Journalist

Lee Hugh
  • A Korean love story, made in Nigeria: The new face of Korea–Africa relations
    A Korean love story, made in Nigeria: The new face of Korea–Africa relations SEOUL, April 10 (AJP) - A poor but spirited girl, who by chance ends up attending a private high school for elite students, falls in love with a wealthy fellow student. It sounds like the plot of a Korean drama, but this is in fact the storyline of the Nigerian film My Sunshine – Korean Naija. Directed by Nigerian rapper and television producer JJC Skillz, it was written by actress Kemi Ikuseedun who also plays the protagonist Charis. The setting is the Korean-language school that Charis attends. On her first day, the principal praises Korean as "the best language in the world." Korean phrases such as ajik hangug-eo jalhaeyo (I’m still good at Korean) and jinjja jalsaenggyeosseo, eotteokhae (He is so cute—oh my God) appear continuously throughout the film's 1-hour-15-minute runtime. The film drew 609,000 views within nine days of its release on YouTube in late 2024 and has since surpassed 1.4 million views as of Friday. Such interest would have been difficult to imagine even a decade ago. The numbers point to South Korea's presence in Africa as no longer defined solely by trade or diplomacy, but increasingly by culture. "K-content should be seen not merely as a cultural phenomenon, but also as a form of soft infrastructure that lowers barriers to market entry," said Choi Doo-young, a professor at the Graduate School of International and Area Studies at Hankuk University of Foreign Studies. The Cultural Entry Point The rise of My Sunshine – Korean Naija illustrates how Korean narratives have become locally adaptable. In Nigeria, one of the world's largest film industries, Korean storytelling conventions have been absorbed, reinterpreted, and re-exported in a distinctly African context. This is not simply imitation. It reflects a deeper cultural alignment. Across parts of Africa, K-pop and K-dramas have built a following among younger audiences, creating familiarity with Korean language, aesthetics, and social norms. That familiarity carries economic implications. Cultural affinity often translates into consumer behavior: demand for Korean cosmetics, electronics, food, and digital services. In this sense, culture is not an accessory to economic engagement—it is a precursor. Kim Sung-soo, director of the Institute for Euro-African Studies (IEAS) at Hanyang University, argues that Korea's cultural reach gives it a unique advantage over competitors. "In Africa, people see Korea as a country that was once colonized and poor but has achieved remarkable success. That creates emotional resonance," Kim said. A Different Model from China For years, Africa's external partnerships have been dominated by China, whose influence is visible in large-scale infrastructure projects across the continent. But that model has increasingly come under scrutiny. "Most Chinese assistance is effectively tied aid," Kim said. "It often comes in the form of loans, with Chinese companies, materials, and labor brought in. As a result, local markets do not develop." The critique is not that infrastructure is unnecessary. The concern is that such projects can leave behind debt without fostering sustainable local industries. Korea's approach, by contrast, is emerging as more integrated and potentially more sustainable. Rather than focusing narrowly on construction, Korean engagement increasingly combines industrial development, technology transfer, and human capital formation. "Korea's economic engagement with Africa is now evolving beyond the simple securing of raw materials," Choi said. "It is increasingly taking the form of a more integrated model that brings together industry, technology, and institutions." Digital Leapfrogging One of the clearest areas of alignment between Korea and Africa is digital transformation. Unlike industrialized economies, many African countries are not constrained by legacy systems. This allows them to leapfrog directly into digital governance, mobile finance, and platform-based economies. "Africa is actively pursuing digital innovation," Kim noted. "In this area, Korean technology remains more advanced than China's." Korea's experience in building e-government systems, customs platforms, and digital infrastructure makes it a natural partner. These systems not only improve administrative efficiency but also create the institutional foundation for private-sector growth. Companies like Samsung and LG are already participating in the development of smart cities and digital communities across the continent, embedding Korean technology into everyday life. Green Growth and Shared Challenges Climate change represents another area of convergence. Africa contributes less than 4 percent of global carbon emissions but bears a disproportionate share of the consequences, from droughts to floods and