Journalist
Lee Hugh
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EFK Chairman Sohn Kyung-shik Wins Unanimous Fifth Term, Pledges Stronger Business Unity Sohn Kyung-shik has won a fifth term as chairman of the Korea Employers Federation, known as EFK. EFK said it held its 57th annual general meeting on Monday at the Westin Josun Hotel in Seoul and unanimously reappointed Sohn with the backing of its leadership and member companies. Sohn first took the helm in March 2018. With Monday’s vote, he will lead the group for two more years through 2028. EFK has no term-limit rule. EFK’s leadership said Sohn has played a central role over the past eight years on major labor and economic issues, contributing to improvements in the business environment and raising the group’s policy standing. EFK said policy uncertainty around labor issues has grown, including debate over the so-called Yellow Envelope Act — amendments to Articles 2 and 3 of the Trade Union and Labor Relations Adjustment Act — making Sohn’s experience and leadership more necessary. In his opening remarks, Sohn said the government’s push on key policy tasks is expected to accelerate and that discussions of policies that could burden companies may also expand. “I will further strengthen cooperation across the broader business community,” he said. He said EFK would fulfill its responsibility as a representative business group so that corporate views are reflected in policy in a balanced way. He added that, regarding the revised union law set to take effect March 10, EFK will focus on conveying business concerns to the government and National Assembly and on supporting member companies in reasonable collective bargaining. On debate over extending the retirement age, a major labor issue this year, Sohn said he would seek a “win-win” approach that aligns with youth employment through flexible options such as rehiring after retirement. He also pledged continued efforts to push deregulation and tax improvements, expand flexible working hours, spread job- and performance-based pay systems, and establish a prevention-focused industrial safety environment. At the meeting, EFK also reappointed Executive Vice Chairman Lee Dong-geun, 22 non-executive vice chairmen and two auditors, following the chairman’s recommendations. Keum Seok-ho, president of HD Hyundai Heavy Industries, was named a new non-executive vice chairman, and Jin Yong-min, CEO of Seoul City Gas, was appointed a new auditor.* This article has been translated by AI. 2026-02-24 13:28:13 -
KOSPI extends rally despite global headwinds and profit-taking SEOUL, February 24 (AJP) - Korean stocks extended their upward momentum Tuesday despite a choppy start, shrugging off overnight losses on Wall Street driven by tariff uncertainty and rising Middle East tensions. Seoul’s benchmark KOSPI advanced 1.42 percent to a fresh all-time high of 5,929.14 as of 11:15 a.m., while the KOSPI 200 gained 1.66 percent to 880.21. Overnight in the United States, the Dow Jones Industrial Average fell 1.7 percent, the Nasdaq dropped 1.1 percent and the S&P 500 declined 1.0 percent, reflecting caution over trade frictions and concerns about AI-driven industry disruption. Despite the pullback, most Asian markets remained resilient. Institutional investors led the rally, piling into large-cap shares as foreign and domestic investment banks raised their targets for the main index. Nomura Securities recently projected the KOSPI could climb to 8,000. Domestic institutions bought more than 1 trillion won worth of shares, offsetting net retail selling of 945.2 billion won. Semiconductor heavyweights remained firm. Samsung Electronics rose 0.7 percent to 194,400 won, while SK hynix advanced 2.1 percent to 971,000 won, sustaining momentum in memory-related stocks. Sector performance was mixed. Telecommunications equipment led gains, climbing 5.8 percent. Hanwha Vision surged 23.9 percent on expectations that its semiconductor equipment subsidiary would benefit from continued high-bandwidth memory investment. CJ ENM also gained 5.75 percent. In contrast, petrochemical shares weakened. Hanwha Solutions fell 2.3 percent amid uncertainty over the government’s upcoming restructuring package for the sector. Risk-off sentiment was evident in commodities. Gold jumped 2.84 percent to $5,225.6 per ounce, while silver climbed 5.13 percent to $86.6, reflecting safe-haven demand following former U.S. President Donald Trump’s renewed deadline to Iran over its nuclear program. In currency markets, the won weakened slightly, with the dollar up 0.5 won to 1,446.5 won. Across Asia, markets were mixed. Hong Kong’s Hang Seng Index fell 1.6 percent, while China’s Shanghai Composite rose 0.7 percent. Japan’s Nikkei 225 added 0.6 percent. 2026-02-24 11:29:41 -
