Journalist
Lee Hugh
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Celltrion Pledges Full Cooperation After Contractor Worker’s Fatal Fall Celltrion said March 23 it is cooperating with authorities investigating the death of a contractor worker who fell while working at the company’s headquarters a day earlier, and vowed to strengthen safety measures to prevent a repeat. In a statement posted on its website, the company offered condolences, saying it mourns the contractor worker who died in what it called a tragic accident during work at its Songdo campus, and expressed deep sympathy to the bereaved family. Celltrion said it will provide all possible support during the response process and share the family’s grief, regardless of what investigators later determine about the cause or findings. The company said it has confirmed that required safety procedures and equipment checks had been completed before the accident, but that the specific circumstances are still being verified. It said it will recheck safety management systems at all worksites from the ground up and conduct a comprehensive inspection of potential hazards across the campus. Police and fire officials said the incident occurred at about 11:04 a.m. the previous day at a building on the second floor of a Celltrion factory in Songdo-dong, Incheon. The worker, a man in his 20s identified only as A, fell about 3 to 5 meters (10 to 16 feet) and died.* This article has been translated by AI. 2026-03-23 19:15:00 -
Joo Hyung-hwan Publishes Book on 700 Days of Population Policy Shift, Offers Low Birthrate Plan Joo Hyung-hwan, who served as vice chair of the Presidential Committee on Ageing Society and Population Policy, has published a new book detailing 700 days of policy work during his tenure, titled “A 700-Day Record of a Major Population Policy Shift: From Freefall to Rebound.” The book chronicles a shift from narrow low-birthrate measures to a broader population strategy spanning the full life cycle. With pessimism growing that “nothing works” despite years of policies and budget spending that failed to deliver results, Joo diagnoses the limits of past approaches and lays out alternative solutions. When Joo took office in February 2024, the total fertility rate stood at 0.72, the lowest on record. Projections that it could fall to 0.65 this year heightened the sense of a national population crisis. Arguing that the moment required a policy paradigm shift, he pushed to reorganize priorities around three pillars: work, caregiving and housing. For an ultra-aged society, he also called for moving beyond a welfare-centered approach and stressed innovation from an industrial perspective, pointing to areas such as age tech and a dementia-related asset market. A central theme is a move away from short-term fixes toward structural responses. He writes that the government pursued mid- to long-term tasks in parallel, including easing the burden of private education costs, reducing overconcentration in the Seoul metropolitan area and introducing inclusive immigration policies. “The population crisis is not an impossible problem; it is a task we can reverse if we bring together society’s capabilities,” Joo said. He said the book aims to present the process and results of the policy shift, along with remaining challenges. “A 700-Day Record of a Major Population Policy Shift: From Freefall to Rebound” runs 412 pages and was published by 21st Century Books. It is priced at 24,000 won. The publication date is 2026년 3월 20일.* This article has been translated by AI. 2026-03-23 19:06:31 -
K Bank Posts 112.6 Billion Won Net Profit in 2025, Targets 18 Million Customers K Bank said in a regulatory filing on the 23rd that it posted 112.6 billion won ($112.6 billion won) in net profit last year. The figure was down 12% from a year earlier, but the bank recorded net profit above 100 billion won for a second straight year. The bank said it added 2.78 million new customers last year, bringing its total to 15.53 million. As of the end of last year, K Bank’s deposit balance stood at 28.43 trillion won. Crypto-asset deposits fell amid a weaker asset market, while retail deposits rose 2.42 trillion won from a year earlier. Growth was led by its “Plus Box” parking account, which was revamped in September 2024, including applying interest rates to amounts above 50 million won. Retail demand deposits increased 2.83 trillion won last year, lifting the share of demand deposits in retail funding to 65.8% at year-end from 59.5% at the