displacement. This has pushed many governments toward green growth strategies, emphasizing renewable energy, sustainable agriculture, and climate resilience. Korea, with its strong base in green technology and renewable energy firms, is well positioned to contribute. According to Kim, the country has more than 80,000 companies in environmentally related sectors. Initiatives such as the K-Ricebelt Project, introducing improved rice varieties and smart farming techniques, demonstrate how this cooperation can address both food security and environmental sustainability. From Resources to Value Chains As global supply chains shift, Africa's importance to Korea is also growing. The continent holds significant reserves of critical minerals such as cobalt, lithium, nickel, and graphite, which are essential for batteries, semiconductors, and renewable energy systems. Securing access to these resources is becoming a strategic priority for Korea. But the Korean model, Choi argues, is not limited to extraction. "The strength lies in building cooperation across the value chain, including refining, processing, and technology transfer," he said. This approach aligns with Africa's own development goals, which increasingly emphasize industrialization and local value addition rather than raw material exports. The Role of Startups Beyond large corporations, startups are emerging as a critical bridge between Korea and Africa. Africa's startup ecosystems, from fintech in Nigeria and Kenya to climate tech across the continent, are expanding rapidly. At the same time, Korean startups face barriers in entering mature markets such as the United States and Europe. "Africa is a land of opportunity for Korean startups," Kim said, pointing to the growing number of startup conventions across the continent. Collaboration in areas such as digital platforms, smart agriculture, and renewable energy could create mutually beneficial ecosystems, linking Korean innovation with African demand. Culture as Strategy The success of My Sunshine – Korean Naija ultimately reveals something fundamental: culture is no longer peripheral to geopolitics. It is central to it. Korea's engagement with Africa is not built on overwhelming financial power. As Kim acknowledged, "We cannot compete with China's capital." Instead, it rests on a different set of assets: cultural familiarity, shared historical experiences, technological capability, and a development model that many African countries find relatable. In a global landscape shaped by competition among major powers, this combination may offer Africa a distinct alternative. "Economic cooperation between Korea and Africa should not be viewed as an extension of aid, but rather as a partnership for joint industrialization," Choi said. And if a Nigerian high school romance conducted partly in Korean can capture the imagination of so many, it suggests that this partnership is already taking root, not in conference rooms, but in culture. 2026-04-10 17:27:56
  • Rival parties reach deal on supplementary budget to weather Middle East crisis
    Rival parties reach deal on supplementary budget to weather Middle East crisis SEOUL, April 10 (AJP) - The ruling Democratic Party (DP) and the main opposition People Power Party (PPP) on Friday agreed on a supplementary budget to cope with the prolonged Middle East crisis while easing the burden on those hit hardest by soaring fuel prices. The extra budget of about 26 trillion Korean won (US$17 billion), which is expected to be passed at a parliamentary plenary session later in the day, also includes cash handouts to be provided to those in the bottom 70 percent of income earners. About 4 million people will receive between 100,000 won and 600,000 won per person, with payments varying by income level, with those in rural and provincial areas receiving more support. Earlier, the PPP had demanded a massive cut to the budget, criticizing it as a populist move to woo voters ahead of local elections slated for June 3, while the DP urged the swift passage of the budget to support people's livelihoods including small businesses and vulnerable households. The DP and the PPP also agreed to allocate an additional 200 billion won to ensure a stable supply of naphtha amid rising crude prices, as securing feedstock has become increasingly difficult. 2026-04-10 17:23:02
  • Hanwhas capital playbook under scrutiny as FSS halts Solutions rights offering
