Journalist
Lee Hugh
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PPP leader Jang Dong-hyeok campaigns in Daegu for mayoral hopeful Choo Kyung-ho Jang Dong-hyeok, leader of the People Power Party, visited Daegu on Saturday to rally support for Choo Kyung-ho, the party’s candidate for Daegu mayor, saying the conservative stronghold should not be handed to Kim Boo-kyum. Jang’s appearance followed his attendance a day earlier at the opening of Busan mayoral candidate Park Hyung-joon’s campaign office, as the party seeks to consolidate its base. Speaking at Choo’s campaign office opening in Suseong District, Jang said he had checked what he described as Kim’s criminal record the previous day and criticized Kim as someone who received a one-year prison sentence with a two-year suspended term for violating the National Security Law. Jang also accused President Lee Jae-myung of trying to erase his own alleged wrongdoing, saying Lee had pursued what Jang called an unreasonable state investigation and was now pushing a special counsel probe aimed at canceling indictments tied to 12 allegations. Jang claimed such a move would lead to what he called a socialist constitution intended to extend Lee’s term. “This has to be stopped in Daegu,” Jang said, calling the local elections a contest to block dictatorship and socialism and to protect liberal democracy and future generations. He said supporters last winter chanted “We are Choo Kyung-ho” to defend Choo, and argued that Choo is now running for mayor to protect South Korea, liberal democracy and Daegu. “Economic mayor Choo Kyung-ho will change Daegu,” he said. Addressing controversy over the party’s nomination process for the Daegu mayoral race, Jang apologized to Daegu residents, saying as party leader he was responsible. He also expressed regret to National Assembly Deputy Speaker Joo Ho-young and candidate Lee Jin-sook, who were cut from the primary process. The event drew party leaders and nearly 40 sitting lawmakers, including honorary campaign chair Kim Moon-soo, a former labor minister; former Korea Communications Commission chair Lee Jin-sook; and lawmakers Joo Ho-young, Na Kyung-won and Yoon Jae-ok. Former President Lee Myung-bak also offered a video message of support, saying Daegu needs an “economic mayor, not a political mayor.” He cited the global financial crisis shortly after his inauguration, saying South Korea was the only country to post positive growth and that Choo served at the time as senior secretary for economic and financial affairs at Cheong Wa Dae and head of an emergency economic situation office.* This article has been translated by AI. 2026-05-03 17:40:05 -
Song Min-hyeok wins GS Caltex Maekyung Open in playoff for first career title Song Min-hyeok won the 45th GS Caltex Maekyung Open, claiming his first career title after a playoff at Namseoul Country Club (par 71) in Seongnam, Gyeonggi Province. Song shot a 1-under 71 in Sunday’s final round with three birdies and two bogeys to finish at 11-under 273. He then beat Cho Min-kyu on the first extra hole at the par-4 18th, sealing the win with a par putt. The victory earned Song 300 million won in prize money. By winning the event, co-sanctioned with the Asian Tour, he also secured a five-year exemption on the Korea Professional Golfers’ Association (KPGA) Tour and a two-year exemption on the Asian Tour. Song was a national team member from 2021 to 2023 and debuted on the KPGA Tour the following year. In the 2024 season, he posted a tie for fourth at the Dong-A Membership Group Open and a tie for second at the KPGA Tour Championship, winning rookie of the year honors. His best finish before this week was second at the KPGA Tour Championship in November 2024. He also erased lingering disappointment from 2023, when he finished runner-up in this tournament as an amateur. Cho, meanwhile, settled for his fourth runner-up finish at the event, after also placing second in 2011, 2020 and 2022. Heo In-hoe, who closed with a 7-under 65 to finish tied for the lead, did not advance to the playoff after a scoring correction. Officials added two strokes for a provisional-ball situation on the par-4 seventh hole in the third round on May 2, changing his score there from par to double bogey. The adjustment dropped Heo to a tie for third at 9-under 275.* This article has been translated by AI. 2026-05-03 17:39:15 -
Hanwha Solutions’ Rights Offering Faces Second Regulator Revision Request Hanwha Solutions’ plan for a rights offering has been halted again after South Korea’s financial regulator demanded another revision, even after the company reduced the deal size. The latest move has sharpened scrutiny on investor protection and whether the company can justify how it plans to use the funds. Industry officials said Saturday that Hanwha Solutions disclosed it was asked by the Financial Supervisory Service on April 30 to submit a revised registration statement for the rights offering it filed April 17. It was the second such request, following an initial revision demand on April 9. The filing has not been accepted, and its effectiveness has been suspended. Hanwha Solutions previously announced a 2.4 trillion won rights offering aimed at repaying debt, saying it was a step to prevent a credit-rating downgrade amid worsening business conditions. The market response was negative, with criticism that the company moved ahead with a large share issuance without sufficient communication with shareholders and that it planned to use most of