Journalist

Lee Hugh
  • Three workers killed in wind turbine fire in Yeongdeok
    Three workers killed in wind turbine fire in Yeongdeok SEOUL, March 24 (AJP) - Three workers in their 40s and 50s died in a fire at a wind turbine in the eastern coastal county of Yeongdeok on Monday while conducting repairs and inspections. A fire broke out during the staged demolition process. According to Yeongdeok County authorities, all 24 wind turbines installed at the Changpo Wind Farm and nearby areas were installed in 2005 and have exceeded their 20-year design life. The workers who died in the fire were inspecting the bending condition and cracks of the No. 19 wind turbine blade when the accident occurred. All wind turbines at the Changpo Wind Farm have stopped operating since the fire. Fire authorities said access was difficult because the fire occurred 80 meters high on the turbine with a broken blade hanging. Two of three blades fell to the ground. 2026-03-24 11:04:45
  • HMM marks 50th anniversary with new vision, growth strategy
    HMM marks 50th anniversary with new vision, growth strategy SEOUL, March 24 (AJP) - South Korean container shipping giant HMM unveiled a new corporate vision and growth strategy as it marked the eve of its 50th founding anniversary, signaling fresh ambitions to expand beyond its core shipping business. At a ceremony held at the company's headquarters Tuesday in Yeouido, Seoul, Chief Executive Choi Won-hyok and about 100 employees gathered to formally launch the vision statement "Move Beyond Maritime," which the company described as a commitment to becoming a world-class integrated shipping and logistics group. To anchor the new direction, HMM introduced a four-pillar strategy dubbed "W.A.V.E." — covering workforce development, AI-driven innovation, value-based growth, and environmental transformation. The framework reflects HMM's push to secure long-term competitiveness through talent, technology, and green transition. "Over the past half-century, we have weathered countless choices, challenges, hardships, and successes," Choi said. "All of our achievements stem from the dedicated efforts of those who have worked at sea and on the ground, at home and abroad." He added that HMM must now set sail on another voyage toward becoming a centennial company, and called on employees to work together toward joining the ranks of global top-tier carriers. Founded in 1976 with three tankers, HMM expanded into full containerization by 1986 and launched South Korea's first LNG carrier in 1994. The company posted a record operating profit of about 9.9 trillion won in 2022 after clawing back from a prolonged industry downturn in the 2010s, a revival driven in part by its 2020 delivery of the then-world's largest 24,000 TEU container vessels. HMM said it has since pressed ahead with decarbonization and digitalization efforts, becoming the first domestic carrier to secure methanol- and LNG-fueled container ships, while building a big-data analytics system through a centralized ship operations center. 2026-03-24 11:04:41
  • LG Electronics sells over 3 million washers globally
    LG Electronics sells over 3 million washers globally SEOUL, March 24 (AJP) - The cumulative sales of LG Electronics' high-end washing machines have exceeded 3 million units, the home appliance giant said on Wednesday. Since its launch in the U.S. in September 2020, the Tromm WashTower, a washing machine that combines a washer and dryer in a single stacked unit, has been sold in about 77 countries, with some 1.2 million units sold in South Korea as of February. Buoyed by its energy efficiency and convenience, demand is rising quickly in Central Asia, Europe and Central America, with the company saying it reflects housing trends in which laundry space has shrunk as kitchens and balconies have expanded, leading more households to stack washers and dryers vertically. Compared with installing a same-class drum washer and dryer separately in a stacked setup, the WashTower is about 9 centimeters shorter, and its height from the floor to the center of the dryer door is 148.3 centimeters, which the company said makes loading and unloading laundry easier for users. It was named the "best overall washer-dryer set" by Forbes for a second straight year and was also praised as one of the leading all-in-one washers by other trade magazines in the U.S. and Europe. LG plans to release a new version next month with an improved design and more artificial intelligence–powered features to enhance user convenience. "We will provide more global customers with a new clothing-care experience through a more convenient washing machine," said Baek Seung-tae, an LG executive. 2026-03-24 10:58:55
