Journalist

Lee Hugh
  • K Car Names aespa’s Karina as New Brand Ambassador for 2026 Campaign
    K Car Names aespa’s Karina as New Brand Ambassador for 2026 Campaign Used-car platform company K Car said Tuesday it has launched its new 2026 brand campaign, “People Who Put Cars First,” and selected Karina of the K-pop group aespa as its brand model. Through the campaign, K Car said it aims to highlight its expertise as the No. 1 used-car company, emphasizing a message of “professional staff who do not compromise when it comes to cars” and a platform for people who value and care for their vehicles. The company said the campaign reflects its direct-operation model, in which it buys vehicles itself and takes responsibility from inspection and sales through post-sale support, portraying employees as “people who put cars first.” K Car said the campaign uses a simple, witty setup to draw attention. In the video, even as the popular, trend-setting Karina walks by, K Car employees keep their eyes on a car, humorously underscoring an attitude of putting cars ahead of Karina. The campaign will run across TV, YouTube and other digital platforms, as well as K Car’s app and website. To mark the launch, K Car said it will run a promotion through March 31 called “Super Week” with total benefits of 5 billion won, offering discounts, free delivery and free quality-warranty coverage to reduce customers’ purchase burden. The promotion includes: a “Weekly Special Price” discount of up to 5 million won; a nationwide free-delivery “Home Service Time Deal”; a “KW6 Free Special” offering warranty repair benefits of up to 10 million won; and a “KW3 Free Special” offering warranty repair benefits of up to 5 million won. K Car CEO Jeong In-guk said the campaign was designed to help consumers easily relate to the idea that K Car is a company where people who value and love cars come together. “Based on uncompromising expertise, we will work to repay customer trust,” he said. * This article has been translated by AI. 2026-03-03 15:42:17
  • Delayed Korea Household Debt Plan Leaves Banks Uncertain; KB Kookmin, Toss Watch Closely
    Delayed Korea Household Debt Plan Leaves Banks Uncertain; KB Kookmin, Toss Watch Closely South Korea’s Financial Services Commission has delayed its annual household debt management plan by more than a month, leaving banks unable to lock in yearly caps for household lending and finalize business strategies. With talk that regulators could tighten overall lending limits, some lenders are weighing broader changes to their loan portfolios. Financial authorities are now expected to push the plan — originally slated for late February — to after the end of this month, the financial industry said Tuesday. The delay is widely attributed to last-minute adjustments tied to tougher rules for loans to multi-home owners and rental business operators, which require further revisions to the target growth rate for total household lending. All banks face uncertainty without a confirmed annual target, but the burden is heavier for lenders that exceeded last year’s goals. Regulators plan to impose a penalty by deducting the overage from this year’s limit, though they have not disclosed the deduction rate or calculation method. Among the five major banks, KB Kookmin Bank was the only one to exceed its target. Its household loan growth last year totaled 2.127 trillion won, surpassing its 2.0061 trillion won target by 120.9 billion won. Some internet-only banks and regional lenders are also believed to have exceeded their targets, raising the prospect of tighter constraints on lending this year. Regulators are expected to keep the principle of deducting excess growth, but may consider that annual growth targets were cut to about half during last year’s June 27 real estate measures. That has fueled expectations that authorities could add safeguards rather than apply a uniform penalty, given the policy-driven adjustment. Tension is higher among mutual finance institutions. Saemaul Geumgo’s household loan growth last year exceeded its target by 5.31 trillion won — about four times the originally set growth-rate goal. Authorities are reviewing an option to set this year’s household loan growth target near 0%. If adopted, new lending would be effectively constrained, forcing a broad overhaul of business plans. Regulators also see a need to strengthen Saemaul Geumgo’s household debt management system, raising the possibility of additional measures. Analysts say tougher household debt controls could reshape banks’ growth strategies and earnings. Stronger caps would limit loan expansion and directly pressure interest income, a key revenue source. Internet-only lender Toss Bank is also watching closely. It plans to launch a mortgage product this year, but would need approval of terms and an allocation of lending capacity under a tighter cap regime. For now, it is focusing less on target calculations and more on building systems and reviewing risk management. “Stronger total-volume controls are an unavoidable trend, but the delay in detailed standards makes it hard to set strategy,” a banking industry official said. “If the regulatory intensity is higher than expected, it could affect loan growth plans and the profit structure as well.” 2026-03-03 15:39:00