Korea's consumer confidence strongest in 3 mo Feb on buoyant stocks and exports SEOUL, Feb. 24 (AJP) — South Korea’s consumer confidence rose to its strongest level in three months in February, buoyed by a robust stock market and resilient exports, central bank data showed Tuesday. According to the Bank of Korea, the composite consumer sentiment index (CCSI) stood at 112.1 in February, up from 110.8 in January and 109.8 in December. A reading above 100 indicates that optimism outweighs pessimism compared with the long-term average. The index measuring perceptions of current economic conditions rose 5 points to 95, while the six-month outlook climbed 4 points to 102, indicating that more consumers expect overall conditions to improve. Employment sentiment also strengthened, with the subindex for job prospects edging up 2 points to 93. Sentiment on prices and housing inflation stabilized. One-year inflation expectations remained unchanged at 2.6 percent, while expectations for interest rates ticked up 1 point to 105. The current living standards index held steady at 96, while the outlook index rose 1 point to 101. The prospective household income index remained at 103, and the expected household spending index was unchanged at 111. Overall, improved assessments of macroeconomic conditions offset stable household income expectations, keeping consumer sentiment firmly in optimistic territory above its long-term average. The prospective interest rates index has risen steadily since November, climbing from 98 to 105 over four months, as higher bond yields and persistent global rate uncertainty led consumers to expect borrowing costs to remain elevated for longer. Perceptions of household savings and debt showed mixed signals. The current household savings CSI rose 1 point to 100, and the savings outlook CSI increased 1 point to 102. In contrast, the current household debt CSI remained unchanged at 99, while the debt outlook CSI edged down 1 point to 96. Expectations for prices and asset values shifted modestly. The overall price level outlook CSI slipped 1 point to 147. The housing price outlook CSI fell sharply by 16 points to 108. The wage outlook CSI was unchanged at 123. Inflation expectations remained broadly stable. Perceived inflation over the past year stood at 2.9 percent, unchanged from January. Expected inflation for the next year held at 2.6 percent, while three-year and five-year ahead expectations were both unchanged at 2.5 percent. Despite a moderation in headline inflation, higher prices for processed foods and seafood helped keep inflation expectations steady. In terms of distribution, the 2–3 percent range accounted for the largest share of responses for one-year ahead inflation expectations at 29.7 percent. The same range was also most cited for three-year ahead expectations at 29.8 percent and five-year ahead expectations at 28.2 percent. Overall, inflation expectations remained anchored, housing price expectations cooled significantly, and household savings sentiment improved slightly, while debt outlook perceptions softened. However, households continued to cite agricultural products and utilities as the main drivers of expected price increases over the next year. 2026-02-24 11:25:46 -
Moviegoers review-bomb 15th-century royal tomb following blockbuster historical film hit SEOUL, February 24 (AJP) - A digital revolt has targeted the royal tomb of King Sejo after the release of the film King's Warden, directed by Jang Hang-jun, sparked public anger over the 15th-century monarch's rise to power. Since the movie opened on February 4, the UNESCO World Heritage site, known as Gwangneung, has been review-bombed with one-star ratings on major South Korean map applications. King's Warden reached the 6 million mark on Monday, just 20 days after its release, and is currently expected to surpass 10 million viewers in the country with a population of about 52 million. The film explores the domestic life and psychological isolation of King Danjong during his exile. The public anger is rooted in a pivotal and violent era of the Joseon Dynasty. In 1453, Grand Prince Suyang, who later became King Sejo, orchestrated a coup d'état to seize power from his 12-year-old nephew, King Danjong. After forcing the boy to abdicate in 1455, Sejo eventually ordered his execution in 1457 while the former king was in exile in Yeongwol, some 140 kilometers (87 miles) southeast of Seoul. Even in modern South Korea, Yeongwol is part of the "BYC" region, an acronym for Bonghwa, Yeongyang, and Yeongwol, collectively regarded as the most remote, mountainous, and difficult-to-reach inland area of the country. Historical accounts of the death vary between poisoning and strangulation, but the ruthless nature of the usurpation has long made it one of the most tragic chapters in South Korean history. The film focuses on the final days of the deposed boy-king during his confinement in this isolated mountainous region. Rather than a political thriller, the narrative emphasizes the tender bond formed between the lonely Danjong and the local villagers who cared for him. By highlighting the human vulnerability of the 16-year-old king and the sympathy of the common people, the movie frames his uncle, the invisible yet looming King Sejo, as a visceral villain responsible for destroying a young life. The emotional impact of the film has led social media users to digitally terrorize King Sejo's tomb on popular map platforms. Users have labeled the burial ground a "gathering place for psychopathic DNA" and described Sejo as the "worst cowardly murderer uncle in history." One user, identified as "Gae84", suggested the site should be demolished to build an apartment complex. In contrast, the sites associated with King Danjong have seen a massive surge in physical and digital support. According to the Yeongwol Cultural and Tourism Foundation, 10,641 people visited Cheongnyeongpo, the island where the king was exiled, during the Lunar New Year holiday, a fivefold increase from the 2,006 visitors recorded last year. Over 10,000 tourists also visited Jangneung, Danjong's tomb, between Feb. 14 and 16. Online, the tomb has received a wave of five-star comfort reviews from users promising the historical figure the warmth he was denied in life. The scale of the online activity has prompted South Korea's dominant tech companies to take restrictive measures. Kakao Map placed the Gwangneung entry under "Safe Mode" to block new submissions. Naver is speculated to be utilizing its AI-driven "Clean System" to monitor and filter out review patterns that do not reflect genuine user experiences, effectively hiding posts unrelated to actual visits to the tomb. 2026-02-24 11:09:36 -