the proceeds to pay down debt. The company reapplied after cutting the offering to 1.8144 trillion won, but still failed to clear the regulator’s review. The FSS said the disclosure lacked sufficient detail. It reportedly took issue in particular with about 5 trillion won in noncore assets, including real estate and stakes in other companies, held by Hanwha Solutions. During the first review, the FSS was also said to have questioned why the company pursued a rights offering despite holding a sizable amount of such noncore assets. Some in the market say Hanwha Solutions needs to redesign the offering, providing more specific explanations of how the funds will be used and how the plan would improve its finances, while also presenting steps to limit damage to shareholder value. Industry observers have raised the possibility that Hanwha Solutions could further reduce the amount and add a third-party allotment, since debt repayment still accounts for nearly half of the use of proceeds even after the cut. However, a third-party deal may be difficult because demand from outside investors may be limited and only a small number of affiliates could participate, they said. Hanwha Solutions said it would accept the FSS request and work to supplement the filing. “We take the FSS request very seriously,” the company said, adding that it would “humbly reflect once again on the criticisms and opinions raised by shareholders and the media” and prepare a revised registration statement that meets the requirements.* This article has been translated by AI. 2026-05-03 17:34:13 -
Korea’s Imported Car Market Splits Between Ultra-Luxury and Budget Models Korea’s imported-car market is increasingly splitting between ultra-expensive models and bargain-priced vehicles, with fewer buyers in the middle. The same pattern is emerging in the fast-growing electric-vehicle segment, where attention is focused on high-performance EVs priced above 100 million won and entry-level models using LFP batteries that maximize government subsidies. According to the Korea Automobile Importers & Distributors Association on May 3, sales of imported cars priced at 100 million won or more totaled 17,375 in the first quarter, up 13.3% from 15,795 a year earlier. By price band, vehicles priced from 100 million won to under 150 million won jumped 22.7% to 9,258. Sales of models priced at 150 million won or more edged down 1.2% to 8,088 from 8,184. Among imported cars priced above 100 million won, BMW led with 6,540 vehicles sold, followed by Mercedes-Benz with 4,687 and Porsche with 2,105. Among brands classified as “luxury cars,” Bentley sold 99 vehicles in the first quarter, up 98% from 50 a year earlier. Land Rover sales rose 10.1% to 1,141 from 1,036, and Rolls-Royce increased 13.2% to 43 from 38. Budget-focused brands also gained ground. China’s BYD sold 2,252 vehicles in the first quarter, accounting for 84% of imported-car sales priced under 40 million won. With BYD’s surge, total sales in that under-40-million-won segment reached 2,038, up 581.6% from 299 a year earlier. The split is also evident in EVs. Sales of imported EVs priced at 100 million won or more rose 72.3% to 2,872 in the first quarter. At the same time, sales of mass-market EVs priced at 50 million won or less totaled 17,938, about 60% of the overall imported EV market of 31,498, driving growth. By contrast, sales in the 50 million to 70 million won range—often seen as the market’s average price band—rose 13.9% to 20,575. That increase lagged the overall imported-car growth rate of 35.5%. The disappearance of midrange demand is being attributed to widening gaps in household wealth. With some assets such as real estate and stocks rising sharply, higher-income consumers have gained purchasing power, while many households facing high prices and high interest rates are focusing more strictly on value, the association said. The trend has been reinforced as EV brands such as Tesla reduce midpriced offerings and emphasize a two-track approach centered on higher-margin luxury models and lower-priced vehicles. An industry official said the value segment is expanding as lower-priced EVs gain traction, while buyers seeking clear differentiation are moving into the ultra-premium market, reshaping demand toward the extremes. “Brands with an unclear position will find it increasingly difficult to survive,” the official said. The official added that as polarization by price is expected to become more pronounced, imported-car brands should refine strategies to meet layered consumer demand. 2026-05-03 17:33:16 -
National Assembly Speaker Woo Won-shik urges People Power Party to back constitutional amendment vote Woo Won-shik, the speaker of South Korea's National Assembly, said Saturday that a plenary vote on a constitutional amendment bill jointly introduced by 187 lawmakers was expected within days, and urged the People Power Party to take part in the vote. In a Facebook post, Woo said the bill's passage remained uncertain because the People Power Party opposes it as a party line. He again asked the party to lift its opposition and participate in the vote. Addressing the party, Woo said it was "deeply regrettable" that it opposed an amendment meant to ensure that an illegal imposition of martial law could not even be contemplated, despite what he described as an apology over martial law and efforts to sever ties with Yoon Suk Yeol. He urged the party to join what he called his proposal to "cross the river of insurrection" together by backing the amendment. Woo also stressed that the core of the amendment was preventing a "second Yoon Suk Yeol." He said it could not be guaranteed that there would never again be a second or third Yoon with "extreme thinking," and called for changing the National Assembly's constitutional power to lift martial law into a power to approve it, and for immediately suspending the effect of martial law once the Assembly votes, to prevent any attempt at illegal martial law. On April 3, floor leaders of six parties, excluding the People Power Party, submitted the amendment bill to the National Assembly under the names of 187 lawmakers. The People Power Party has opposed it, calling it a rushed, election-driven amendment.* This article has been translated by AI. 2026-05-03 17:09:15 -