  • South Korean researchers develop worlds most efficient stretchable OLED
    South Korean researchers develop world's most efficient stretchable OLED SEOUL, March 03 (AJP) - A joint research team has developed a new stretchable organic light-emitting diode (OLED) that maintains its brightness even when stretched, overcoming a major technical barrier in the development of flexible electronics. The technology achieved world-record performance levels for brightness and efficiency, significantly improving the prospects for commercializing wearable displays and electronic skin. The Korea Advanced Institute of Science and Technology (KAIST) announced on March 3 that a team led by Professor Cho Him-chan, in collaboration with the University of Chicago and Soochow University, created a hybrid liquid metal cathode. This component allows the display to remain conductive and bright while being pulled or deformed, a task that has historically caused stretchable screens to dim or fail. In conventional stretchable OLEDs, the electrodes often suffer from mechanical instability. When the material is stretched, the electrical connection weakens, leading to a sharp drop in performance. To solve this, the researchers used liquid metal particles thinner than a human hair. By densely packing these particles and rupturing only the top layer, they created a smooth, continuous metal surface that conducts electricity efficiently. The intact particles underneath serve as a cushion, absorbing physical shock and allowing the electrode to stretch like rubber. The resulting display reached a maximum brightness of 17,670 candelas per square meter at 9.5 volts, which is brighter than most high-end smartphone screens. It also recorded a current efficiency of 10.35 candelas per ampere, the highest level reported to date for this type of technology. Even when pulled to its limits, the device showed almost no loss in brightness, addressing the most significant weakness of previous stretchable display prototypes. Testing showed that the OLED remains stable even after being stretched and released multiple times. This durability is essential for practical applications, such as clothing-integrated displays or medical devices that must adhere to the moving surface of human skin or internal organs. The technology is expected to be used in various fields, including soft robotics and bio-interfaced optoelectronics. "We have solved the fundamental material problem that has limited the performance of stretchable displays," Professor Cho Him-chan said. "This hybrid liquid metal cathode technology will be a key foundation for next-generation flexible electronic devices." The study, with Lee Won-bum as the first author, was published in the journal Advanced Materials on December 28, 2025. It was selected as the inside back cover for that issue. (Paper information) Journal: Advanced Materials Title: Hybrid Liquid Metal Cathode Enables High-Performance Intrinsically Stretchable OLEDs DOI: https://doi.org/10.1002/adma.202518254 2026-03-03 15:18:27
  • Chong Kun Dang Foundation Expands Scholarships; ABL209 Wins FDA IND; HK inno.N Runs WoW Promotion
    Chong Kun Dang Foundation Expands Scholarships; ABL209 Wins FDA IND; HK inno.N Runs WoW Promotion The Chong Kun Dang Gochon Foundation held its 2026 scholarship certificate ceremony Feb. 27 at Chong Kun Dang’s headquarters in Seoul’s Chungjeong-ro district, the foundation said Monday. The foundation said it will support 403 scholarship recipients in Korea and abroad, including 110 newly selected this year, with scholarships and free dormitory housing through graduation. It said its annual scholarship programs, including academic initiatives, total about 3 billion won. Among those selected, 168 students will receive 1.1 billion won in tuition and living-expense support. The foundation will cover full university tuition for 98 tuition scholarship recipients — 57 in Korea and 41 overseas — and provide 500,000 won a month in living expenses to 70 students. The foundation will also provide free housing at its “Chong Kun Dang Gochon Dormitory” to 235 university students from outside the capital area. It said dormitory recipients can save more than 8 million won a year in housing