    Hanwha's capital playbook under scrutiny as FSS halts Solutions' rights offering SEOUL, April 10 (AJP) - South Korea’s financial regulator has put the brakes a 2.4 trillion won ($1.7 billion) rights offering by Hanwha Solutions, in a move that is drawing attention to the group’s broader capital-raising practices and governance structure. The Financial Supervisory Service (FSS) on April 9 ordered the company to revise its securities filing, citing incomplete formal requirements and insufficient or unclear disclosure of key information that could hinder investor decision-making. The request suspends the effectiveness of the filing, delaying the company’s plan to raise fresh capital at a time when its financial position has come under increasing pressure. Hanwha Solutions had announced on March 26 that it would issue new shares worth 2.4 trillion won, with 1.5 trillion won earmarked for debt repayment and the remaining funds allocated to investments in solar and other businesses. The scale of the issuance — equivalent to roughly 42 percent of existing shares — triggered an immediate market backlash, with shares plunging more than 20 percent over two sessions. While the company framed the move as necessary to stabilize its balance sheet and support future investment, investors criticized the structure as shifting the burden of financial restructuring onto shareholders through significant dilution. The latest regulatory intervention comes amid growing scrutiny of large-scale equity financing across the Hanwha group, where similar transactions have repeatedly triggered sharp market reactions. Hanwha Aerospace offers a notable precedent. In March last year, the company approved a record 3.6 trillion won rights offering — the largest in Korean market history — to fund defense investments, including overseas production expansion and unmanned aerial vehicle engine development. Despite its growth-oriented rationale, the announcement led to a more than 13 percent drop in share price the following day. Investor backlash intensified over concerns about dilution and capital allocation, particularly given the company’s strong operating cash flow at the time. The controversy eventually forced a revision of the plan, with the offering size reduced to 2.3 trillion won and part of the funding shifted to a third-party allotment involving group affiliates. The sequence — large-scale equity issuance, sharp share price decline, and subsequent structural adjustment — has established a recurring pattern in the group’s capital strategy. That pattern has also intersected with governance concerns. In the case of Hanwha Aerospace, criticism extended beyond financing structure to questions about ownership consolidation, following transactions that increased the controlling family’s influence within key affiliates. Against this backdrop, market participants say the FSS’s latest move signals a shift toward more proactive oversight of equity financing that may materially impact minority shareholders. “The regulator appears to be responding not just to disclosure issues, but to repeated market concerns over how capital raising is structured,” an industry official said. Despite the regulatory setback, the group has sought to signal support. Hanwha Corp., which holds about 36.7 percent of Hanwha Solutions, has committed to fully subscribe to its allocation and take up an additional 20 percent in oversubscription, investing about 843.9 billion won. The move is widely seen as an attempt by the controlling shareholders to share the financial burden, even as questions persist over how that burden is ultimately distributed between the group and minority investors. Hanwha Solutions said it would “take the regulator’s request seriously” and prepare a revised filing that reflects feedback from shareholders and the market, emphasizing that it would prioritize shareholder value. Still, the underlying challenge remains unresolved. With net debt exceeding 12 trillion won and leverage rising sharply following years of aggressive investment, the company faces mounting pressure to secure funding without triggering further shareholder resistance. The latest intervention raises a broader question for the Hanwha group: how to balance large-scale investment, financial stability and shareholder value, as regulatory scrutiny intensifies and investor tolerance for dilution continues to narrow. 2026-04-10 16:51:32
  • Seoul readying to redraw energy map with Hormuz substitutes in postwar order
    Seoul readying to redraw energy map with Hormuz substitutes in postwar order SEOUL, April 10 (AJP) - It remains uncertain whether — or how — the war will wind down and the Strait of Hormuz will fully reopen after U.S.