Coupang expresses regret amid US House probe SEOUL, February 24 (AJP) - Coupang has expressed "regret" that a dispute over alleged unfair treatment in South Korea prompted a U.S. House investigation. In a statement on Monday, "We regret the circumstances in Congressional deposition, and we remain committed to seeking a constructive resolution," said Robert Porter, Coupang's chief global affairs officer. "More broadly, Coupang hopes to be able to serve as a bridge between the United States and Korea, helping improve the bilateral economic relationship, strengthen the security alliance, and accelerate trade and investment that benefits both countries," he added. The statement came a few hours after Harold Rogers, Coupang's interim chief in South Korea, appeared for a closed-door session before the U.S. House Judiciary Committee in Washington, D.C., where he reportedly testified for about seven hours. His appearance followed an order earlier this month from the U.S. House Judiciary Committee to testify about whether South Korea is "targeting" the Seattle-based company with discriminatory actions, as part of a broader investigation into alleged unfair treatment of American businesses here. Coupang is under police investigation in South Korea over multiple allegations and suspected offenses related to a massive data leak detected last November, which is now believed to have affected about 33.67 million users and exposed their sensitive personal information, far more than the roughly 3,000 users initially reported. 2026-02-24 11:03:57 -
Internet News Ethics Committee Signs MOU With National Disability Rights Center The Internet Newspaper Ethics Committee said Feb. 24 it signed a memorandum of understanding with the Health and Welfare Ministry-commissioned National Center for the Rights of Persons with Disabilities on Feb. 23 at the center’s meeting room. The committee said it is the first media-related organization to sign an agreement with a disability rights advocacy body. The MOU aims to improve and prevent coverage involving abuse of people with disabilities and to foster a more responsible reporting environment among online news outlets. Planned cooperation includes joint monitoring and review work related to abuse coverage, collaborative research to improve reporting, related training and publicity, and joint seminars and campaigns. Lee Jae-jin, the committee’s chair, said, “With this agreement as a turning point, we will take a closer look at disability-related coverage, which has received relatively limited attention, and work to expand advocacy for the rights of people with disabilities.” Park Jeong-sik, director of the national center, said a 2023 revision to the Welfare of Persons with Disabilities Act provided a legal basis for establishing and ensuring compliance with recommended standards for reporting on abuse. He said the need for cooperation with media organizations and related institutions has grown since the standards were distributed in the second half of last year. “This agreement with the Internet Newspaper Ethics Committee will be an important opportunity to ensure the standards are implemented effectively,” Park said. The National Center for the Rights of Persons with Disabilities is a specialized agency commissioned by the Health and Welfare Ministry and established under the Welfare of Persons with Disabilities Act in 2017 to respond to abuse. Working with 19 regional centers nationwide, it carries out advocacy efforts including abuse prevention and support for victims with disabilities. 2026-02-24 10:39:16 -
Jin Air launches Incheon-Takamatsu promotion with round trips from 163,000 won Jin Air said Tuesday it is running an online promotion for its Incheon-to-Takamatsu route, a destination known for architecture by Tadao Ando. The promotion runs through March 16 and applies to travel departing between March 1 and May 31. Customers can receive up to 7% off airfare by entering the promo code HELLO2026TAK. Round-trip total fares start at about 163,000 won. Jin Air is also offering an app-only benefit: the first 100 customers will receive a 2,000-won coupon for advance seat selection. Takamatsu is a port city in Japan’s Shikoku region, known for local udon dishes such as shippo-ku udon and kama-tama udon, which is mixed with a raw egg and served without broth. Visitors can also see the Shikokumura Gallery designed by Ando and view works by Yayoi Kusama on the art island of Naoshima. At Shodoshima Olive Park, a film location, travelers can rent a broom for photos. The Incheon-Takamatsu route departs Incheon at 2:10 p.m. and departs locally at 4:50 p.m. Passengers can check up to 15 kilograms of baggage for free.* This article has been translated by AI. 2026-02-24 10:24:16 -