costs, with total support valued at about 1.9 billion won. The dormitory program was established to help non-Seoul students facing housing pressures and is described as the first housing support facility created by a private scholarship foundation. It operates at four locations in Seoul: Donggyo-dong in Mapo District (Building 1), Hoegi-dong in Dongdaemun District (Building 2), Junggok-dong in Gwangjin District (Building 3), and Yeongdeungpo-dong in Yeongdeungpo District (Building 4). ABL Bio says FDA clears IND for U.S. Phase 1 trial of ABL209 ABL Bio said Monday that the U.S. Food and Drug Administration approved an investigational new drug application on Feb. 27 local time for a Phase 1 clinical trial of its bispecific antibody-drug conjugate candidate ABL209. ABL209 is a bispecific antibody-drug conjugate that targets EGFR and MUC1 and is linked to a topoisomerase I inhibitor. The company said targeting two complementary antigens at the same time could address limitations of competing candidates that target only EGFR or only MUC1. Neok Bio, which holds global development and commercialization rights to ABL209 and another bispecific ADC, ABL206, will lead development of both candidates, ABL Bio said. Neok Bio plans to release early clinical data for the two candidates in 2027. HK inno.N’s Hutgae Water teams up with Blizzard’s World of Warcraft for promotion HK inno.N said Monday it is running a special event with Blizzard Entertainment’s massively multiplayer online role-playing game “World of Warcraft.” The company said the promotion is designed to strengthen consumer engagement with its Hutgae Water brand and is timed to the worldwide simultaneous launch schedule for the game’s new expansion pack, “Midnight,” on March 3, Korea time. Customers who buy a 30-bottle Hutgae Water package at Naver Smart Store’s “Condition Mall” will receive a coupon for a special in-game item available only through the promotion, the company said. The event runs from March 3 until supplies run out.* This article has been translated by AI. 2026-03-03 15:15:00
  • Kang Ho-dong Shows Off Spring Cabbage Bibimbap Mukbang, Says It Beats Meat
    Kang Ho-dong Shows Off Spring Cabbage Bibimbap Mukbang, Says It Beats Meat Broadcaster Kang Ho-dong has posted a mukbang video featuring “spring cabbage bibimbap.” On the 2nd, the Coupang Play web variety show “Kang Ho-dong Neighborhood Bookstore” uploaded the clip to its YouTube channel. In the video, Kang greets viewers, saying, “Everyone, the spring cabbage bibimbap is here.” Appearing with the on-screen phrase “본인등판,” he adds, “This is no joke,” as he prepares the dish. Saying, “Just one spoonful of rice,” Kang then scoops a full ladle into a large bowl, adds sesame oil and finishes the bibimbap. He shouts, “Mom, cabbage tastes better than meat.” The line echoes what Kang said in 2008 while eating spring cabbage bibimbap on KBS2’s “2 Days & 1 Night.” Coupang Play will premiere Kang’s healing talk show “Kang Ho-dong Neighborhood Bookstore” at 4 p.m. on the 6th.* This article has been translated by AI. 2026-03-03 15:03:56
  • Shinhan, Hana Intensify Battle for 1.6 Million Nara Sarang Card Customers
    Shinhan, Hana Intensify Battle for 1.6 Million Nara Sarang Card Customers As the second phase of the Nara Sarang Card program ramps up, Shinhan Bank and Hana Bank are intensifying their fight to win customers. With tighter household lending rules limiting growth in interest income, banks are increasingly turning to institutional business as a way to secure both low-cost deposits and a large base of young customers estimated at about 1.6 million. According to the financial industry on Monday, Shinhan Bank recently created a new key performance indicator category for the Nara Sarang Card. Sales results will be reflected directly in branch evaluations, fueling competition among frontline staff. Executives have also urged an expansion of sales at recent management meetings, industry officials said. Hana Bank is also pressing to seize an early lead. The bank set up a Nara Sarang business division in January and has been working with branches to boost issuance, according to industry officials. With the gap between the two banks not large, competition for early momentum is intensifying. Shinhan Bank, Hana Bank and IBK Industrial Bank of Korea, the program’s card issuers, have promoted benefits such as up to 30% discounts at military stores (PX) and 10% to 30% discounts at convenience stores and on public transportation. That has helped push issuance this year to more than 130,000 cards. Shinhan leads, with Hana closing in. IBK has lagged, with a gap of more than 20,000 cards behind Hana. The main prize is access to young customers. Service members can choose the card themselves, and banks see