  • VR Concert Film Rush Road Director Kim Ji-ae Aims to Give TWS Fans Strength to Live Today
    VR Concert Film 'Rush Road' Director Kim Ji-ae Aims to Give TWS Fans 'Strength to Live Today' In VR concert films, fans can feel as if their favorite artist has stepped right in front of them to sing and dance — a level of closeness and eye contact that is impossible at a live arena show. “TWS VR Concert: Rush Road” drew strong advance demand soon after release, and the website server crashed when second-round ticket sales opened. At the center of the project is Kim Ji-ae, a director at Amaze. She has directed VR concert films including Tomorrow X Together’s “Heart Attack,” ATEEZ’s “Light the Way” and TWS’ “Rush Road,” and said she focused on delivering what fans expect while making a 40- to 50-minute concert feel memorable. “TWS has a clear image that both fans and the public expect,” Kim said. “I filmed it thinking about how to make a 40- to 50-minute concert impressive without damaging those expectations. People expect TWS’ bright, fresh energy, so I wanted to preserve that clean mood. Some people hear ‘VR concert’ and think of flashy CG, or feel resistant to it. If ATEEZ was a surreal, cinematic stage built around their universe, I wanted TWS to feel like a friend — making everyday spaces feel special.” Kim said she studied the members closely, watching stage videos and behind-the-scenes content to learn their speech patterns and personalities. “I looked up everything like a newly converted ‘SAI’ (the fandom name) — stage videos, their own content, all of it,” she said. “Watching making-of footage, I studied what the members are like and what they say. When you look at TWS, it feels like ‘Animal Crossing.’ Like their music, they often use clear, pretty words and expressions, so I tried to bring that out.” Some fans, she said, welcomed that the film did not over-polish the performance and instead kept a more live feel — including overlapping or stumbling comments and small details such as Dohoon’s untied shoelace. “One of the best parts of a concert, for me, is watching the members’ relationships during the talking segments,” Kim said. “At a real concert there’s back-and-forth with the audience, but VR is inevitably one-way. Even so, I didn’t want it to feel like they were reading a script. I hoped their personalities and the group’s mood would come through not only in the live sections but also in the comments. Even if it wasn’t perfect, I wanted it to feel like they were speaking directly to me and guiding me, rather than reading a prompter. I explained that to the members, and they understood.” Kim said that natural feel came from the members’ attitude. She briefed them on what VR would be like — an experience with no blind spots, as if the fan’s favorite member is right in front of them — and said TWS prepared more diligently than expected. “I told them first that it’s not watching a stage from far away — it’s right in front of you, with no blind spots,” she said. “They were so sincere. If I sent references the day before, they practiced each one and even filmed themselves on their phones. That made filming very smooth. There were moments where Youngjae in the middle or Kyungmin at the end made small mistakes in their comments, but they played it off cutely and the members naturally covered for each other. I think that’s part of the charm. Even if something is a bit unpolished, how you handle it matters more, and I think we captured TWS’ fresh, early-debut atmosphere.” Kim said she prioritizes a “real-life” look, paying close attention in DI (color grading) and background compositing to how artists appear on stage and how light falls on their faces. “I care about the experience of seeing the artist in person, so I put a lot of effort into DI and background compositing,” she said. “Some scenes were reflected in the TWS VR concert — like when the sun rises and sets, or fireworks go off, and the artists’ faces are tinted by that light. I wanted it to feel realistic. But I saw feedback like, ‘The skin looks too white,’ or ‘There was too much retouching.’ Even when we didn’t raise the whites or add heavy correction, some people felt that way, which surprised me.” She said the backgrounds and spaces were designed with the same goal: that viewers leave feeling their day became a little more special because of TWS, without breaking the flow between songs. “I wanted people to feel, ‘Today became special because of TWS,’ so we used backgrounds like a bright daytime scene, a pretty golden hour sunset and a night sky with an aurora,” Kim said. “We also built special miniature-like spaces — a hip graffiti-covered spot and a room with a fresh vibe. I didn’t want the transitions between songs to feel abrupt or break immersion.” Kim said what stood out most in preparation was the members’ initiative. She said VR is not completed by backgrounds and effects alone; the key is how the artist’s live performance and movement are captured from the viewer’s perspective. “TWS is a team I want to brag about to the whole world,” she said. “In VR, backgrounds and effects matter, but how you capture the artist’s live performance and movement is crucial. Just designing camera animation so the viewer’s field of vision isn’t uncomfortable takes two to three months. We do choreography test shoots, camera guides and simulations before the main shoot, and TWS was the first artist to participate so actively in that preparation. They watched senior artists’ VR videos and kept studying how they should appear, and they practiced in a planned way down to fingertip details. Members like Jihoon, Kyungmin and Youngjae, who are interested in performance and choreography directing, actively shared opinions from the test-shoot stage. Among the artists I’ve filmed, it’s rare to see a group think through camera guides, blocking, facial expressions and details like this. It was a project filled with that level of thought, and we plan to release a making-of video later through a YouTube channel.” Kim said making a VR concert ultimately comes down to what emotion it leaves with fans — not just a well-made product, but an experience that offers comfort and renewed energy. “People tell us, ‘I got the strength to live today after watching our film,’ and I’m truly grateful,” she said. “At a stage greeting, Shinyu once said, ‘I hope the SAI who leave after watching this become special,’ and I feel the same. Since people made the effort to come, I hope they gain ‘the strength to live today’ from watching any artist, including TWS. That’s the mindset I bring to the project.” Kim said the members also hoped the VR concert would help break assumptions — about both the group and the format. “One thing they said that stayed with me was that they prepared so hard, and they hoped fans would recognize that effort,” she said. “TWS is strongly associated with a bright image, but if you look at their B-sides, the performances are strong and they sing live really well. The members were thinking a lot about how to show that. At the same time, they knew there are prejudices about VR, so they said they wanted to break prejudices about TWS and about VR together. It impressed me that they kept thinking through and revising details to make a show anyone could watch comfortably.”* This article has been translated by AI. 2026-03-24 10:51:39
  • KOSPI jumps as Iran strike fears ease, oil prices tumble
    KOSPI jumps as Iran strike fears ease, oil prices tumble SEOUL, March 24 (AJP) — South Korea’s benchmark KOSPI opened sharply higher on Tuesday upon expectation of a potential truce. Seoul’s main index rose 4.39 percent to 5,643.00 at the open, while the KOSDAQ gained 3.47 percent to 1,135.00. Gains later pared to around 2 percent as conflicting remarks from Washington and Tehran over a possible truce tempered early optimism. U.S. President Donald Trump delayed a potential strike on Iran by five days and signaled openness to negotiations, raising hopes for early de-escalation. The rally was further supported by a sharp drop in oil prices and easing bond yields. West Texas Intermediate crude plunged 10.3 percent to the high-$80 range per barrel, while the U.S. 10-year Treasury yield slipped to around 4.34 percent. The decline in oil prices reflected expectations of diplomatic progress and a normalization of supply, though volatility driven by geopolitical headlines is likely to persist. Major KOSPI heavyweights moved broadly higher. Samsung Electronics rose 3.92 percent to 193,600 won, while SK hynix jumped 5.47 percent to 984,000 won. Hyundai Motor advanced 3.30 percent to 501,000 won, and LG Energy Solution gained 4.92 percent to 373,500 won. Among other large caps, Samsung Biologics added 2.10 percent to 1,555,000 won. Hanwha Aerospace edged up 1.41 percent to 1,296,000 won, and Doosan Enerbility climbed 3.18 percent to 103,900 won. Financials and industrials also traded higher. KB Financial Group gained 2.41 percent to 148,800 won, HD Hyundai Heavy Industries rose 2.99 percent to 517,000 won, and Samsung C&T climbed 3.10 percent to 283,000 won. Celltrion advanced 2.97 percent to 193,900 won, while Samsung Life Insurance added 2.76 percent to 223,500 won. Shinhan Financial Group rose 1.22 percent to 91,000 won, Hanwha Ocean gained 3.11 percent to 122,600 won, and Mirae Asset Securities advanced 3.07 percent to 63,800 won. Hyundai Mobis increased 2.10 percent to 389,000 won, while HD Hyundai Electric jumped 3.83 percent to 948,000 won. Kia was the only major decliner, falling 2.04 percent to 158,400 won. 2026-03-24 10:44:01