-Iran negotiations in Pakistan on Saturday. But one thing is already clear: access to the strategic waterway along Iran and Oman will not return to what it was. Against those odds — and the rising cost burden — Seoul is moving to rethink its energy routes. A presidential envoy mission to Kazakhstan, Oman and Saudi Arabia is beginning to signal where those alternatives may lie. Presidential Chief of Staff Kang Hoon-sik led a joint government-corporate delegation to the three countries this week, aiming to secure long-term crude oil and naphtha supplies in what is increasingly being viewed as a postwar energy order. Shipping data underscores the scale of disruption. Vessel activity in the Strait of Hormuz showed only a marginal uptick this week, with just four bulk carriers transiting between midnight and 8 p.m. UTC on Wednesday, according to MarineTraffic. Before the conflict erupted in late February, more than 100 ships passed through the strait daily. Traffic has since collapsed by more than 80 percent in the immediate aftermath of the attacks, according to Lloyd’s List Intelligence. Even under the ceasefire framework, flows remain tightly controlled. A senior Iranian source said fewer than 15 vessels per day would be allowed to transit, with all movements subject to prior approval and strict protocols. “All vessels transiting the Strait of Hormuz should, until further notice, use alternative routes designated by the IRGC Navy,” the force said, warning ships to avoid potential contact with naval mines. The new routing system effectively redraws the map. Traffic is being pushed closer to Iran’s Larak Island — home to military facilities — while previously used channels are now labeled “danger zones.” Nearly 2,000 vessels remain stranded near the chokepoint, including 26 South Korea-linked ships and seven Korean oil tankers. Rethinking supply lines South Korea’s energy dependence leaves little room for disruption. In 2025, crude imports were led by Saudi Arabia (33.6 percent), followed by the United States (17 percent), the United Arab Emirates (11.4 percent), Iraq (10.4 percent) and Kuwait (8.5 percent). Seoul has already moved to secure emergency volumes, including 24 million barrels from the UAE late last month — equivalent to just over eight days of consumption. But the buffer is thin. “We need about 2.8 million barrels per day. Even if Kazakhstan provides supplies, it would likely be less than 2 million barrels. It’s not easy to rely on that alone,” said Yoo Seung-hoon, professor at Seoul National University of Science and Technology. “The 24 million barrels secured from the UAE would last less than 10 days — about eight days. That’s not a huge amount. We need to secure supplies from Oman and other producers to sustain operations.” The geography of alternatives Oman is emerging as a key strategic option. Unlike most Gulf exporters, it can ship crude directly through the Arabian Sea without passing through Hormuz. Its main export terminals — including Duqm and Sohar — sit outside the strait, offering rare insulation from chokepoint risk. Kazakhstan, while landlocked, presents a different kind of workaround. Its extensive pipeline network connects inland fields to export terminals on the Caspian and Black Seas, allowing crude to reach global markets without touching Hormuz. “Cargoes from Kazakhstan can avoid the Red Sea and move via Russian routes before detouring around the Cape of Good Hope,” an industry official said. Since Houthi attacks in the Red Sea in 2023, such longer routes have already become more common despite higher costs and extended delivery times. In emergencies, safety is beginning to outweigh efficiency. GS Caltex has already tested the route, importing 80,000 tons of Kazakhstan’s CPC crude this week. The cargo, loaded via pipeline and shipped from Russia’s Novorossiysk port, arrived at the company’s Yeosu terminal. “We load the crude from pipeline shipments in Russia and transport it by tanker,” a GS Caltex official said. 2026-04-10 16:41:52
  • PlayStations March pick Crimson Desert storms past 4 million sales
    PlayStation's March pick Crimson Desert storms past 4 million sales SEOUL, April 10 (AJP) - Action-adventure game Crimson Desert has surpassed 4 million copies sold in just 12 days, turning its turbulent launch by Pearl Abyss into one of the most dramatic comeback stories in recent gaming history and cementing the South Korean studio's first single-player title as a global commercial juggernaut. The open-world game, built on Pearl Abyss' proprietary BlackSpace Engine, logged 2 million sales on its first day on March 20 across PlayStation 5, Xbox Series X,S and PC. It crossed 3 million within four days and breached the 4-million mark by March 31, generating an estimated $200 million in revenue, according to Alinea Analytics. PlayStation Blog on April 1 named the new game the "Players' Choice Winner" for March 2026, with the title outpolling major releases including Marathon, MLB The Show 26 and Scott Pilgrim EX in a monthly user vote. From 'mixed' to 'very positive' The recognition adds to a growing list of accolades for a game that initially stumbled out of the gate. Crimson Desert's launch was anything but smooth. Critics flagged clunky controls and a convoluted narrative, dragging the game's Steam rating down to "mixed" within hours of release. But the studio moved fast. Pearl Abyss rolled out a series of rapid patches, overhauling the control scheme, expanding storage systems, adding fast travel points, and tuning boss difficulty, all of which steadily reversed the tide. The Steam rating climbed to "very positive," with about 82 percent of more than 