end of 2024. Loans totaled 18.38 trillion won at the end of last year, up 13% from 16.27 trillion won at the end of 2024. Lending to sole proprietors drove the increase, with the balance rising to 2.31 trillion won from 1.15 trillion won. Loans backed by real estate for sole proprietors jumped to 560 billion won from 70 billion won. Net interest income fell 7.8% to 444.2 billion won from 481.5 billion won a year earlier. The bank said interest revenue improved as loans and earning assets grew, but funding costs rose, including due to higher fee rates tied to crypto-asset deposits. Noninterest income rose about 40% to 113.3 billion won from 80.9 billion won, helped by gains on bond sales, higher investment returns including from money market funds, and the start of platform advertising revenue. Asset quality also improved, the bank said. Its delinquency rate fell to 0.60% at year-end from 0.90% at the end of 2024, while the ratio of substandard or lower loans eased to 0.57% from 0.82%. The annual credit cost ratio improved to 1.22% from 1.59% a year earlier. K Bank said it aims to expand its customer base to 18 million this year and focus on what it called three future growth engines: its platform business, expanded corporate lending, and areas including artificial intelligence and digital assets. Chief Executive Choi Woo-hyung said, “This year will be a turning point for K Bank to take another step forward,” adding that the bank will seek to grow into a leading financial platform for more customers, provide more opportunities and benefits to sole proprietor clients, and lead innovation in AI and digital assets.* This article has been translated by AI. 2026-03-23 18:36:00 -
KDB Names Lee Bong-hee Senior Executive Vice President Korea Development Bank said Monday it has appointed Lee Bong-hee, head of its corporate finance division, as executive director and senior executive vice president. Lee joined the bank in 1993 and has handled key functions for about 30 years, including strategy and planning, organizational management, corporate finance, restructuring, international finance and dealing, the bank said. Since being named head of corporate finance in 2024, he has strengthened KDB’s role as a core policy lender by providing tailored support to semiconductors and other advanced strategic industries aimed at securing future growth engines. KDB said Lee also led major restructuring issues, including final approval of the Korean Air-Asiana Airlines business combination, efforts to boost HMM’s corporate value, and a preemptive workout for Taeyoung Construction. Separately, KDB appointed Vice President Yoon Tae-jung to lead its innovation growth division. Yoon has served in the human resources department since 2016 and later worked in the indirect investment finance office, as head of the Jongno branch and as head of the New York branch, the bank said. Vice President Kim Chun-ho was appointed to lead the corporate finance division. Born in 1971, he is regarded as an expert in corporate restructuring and corporate finance, KDB said. * This article has been translated by AI. 2026-03-23 18:27:00 -
Samsung Electronics and union reopen talks, strike risk lingers SEOUL, March 23 (AJP)-Management at Samsung Electronics and its labor union held an unexpected executive-level meeting Monday, signaling a possible thaw in tensions after the union abruptly canceled a planned rally outside Chairman Lee Jae-yong’s residence. Vice Chairman Jun Young-hyun, who leads the critical Device Solutions (DS) division, met a four-member delegation from a joint protest committee that includes representatives of the National Samsung Electronics Union (NSEU). During the 90-minute meeting, Jun acknowledged employee grievances and proposed resuming formal negotiations, according to a union statement. “I am aware of the employees’ complaints, and we have arranged this meeting with the labor union to resolve them,” Jun said, adding the company is prepared to discuss key demands at the bargaining table. The union reiterated its preconditions for talks: scrapping the 50 percent cap on the Overall Performance Incentive (OPI) and overhauling the bonus system to improve transparency. It has strongly opposed the current use of Economic Value Added (EVA) as a benchmark, calling instead for metrics tied to operating profit. Jun signaled openness to reviewing the demands but cautioned that bonus allocation across semiconductor business units requires careful consideration. He also proposed a follow-up meeting