  • NH NongHyup Bank Launches Principal-Protected ELD With Up to 10.1% Annual Return
    NH NongHyup Bank Launches Principal-Protected ELD With Up to 10.1% Annual Return NH NongHyup Bank said March 24 it will launch its “Equity-Linked Deposit (ELD) 26-1,” a principal-protected product that guarantees principal and a minimum contracted interest rate if held to maturity, while offering potential additional returns. The one-year deposit is linked to the KOSPI 200 index, with returns determined by index movements. It comes in three types: Stable I, Return I and Return II. The KOSPI 200 Stable I type offers annual returns from 2.6% to 3.10% (2.45% to 2.95% for corporate customers), depending on the underlying asset’s gain. The KOSPI 200 Return I type offers 2.4% to 5.4% (2.25% to 5.25% for corporate customers). The KOSPI 200 Return II type offers up to 10.1% annually (9.95% for corporate customers). Subscriptions will be accepted from March 25 to April 3 through branches nationwide, as well as NH All One Bank and NH Smart Banking. “ELDs are products that protect principal at maturity while allowing customers to seek additional returns,” said Park Hyun-ju, executive vice president for personal finance at NongHyup Bank. “We will continue to support customers in building stable assets through a range of products.”* This article has been translated by AI. 2026-03-24 10:13:20
  • KB Financial to Launch 20 Trillion Won Productive Finance Plan, Create Corporate Investment Fund
    KB Financial to Launch 20 Trillion Won Productive Finance Plan, Create Corporate Investment Fund KB Financial Group will push a 20 trillion won "KB Kookmin Happiness Growth Project" in 2026 to foster advanced strategic industries and support small business owners. KB Financial said on the 24th it held its third group productive finance council meeting at KB Kookmin Bank's new building in Seoul's Yeouido district and finalized a detailed execution plan. The project will run on two pillars: "growth" to back companies and industries, and "hope" to expand inclusive finance. The 20 trillion won plan for this year consists of 2 trillion won for the Kookmin Growth Fund, 3 trillion won in group in-house investment, 12 trillion won in corporate loans and 3 trillion won in inclusive finance. To expand venture investment and support promising companies, the group plans to create a corporate investment master fund of 200 billion won a year and invest a total of 1 trillion won over five years in advanced industries and other areas. The fund is a mid- to long-term project financed solely with capital from affiliates including KB Kookmin Bank, KB Securities and KB Insurance. KB Financial said it will invest in a matching-fund structure linked to policy funds, aiming for a multiplier effect that could supply up to 10 trillion won in investment resources to the market over the next five years. It added that links to policy finance have been strengthened after KB Asset Management was selected as a manager for the government's "public participation fund." KB Financial also said it will reorganize and refine evaluation systems to improve execution. It created dedicated working groups for investment banking and corporate lending. KB Kookmin Bank introduced a separate productive finance indicator into its 2026 key performance indicators, and said it will reflect preferential standards across branch profitability and growth assessments to speed a shift toward corporate finance. To strengthen screening capabilities, the group set up an "advanced strategic industry screening unit" and hired outside specialists, including patent attorneys. Working with related institutions such as the Korea SMEs and Startups Agency, KB Financial said it plans to build a comprehensive financial support system spanning the discovery of promising small and venture firms through the development of unicorn companies. Kim Seong-hyeon, head of KB Financial's corporate and investment banking market division, said shifting to productive finance is "an essential task for the group's sustainable growth" beyond its social role, and said all affiliates must embed it into routine financial activities. * This article has been translated by AI. 2026-03-24 10:12:52
