Journalist
Lee Hugh
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IBK Industrial Bank of Korea, KOTRA team up to help SMEs expand overseas IBK Industrial Bank of Korea said it will work with the Korea Trade-Investment Promotion Agency, known as KOTRA, to help small and midsize companies expand into overseas markets. The bank said Sunday it signed a business agreement with KOTRA to support SMEs in developing overseas markets. The agreement is aimed at helping exporters diversify markets as global trade conditions shift, including U.S.-China trade tensions and supply chain restructuring, the bank said. Under the deal, the two organizations will cooperate on tailored support for overseas expansion, easing export-related difficulties and identifying successful cases. IBK said it will use KOTRA’s network of overseas trade offices. KOTRA will run an “overseas market development program” that provides services such as finding local buyers, marketing support, and advice on logistics and customs clearance. IBK also said it plans to help cover the cost of enrolling in short-term export insurance from the Korea Trade Insurance Corp. to reduce the risk of unpaid export receivables. “Using KOTRA’s global network, we will actively support SMEs’ entry into overseas markets,” an IBK official said, adding the bank will continue to back stronger export competitiveness and sustained growth.* This article has been translated by AI. 2026-04-06 15:12:00 -
Hana Financial to consolidate key units at new Cheongna headquarters in Incheon Hana Financial Group is preparing to open what it calls a new “Cheongna era” in Incheon’s Cheongna International City, consolidating key affiliates at a new headquarters complex and aiming to build a finance cluster modeled on Spain’s Santander City. The plan traces back to 2007, when former Hana Financial Group Chairman Kim Seung-yu visited Santander City and Banco Santander and began shaping the idea. Banco Santander, once a regional bank in northern Spain, built a financial town on the western outskirts of Madrid and used it as a base to expand overseas, growing into a major global lender. According to the Incheon Free Economic Zone Authority on Sunday, the third-phase Hana Dream Town project, which includes the group’s headquarters building, was 92% complete and is scheduled to be finished in June. The building will have seven basement levels and 15 above-ground floors, with a total floor area of 128,474 square meters. Once completed, Hana Financial plans to begin moving major affiliates to Cheongna starting in September, including the holding company as well as its bank, securities, card and insurance units. The group said it aims to bring together offices now spread across areas including Jung-gu, Yeouido and Gangnam, narrowing physical distance between affiliates and speeding decision-making. The complex is planned as a multi-use campus designed to strengthen data- and digital-based collaboration, rather than a simple office relocation. The move is notable as the first case among major South Korean financial holding companies to relocate a headquarters outside Seoul. Other large groups keep headquarters in central Seoul, including KB Financial in Yeouido, Shinhan Financial near City Hall, Woori Financial in Myeong-dong and NH NongHyup Financial in Seodaemun. Incheon City expects the complex, once fully operating, to generate an estimated 877.3 billion won in production-inducing effects and create 7,666 jobs. Officials also anticipate broader spillover effects such as an inflow of younger residents, higher consumption, increased business activity and growth in local tax revenue. With large-scale financial infrastructure concentrated in Cheongna, the area is expected to accelerate its shift toward a self-sustaining city combining work, housing and commercial functions, analysts said. Hana Financial Chairman Ham Young-joo said in his New Year’s address that the Cheongna relocation is “not simply moving office locations,” but “a comprehensive change” and a starting point for a major transformation in how the group works and its culture. He said the group would lead digital finance and aim to take a bigger role in global financial markets.* This article has been translated by AI. 2026-04-06 15:03:12 -