in the near term. The dialogue came just hours after the union called off a press conference and rally planned outside Lee’s home in Seoul, citing “internal reasons,” in a move widely seen as lowering immediate tensions. Still, the risk of industrial action remains. The union recently secured legal strike rights after 73.5 percent of its roughly 90,000 members backed a walkout. It has threatened an 18-day general strike from May 21 to June 7 if negotiations fail. A mass rally involving about 9,300 members is scheduled for April 23 in Pyeongtaek, home to Samsung’s flagship chip plants. A strike would mark only the second in the company’s history, following a walkout in July 2024. Industry observers warn that any prolonged disruption could weigh on semiconductor output at a pivotal moment, as Samsung races to capture surging global demand for AI memory chips. 2026-03-23 18:10:00 -
Middle East War Raises Risks for South Korea’s $1B Pharma-Biotech Export Market As the Middle East is shaken by war between the United States and Iran, South Korea’s pharmaceutical and biotech industry is bracing for fallout in what it calls a 1 trillion won export market. The region has been a strategic growth hub for high-margin products such as biosimilars and botulinum toxin, and companies with heavier exposure are watching for a threefold hit: shipment disruptions, delayed payments and rising costs. According to foreign media reports and industry officials on the 23rd, the war — sparked by U.S. and Israeli airstrikes — is showing signs of dragging on, putting Korean drugmakers and biotech firms on heightened alert. Companies have expanded exports to the Middle East across pharmaceuticals, medical devices and aesthetic and cosmetic medical products. The Korea Health Industry Development Institute said South Korea’s biohealth exports to the Middle East totaled $1.03 billion (about 1.55 trillion won) last year, the highest on record. Growth has been led by so-called K-beauty and medical products, including biosimilars, botulinum toxin and hyaluronic acid fillers. Daewoong Pharmaceutical entered the Middle East and North Africa, or MENA, starting with the United Arab Emirates in 2020 with its botulinum toxin product Nabota, and later expanded to Saudi Arabia and Qatar. Hugel has increased supplies of Botulax using the UAE and Kuwait as hubs. Medytox’s Neuramis filler and Hanmi Pharmaceutical’s Rolontis have also continued exports under supply contracts with local partners. With the U.S.-Iran conflict taking on the shape of a prolonged fight, conditions on the ground are shifting quickly. Disruptions are expected in parts of the region’s sea and air logistics networks, and tensions are spreading to nearby countries, prompting Korean companies to activate contingency plans. Some medical and pharmaceutical firms with bases in Dubai and elsewhere have moved to remote work and reduced business travel for safety, creating unavoidable gaps in local sales and marketing. An industry official said companies can still manage the situation through measures such as adjusting shipping schedules or handling delays, but warned that a prolonged conflict would likely cause damage. The official added that, given the common practice among Middle East buyers of taking time to settle payments after shipment, the burden of managing financial risk could grow. Concerns also extend to global supply chains. South Korea’s pharmaceutical and biotech sector relies heavily on imported active pharmaceutical ingredients, and a Middle East-driven shock, combined with production disruptions elsewhere, could trigger broader supply instability. Jeong Yun-taek, head of the Korea Pharmaceutical Industry Strategy Research Institute, said South Korea has already experienced the risks of overseas dependence during the COVID-19 pandemic, citing shortages of Tylenol. He said expanding regional risks could disrupt international medicine supply chains. The Ministry of Food and Drug Safety said the domestic self-sufficiency rate for active pharmaceutical ingredients stood at 25.6% as of 2023. Rising crude oil prices are another concern. If prices climb for basic chemicals such as naphtha, which is essential to synthesizing drug ingredients, manufacturers’ costs can rise directly. A won-dollar exchange rate stuck in the 1,500-won range may help exporters, but it also increases the burden of importing raw materials, raising concerns about negative effects. The government and industry said they are monitoring developments closely and preparing steps to minimize damage. The Korea Health Industry Development Institute and related ministries are tracking export trends to the Middle East and changes in shipping routes and flights, and are reviewing possible support measures if needed. A pharmaceutical company official said the industry is watching for logistics disruptions and weakening local demand after achieving record-high drug export results last year. * This article has been translated by AI. 2026-03-23 18:09:00 -