a strong chance the account relationship will continue after discharge. Over the contract period, the program is viewed as a long-term investment because it can bring in a potential customer pool of about 1.6 million. If linked to salary transfers, banks also expect an inflow of low-cost deposits. Shinhan was the sole operator during the first phase from 2007 to 2015 and was selected again as an issuer after 11 years. Hana joined the program for the first time and is putting heavy emphasis on expanding its base among younger customers. Broader conditions are also pushing banks toward institutional business. As growth in household lending slows and pressure rises to deploy funds under policies aimed at expanding productive finance, securing a stable deposit base has become a key task. Shinhan’s creation this year of an institutional and partnership sales group reflects that shift. “A major burden is that banks have secured a rare chance to participate and now need to deliver results,” a financial industry official said. “Because it offers a way to secure low-cost deposits and future customers at the same time, competition is likely to intensify further.” 2026-03-03 15:03:00
  • Uzbekistan joins international peace council for Gaza during Washington visit
    Uzbekistan joins international peace council for Gaza during Washington visit SEOUL, March 03 (AJP) - President Shavkat Mirziyoyev visited Washington from February 17 to February 19 at the invitation of United States President Donald Trump to participate in the inaugural meeting of the Peace Council. The working visit combined high-level political discussions with an extensive economic program, resulting in several agreements designed to strengthen the strategic partnership between Uzbekistan and the United States. The Peace Council is an intergovernmental initiative introduced by President Trump following a Gaza peace plan endorsed by the United Nations Security Council in November 2025. This platform serves as a mechanism to coordinate humanitarian assistance and establish institutional frameworks for the long-term reconstruction and socio-economic recovery of the Gaza Strip. The founding charter was signed in Davos on January 22, 2026, by a group of nations including Jordan, Türkiye, Saudi Arabia, and the United Arab Emirates. Uzbekistan joined the founding members to reaffirm its commitment to peaceful diplomacy and international law. The country has recognized Palestine since 1994 and has provided practical humanitarian support, including 1.5 million dollars through UNRWA in 2023 and the evacuation of 100 wounded Palestinian women and children for medical rehabilitation in late 2023. In 2025, Uzbekistan established a dedicated state fund to provide asylum, healthcare, and education for Palestinian citizens received in the country. At the February 19 meeting in Washington, which included representatives from more than 40 countries, President Trump announced that nine nations—Uzbekistan, Kazakhstan, Azerbaijan, the United Arab Emirates, Morocco, Bahrain, Qatar, Saudi Arabia, and Kuwait—had jointly pledged 7 billion dollars in assistance to Gaza. The United States committed an additional 10 billion dollars to support the council’s operations. During the session, President Mirziyoyev emphasized that any external governance framework for Gaza must rely on internal public support to ensure legitimacy and stability. He confirmed that Uzbekistan is ready to contribute to the construction of residential housing, schools, and healthcare facilities in Gaza to support both humanitarian and development goals. The economic dimension of the visit focused on a portfolio of contracts and projects exceeding 100 billion dollars, originally discussed during the 80th United Nations General Assembly in September 2025. These agreements cover aviation, mining, chemicals, energy, and innovation. Specific projects include cooperation with Denali Exploration Group and Re Element Technologies on rare earth elements, as well as partnerships with Palo Alto Networks regarding artificial intelligence. President Mirziyoyev held meetings with U.S. Secretary of Commerce Howard Lutnick, Eximbank President John Jovanovic, and U.S. Trade Representative Jamieson Greer. A formal agreement establishing a bilateral Investment Platform was signed to facilitate financing for industrial and infrastructure projects. Discussions also addressed Uzbekistan's accession to the World Trade Organization and the development of poultry clusters and agro-industrial cooperation. Trade turnover between the two countries increased 4.7-fold between 2017 and 2025, reaching 1 billion dollars. Exports from Uzbekistan are currently dominated by services, which account for 81 percent of the total, including