Chang Han-na to lead Seoul Arts Center in first for musician, woman SEOUL, April 06 (AJP) -Child prodigy-turned cellist-conductor Chang Han-na has been named president of the Seoul Arts Center to become the first musician — and the first woman — to lead South Korea's premier performing arts venue since its founding, the culture ministry said Monday. Her appointment comes as part of a broader reshuffle of leadership across Korea’s flagship arts institutions, signaling a push to bring more practitioner-led vision to the country’s cultural infrastructure. Chang, 44, is expected to begin her three-year term around April 24, pending scheduling for her formal appointment. A globally recognized musician, she rose to prominence at age 11 after winning the top prize at the Rostropovich International Cello Competition in 1994, launching an international career that included performances with leading orchestras such as the Berlin Philharmonic, New York Philharmonic and London Symphony Orchestra. Since shifting her focus to conducting in 2007, Chang has led major orchestras across Europe and North America, building an extensive international network and repertoire. She previously served as music director of the Trondheim Symphony Orchestra and currently holds roles including principal guest conductor of the Hamburg Symphony Orchestra and visiting professor at the Korea Advanced Institute of Science and Technology. Culture Minister Chae Hwi-young said Chang’s global experience and leadership position her to steer the Seoul Arts Center at a time when Korean culture is expanding its international reach. “Chang Han-na brings deep understanding and insight into the performing arts, built on decades of experience and global networks,” the minister said, expressing expectations that she will present a new artistic vision and lead the institution’s next phase of growth. The appointment is also seen as a symbolic shift toward greater diversity in leadership at major cultural institutions. Alongside Chang’s appointment, the ministry named soprano Park Hye-jin as head and artistic director of the National Opera Company of Korea and pianist Yoo Mee-jung as chief executive of the National Symphony Orchestra, with both beginning three-year terms on Monday. Park, a seasoned soprano and former head of the Seoul Metropolitan Opera, has built her career performing leading roles in productions such as La Bohème, Carmen and Turandot, while also bridging performance and education through academic work. Yoo, a pianist and longtime professor at Dankook University, has maintained an active career in performance and music education, and is expected to strengthen the orchestra’s operational performance and international standing. The latest appointments collectively point to a policy direction that emphasizes artistic leadership grounded in field experience, as Korea seeks to elevate the global competitiveness of its performing arts sector. 2026-04-06 14:58:40 -
South Korea, US launch monthlong survey to recover Korean War remains SEOUL, April 6 (AJP) - South Korea has begun a joint excavation with the U.S. to recover the remains of personnel from military aircraft that crashed in the East Sea during the 1950–53 Korean War, the Ministry of Defense said Monday. The monthlong survey, which runs until May 1, is taking place near Gangneung and Yangyang in Gangwon Province as a preliminary step ahead of a joint underwater project planned for August. During the survey, officials from both countries will also inspect facilities and gather information through on-site interviews with local residents. One of the survey's main goals is to recover remains and belongings from a military transport plane that crashed in 1952 due to an engine malfunction en route from Gangneung to Pohang, which left nine missing including one South Korean soldier. The U.S. and South Korea have regularly conducted joint excavations to locate missing American soldiers from the war. Of the more than 1.7 million U.S. troops who served, over 36,000 were killed, and nearly 7,400 remain unaccounted for, according to the U.S.' Defense POW/MIA Accounting Agency (DPAA). "Expanding joint surveys reflect growing bilateral cooperation between the two countries," said Kim Seong-hwan, acting head of the ministry's department in charge of remains recovery. 2026-04-06 14:56:09 -
Seoul eyes alternative routes, envoys to Gulf as Hormuz disruption persists SEOUL, April 06 (AJP) - South Korea is exploring alternative shipping routes — including the Houthi-risk Red Sea — and preparing diplomatic outreach to major oil producers, as officials brace for prolonged supply disruptions from the Middle East conflict likely to extend through April. The shift reflects growing concern that instability in the Strait of Hormuz — a chokepoint handling roughly one-fifth of global oil and LNG trade — will not ease quickly, forcing Seoul to secure supplies through risk-managed detours while broadening external partnerships. Industry Minister Kim Jung-kwan on Monday briefed the government will support private-sector efforts to secure additional crude volumes, including