LG Chem-Licensed Gout Drug Enters Phase 3 Trial in China; Other Korea Pharma Updates LG Chem-licensed gout drug enters Phase 3 trial in China LG Chem said March 23 that Innovent Biologics, which holds the China license for its gout drug candidate Tigulixostat, has begun dosing the first patient in a Phase 3 clinical trial in China. Innovent, known for developing new cancer and immunology drugs, has recently added related programs including a gout-flare treatment as it moves into the gout market. The Phase 3 study will enroll 600 gout patients and compare Tigulixostat with febuxostat, an existing uric acid-lowering drug. The trial will assess the rate of achieving target serum uric acid levels at week 24 and long-term safety over one year of use. In a Phase 2 trial Innovent conducted independently in China, all dose groups showed a stronger uric acid-lowering effect than febuxostat and favorable safety, LG Chem said. CHA Biotech, Novartis Korea to cooperate on 'K-Bio CIC Open Innovation Center' CHA Biotech and Novartis Korea said March 23 they signed a strategic memorandum of understanding to build an open-innovation cooperation framework based on CGB, the Cell Gene Bioplatform. The companies said they will set up a system to identify promising biotech startups, support commercialization and help them expand globally. CHA Biotech said it is accelerating efforts to build a global biotech ecosystem around CGB, which is being constructed in Pangyo Second Techno Valley. The cluster is designed to link research and development, clinical work, manufacturing and business development, centered on cell and gene therapies. The 'K-Bio CIC Open Innovation Center' will adopt a model from the Cambridge Innovation Center. The partners said the hub will provide shared lab infrastructure, global network connections, clinical access, links to GMP manufacturing and global business development support. Osstem Pharma launches pharmacy-only oral care brand 'Okchi' Osstem Pharma said March 23 it is entering the pharmacy distribution market with Okchi, a functional oral care brand. The first product is a whitening toothpaste designed for ongoing whitening through brushing. The company cited rising demand for professional-grade whitening products and said it will focus on pharmacy-only distribution. The toothpaste contains 3.0% hydrogen peroxide, the maximum allowed under standard manufacturing criteria for over-the-counter tooth whitening products, the company said. It said dental school clinical testing confirmed efficacy: in a test using the same main ingredient, the tooth brightness improvement rate was 85.13% after four weeks, and the improvement effect was confirmed in 100% of cases after 12 weeks. Osstem Pharma said it will expand the lineup in April with two additional products focused on protecting sensitive teeth and preventing cavities, mainly through pharmacy channels. Bukwang Pharm to co-promote Servier's Arthyl and Vastinan, strengthening cardiovascular portfolio Bukwang Pharmaceutical said March 23 it held a co-promotion agreement ceremony with Servier Korea on March 17 for seven Arthyl and Vastinan products. The products include five hypertension treatments — Arthyl tablets 4 mg and 8 mg, Arthyl Arginine tablets 5 mg and 10 mg, and Arthyl Plus Arginine tablets — and two angina treatments, Vastinan tablets and Vastinan MR sustained-release tablets. The companies said they will begin full-scale joint marketing April 1, dividing sales and marketing roles by hospital size. Servier Korea will cover accounts with 300 beds or more, the companies will jointly cover 100 to 299 beds, and Bukwang will handle institutions with fewer than 100 beds. SK Bioscience signs contract manufacturing deal with IDT for MSD Ebola vaccine SK Bioscience said March 23 it signed a contract development and manufacturing agreement with IDT for finished-dose development and production tied to a second-generation Zaire Ebola vaccine project being pursued with Merck & Co. and the International Vaccine Institute. The company said the deal followed a January announcement by CEPI, the Coalition for Epidemic Preparedness Innovations, of about $30 million in development funding for the project. The second-generation vaccine effort aims to address the complexity of the current manufacturing process and the burden of ultra-cold distribution. SK Bioscience said the focus is to improve manufacturing yield and thermal stability to strengthen supply stability and access. Under the agreement, SK Bioscience will produce the drug substance, while IDT will handle finished-dose development and manufacturing using its CDMO expertise and facilities.* This article has been translated by AI. 2026-03-23 18:00:00 -