programming and financial services. Imports from the United States primarily consist of machinery and equipment, representing 59 percent of the trade volume. As of February 2026, 346 enterprises with American capital operate in Uzbekistan. The current economic strategy aims to move beyond trade toward long-term technological partnerships in sectors such as electronics, microelectronics, and pharmaceuticals. This includes potential joint production with companies such as NVIDIA, Intel, and Qualcomm. The visit concluded with the signing of bilateral documents regarding the extraction of critical minerals, financial market reforms, and investment climate improvements. This information was released by the Embassy of Uzbekistan in South Korea on March 3. 2026-03-03 14:56:47
  • Middle East Crisis: Korean industries grapple with renewed oil shock
    Middle East Crisis: Korean industries grapple with renewed oil shock SEOUL, March 03 (AJP) - The widening Middle East crisis, triggered by U.S.-Israeli attacks on Iran and Tehran's closure of the Strait of Hormuz, is poised to ripple across South Korea's industrial landscape — compounding pressure on the struggling petrochemical sector while opening fresh prospects for defense exporters. The joint U.S.-Israeli airstrikes on Iran, launched on Feb. 28, killed Supreme Leader Ayatollah Ali Khamenei and triggered retaliatory Iranian missile and drone strikes against U.S. military assets across the Gulf and multiple Arab states. As of Tuesday, fighting had entered a third day with no ceasefire in sight, and U.S. President Donald Trump outlined a four- to five-week timetable for the campaign. Brent crude surged more than 6 percent in Monday trading, briefly approaching $80 a barrel, while European gas prices spiked nearly 40 percent after Qatar halted LNG output at a major facility following intercepted drone threats. Analysts warn that a sustained disruption to Hormuz traffic could push oil above $100 a barrel. The strait carries about 20 percent of the world's crude oil and one-fifth of global LNG. South Korea's exposure is acute as the country imports 70.7 percent of its crude oil and 20.4 percent of its LNG from the Middle East, according to the Korea International Trade Association. Should detour routes become necessary, maritime freight rates could climb 50 to 80 percent, with insurance premiums surging as much as sevenfold akin to the levels of past Gulf crises. The Organization of the Petroleum Exporting Countries said Sunday it would raise output by 206,000 barrels per day in April, but that increase amounts to only a fraction of the roughly 15 million to 20 million barrels per day that normally transit the strait. For now, experts say the risk of a drawn-out conflict remains limited. "Predictions of a prolonged war are not widespread, given Iran's missile-launch capacity and other constraints," said Yoon Jae-sung, an analyst at Hana Securities. "The possibility of a short-term disruption to South Korea's crude oil procurement is limited." Yoon cautioned, however, that a full Hormuz blockade would have far more severe consequences than the energy shock triggered by the Russia-Ukraine war. "Massive supply disruptions would be inevitable not only for crude oil, petroleum products, gas and fertilizer, but also for petrochemicals, and short-term price spikes would follow," Yoon said, pointing to S-Oil, SK Innovation, Unid and Lotte Fine Chemical as companies relatively better positioned to weather volatility. Petrochemicals hit at worst possible timing The conflict arrives at one of the worst possible moments for South Korea's petrochemical industry, the world's fourth-largest producer of ethylene and propylene. The sector has been mired in losses since 2021, battered by Chinese overcapacity and chronically weak margins. Spot cash margins for naphtha-fed steam crackers in Northeast Asia stood at minus $293 per metric ton as of mid-February, according to Chemical Market Analytics by OPIS. South Korea is one of the world's largest importers of naphtha, the crude oil derivative that serves as the primary feedstock for its petrochemical complexes. About 80 percent of ethylene's selling price is tied to naphtha procurement costs. When oil rises, naphtha follows — but producers cannot pass on higher costs in a global market flooded with Chinese supply. The government approved its first major restructuring project just last week. On Feb. 25, the Ministry of Trade, Industry and Energy signed off on the "Daesan No. 1" plan, merging Lotte Chemical and HD Hyundai Chemical operations with a 2.1 trillion won ($1.43 billion) support package. Lotte Chemical's 1.1-million-metric-ton-per-year ethylene cracker will be shut over three years. The deal marks the first consolidation under a broader roadmap targeting a national reduction of up to 3.7 million metric tons of cracking capacity across the Daesan, Yeosu and Ulsan complexes. The restructuring was designed for a low-price, oversupply environment — a sudden crude spike upends those calculations entirely. Freight shock amplifies cost pressure Fuel volatility has already triggered sharp spikes in charter rates for very large crude carriers (VLCCs). Following the U.S.