'The King's Warden' takes box office by storm with 6 million viewers SEOUL, February 24 (AJP) - Director Jang Hang-jun's "The King's Warden" has attracted over 600 million viewers since its release earlier this month. The period film surpassed 6 million in cumulative ticket sales as of Monday, three weeks after its release on Feb. 4, the film's distributor Showbox said on Tuesday. It reached the milestone faster than the 2005 hit period film "The King and the Clown," which took 29 days, raising expectations that "The King's Warden" could become this year's first film to draw over 10 million moviegoers. The 117-minute film starring Park Ji-hoon, Yoo Hae-jin and Yoo Ji-tae, tells the story of Danjong, the sixth king of the Joseon Dynasty, who was exiled to Yeongwol, Gangwon Province. 2026-02-24 10:21:47 -
Mercedes-Benz Korea Launches EQE 350+ SUV, Priced at 106 Million Won Mercedes-Benz Korea said Tuesday it has officially launched a new trim, the EQE 350+ SUV, for its electric SUV model, the Mercedes-Benz EQE SUV, in the South Korean market. The EQE SUV is built on Mercedes-Benz’s dedicated EV architecture, EVA2. The company said the model offers long driving range, a practical interior, stable and comfortable driving performance, and a range of convenience features. The EQE 350+ SUV is a rear-wheel-drive model that replaces the EQE 350 4MATIC SUV, which had been an all-wheel-drive option in the lineup. With the trim change, the 26-year-model EQE SUV lineup will be offered in two versions: the rear-wheel-drive EQE 350+ SUV and the higher-performance, all-wheel-drive EQE 500 4MATIC SUV. Under South Korea’s certification standards, the EQE 350+ SUV has a single-charge driving range of 467 kilometers, the longest in the EQE SUV lineup. Standard features include AIRMATIC suspension, which automatically adjusts based on driving conditions, speed and load; the Driving Assistance Package Plus, which uses sensors including cameras, radar and ultrasonic systems to analyze the surroundings; Digital Light, which adjusts headlamp brightness and beam pattern based on conditions such as road lighting, traffic, route and weather; and a parking package with a 360-degree camera. The exterior applies the Electric Art line, including a black-panel radiator grille with a star-logo pattern. Mercedes-Benz said dynamic proportions and 20-inch five-spoke lightweight alloy wheels add a sportier SUV look. Inside, the Electric Art line continues with a modern design. The vehicle includes a 12.3-inch widescreen cockpit and a 12.8-inch OLED central display. Active ambient lighting, linked to driver-assistance systems to provide visual feedback during operation, offers 64 color options. The trunk has a base capacity of 520 liters, expanding to up to 1,675 liters with the second row folded. The price is 106 million won. More information is available at Mercedes-Benz Korea’s 65 official showrooms nationwide and on its official website. * This article has been translated by AI. 2026-02-24 10:06:15 -
Kbank draws $7.3 bn in pre-IPO deposits ahead of planned KOSPI debut SEOUL, February 24 (AJP) - Kbank, South Korea’s first internet-only lender, has attracted more than $7 billion in pre-initial public offering deposits as it prepares to become the first major IPO of 2026 on the KOSPI, the world’s best-performing equity market this year. The bank wrapped up a three-day pre-IPO offering to retail investors on Monday, posting a subscription competition ratio of 136 to 1. About 9.85 trillion won ($7.3 billion) in deposits were raised, with 836,599 subscription accounts recorded. Kbank priced its shares at 8,300 won, the lower end of its indicative range of up to 9,500 won during institutional bookbuilding. The band was lowered by about 20 percent from the 12,000 won level set during its second failed IPO attempt in September last year. The listing is being led by NH Investment & Securities and Samsung Securities, with Shinhan Securities participating as a co-underwriter. Under agreements with its financial investors tied to a capital increase, Kbank is required to go public by July at the latest. Failure to do so would trigger put option clauses, exposing the bank to potential repurchase obligations. Kbank’s long-term performance remains uncertain despite the heated demand on the main bourse. Concerns center on potential share dilution by major shareholders and the bank’s heavy dependence on Korea’s largest cryptocurrency exchange, Upbit, whose exclusive partnership with Kbank expires in October. More than 90 percent of Kbank’s loan portfolio is concentrated in household lending, reinforcing criticism that the bank remains largely confined to a “non-face-to-face retail lender” model. Its earnings structure also remains vulnerable. About 84 percent of operating revenue in 2024 came from net interest income, reflecting heavy reliance on lending margins. Fee-based income — a key pillar of non-interest revenue — remains weak, with around 35 percent generated through its partnership with Upbit and its operator Dunamu. Investor sentiment has also been dampened by the weak performance of industry peer KakaoBank. Brokerage firms have recently lowered their target prices for KakaoBank. Daishin Securities, for instance, cut its target to 26,000 won, reflecting a more cautious outlook for the sector. Market analysts warn that the sluggish performance of the industry’s flagship player is undermining the broader appeal of internet-only banks. KakaoBank shares closed Monday at 28,250 won, up about 29 percent so far this year, underperforming gains of roughly 37 percent for banking heavyweight KB Financial Group and about 40 percent for the benchmark KOSPI over the same period. 2026-02-24 09:57:37