KOSPI suffers one of biggest routs as Trump ultimatum rattles Asian markets SEOUL, March 23 (AJP) - The Seoul bourse suffered one of its steepest selloffs Monday as a sharp risk-off wave swept across Asia after U.S. President Donald Trump issued a 48-hour ultimatum to Iran, prompting heavy foreign outflows and broad-based selling. The rout came as escalating tensions in the Middle East stoked fears of disruptions to global energy supply routes, particularly the Strait of Hormuz, a chokepoint for about 20 percent of the world’s seaborne oil. The U.S. dollar rose past 1,510 won to close at 1,514.6 won, its highest level since the global financial crisis. Oil prices also jumped on supply fears, with Brent crude rising 1.6 percent to $113.9 a barrel and West Texas Intermediate climbing 3.4 percent to $101.5. The selloff spread across the region. Japan’s Nikkei 225 fell 3.48 percent to 51,515.49 after briefly slipping below the 51,000 mark during the session. Hong Kong’s Hang Seng Index dropped 3.34 percent to 24,433.3, while China’s Shanghai Composite lost 3.63 percent to 3,813.28. South Korea’s benchmark KOSPI plunged 6.5 percent to close at 5,405.75 after falling as low as 5,397.94 intraday, marking one of its sharpest one-day declines this year. Foreign investors drove the selloff, dumping more than 3.67 trillion won ($2.4 billion) worth of shares, while institutions sold a net 3.82 trillion won. Retail investors stepped in aggressively, purchasing nearly 7 trillion won worth of stocks and absorbing much of the selling pressure. Market volatility spiked early, triggering a sell-side sidecar at 9:18 a.m. — the sixth such activation this year — after KOSPI200 futures tumbled more than 5 percent for over one minute. The tech-heavy KOSDAQ also fell sharply, losing 5.6 percent to 1,096.9. On the secondary board, foreign investors sold a net 259.4 billion won and institutions offloaded 200.4 billion won, while retail investors bought 465.6 billion won, partially cushioning the drop. Losses were broad-based, with major index heavyweights falling in tandem. Samsung Electronics dropped 6.6 percent to 186,300 won, while SK hynix slid 7.4 percent to 933,000 won as semiconductor stocks came under pressure amid global risk aversion. Automakers also retreated, with Hyundai Motor down 6.2 percent to 485,000 won and Kia off 4 percent to 161,700 won. Energy and industrial shares also weakened. LG Energy Solution fell 5.2 percent to 356,000 won, Doosan Enerbility plunged 8.1 percent to 100,700 won, and Hanwha Aerospace slipped 3.2 percent to 1,278,000 won. In the bio and platform sectors, Samsung Biologics lost 4.9 percent to 1,523,000 won and Naver declined 5.6 percent to 209,000 won. Among the few gainers, SK Ocean Plant rose 7.2 percent to 27,400 won, while Pearl Abyss edged up 0.6 percent to 41,750 won. The selloff also hit entertainment shares despite BTS’s high-profile comeback, underscoring how broader market stress overshadowed stock-specific momentum. Hybe plunged 15.6 percent to 290,500 won, while JYP Entertainment fell 6.8 percent to 61,700 won. 2026-03-23 17:58:15 -
BTS is officially back, but Hybe stock plunges nearly 16% SEOUL, March 23 (AJP) - BTS may have returned in full force, but investors were in no mood to celebrate. Despite the group’s highly publicized comeback spectacle in Seoul’s Gwanghwamun on Saturday, distributed globally through Netflix, and the release of its first studio album in six years, Hybe shares tumbled sharply on Monday, the first trading session after the official return. Hybe closed down 15.55 percent at 290,500 won, a much steeper fall than the benchmark KOSPI’s 6.5 percent decline. The stock has now shed about 21 percent from last Wednesday, before the album’s Friday release. The sell-off came even as early sales of BTS’s fifth studio album, ARIRANG, appeared robust. The