  • Celltrion to Invest 1.2265 Trillion Won to Expand Songdo Drug-Substance Plants
    Celltrion to Invest 1.2265 Trillion Won to Expand Songdo Drug-Substance Plants Celltrion said Tuesday it will move to secure new production capacity, including a major expansion at its headquarters campus in Songdo, Incheon, with investment topping 1 trillion won. The company said the plan is aimed at meeting rising global demand for biopharmaceuticals and strengthening manufacturing competitiveness. The expansion will be carried out in phases from this year through 2030 and will cover infrastructure at its Songdo campus, U.S. production base and other domestic sites. At the Songdo campus, Celltrion will invest 1.2265 trillion won to expand Plants 4 and 5 at the same time, bringing total capacity to 180,000 liters. The new facilities will apply automation and smart-factory technology, the company said, enabling production ranging from small batches of multiple products to large-scale manufacturing. Celltrion said this should also speed preparations to produce future biosimilars and new drugs. To bolster competitiveness in the U.S. market, Celltrion said it has finalized the scale of an expansion at its Branchburg, New Jersey, facility. It plans to increase capacity there from 66,000 liters to 75,000 liters, securing total drug-substance (DS) capacity of 141,000 liters. The Branchburg site is expected to play an important role in local supply for the Celltrion Group and in expanding its contract manufacturing (CMO) business, the company said. Celltrion is also pushing to strengthen drug-product (DP) manufacturing. A new DP facility being expanded at the Songdo campus is nearing completion within the year and, once operating, will be able to produce 6.5 million liquid vials annually. Combined with the maximum output of the DP line at Plant 2, total DP capacity in Songdo would reach 10.5 million vials, the company said. A new DP plant planned for an industrial complex in Yesan, South Chungcheong province, has already had its site finalized, with design work scheduled to begin within the year. Celltrion said that once the Yesan DP plant is completed and a planned expansion of Celltrion Pharm’s prefilled syringe (PFS) production facilities is finished, the group would be able to internalize about 90% of its global DP needs. The company said it expects significant manufacturing cost savings compared with overseas DP CMO production. Celltrion said it is closely reviewing safety management systems for all ongoing construction projects. All expansion projects across the group, including Plants 4 and 5, will proceed with safety as the top priority, it said. A Celltrion official said the investment decision was made to respond to surging global demand for biopharmaceuticals while strengthening cost competitiveness and supply stability. “We will build manufacturing infrastructure that covers the CMO business as well, centered on the growth engines of new drugs and biosimilars,” the official said.* This article has been translated by AI. 2026-03-24 10:12:00
  • Celltrion to invest 1.2 trillion won in new Songdo plant, expanding drug substance capacity to 571,000 liters
    Celltrion to invest 1.2 trillion won in new Songdo plant, expanding drug substance capacity to 571,000 liters SEOUL, March 24 (AJP) - Celltrion announced plans to invest about 1.23 trillion won ($821 million) to build two new drug substance manufacturing plants at its Songdo campus in Incheon, as it moves to meet rising global demand for its biosimilar and novel drug products. The new Plants 4 and 5 will add 180,000 liters of drug substance (DS) production capacity to Celltrion's existing network, the company said Tuesday. Combined with a separately announced expansion at its Branchburg, New Jersey facility — where planned capacity has been increased to 75,000 liters from 66,000 liters — the company's total DS capacity is expected to reach 571,000 liters, up from the current 316,000 liters. The phased investment will run from this year through 2030 and encompasses facilities in South Korea and the United States. Celltrion said the new Songdo plants will be equipped with advanced automation and smart factory technology to enable both small-batch and large-scale production. "This investment decision will serve as an opportunity to significantly improve profitability, backed by overwhelming cost competitiveness and supply stability," a company spokesperson said, adding that Celltrion aims to become a global top-tier company spanning biosimilars, novel drugs and contract manufacturing. On the drug product (DP) side, Celltrion