-Israeli strikes, VLCC charter costs surpassed $400,000 per day. Rates that had hovered in the low $200,000 range nearly doubled within days as Iran escalated threats to Hormuz. Projections suggest that if a blockade materializes, charter fees could climb as high as $800,000 per day. According to freight indices for the Middle East–to–East Asia route, the Worldscale index reached 410.44 on Monday, translating into a Time Charter Equivalent of $423,736 per day. That represents more than a twofold increase from Feb. 27 — just before the conflict erupted — when the index stood at 224.72 and TCE at $218,154. Compared with January levels, when TCE averaged $78,793, tanker freight costs have surged more than fivefold in roughly a month. Defense emerges as the clear industrial upside The sole industrial upside from widening armed conflict lies in defense. Korea's defense exports to the Middle East tripled from $241 million in 2019 to $747.5 million in 2024, according to the Export-Import Bank of Korea. The broader Middle East and North Africa region accounted for 27 percent of global arms imports between 2020 and 2024, with regional defense spending projected to reach $255.8 billion by 2029. "Even if the war ends early, weapons imports in the Middle East could increase over the mid- to long term as countries hedge against follow-up Iranian attacks and lingering uncertainty," said Chae Woon-sam, an analyst at Hana Securities. "Not only U.S. defense firms, but Korean defense companies are also expected to benefit from rising regional demand." The conflict has exposed Gulf states' vulnerability to missile and drone strikes, with attacks hitting airports, military bases and residential areas across Qatar, Jordan, Kuwait and Bahrain. That exposure is likely to accelerate demand for the air defense and missile interception systems South Korean firms have been actively marketing. Hanwha Aerospace signed a $3.2 billion Cheongung-II air defense contract with Saudi Arabia in November 2023 and a $3.5 billion missile system deal with the UAE in January 2022. On Feb. 8, Defense Minister Ahn Gyu-back traveled to Riyadh for talks during the World Defense Show 2026, where 40 Korean firms showcased hardware and the two countries signed a new memorandum of understanding on joint defense research and development. Hana Securities said the recent wave of missile strikes has heightened the urgency of regional air defense stockpile replenishment, placing LIG Nex1 in a strong position. The Cheongung-II, often referred to as "Korea's Patriot," could emerge as a competitive mid-tier alternative to the U.S.-made Patriot system, which faces supply constraints and carries a higher price tag. "The Cheongung-II's cost-effectiveness and delivery timelines position it as a viable complement to the Patriot for mid-tier air defense," Chae said. "The unit cost of its interceptor missiles is less than half that of the Patriot's." Experts at the Washington Institute have noted that South Korean defense systems appeal to Middle Eastern buyers seeking to counter Iran's expanding drone and missile capabilities while diversifying beyond sole dependence on U.S. suppliers. Korean systems are designed to integrate with U.S.-supplied command-and-control networks, offering Gulf states redundancy without undermining existing alliance structures. The near-term outlook remains complicated. Iranian strikes on Gulf infrastructure have forced Korean firms to scale back on-the-ground operations. Hanwha, which employs about 123 workers at its Bismayah New City construction project in Iraq, activated emergency safety protocols. Korean Air suspended its Incheon–Dubai route, while shipping companies HMM and Pan Ocean prepared contingency detour plans. Any prolonged closure of Gulf airspace and sea lanes would delay deliveries, joint ventures and research cooperation — even as strategic demand for Korean defense systems grows. 2026-03-03 14:55:09
  • HMM Union Threatens April General Strike Over Proposed Move of Headquarters to Busan