South Korea, China and Japan Finance Chiefs Pledge Closer Coordination, Boost Regional Safety Net South Korea, China and Japan brought their finance ministers together to coordinate responses to global uncertainty and other medium- to long-term challenges, including steps to strengthen the region’s financial safety net. South Korean Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol chaired the 26th trilateral meeting of finance ministers and central bank governors on May 3 in Samarkand, Uzbekistan. The three countries hold the meeting annually to share economic and financial cooperation plans and to discuss key agenda items in advance of the ASEAN+3 finance ministers and central bank governors meeting. The chair rotates among the three finance ministries, and South Korea is this year’s chair. The countries shared views on the macroeconomic impact of the recent war in the Middle East and their respective policy responses. They said their economies remained steady despite external uncertainty last year, a trend that continued through the first quarter, but agreed that downside risks have increased due to the Middle East conflict. Koo said the three countries face common medium- and long-term structural challenges, including low birthrates and aging populations, weakening growth potential and the need to stabilize supply chains. He proposed that they share information and work together on solutions. On ASEAN+3 financial cooperation, Koo said, “To respond to heightened uncertainty, we need to improve the effectiveness of the CMIM, the regional financial safety net,” and urged joint efforts to strengthen the capacity of AMRO, the region’s surveillance body. The finance ministers and central bank governors agreed that close communication can help support regional financial stability. They also decided to hold their next meeting in Nagoya, Japan, where the 30th ASEAN+ finance ministers and central bank governors meeting is scheduled to be held in 2027. * This article has been translated by AI. 2026-05-03 17:07:26 -
Yu Hyeon-jo wins inaugural DB Women’s Championship for first 2026 KLPGA title Yu Hyeon-jo, last season’s Korea Ladies Professional Golf Association Tour grand prize winner, won her first title of the 2026 season Sunday at the newly created DB Women’s Championship, which has a total purse of 1.2 billion won. Yu shot an even-par 72 in the final round at Rainbow Hills Country Club (par 72) in Eumseong, North Chungcheong province, with two birdies and two bogeys. She finished at 7-under 281, edging a three-way tie for second — Go Ji-won, Kim Min-sol and Lee Da-yeon — by one stroke at 6-under 282. The winner’s prize was 216 million won. Yu, the 2024 KLPGA Tour rookie of the year who won last season’s grand prize and low-scoring title, earned her third career tour victory — her first in eight months since winning the KB Financial Star Championship last September. She also became the inaugural champion of the new event. In a televised interview after the round, Yu said, “I’m so happy the season’s win came quickly,” adding, “I was disappointed with the number of wins last year. This year, I’ll do my best so I can aim to win multiple titles.” Go, who led outright through the first three rounds, was seeking her first multiple-win season but slipped to a share of second after dropping two shots Sunday. Park Ju-young, described as a “mom golfer,” posted the day’s best score by cutting five strokes. She finished tied for fifth at 5-under 283 with Kim Soo-ji and Han Jin-seon. * This article has been translated by AI. 2026-05-03 17:06:16 -
Japan Imports Russian Crude for First Time Since Hormuz Strait Closure Japan will import Russian crude oil for the first time since the Strait of Hormuz was closed. Kyodo News reported May 2, citing a Japanese Ministry of Economy, Trade and Industry official, that refiner Taiyo Oil procured crude produced by the Sakhalin-2 oil and gas development project in Russia’s Far East through a spot deal. The crude was reported to have left Sakhalin aboard a tanker in late April. The tanker carrying the Russian crude is expected to arrive as early as the night of May 3 at Ehime Prefecture, where Taiyo Oil has refining facilities. It is Japan’s first import of Russian crude since the Hormuz closure. Kyodo said the purchase is not believed to fall under Western sanctions imposed over Russia’s invasion of Ukraine. Sakhalin-2 is led by Russia’s state energy company Gazprom, with Japan’s Mitsubishi Corp. and Mitsui & Co. participating. It produces liquefied natural gas and crude from offshore gas fields northeast of Russia’s Sakhalin region. The project began year-round crude production in 2008 and has exported LNG since 2009. Japan also holds a stake in the Sakhalin-1 development. The import is seen as part of Japan’s effort to diversify procurement as disruptions to Middle East crude shipments persist. Kyodo reported that a large tanker managed by a unit of Idemitsu Kosan was confirmed to have passed through the Strait of Hormuz in late April, but it remains unclear whether Middle East crude transport will return to normal.* This article has been translated by AI. 2026-05-03 17:04:08 -
