Journalist
Lee Hugh
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Even sound sleep becomes a competition — and fashion show — in Korea SEOUL, May 03 (AJP) -The ability to fall sound asleep — and stay that way no matter what — has quietly become a modern superpower in a world vibrating nonstop with alarms, scrolling feeds, office chats and late-night anxiety. So when a giant banner reading “Don’t wake me unless you’re a prince” fluttered above rows of sleeping bags along the Han River on Saturday afternoon, few in Seoul found it strange. At exactly 3 p.m., 170 contestants gathered at Mulbit Plaza in Yeouido Hangang Park for the third annual “2026 Han River Napping Championship,” a competition where the goal was neither speed nor strength, but the rarest luxury of all: deep, uninterrupted sleep. Some arrived in pajamas. Others came armed with plush toys, neck pillows and blankets. One contestant wore a full Winnie the Pooh costume. Another drifted toward the starting line dressed as Snow White. By the time the opening announcements ended, the riverside looked less like a competition venue than a giant outdoor bedroom assembled by an exhausted civilization. Hosted by the Seoul Metropolitan Government, the championship has grown into one of the city’s quirkiest and most unexpectedly relatable events since debuting in 2024, tapping into a national epidemic of fatigue in one of the world’s most sleep-deprived societies. This year’s applicants included a nurse surviving on fragmented sleep after high-stress shifts, a man in his 30s worn down from helping his insomnia-stricken wife sleep each night, and an engaged couple whose wedding preparations had apparently become a form of endurance training. But sleeping peacefully beside the Han River was only the beginning. Contestants were judged on “sleep concentration” — the ability to remain in deep sleep despite increasingly annoying disruptions engineered by organizers. Officials crept among the sleepers armed with feathers, delicately tickling exposed hands and faces. Mosquito buzzing sounds echoed across the venue like a humid summer nightmare. Hosts wandered through the rows deliberately talking loudly, attempting to provoke reactions from competitors pretending to be asleep. Some twitched. Others rolled over defensively. A few appeared so deeply unconscious they seemed to transcend earthly concerns altogether. Heart-rate monitors tracked sleep quality and deep-sleep duration in real time, turning naps into biometric competition. Before the event began, contestants stretched through pre-sleep yoga sessions aimed at releasing tension from overworked shoulders and stiff office backs. Nearby, spectators quietly watched the bizarre serenity unfold, occasionally applauding particularly committed sleepers. The championship also doubled as an impromptu fashion show for the chronically tired. A “Best Dresser” contest rewarded the most creative pajama styling, with citizens voting for favorites among contestants dressed in cartoon onesies, fairy-tale outfits and elaborate sleepwear ensembles that looked more prepared for a costume parade than a nap. Yet beneath the humor and absurdity, the event carried an unmistakably modern undertone. In a hyperconnected country where people routinely sacrifice rest to work, commute, study and endlessly remain online, the act of truly switching off — phone silenced, eyes closed, mind blank — has become both rebellion and aspiration. For a few hours beside the Han River, at least, exhaustion itself became a shared performance. And perhaps the only competition where losing consciousness was the ultimate sign of victory. 2026-05-03 13:23:22 -
Korean refiners estimate bumper Q1 but beyond uncertain SEOUL, May 03 (AJP)-South Korea’s four major refiners are estimated to have posted combined first-quarter operating profits nearing 5 trillion won ($3.6 billion) on spike in export margins from cheaper inventories due to the blockade of the Strait of Hormuz, though the windfall is expected to be short-lived once cheaper crude inventories are exhausted. According to market consensus compiled by brokerages, SK Innovation is estimated to have turned out an operating profit of about 2.36 trillion won for the January-March period, sharply rebounding from an operating loss of 44.6 billion won a year earlier. S-Oil is forecast to have earned around 1.08 trillion won, while GS Caltex and HD Hyundai Oilbank are projected to report operating profits in the mid-1 trillion won range and around 200 billion won, respectively. The earnings surge came as refining margins spiked after the outbreak of the Middle East conflict in late February disrupted oil flows and tightened fuel supply across Asia. Singapore complex refining margins — a key profitability benchmark for Asian refiners — jumped from $5.7 per barrel in February to $16.5 in March, more than tripling the industry break-even level of around $4-$5 per barrel. The rise in margins coincided with a sharp rally in global crude prices. Dubai crude, the benchmark most relevant for Asian refiners, climbed to $100.46 per barrel as of April 30 from $61.08 at the end of last year, a gain of 64.5 percent. Brent crude surged nearly 94 percent over the same period to $118.03, while U.S. benchmark WTI advanced 86 percent to $106.88. The widening spread between crude procurement costs and refined fuel prices effectively turned South Korean refiners into one of the few major beneficiaries of the regional supply shock. “Amid the Iran war, Korean refiners became virtually the only suppliers in the Asia-Pacific region capable of securing relatively cheaper feedstock for domestic supply while exporting products at elevated margins,” said Jeon Woo-je, an analyst at KB Securities. “The favorable market cycle could continue beyond previous boom periods through the end of next year.” South Korean refiners, which rank among the world’s top five in refining capacity, generate roughly 50 to 70 percent of sales from exports, allowing them to capitalize aggressively on overseas shortages of gasoline and diesel. The headline earnings