permitting qualified tankers to transit the Red Sea. “We will back efforts to secure extra volumes, including allowing oil tankers that meet certain conditions to pass through the Red Sea in coordination with the Oceans Ministry,” Kim said at a Cabinet meeting chaired by President Lee Jae Myung. Oceans Minister Hwang Jong-woo said authorities have already cleared eligible vessels after confirming shipment contracts and will continue approvals as additional cargoes are secured. The Red Sea route bypasses Hormuz via Saudi Arabia’s Yanbu port, supplied through a 1,200-kilometer east-west pipeline from the kingdom’s eastern oil fields. But the workaround comes with limits: Yanbu can process about 5 million barrels per day, far below volumes typically flowing through Hormuz. The corridor itself remains exposed. The Bab el-Mandeb Strait — a narrow passage linking the Red Sea to the Gulf of Aden — carries about 15 percent of global seaborne oil trade and remains vulnerable to disruption by Yemen’s Iran-backed Houthi forces. Foreign Minister Cho Hyun said a full blockade appears unlikely, but warned of persistent risks. “The Houthis appear to lack the capability to fully shut down the strait. However, sporadic attacks intended to intimidate are entirely possible,” he said. President Lee framed the situation as a necessary trade-off. “There are not many alternative import routes, and if we completely block them due to some level of risk, it could seriously affect the country’s overall oil supply,” Lee said. “We have no choice but to accept a certain degree of risk.” Beyond energy flows, the risks are spilling into global trade. The Red Sea and Suez Canal together account for roughly 15 percent of global maritime trade and nearly 30 percent of container traffic, making disruptions a direct threat to Asia–Europe shipping. Shipping has already been strained since late 2023, with vessels rerouting around the Cape of Good Hope, adding up to two weeks to transit times and sharply increasing costs. War-risk insurance premiums have surged from around 0.1 percent to as high as 1 percent. Analysts warn that renewed hostilities could delay normalization of shipping routes. Ruling Democratic Party of Korea and the government on Monday separately agreed begin diplomatic efforts to secure alternative crude oil supply routes in response to a potential closure of the Strait of Hormuz. At a meeting of the party’s special committee on Gulf crisis attended by relevant ministries, the government shared its plan to dispatch special envoys to major oil-producing countries with alternative routes, including Saudi Arabia, Oman and Algeria. The move is aimed at ensuring stable crude oil supplies amid rising geopolitical risks. Officials also indicated that South Korean-flagged vessels may be deployed along alternative routes, with a plan under consideration to send five such vessels to the Red Sea region, including Saudi Arabia's port of Yanbu. In addition, authorities are closely monitoring supply chains in 50 key industries on a daily basis amid concerns over disruptions in naphtha and plastic supplies. Officials said efforts are underway to ensure sufficient availability of essential items, including medical products such as IV fluid bags. They added that petrochemical exports are being carefully managed in consideration of external market conditions and potential ripple effects. Regarding the supplementary budget, officials noted that 470 billion won ($312 million) has been allocated to support export companies affected by higher costs of alternative naphtha imports, covering 50 percent of the price difference. They added that a proposal from the industry to raise the support level to 80 percent is under active review. Separately, South Korea’s National Intelligence Service reported to the National Assembly that the ongoing conflict between the United States and Iran could enter a lull by the end of this month, depending on the scale of U.S. airstrikes. During a closed-door session of the parliamentary intelligence committee, lawmakers were told that Washington is facing difficulties in translating tactical military gains into political outcomes, while Tehran is attempting to leverage energy supply disruptions as a bargaining tool. The intelligence agency also assessed that Iran remains in a strategic dilemma over how to respond to U.S. demands to abandon its nuclear program, with limited progress seen in negotiations involving Pakistan. 2026-04-06 14:39:11 -