    HMM Union Threatens April General Strike Over Proposed Move of Headquarters to Busan HMM’s labor dispute over a proposed relocation of its headquarters to Busan is escalating toward a general strike. HMM’s onshore union said Tuesday it will take legal action and launch a general strike in April if the government and major shareholders push ahead with the move without an agreement with labor. In a statement, the union said it believes the government and major shareholders could move to finalize the relocation through a sequence of steps: a March shareholders meeting, an April board meeting and a May extraordinary shareholders meeting to confirm amendments to the company’s articles of incorporation. HMM’s largest shareholders are the Korea Development Bank and the Korea Ocean Business Corp., which hold 35.42% and 35.08%, respectively. To relocate the headquarters to Busan, HMM would need to amend its articles, which currently state the headquarters is in Seoul. The union said major shareholders may appoint three outside directors seen as friendly at the March regular shareholders meeting, then pass a proposal at the April board meeting to amend the articles to change the headquarters location, and finalize it at the May extraordinary shareholders meeting. “If the articles are changed while negotiations are under way, we will pursue legal action against the directors and seek an injunction to suspend the effect of the special resolution at the shareholders meeting or to block the relocation,” the union said. The union also argued the relocation push is politically driven. It said the stated goal of strengthening shipping competitiveness has been sidelined and that the move is being rushed in connection with a political timetable in a specific region. It said shipping companies base headquarters in the Seoul metropolitan area for management efficiency, citing access to information, talent recruitment and global networks, and warned a forced move that ignores industry realities would weaken competitiveness. The union raised job-security concerns, saying the relocation would disrupt the lives of hundreds of employees and their families and, without sufficient consultation and measures, could lead to staff departures and organizational instability. The union said it will begin phased actions. Starting March 11, it plans weekly rallies during commuting hours, followed by a March 26 news conference in front of the headquarters. On April 2, it plans a rally and union assembly to approve a general strike in front of Cheong Wa Dae Sarangchae. It said it is also considering increasing rallies to twice a week or daily depending on developments. “If the government ultimately ignores workers’ right to make a living and the company’s autonomy, we will move into full-scale action including a general strike,” the union said, adding that responsibility for any management disruption and industrial losses would lie with the government. The headquarters issue is being pursued in connection with the government’s plan to develop Busan as a “maritime capital.” With labor-management tensions rising, debate over whether, when and how the relocation would proceed is expected to continue.* This article has been translated by AI. 2026-03-03 14:54:21
  • South Korean President Lee arrives in Manila for summit with President Marcos
    South Korean President Lee arrives in Manila for summit with President Marcos SEOUL, March 03 (AJP) - South Korean President Lee Jae Myung arrived in Manila on Tuesday afternoon for a state visit to the Philippines. The trip coincides with the 77th anniversary of the establishment of diplomatic relations between the two countries. President Lee is scheduled to hold a summit with President Ferdinand Romualdez Marcos Jr., followed by a joint press announcement and a state dinner. This is the second meeting between the two leaders since they met approximately four months ago during the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju last October. The two presidents are expected to discuss ways to expand future-oriented economic cooperation. Presidential officials said they anticipate new partnerships in sectors such as nuclear power, shipbuilding, and critical minerals. The visit also includes events focused on the shared history of the two nations. The Philippines deployed more troops to the Korean War than any other Asian country, and several stops on the itinerary are dedicated to honoring that service. Before the summit, President Lee visited the monument of Jose Rizal, the Filipino independence activist, to lay a wreath. On March 4, the second day of the visit, he will visit the Libingan ng mga Bayani, or the Cemetery of Heroes, to lay a wreath at the Korean War Memorial and meet with surviving veterans and their families. President Lee will end his visit by attending a business forum with South Korean and Filipino executives. He is also scheduled to hold a luncheon with members of the South Korean community before concluding his four-day Southeast Asian tour. 2026-03-03 14:37:05