121,000 user reviews now positive. Industry watchers estimate the game's break-even point at about 2.5 million copies. With sales already well past that threshold, the revenue flowing in from here feeds directly into Pearl Abyss' bottom line. When Pearl Abyss disclosed that Crimson Desert had crossed 3 million copies sold in just four days, the stock surged 23.34 percent on March 25 and extended its rally over three consecutive trading sessions, closing at 58,800 won on March 27. Shares later touched 72,000 won, their highest level since April 2022, before settling at 55,600 won as of Friday. Seven years and $133 million in the making Crimson Desert's journey to release was as sprawling as its open world. First announced in November 2019 as a prequel to the studio's flagship MMORPG Black Desert Online, the project underwent a fundamental identity shift during development as Pearl Abyss pivoted from an MMO format to a standalone single-player action-adventure — a bold gamble for a studio that had built its reputation on persistent online worlds. The seven-year development cycle, carried out by a team of fewer than 200 developers, carried an estimated price tag of about 200 billion won ($135 million). The result is a sprawling fantasy continent called Pywel, rendered seamlessly with no loading screens, where players control three characters through faction warfare, dragon riding, mech combat and an ecosystem of side activities that have kept players exploring well past the main storyline. Players find their own fun The game's community has wasted no time making Crimson Desert their own playground. One popular meme on Reddit's r/CrimsonDesert forum captures the prevailing mood: a "distracted boyfriend" template showing a helmeted Kliff turning away from the main story to ogle side activities — tackling goats, assembling a cat army, dyeing clothes, fighting stone worms, and chasing waterfalls. Others have shared clips of players accidentally blowing themselves up with their own explosive arrows or ragdolling the first boss off a cliff. Kwon Min-gu, a 28-year-old AI instructor who has logged more than 50 hours in the game, said Crimson Desert was his first experience with a single-player open-world RPG. While the early story left him reaching for explanations — "the protagonist's resurrection goes completely unexplained," he noted — the combat system won him over once he began experimenting with the skill tree. "Every time you unlock a new branch, the combat style changes completely," Kwon said. "I ditched the shield for dual blades, slotted in an attack-speed rune, and started clearing camps like a blender. But you have to be careful. If you accidentally slash an explosive barrel, it kills you too." Kwon said he learned to shoot explosive barrels with arrows from a distance before engaging enemies, and later picked up an electric element ability to fill out his area-of-effect toolkit. "You go from fist fighting to fanning out electric arcs with a combat fan," he said. "The variety is real." He added that he has largely ignored the main storyline in favor of challenge objectives and side quests, a playstyle that appears increasingly common among the game's most devoted users. DLC, co-op and the road ahead Pearl Abyss has signaled that Crimson Desert's story is far from over. "We will upgrade the game based on user feedback and strive to make Crimson Desert a title that is loved for a long time," Pearl Abyss CEO Heo Jin-young said at a shareholders meeting. On the question of future downloadable content, Heo struck a strategic tone. "We believe we should focus DLC on the areas where we excel most," Heo said. "Our priority is to continuously provide satisfaction to users. While an expansion pack sales model is also a good approach, we intend to make the strategic choice that drives more sales of the original Crimson Desert." Speculation about cooperative multiplayer content has swirled since before launch, fueled by early-stage development materials that once referenced large-scale battles and co-op mechanics. Pearl Abyss has not confirmed a multiplayer expansion but has not ruled one out either, with Heo's emphasis on "user feedback" leaving the door open. A roller coaster on the KOSDAQ Pearl Abyss shares have traced a trajectory almost as dramatic as Crimson Desert's storyline. The stock rallied from about 49,450 won in late February to an intraday high of 71,500 won on March 16 as pre-launch hype peaked, only to crater 29.88 percent in a single session on March 19 — the day review embargoes lifted and Metacritic scores landed below investor expectations — hitting the daily limit down at 46,000 won. The freefall proved short-lived. When Pearl Abyss disclosed that Crimson Desert had crossed 3 million copies sold in just four days, the stock surged 23.34 percent on March 25 and extended its rally over three consecutive trading sessions, closing at 58,800 won on March 27. Shares later touched 72,000 won, their highest level since April 2022, before settling at 55,600 won as of Friday. A record year within reach Pearl Abyss, founded in 2010 by Kim Dae-il and Youn Jae-min, has long been synonymous with Black Desert Online, the technically ambitious MMORPG that put the studio on the global map. Crimson Desert now represents a second pillar, and analysts say the title could propel the company to record revenues this year. With a Nintendo Switch 2 port reportedly in the research-and-development phase and the potential for DLC and cooperative content on the horizon, the story of Crimson Desert, much like its open world, appears to have plenty of territory left to explore. 2026-04-10 16:33:59