YH Entertainment’s rookie boy band AND2BLE sets May 26 debut YH Entertainment’s rookie boy group AND2BLE has confirmed it will debut May 26. After opening an Instagram account on April 1, the group expanded its official social media presence at midnight on April 6 by launching accounts on YouTube, X, Facebook and TikTok, kicking off its debut countdown. The name AND2BLE combines “AND” and “DOUBLE,” reflecting the idea of layering different sides of oneself to broaden a sense of identity. The agency said the concept also signals the group’s direction: blending each member’s individuality into a distinct image and building it into a brand. A newly released logo motion drew attention by visually emphasizing that identity. The repeated “AND2BLE” typography is designed to represent the combination of multiple inner selves, the agency said. AND2BLE is YH Entertainment’s first new boy group in about four years since TEMPEST. The group has drawn strong interest even before its official debut, including appearing on real-time social media trending lists. The group also opened a debut promotion page featuring an interactive tag-making tool. Visitors can choose three design elements to create a personalized tag by mixing styles, colors and moods, then share the finished tag with other users. The agency described it as an experiential way to extend the group’s “branding of individuality” concept. AND2BLE is set to roll out additional content in stages ahead of its May 26 debut.* This article has been translated by AI. 2026-04-06 14:18:00 -
Full bloom interrupted by a jealous spring rain SEOUL, April 06 (AJP) -It has been only a week since cherry blossoms reached full bloom across Seoul, and already a jealous rain has cut the season cruelly short, scattering pink petals like confetti across the campus of Kyung Hee University in Dongdaemun District. Rain is expected to fall across most of South Korea on Monday before skies gradually clear in the afternoon. The precipitation, driven by rain clouds moving in from the Yellow Sea, began in the Seoul metropolitan area, South Chungcheong, North Jeolla and Jeju, and is forecast to spread nationwide through the morning before tapering off in most regions by the afternoon. Seoul is expected to receive about 5 millimeters of rain, while parts of Chungcheong and the southern regions could see 5 to 30 millimeters. In some areas, the rain may be mixed with yellow dust. Fine dust concentrations are also expected to worsen through the day, reaching “bad” levels at different times by region — from late morning through daytime in the Seoul metropolitan area, from daytime into evening in Chungcheong, and at night in southern parts of the country. 2026-04-06 13:29:16 -
Samsung Q1 profit set to rival full-year earnings on AI chip boom SEOUL, April 06 (AJP) - Samsung Electronics is poised to deliver its strongest quarterly reports to date with January-March operating profit expected to approach or exceed full-year earnings for 2025, underscoring the sheer scale of the ongoing memory super-cycle driven by artificial intelligence demand. According to market consensus compiled by FnGuide, the South Korean tech giant is projected to post an average operating profit of 40.5 trillion won ($29.9 billion) for the January–March period. The estimate comes just shy of last year’s full-year operating profit of 43.6 trillion won, though some institutions have recently raised their forecasts as high as 53.9 trillion won. The figures would mark a more than sixfold jump from 6.6 trillion won recorded a year earlier, and roughly double the previous quarterly high of 20.1 trillion won logged in the fourth quarter. Samsung, the world’s largest memory chipmaker with businesses spanning semiconductors, smartphones and consumer electronics, is set to release its earnings guidance before the market opens on Tuesday. Shares have jumped nearly 4 percent as of midday, outperforming KOSPI gain of 1.7 percent. Analysts say the surge reflects an unprecedented “super-cycle” in memory chips, as explosive demand for AI infrastructure spills over into broader segments of the market amid tight supply. “We assume that the year-on-year growth rate of facility investment by big tech companies will be revised upward to 92 percent, in which case DRAM demand growth this year will reach 20.3 percent,” said Song Myung-sup, an analyst at iM Securities, who projected operating profit of 45.3 trillion won. Song added that Samsung’s return on equity for 2026 is expected to reach 39 percent, surpassing the previous 30-year peak of 34 percent set in 2004. At the core of the rally is high-bandwidth memory (HBM), a critical component for AI servers, where Samsung Electronics and SK hynix effectively hold a duopoly — placing them in what industry observers describe as a rare “super-supplier” position. Even if U.S. big tech firms slow capital spending, securing HBM — a core component in the AI