Journalist
Lee Hugh
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Asian markets rise on ceasefire talks, shrug off BOK pause SEOUL, April 10 (AJP) -Asian markets opened broadly higher Friday as investors bet on easing tensions as U.S. and Iranian delegates are set to hold face-to-face talks following a ceasefire in Pakistan on Saturday. In Seoul, the benchmark KOSPI rose 1.82 percent to 5,883.03, while the junior KOSDAQ gained 1.36 percent to 1,090.68 as of 11:05 a.m. The market largely brushed off the Bank of Korea’s rate freeze — extended for nearly a year — with policy inertia already priced in amid conflicting pressures from rising import costs and a slowing economy tied to the prolonged Gulf conflict. Among movers, Hanwha Solutions gained 1.25 percent to 40,550 won as investors welcomed the Financial Supervisory Service's refusal to greenlight its planned 2.4 trillion won rights offering, calling for revisions to the financing structure. Tech heavyweights led gains. Samsung Electronics rose 2.57 percent to 209,250 won, while SK hynix climbed 3.71 percent to 1,035,000 won as it is expected to deliver equally stellar first-quarter earnings following Samsung’s upbeat guidance earlier this week. Battery and energy stocks traded mixed, with LG Energy Solution falling 1.07 percent and Samsung SDI edging up 0.52 percent. Automakers showed a muted performance. Hyundai Motor added 0.66 percent, while Kia slipped 0.13 percent. Shipbuilders advanced, with HD Hyundai Heavy Industries rising 1.49 percent, while financials tracked higher as KB Financial Group and Shinhan Financial Group gained 1.95 percent and 1.86 percent, respectively. Japan’s Nikkei 225 rose 1.57 percent, China’s Shanghai Composite added 0.78 percent, and Hong Kong’s Hang Seng Index gained 1.18 percent. The Korean won strengthened modestly to 1,479.10 per dollar, from 1,482.5 won at the previous close. Oil prices moved higher despite the ceasefire optimism, with Brent crude rising 1.23 percent to $95.92 a barrel and West Texas Intermediate jumping 3.66 percent to $97.87, underscoring lingering supply concerns. 2026-04-10 11:35:33 -
Na Hong-jin's 'Hope' enters Cannes Competition after 4-year silence for Korea SEOUL, April 10 (AJP) - Na Hong-jin breaks a four-year silence for South Korean titles at Cannes with Hope, a big-budget thriller that puts him back in the Palme d’Or race. The South Korean director’s fourth feature was named to the 21-film Competition lineup unveiled Thursday (local time), marking the first time since Decision to Leave in 2022 that a Korean film has entered the festival’s top-tier section. The return carries weight beyond selection. Hope is Na’s most ambitious project to date — both in scale and in reach — positioning him not just as a returning auteur but as a director making a calculated leap into the global mainstream. Set in a fictional port village near the Demilitarized Zone, the film unfolds as a science-fiction thriller centered on a mysterious presence that plunges the community into crisis. It is also his first project partially shot in English, with a hybrid cast that bridges Korean and Hollywood talent. The lineup pairs Hwang Jung-min, Zo In-sung and Jung Ho-yeon with Oscar-winning couple Michael Fassbender and Alicia Vikander, alongside Taylor Russell and Cameron Britton. The scale reflects that ambition. With a production budget exceeding 50 billion won ($37 million), Hope ranks among the most expensive Korean films ever made and marks the first Cannes Competition entry for its distributor, Plus M Entertainment. The selection extends Na’s long-standing relationship with Cannes. His debut The Chaser screened in the Midnight section in 2008, followed by The Yellow Sea in Un Certain Regard and The Wailing in the Out of Competition section in 2016 — the latter cementing his reputation for blending genre with unsettling atmosphere. This year’s Competition lineup features a heavyweight field of international auteurs, including Pedro Almodóvar, Asghar Farhadi, Hirokazu Kore-eda and Ryusuke Hamaguchi, setting up a tightly contested Palme d’Or race. The 79th Cannes Film Festival will run from May 12 to 23 in Cannes, France. 2026-04-10 11:35:20 -
Low-cost carrier Air Premia tops 3 million int'l passengers SEOUL, April 10 (AJP) - Air Premia has surpassed 3 million in the cumulative number of international passengers, the low-cost carrier said on Friday. The milestone comes about three years and nine months after launching its first international routes in July 2022. Of its total of 11,458 international flights, which flew about 62.74 million kilometers, about 45.40 million kilometers or 72.3 percent of the accumulated flight distance, came from routes to North America. The average flight distance per trip was about 5,475 kilometers, which reflects the carrier's strategy of focusing on long-haul routes as it has pursued qualitative growth rather than simply increasing passenger volumes. Air Premia currently operates eight international routes, with four in the U.S., including Honolulu, Los Angeles, New York and San Francisco, and four in Asia including Bangkok, Da Nang, Hong Kong and Narita. It plans to add a route to Washington, D.C. on April 24. Boeing's 787-9 Dreamliner, a long-range jet, is deployed across all routes due to its high fuel efficiency, according to an Air Premia spokesperson. "If current demand continues, we expect to surpass 4 million passengers this year," he said. 2026-04-10 11:28:38 -