  • Hyundai unveils two Ioniq concepts in Beijing
    Hyundai unveils two Ioniq concepts in Beijing SEOUL, April 10 (AJP) - Hyundai Motor's two concept cars for electric vehicles have been unveiled at a three-day event in Beijing, the automaker said on Friday. The event, which kicked off last Tuesday, was held to mark the launch of its flagship Ioniq brand in the world's most populous country. Stressing that it has "invested years in preparing" the brand to meet the demand and tastes of Chinese customers, it explained that Ioniq "evolves beyond a traditional product lineup into a broader mobility ecosystem" by integrating technologies based on its "globally validated expertise." Hyundai said the concepts, called "Venus" and "Earth," reflect its goals for a renewed presence in the Chinese market. "Inspired by the planetary system revolving around the sun, the Ioniq lineup takes its names from the planets, symbolizing a universe centered on the customer. Through this distinct approach, Hyundai aims to complete a fully customized EV experience," it explained. With the world premiere of the two concepts, the automaker also outlined its roadmap for the Chinese market, which includes the development of locally optimized self-driving technology in collaboration with Chinese autonomous-driving firm Momenta. Aiming to reach annual sales of 500,000 vehicles in China, it also plans to release its first extended-range electric vehicles (EREVs), which are electrified vehicles powered exclusively by electric motors, in China, in consideration of the country's charging infrastructure and long-distance driving conditions. "Built on Ioniq's uncompromising principles of world-class safety and quality, we will soon introduce production models that seamlessly combine the smart driving and smart cabin experiences demanded by Chinese consumers," said Li Fenggang, president of the automaker's Beijing office. Hyundai will rev up its promotional activities with Chinese customers by showcasing a full lineup of electric vehicles at this year's Auto China, the biennial auto show in Beijing, which will run from April 24 to May 3. 2026-04-10 16:30:09
  • BOK opts strategic patience, swan-song warning on housing
    BOK opts "strategic patience", swan-song warning on housing SEOUL, April 10 (AJP) — The Bank of Korea (BOK) unanimously held the base rate steady at 2.5 percent, opting for what it called “strategic patience” as the Black Swan shock from the Middle East conflict exerts both upward and downward pressure. “The freeze at 2.5 percent is not a simple suspension,” Governor Rhee Chang-yong said Friday after presiding over his final monetary policy meeting before his term ends later this month. “Given the severity of the external factors, we need to examine the repercussions more thoroughly to judge our move accordingly.” Admitting the limits of monetary policy in responding to highly volatile, war-driven variables, Rhee said the central bank has little choice but to “learn” from how the conflict unfolds — its spillover effects and duration — before making its next move. The benchmark rate has remained unchanged since the last cut in May 2025. The post-meeting Monetary Board statement nonetheless tilted hawkish, signaling more room for a hike than a cut as import-driven inflationary pressure builds. The BOK expects economic growth to fall short of its 2.0 percent target this year, while inflation could “substantially” exceed the 2.2 percent forecast depending on the trajectory of the war and oil prices. While projecting inflation could approach 3 percent, the board said it would steer policy to contain price pressures “within the target range” without destabilizing financial conditions — a nod to the risks posed by elevated private-sector debt. The BOK’s stance mirrors a broader global shift. IMF Managing Director Kristalina Georgieva warned that global growth is set to slow further, with a full recovery to pre-crisis levels unlikely. The U.S. economy has already shown signs of cooling, with fourth-quarter growth revised down to 0.5 percent. With less than ten days left in Rhee’s term and his message largely unchanged, markets remained steady. The won traded at 1,482.5 per dollar, little