arms race — remains non-negotiable. The current HBM4 and next-generation memory market is effectively dominated by the two Korean firms, ensuring structurally firm demand. The balance of power has also shifted decisively toward suppliers. Memory makers are increasingly signing two- to three-year supply contracts with major tech firms — a departure from the industry’s traditionally short-term cycles — creating a structural buffer that prevents short-term market volatility from immediately translating into earnings deterioration. The broader upcycle remains intact. Analysts expect average DRAM prices to rise more than 60 percent this year, driven by exponential increases in memory capacity per AI server and compounded by tight supply in conventional DRAM. Unlike past cycles marked by aggressive capacity expansion and subsequent price collapses, Korean chipmakers have maintained disciplined production strategies, prioritizing profitability and sustaining pricing power. Despite concerns over potential supply disruptions stemming from the Middle East conflict, industry observers say Korean memory makers are likely to maintain strong earnings momentum for several years, with demand structurally underpinned and sellers firmly in control of pricing. Growth, however, is expected to be uneven across Samsung’s businesses. While the semiconductor (DS) division continues to drive earnings, the mobile (MX) and display (SDC) units are likely to face margin pressure from rising component costs. Even so, Samsung is expected to press ahead with aggressive investment. Capital expenditure is projected to reach 114.3 trillion won in 2026, reflecting continued bets on AI-driven demand. Macroeconomic uncertainties remain a variable, but their direct impact on production is expected to be limited. “While geopolitical risks in the Middle East and North Africa persist, the stability of Samsung’s captive projects, such as the P4 and NRD-K facilities in Pyeongtaek, remains high,” said Ryu Tae-hwan, an analyst at Eugene Investment & Securities. 2026-04-06 12:09:53 -
SEVENTEEN Renews Contract With Pledis Entertainment for Second Time SEVENTEEN has announced a second contract renewal with its agency, Pledis Entertainment. The group delivered the news on the final night of its encore concerts April 4-5 at Incheon Asiad Main Stadium, which wrapped its world tour that began at the same venue in September. Including the encore shows, SEVENTEEN performed 31 times in 14 cities worldwide, drawing more than 900,000 fans. Leader S.Coups told the crowd the members plan to stay together with Pledis. “We will keep rowing forward together in the same boat,” he said, adding that the group is preparing for its second renewal with the company. The members cited their fandom, CARAT, as a key reason for renewing. They said they wanted to tell everyone they love them and asked fans to “wait a little longer,” saying they would “return as 13 soon.” They also said they would continue unit and solo work while staying close to fans. Jeonghan and Wonwoo, who are fulfilling mandatory military service, attended from the audience in support. SEVENTEEN will continue both unit and group activities. DK and Seungkwan will hold “DXS ‘Soya-gok’ On Stage” from April 17-19 at Inspire Arena in Incheon. S.Coups and Mingyu will stage “CXM ‘Double Up’ Live Party” from April 24-26 at Kaohsiung Arena. The group is also set to hold its “2026 SEVENTEEN 10TH Fan Meeting ‘SEVENTEEN in CARAT LAND’” on June 20-21 at Incheon Asiad Main Stadium.* This article has been translated by AI. 2026-04-06 11:21:16 -
South Korea closes gap with China in global shipbuilding orders SEOUL, April 6 (AJP) - Despite an overall decline in global ship orders, South Korea increased its share last month, narrowing the gap with China, according to data released by London-based Clarkson Research Services on Monday. In March, South Korea won orders totaling 1.59 million compensated gross tons (CGT) for 38 ships, accounting for about 39 percent of the global market, while China secured 2.15 million CGT for 84 ships, taking a 53 percent share. In February, South Korea's share was just 11 percent, compared with China's 80 percent. Global ship orders reached 4.06 million CGT for 135 vessels, down 36 percent from February's 6.38 million CGT, but up 31 percent from a year earlier. Clarkson's index measuring the cost of building new ships stood at 182.07 in March, down 0.07 percentage points from the previous month, but it is considered very high. By type of vessels, prices were $248.5 million for a liquefied natural gas (LNG) carrier, $129.5 million for a very large crude carrier, and $260 million for an ultra-large container ship. 2026-04-06 11:18:52