said a new DP facility at Songdo — already more than 70 percent complete — is on track to begin commercial production next year, with annual capacity of 6.5 million liquid vials. A second DP plant is planned for the Yesan industrial complex in South Chungcheong Province, with design work set to begin this year. Once all domestic and overseas expansions are complete, Celltrion said it expects to internalize 100 percent of its DS production needs and about 90 percent of global DP requirements, significantly reducing reliance on external contract manufacturers. The company added that it would actively consider securing additional production facilities if market conditions or pipeline progress warrant further expansion. 2026-03-24 10:03:12
  • Survey: 7 in 10 South Korean fintech firms operate without e-finance registration
    Survey: 7 in 10 South Korean fintech firms operate without e-finance registration South Korea’s payment gateway (PG) industry is expanding rapidly, but about seven in 10 fintech companies are operating without registering as an electronic financial business, a new survey found. Despite tighter oversight of PG operators, many firms still take part in payment functions outside the regulatory system, raising concerns about blind spots in supervision. According to the Korea Fintech Industry Association’s “2025 Fintech Industry Survey,” released Monday, only 32% of 322 surveyed fintech companies were registered as electronic financial businesses. Another 64.3% were operating without registration, and 3.7% said they were considering registering. The association said this was the first time results of a full survey on fintech firms’ registration status had been made public. The survey covered a wide range of fintech fields — including payments, wealth management, insurtech and IT and solution providers — so the unregistered share does not necessarily equal the unregistered share among firms that are required to register. Under the Electronic Financial Transactions Act, businesses that provide services such as simple payments, prepaid top-ups and settlement must register with financial authorities. Operating without registration can be punished by up to three years in prison or a fine of up to 20 million won. Critics have said the law’s narrow definition of PG business leaves gaps, including for “dual-business” PG operators that run their main business — such as online marketplace brokerage — while also handling settlements as a side activity. Industry officials also argue that registration requirements — including capital, staffing and security systems — can be a high barrier for early-stage startups. Some companies say they only provide technology and do not directly control the flow of funds, and therefore interpret themselves as not subject to registration. Registration rates varied sharply by industry. Financial-sector firms, which have traditionally provided financial functions, showed a 59.2% registration rate. By contrast, information and communications firms and software/IT firms posted rates of 13.9% and 20.5%, respectively. The report attributed this in part to IT-based companies defining their services as “technology services” while in practice performing PG-like functions such as accepting payments or handling settlements without registering. The report warned that as platform-based payment ecosystems expand, more businesses are becoming involved in payment and settlement processes while remaining outside the scope of electronic financial business registration, increasing the risk of consumer harm. On some online platforms, consumers may feel they are paying through the platform itself, but settlements are often handled by a separate PG firm or financial institution. When payment delays or refund disputes arise, users may struggle to identify who is responsible, delaying relief, the report said. The report also found growth in “PG-like” firms that remain outside regulation, particularly among electronic financial support providers — which assist financial institutions with IT systems, data processing, security and authentication — and among “third-tier PG firms.” It defined third-tier PG firms as reseller or agency-type businesses that re-sell services based on contracts with second-tier PG firms. A fintech industry official said that when businesses in the regulatory gray zone cause incidents, the fallout can spread across the entire industry. The official called for steps to improve transparency, including tightening rules to bring gray-zone operators into the system or blocking unqualified firms from entering the market. 2026-03-24 10:03:07