Child Prodigy Baek Kang-hyeon Says He Left Science High School After Bullying Baek Kang-hyeon, who drew attention after appearing on SBS’ “Gifted Discovery Team” as a toddler who could solve equations at 41 months old, has shared an update on his life in a recent broadcast. On the April 9 episode of SBS’ “Gifted Discovery Team Infinity,” Baek, now 12, appeared and spoke about his recent experiences. He became a national talking point after entering a science high school at age 10, but left after five months. He also recently applied to the University of Oxford in Britain but did not receive a final offer, the program said. The broadcast showed Baek studying more than 15 hours a day while preparing for the Oxford exams. He reached the final interview after earning the top A-level grade, A*, and a high score on the MAT, but ultimately was not admitted. A person in the study-abroad industry said Britain holds schools responsible for student safety, and suggested officials may have proceeded cautiously because Baek is 12. Baek said he left the science high school because of bullying. He said he enjoyed studying there and got along well with older students, but his mother said there were repeated problems with one student, including posting malicious comments online. The alleged perpetrator was found responsible for school violence and received a Level 3 disciplinary measure of 10 hours of in-school service, according to the program. “I remember crying a lot then,” Baek said. “I didn’t actually want to leave.” He added that he still considers the science high school his alma mater. In 2023, Baek’s father also drew attention after saying his son left not because he could not keep up academically but because of bullying. After failing to gain admission to Oxford, Baek has continued pursuing new challenges, including writing lyrics, composing music and developing app-based games. 2026-04-10 11:18:17 -
Lee to meet Polish PM in Seoul next week SEOUL, April 10 (AJP) - President Lee Jae Myung will hold a meeting with Poland's Prime Minister Donald Tusk next week, Cheong Wa Dae said on Friday. In a written press briefing, presidential spokesperson Kang Yu-jung said Tusk is scheduled to arrive in Seoul on Sunday for talks with Lee. It will be the first visit by a Polish leader in 27 years and Tusk's first trip to a non-European country since taking office in December 2023. Lee and Tusk will sit down for talks on Monday, followed by an official luncheon. The two leaders are expected to discuss a wide range of issues, while highlighting bilateral cooperation in addressing global challenges including the prolonged conflict in the Middle East. Poland, a key member state of the European Union and the North Atlantic Treaty Organization (NATO) is one of central Europe's major economies and a strategic gateway to the European market. Thanks to its strategic geopolitical location between western and eastern Europe, Poland has emerged as a key production and investment hub, while also expanding its presence in future-oriented industries. South Korea and Poland have strengthened cooperation in the defense sector in recent years. With growing economic and trade relations between the two countries, about 400 South Korean companies operate in Poland, mainly in batteries and auto parts for electric vehicles, while people-to-people exchanges reach about 100,000 per year. Kang said Tusk's visit is expected to help advance bilateral relations, which have steadily developed since the establishment of diplomatic relations in 1989, toward a more future-oriented and strategic partnership. 2026-04-10 10:57:02 -
North Korean, Chinese FMs agree to strengthen ties during talks in Pyongyang SEOUL, April 10 (AJP) - The foreign ministers of North Korea and China agreed to strengthen bilateral ties during their meeting in Pyongyang, state media reported on Friday. According to the state-run friendship is a valuable common asset formed in the revolutionary struggle and persistently develops in the course of socialist construction," expressing thanks for the North's "warm hospitality." He also said the "historic meeting" of Chinese President Xi Jinping and North Korean leader Kim Jong-un in September last year "opened a new chapter of the friendly and cooperative relations" between the two countries. Wang's visit came just ahead of U.S. President Donald Trump's planned trip to Beijing next month, though neither side mentioned whether it came up in their talks. 2026-04-10 10:15:30 -
FSS puts brake on Hanwha Solutions' rights offering despite owner backing SEOUL, April 10 (AJP) - The rights offering plan by Hanwha Solutions to raise 2.4 trillion won to lessen its debt load drew a correction order from authorities despite the owner family offering to share the burden. The Financial Supervisory Service said it had requested the company to submit a revised securities filing, citing incomplete formal requirements and insufficient or unclear disclosure of key information that could hinder investors' decision-making. The filing has not been accepted and its effectiveness has been suspended, meaning the subscription schedule and overall issuance process could change. If the company fails to submit a corrected filing within three months, the plan will be considered withdrawn. Hanwha Solutions said it would "take the request seriously" and prepare a revised filing that reflects feedback from shareholders and the market, emphasizing that it would prioritize shareholder value. Shares rose nearly 1 percent as investors approved of the regulatory move. The company on March 26 announced the plan to issue 72 million new shares to raise 2.4 trillion won, and more than half - 1.5 trillion won – was earmarked for debt repayment and the remainder for investment. The scale of the issuance - equivalent to roughly 42 percent of existing shares - and the heavy allocation toward debt reduction have triggered strong backlash from investors, who argue that the plan shifts the burden of financial restructuring onto shareholders. Shares of Hanwha Solutions fell more than 20 percent over two sessions following the announcement. The controversy has since widened into governance concerns, including whether the move could constitute a breach of directors' fiduciary duties under the revised Commercial Act. The Korea Corporate Governance Forum criticized the timing of the board decision, noting it came shortly after a shareholders' meeting, raising questions over whether independent directors had sufficient time for proper review. Retail investors have also begun mobilizing. On the Act platform, minority shareholders have requested access to the shareholder registry and are seeking to build a coalition aimed at securing a 10 percent stake, which would enable them to call an extraordinary general meeting or pursue management changes. They have also called on the National Pension Service to take a more active role, arguing that passive management amid falling share prices could undermine its fiduciary duty. Political criticism has added to the pressure. Rep. Ahn Cheol-soo said allocating a majority of the proceeds to debt repayment effectively transfers the consequences of management decisions onto shareholders. The regulator has classified the case as a priority review, typically applied to large-scale offerings or those with a significant portion of proceeds used for debt repayment. While the FSS does not have the authority to block the deal outright, it can demand revisions - as seen in a similar case involving Hanwha Aerospace last year. The latest development comes despite efforts by the group to shore up investor confidence. The parent firm, Hanwha Corp., which holds about 36.7 percent of Hanwha Solutions, has decided to fully subscribe to its allocated shares and take up an additional 20 percent in oversubscription, committing about 843.9 billion won. The move is widely seen as an attempt by the owner family to signal support and share the financial burden, as minority shareholder resistance intensifies. Hanwha Solutions has defended the capital increase as necessary to stabilize its balance sheet amid weakening performance in its solar and chemical businesses. Its net debt stood at about 12.2 trillion won at the end of last year, with its net debt-to-EBITDA ratio rising to 29.1 times, highlighting mounting leverage pressures. The company has also faced covenant-related risks, having received a waiver on overseas borrowings after failing to meet certain financial conditions. It said the capital raise is aimed at preventing a credit rating downgrade, easing refinancing pressure and supporting continued investment, including in solar technologies. Still, market attention remains focused on the broader question - not just how much capital is being raised, but why the company’s financial position deteriorated to the point where such a large-scale rights offering became necessary, and how the burden should be shared among management, controlling shareholders and minority investors. 2026-04-10 10:10:32 -
BOK holds rate at 2.5% as inflation risks clash with slowing growth SEOUL, April 10 (AJP) — The Bank of Korea on Friday kept its benchmark interest rate unchanged at 2.5 percent as widely expected, caught between rising import-driven inflation and a slowing economy amid prolonged disruptions from Middle East conflicts. The policy decision reflects a growing dilemma for the central bank, as energy supply constraints tied to the Gulf tensions continue to feed price pressures while weighing on growth. Consumer prices rose 2.2 percent in March from a year earlier, accelerating from 2.0 percent in the previous two months. While still within the central bank’s target range, the composition points to mounting underlying pressure. Energy has re-emerged as the dominant driver, amplified by a structurally weaker Korean won, with the full pass-through yet to be realized. Petroleum prices jumped 9.9 percent, contributing 0.39 percentage point to headline inflation. Diesel surged 17 percent and gasoline rose 8 percent, marking the strongest energy-driven inflation since the early phase of the Ukraine war. Given lag effects, the pass-through from higher fuel costs is expected to intensify in the coming months. Import price pressure has been further exacerbated by the weakening currency. The Korean won, which averaged 1,451.6 per dollar in February, depreciated 2.6 percent to an average of 1,493.83 in March. Since early April, it has spiked above 1,500-per-dollar — a threshold not seen since the global financial crisis. At the same time, higher input costs and prolonged weakness in domestic demand are expected to drag growth below the government’s 2 percent target this