Auto Installment Loan Rates Top 10% at Some Firms as Funding Costs Rise Auto installment loan rates are climbing sharply as funding conditions worsen for card issuers and capital companies. Some capital firms have pushed rates above 10%, and the rise in card bond yields suggests rates could climb further. According to the Credit Finance Association on Saturday, the average installment rate for new cars at six dedicated card issuers last month — based on a 30% cash down payment and a 36-month term — ranged from 4.60% to 6.63%. That is more than a 2 percentage-point increase in four months, compared with the low-3% to low-4% range in the fourth quarter of last year. Major capital companies posted higher rates than card issuers, at 5.12% to 8.80%. Meritz Capital’s top rate reached 10.8%. Hana Capital’s average rate rose 1.58 percentage points, from 5.52% in the previous quarter to 7.1% in April. The increases reflect higher funding costs for card issuers and capital companies. Unlike banks, specialized credit finance companies do not take deposits and largely fund lending by issuing specialized financial company bonds and commercial paper. Amid instability in the Middle East, yields on three-year AA+ card bonds have stayed in the 4% range, hitting 4.167% on March 23. With a typical two- to three-month lag before higher funding costs feed into loan pricing, installment rates are expected to face additional upward pressure. Still, rates may vary by model and automaker marketing strategy. Automakers sometimes work with financial firms to offer ultra-low-rate financing or cashback on key models to boost sales, which can keep rates low despite higher funding costs. Some Chinese-made electric vehicles are being offered with financing starting in the 0% range. An industry official said higher funding costs leave room for additional rate increases, but added that a dual-track market — with ultra-low rates for low-priced Chinese EVs regardless of broader rate moves — is likely to persist for the time being. * This article has been translated by AI. 2026-05-03 17:03:17 -
Drugmakers Expand Small-Pack Supplements Beyond Pharmacies to Daiso Drugmakers are expanding sales of health functional foods and other products to Daiso, a fixed-price household goods chain, as they move beyond pharmacy-centered distribution. With consumers seeking ultra-low prices and value during a downturn, companies are aiming to lower the cost burden and broaden customer touchpoints. The shift is also spreading to quick-commerce delivery channels. According to the industry on May 3, Chong Kun Dang launched six small-portion, small-pack “Dailywise” health functional foods and seven gummy products at Daiso. The lineup includes basics such as multivitamins and minerals and omega-3, as well as “Women’s Health Respecta Probiotics.” Dongwha Pharm has also released nine Daiso-only daily health products, including “Pyeonan Hwal,” “Quick&Sure,” “by. Ssanghwa-won” and “by. Maglab.” The company said Pyeonan Hwal and other items ranked No. 1 in the food category after launch, and initial online-mall inventory sold out quickly, leading to temporary shortages. By. Ssanghwa-won and by. Maglab are sub-brands of Ssanghwa-won and Maglab, planned as Daiso-exclusive products tailored to the channel. The broader retail push is translating into earnings. Chong Kun Dang Health returned to profitability last year, posting operating profit of 37.3 billion won, helped by expanded supplement sales. Daewoong Pharmaceutical also reported that its OTC sales rose 27% from a year earlier to 43.7 billion won as sales of supplements launched through Daiso increased. Both companies moved early to offer ultra-low-priced supplements at Daiso, pricing key items at a fixed 3,000 to 5,000 won. Jeong Dong-hee, an analyst at Samsung Securities, said Daewoong’s core products such as Ursa are expected to grow through pharmacies, while new health functional foods should expand through general retail channels. He projected the company’s OTC division revenue will rise from 160.6 billion won in 2025 to 184.7 billion won this year. As low-price, small-portion strategies centered on Daiso lift sales, the approach is spreading to other channels. Dong-A Pharmaceutical has placed four items from its health functional food brand Selparex on Baemin’s B Mart delivery platform. All are sold as one-month supplies at a fixed price of 5,000 won. Dongkook Pharmaceutical and Kwangdong Pharmaceutical are also already supplying products to quick-commerce channels. Industry officials say the model is taking shape: use small packs to improve accessibility and draw new demand, then expand distribution based on that base. A pharmaceutical company official said small-pack products are a sales strategy designed around consumer accessibility, and are meaningful because they can introduce products to more customers. With online and offline distribution channels diversifying, the official said, expanding points of sale is a natural trend.* This article has been translated by AI. 2026-05-03 16:55:23