to be an attempt to show off the North's nuclear weapons, which could be mounted on any weapons system," said Lim Eul-chul, a professor at Kyungnam University's Institute for Far Eastern Studies. "Strategic cruise missiles are a type of weapons for which nuclear warheads are easier to miniaturize. Tactical nuclear weapons mounted on cruise missiles launched from a destroyer could pose a significant threat to South Korea," he warned. The Choe Hyon, named after a comrade of regime founder Kim Il Sung during his days as a partisan fighter, was first unveiled in April last year. The destroyer is believed to be capable of carrying nuclear weapons, with North Korea building another vessel expected to be completed by early October. 2026-04-14 11:05:21
  • Korea’s Traditional Soban Tables Get Modern Showcase at Milan Design Week
    Korea’s Traditional Soban Tables Get Modern Showcase at Milan Design Week Korea’s traditional soban, a small low table, will be presented in new forms at Milan Design Week, one of the world’s largest design events. The Seoul Design Foundation said Monday it will stage an international exhibition, “Seoul Life 2026 Milan: Heritage Reimagined, Soban,” from April 20 to May 10 at Italy’s ADI Design Museum. The project is hosted and organized by the Seoul Metropolitan Government and the Seoul Design Foundation, with cooperation from the ADI Design Museum. It aims to introduce “Seoul lifestyle and design identity” by combining the soban — a symbol of Korea’s traditional everyday culture — with contemporary design. The soban reflects Korea’s floor-seating tradition and single-diner table culture. Its low, portable structure, balanced proportions and curved legs are presented as distinctive features of Korean furniture design shaped by that lifestyle. Seventeen designers and teams from Korea and abroad are taking part, each reinterpreting the soban in their own design language. The works combine Korean craft techniques with contemporary technologies such as 3D printing and AI-based design, the foundation said. Participants include Korean designer Kim Jinsik of Studio JINSIK KIM, known internationally for work emphasizing minimal forms and material qualities; Korean designer Son Donghoon of Atelier SOHN, whose designs combine function and form through experiments with materials and structure; and Andy&Jong, a Korean-French design duo focused on human-scale work including furniture and lighting based on spatial experience. They are joined by global designers including Italian designer Stefano Giovannoni of Giovannoni Design Studio, known for signature products for Alessi; Italian designer Anna Gili of Anna Gili Design Studio, who gained international recognition through collaborations with Cassina and Alessi; and French architect Odile Decq of Studio Odile Decq, who has won the Golden Lion at the Venice Biennale. The exhibition space is inspired by the daecheongmaru, the open wooden hall of a traditional Korean house. A long platform structure is placed at the center so visitors can move through the gallery as if walking along a wooden floor while viewing the works. Soban products reflecting “Seoul Color,” described as expressing the city’s identity, will also be shown. The works presented in Milan will later be added to the DDP collection, with a follow-up exhibition planned in Seoul within the year, the foundation said. “This exhibition shows how Seoul’s daily life and culture — and traditional and contemporary design — can meet through the traditional soban,” said Seoul Design Foundation CEO Cha Kang-hee.* This article has been translated by AI. 2026-04-14 10:39:51