year, potentially keeping the economy in the 1 percent range for a second consecutive year. Despite the slowdown, the central bank has little room to adjust policy in either direction due to financial stability concerns. Household debt remains elevated at over 1,900 trillion won ($1.30 trillion), constraining the scope for rate cuts while also limiting the tolerance for further tightening. Market participants largely expect the central bank to remain on hold for the time being, as uncertainty persists over the outlook in the Gulf, including the timeline for a full reopening and normalization of trade through the Strait of Hormuz. Governor Rhee Chang-yong is set to explain the decision later in the day, marking his final policy meetings before his term ends on April 20 and hands over the helm to nominee Shin Hyun-song. On Friday, the won opened at 1,475.1 per dollar in the Seoul foreign exchange market. Korea's capital markets have improved this week after a truce was announced. The three-year government bond yield closed Thursday at 3.338 percent and the 10-year at 3.660 percent, sharply retreating from the level close to 4 percent last month. 2026-04-10 09:50:21 -
Shinhwa’s Jun Jin and wife Ryu I-seo say they have started IVF Shinhwa member Jun Jin and his wife, Ryu I-seo, said they have begun in vitro fertilization treatment. A video titled “Jun Jin♥Ryu I-seo plans for baby No. 2.. How far along are we? (Preparing for pregnancy in earnest)” was posted Thursday on Ryu’s YouTube channel, “My Love Ryu I-seo.” In the video, the couple visited a fertility clinic for tests. A specialist told Ryu that her ovarian function was “rarely good for her age group” and said her basic health indicators were all within the normal range. Jun Jin and Ryu said that if a good embryo is produced on this attempt, retrieval could be possible in mid-May. The specialist said they could confirm a gestational sac in about five weeks and that delivery is expected in early next year. As the doctor explained, Jun Jin asked whether the doctor had a sense it would be a son or a daughter. The specialist replied, “I have a feeling it will be a daughter.” Jun Jin smiled broadly and cheered, saying, “I trust that hunch.”* This article has been translated by AI. 2026-04-10 09:39:15 -
BIO KOREA 2026 to Bring Together 270 Companies for Global Deals and Investment South Korea’s largest biohealth industry convention, BIO KOREA 2026, is set to open in eight days, with organizers and participants expecting expanded cooperation and investment opportunities among global companies. Co-hosted by the Korea Health Industry Development Institute and North Chungcheong Province, the event will run April 28-30 at COEX in Seoul. Now in its 21st year, BIO KOREA has moved beyond a trade show to position itself as a business platform for the global biotech industry. Organizers said about 270 companies from more than 20 countries will take part, showcasing technologies across biotech, digital health care, regenerative medicine and medical devices. South Korean participants include ST Pharm, Yuhan Corp. and GC Cell. Overseas participants include Johnson & Johnson, Amgen and Lonza, drawing attention for potential technology partnerships and investment links. AI-driven drug development companies are also expected in large numbers. Insilico Medicine and Arontier plan to present AI drug design, data analysis and synthetic biology platforms, organizers said. The centerpiece of the event is its “business partnering” program. Organizers said they have roughly doubled the size of the partnering center to expand one-on-one meeting opportunities. Major pharmaceutical and biotech companies including Chong Kun Dang, SK Bioscience, Bayer, Novartis and MSD are set to participate, with expectations for outcomes such as joint research, technology transfer and investment cooperation. Country pavilions will also be operated with participation from institutions from the Netherlands, Australia, Sweden and Italy. Organizers said South Korean companies will be able to meet directly with about 60 overseas biotech companies and research institutes to explore global expansion and technology cooperation. Japan, Germany and Taiwan are also participating, with attention on collaboration as Asia-centered supply chains are reshaped. Pre-registration runs through April 17, and registrants receive a 10% discount. “Participation has expanded around future growth sectors such as AI and regenerative medicine, so we expect higher business demand than in previous years,” a BIO KOREA 2026 official said. Organizers said business partnering has increased each year, with 730 cases in 2023, 1,320 in 2024 and 1,900 in 2025. At last year’s event, global companies including Novo Nordisk, Otsuka Pharmaceutical, Insilico Medicine, Eli Lilly, Takeda and Boehringer Ingelheim took part, along with South Korean companies such as Celltrion, SK Bioscience, ST Pharm, GC Green Cross, Yuhan Corp., LG Chem, Boryung Pharmaceutical and Dongwha Pharm. Organizers said more major domestic and overseas pharmaceutical and biotech companies participated than in 2024. The event also operated a “Rising” pavilion featuring promising small and venture companies, giving visitors a look at innovative technologies and items. Organizers said interest is also building for this year’s edition.* This article has been translated by AI. 2026-04-10 09:03:00