album sold about 3.98 million copies on its first day and topped 4 million within three days, setting a new K-pop sales record. That performance surpassed BTS’s previous benchmarks, including MAP OF THE SOUL: 7, which posted 3.37 million first-week sales, and MAP OF THE SOUL : PERSONA, which had held a Guinness-recognized mark with 3.39 million copies sold. Kim Doo-un, an analyst at Hana Securities, said the drop appeared to reflect a mix of profit-taking and broader market weakness rather than any single company-specific disappointment. “Overall market conditions were not favorable, and downside pressure was widespread across sectors,” Kim said. “It is difficult to attribute the fall solely to BTS’s comeback.” Asian markets were broadly under pressure Monday as rising geopolitical tensions dampened risk appetite, dragging down equities across the region. Some analysts also said much of the optimism surrounding BTS’s return had already been priced in. “Expectations had been high going into the comeback, and some elements may not have fully met those expectations,” Kim said. He added that while Hybe’s long-term growth story remains intact, the stock is still highly sensitive to whether short-term expectations are met. BTS is set to begin a new world tour in Goyang on April 9, followed by additional shows on April 11 and 12, before heading to Tokyo as part of a multi-city global run. In a statement released after the concert, Hybe thanked authorities and local residents for their cooperation, highlighting the cultural significance of holding the performance in Seoul’s historic Gwanghwamun district. 2026-03-23 17:58:07 -
About 1 in 4 NK defectors show chromosomal anomalies; no proven radiation link SEOUL, March 23 (AJP) - Roughly one in four North Korean defectors who lived near the country’s main nuclear test site has shown signs of chromosomal abnormalities potentially consistent with radiation exposure, the Unification Ministry said Monday, while stressing that no causal link has been established. The findings are based on 2024 tests conducted by the National Radiation Emergency Medical Center under the Korea Institute of Radiological and Medical Sciences. The study examined 35 defectors from eight cities and counties surrounding the Punggye-ri nuclear test site, where North Korea carried out all six of its nuclear tests. Of those tested, 12 individuals — about 34 percent — showed chromosomal changes in a “stable chromosome aberration test,” a biological dosimetry method used to estimate cumulative lifetime radiation exposure. All 12 recorded levels above the minimum detection threshold of 0.25 gray. By contrast, an “unstable chromosome aberration test,” which detects more recent exposure within the past three to six months, found no values above the detection limit in any subject, suggesting that any potential exposure occurred earlier. Officials cautioned that the results do not establish a direct connection to nuclear testing. Chromosomal abnormalities may arise from other sources, including medical radiation such as CT scans or exposure to harmful chemicals, including smoking. North Korea conducted nuclear tests at Punggye-ri between 2006 and 2017, releasing radioactive isotopes such as iodine-131, cesium-137, strontium-90 and plutonium-239, which can enter the body through contaminated air, water or food and potentially cause genetic damage. Despite the findings, none of the 12 individuals identified with possible abnormalities has been diagnosed with cancers typically associated with radiation exposure, according to the ministry. The latest results build on earlier screenings. In 2023, 15 out of 59 defectors showed similar signs, bringing the three-year total to 44 out of 174 individuals — about 25 percent of those tested who had lived near Punggye-ri since North Korea’s first nuclear test in October 2006. The ministry said establishing a definitive link would require environmental sampling of soil and water near the test site — currently impossible without cooperation from Pyongyang. Comparative analysis with the general South Korean population could also help clarify any correlation. About 800 defectors in South Korea are believed to have originated from the eight regions surrounding the test site. The Unification Ministry said it will continue testing, aiming to examine 50 additional individuals this year, though the program has slowed, with only 94 people tested over the past two years and no new results publicly released since 2024. 2026-03-23 17:53:03