changed from the previous session. The three-year government bond yield stood at 3.360 percent and the 10-year yield at 3.686 percent, both moving within a 3 basis-point range. Hold to verify variables, not to evade While acknowledging still-subdued domestic demand, Rhee dismissed concerns that the economy is sliding into stagflation — at least for now. “Since March consumer inflation was at a defensible level of 2.2 percent, it is difficult to speculate at this stage.” The BOK will release an updated economic outlook at its May 28 policy meeting, incorporating the evolving Middle East situation and the impact of a supplementary budget. On the foreign exchange market, Rhee said the drivers of the won’s weakness have shifted. “While the rise in the exchange rate in the second half of last year was largely due to increased overseas investment by individuals, recent trends are driven primarily by foreign equity selling.” Foreign investors sold a net $29.8 billion in March alone, bringing total outflows this year to $47.8 billion, according to the BOK. Rhee noted that Korea’s market structure — which allows quick profit-taking and capital withdrawal — remains a key source of volatility. He also pointed to a distortion in dollar funding markets, where participants prefer lending dollars but are reluctant to repay them, despite ample current account surplus and spot liquidity. On intervention, Rhee emphasized that foreign reserves should be used to smooth short-term volatility rather than influence long-term direction. “In a phase where foreigners are realizing profits, strengthening the won could result in a structure where only foreign investors profit more,” he said, adding that the BOK has grown more cautious following large external shocks such as the Hormuz blockade. He rejected structural interpretations of the won’s weakness — such as low growth or demographics — arguing that global dollar strength and liquidity conditions remain the dominant drivers. Rhee also struck an optimistic note on Korea’s inclusion in the FTSE World Government Bond Index (WGBI), saying inflows from long-term institutional investors would help stabilize markets. Since the inclusion, about $4.6 billion in active bond funds and $1.1 billion in passive funds have flowed in, with passive allocations expected to provide durable support. Swan-song warnings In a parting critique, Rhee took aim at what he described as inefficient fiscal spending, including 4.8 trillion won allocated to local education. “It is difficult to see it as efficient in the current situation,” he said, calling for more flexible execution suited to what he described as a “war-time supplementary budget.” He also warned of renewed divergence in the property market. “While high-priced housing in areas like Gangnam is in a downward phase, outlying districts in the Seoul metropolitan area are rising again,” he said. “This can hardly be called market stability. If the return on housing assets continuously exceeds other assets, polarization is bound to deepen.” Rhee concluded on a reflective note, saying he had maintained balance during his tenure despite criticism from both sides. “I received criticism for being both ‘too late’ and ‘too early’ in cutting and raising rates,” he said. “I am looking forward to my future endeavors.” 2026-04-10 16:14:32
  • OPINION: The hidden genius in our pockets
    OPINION: The hidden genius in our pockets SEOUL, April 10 (AJP) - Last October, I had the pleasure of visiting the Korea University Museum at the invitation of its director, Professor Song Wan-beom. The visit was organized by the second graduating class of the ‘Creative CEO’ program, originally established by the National Museum of Korea in 2010. Among the many treasures on display, the Honcheonui (National Treasure No. 230) was the most striking. Created by Song Yi-yeong in 1669, this armillary astronomical clock is a marvel of technical synthesis; it masterfully integrates Western pendulum-based clockwork with traditional Korean astronomical systems. It stands as a profound testament to the innovative spirit of the Joseon Dynasty. Remarkably, it was completed only thirteen years after the Dutch scientist Christiaan Huygens introduced the pendulum clock to Europe. Despite its scientific significance, a modern paradox persists: although the Honcheonui is depicted on the reverse of the 10,000-won banknote, the image is frequently overlooked in daily use. We carry this symbol of historical mastery in our pockets every day, yet the story of the brilliant artisan-scientists who created it remains largely forgotten. The evolution of horological innovation in Joseon began in 1631, when the diplomat Jeong Doo-won returned from Ming China with scientific instruments and texts acquired from the Portuguese Jesuit missionary João Rodrigues. Initially, the Joseon court greeted these tools with deep skepticism. While King Injo expressed a flickering interest, conservative officials dismissed foreign clocks as mere “ornaments.” They cited an alleged incompatibility between Western 24-hour cycles and traditional Korean time systems, viewing these mechanisms as curiosities rather than apparatuses worthy of serious study. However, a generation of pioneers saw beyond mere aesthetic intrigue. Figures like Lee Min-cheol (1613–1715) practiced what we now recognize as reverse engineering. Historical records describe how Lee would isolate himself with imported artifacts, painstakingly dismantling and reassembling their intricate gears until he decoded their inner logic. This endeavor demanded immense intellectual and financial audacity. At the time, an alarm clock cost significantly more than renting a house in Seoul. Dismantling such an object was akin to staking one’s life on a gamble. These artisans sought knowledge wherever it could be found, even traveling clandestinely to Waegwan—the Japanese trading settlement in Busan—to acquire the technical skills needed to bridge foreign theory with local application. In doing so, they moved beyond political sensitivities in an uncompromising pursuit of learning. Through these efforts, Joseon moved from a consumer of technology to an active innovator. Other masters pushed these boundaries further: Choi Cheon-yak became Joseon’s first professional clockmaker after repairing King Yeongjo’s personal clock, and later, Na Kyung-jeok collaborated with the scholar Hong Dae-yong to construct the Nongsugak observatory in 1762. This represented a rare, potent intersection of mechanical craftsmanship and theoretical astronomy. Today, we must do more than carry their work on our currency; we must learn from our ancestors’ struggle. Their legacy teaches us that true innovation requires a social framework that respects technical mastery. This lesson is vital as we navigate the 21st century. While AI can process data at incredible speeds, it still requires the human eye to find value in the margins. In the AI era, we must pay particular attention to seemingly trivial scientific matters, for they often lead to the developments that most benefit human life. Ultimately, Joseon’s horological history is a cautionary tale of social stratification. Despite their brilliance, these masters were marginalized by a Neo-Confucian hierarchy that dismissed technical skill as "vulgar" labor. Lacking the structural support to turn individual genius into a national industry, the momentum of this renaissance evaporated. By honoring the "hidden genius" of forerunners like Lee Min-cheol and Song Yi-yeong, we ensure that the spirit of inquiry is finally given the credit it deserves. ----About the Author--- Choe Chong-dae is a prominent columnist and a longstanding member of the Royal Asiatic Society Korea. An enthusiast of international cultural and historical affairs, he has contributed regular opinion columns to The Korea Times for more than four decades. He also serves on the editorial board of the Newsletter of the Korea-America Association and is the founding director of the Korea–Swedish Association. In 2010, he was awarded Sweden’s Royal Order of the Polar Star, one of the country’s most prestigious honors. 2026-04-10 15:53:29
  • Hundreds of booths showcase latest tech convergence at expo in southern Seoul
    Hundreds of booths showcase latest tech convergence at expo in southern Seoul SEOUL, April 10 (AJP) - An expo featuring the latest technologies and trends in electronics and automotive manufacturing is being held at COEX in southern Seoul, with about 250 domestic and foreign companies participating. The three-day expo with more than 400 booths which kicked off Wednesday are showcasing a wide range of equipment and solutions in the fields of automotive electronics and smart factory systems, allowing visitors to explore automated production lines and advanced manufacturing technologies. The tech expo has evolved into a convergence exhibition with the inclusion of automotive electronics manufacturing since its 2017 inaugural event, further broadening its scope in 2022 to cover eco-friendly vehicle technologies and lightweight solutions. 2026-04-10 15:25:26
  • Flower-themed festival underway as spring in full bloom
    Flower-themed festival underway as spring in full bloom GANGNEUNG, April 10 (AJP) - A cherry-blossom-themed festival is underway along Gyeongpo Lake in Gangneung, Gangwon Province, welcoming visitors hoping to enjoy a spring outing at the peak of seasonal flowers. The weeklong festival, which kicked off last weekend and runs until Saturday, offers various programs including a singing contest, music performances, sporting events, and other activities in the surrounding areas. A roughly 4-kilometer-long trail lined with cherry blossoms along the scenic lake dazzles visitors with beautiful scenery by day and night, decorated with illuminated tunnels and other light displays. 2026-04-10 15:00:59