may overstate the sector’s underlying profitability. Market estimates suggest that roughly 40 to 50 percent of first-quarter operating profit stemmed from inventory-related gains rather than structural improvement in refining operations. Refiners typically hold three to four months of crude inventories, while imported oil takes four to eight weeks to arrive and enter production. During periods of rising oil prices, refiners process cheaper crude purchased earlier while selling refined products based on current elevated market prices. The timing effect temporarily inflates margins, but the reverse occurs once crude prices begin to decline. The concern is that refiners are now replenishing inventories at sharply higher prices. Because refining is a continuous-process industry requiring uninterrupted crude purchases regardless of market conditions, companies are reinvesting first-quarter profits into substantially more expensive replacement barrels, particularly as alternative crude supplies command steep premiums following disruptions to Middle Eastern shipments. Analysts estimate that every $1 change in crude oil prices affects the combined earnings of the four refiners by more than 100 billion won. Domestic policy pressure has also challenge their profitability. Under a government “maximum price guideline” introduced in March to contain inflation, refiners were required to cap domestic fuel prices despite surging global energy costs, limiting margins in the local market compared with exports. Industry estimates suggest cumulative losses linked to the pricing measure have already exceeded 3 trillion won. Although the government pledged compensation, disputes are expected over reimbursement calculations as a 4.2 trillion won emergency reserve fund nears depletion. 2026-05-03 13:11:43 -
How to Manage Urban Data Center Conflicts: Speed Permits and Fair Compensation As artificial intelligence services spread, data centers are moving rapidly into urban neighborhoods, intensifying disputes in many areas. A case in Seoul’s Geumcheon district, in Doksan-dong, is being cited as an early sign of the kind of clash likely to recur nationwide. Demand is surging for “edge data centers” located close to users as AI services that require ultra-low latency — such as autonomous driving and real-time interpretation — expand. The problem is that social acceptance and rules are not keeping pace with the technology. One point is clear: data centers moving into cities is not a choice but an inevitability. Unlike older industrial facilities that could be pushed to the outskirts, data centers compete on distance. To cut delays, they must be near users, which points to urban sites. AI competitiveness ultimately depends on processing speed, and giving up speed means losing industrial competitiveness. But that does not mean social agreement can be ignored. Today’s conflicts are not simply misunderstandings or a lack of communication. Data centers consume large amounts of electricity and bring tangible burdens, including noise and heat from cooling systems and pressure on the power grid. Those are real costs residents must bear, and they cannot be resolved through explanations or publicity alone. The core issue is not psychology, but cost. That means the response must change as well. First, policymakers should move away from framing speed and agreement as opposing goals. The need is not to slow projects, but to build systems that produce agreement faster. Setting preapproved zones and standardized siting criteria and procedures can reduce disputes before they start. Projects that meet set standards should be eligible for fast-track permits, on the condition of transparent disclosure and prior consultation. Speed and agreement are not a choice; they are a design requirement to achieve together. Second, benefit-sharing should be redesigned realistically. Data centers are “low-employment infrastructure” with limited job-creation effects, making compensation arguments centered on jobs less persuasive. Instead, compensation should shift to direct economic benefits residents can feel, such as rebates tied to electricity costs, local development funds, or free digital infrastructure. Market logic is that burdens should be matched by commensurate compensation. Third, the roles of the national government and local communities should be clearly separated. The central government should set siting standards and safety rules, while local governments negotiate whether to accept projects and under what conditions within that framework. Leaving all burdens to local disputes without clear standards is problematic, but so is a one-sided push from the center. Bottom-up participation and top-down standards are not mutually exclusive; they are two pillars that should share functions. Fourth, a system should be introduced to price external costs and provide automatic compensation. Measurable harms — including noise, heat and power burdens — should be disclosed in real time, with compensation triggered automatically when thresholds are exceeded. That is presented as the most practical way to reduce conflict. The argument is that institutions, not explanations, and compensation, not trust, resolve disputes. Data center conflicts are not limited to one area. As the AI era deepens and edge infrastructure spreads, such clashes are expected to occur more often and on a larger scale. Treating them as routine complaints or a temporary phenomenon, the article argues, will only ensure they repeat. The central point is straightforward: technology demands speed, while society demands acceptance. The only way to meet both is to institutionalize the costs of conflict and distribute them fairly. If speed cannot be reduced and conflict cannot be avoided, the remaining option is to maintain speed while managing conflict through careful design. The article concludes that AI competitiveness depends less on the technology itself than on how it is connected to society, and that data center disputes are a key test. It calls for moving beyond a simple speed-versus-agreement frame toward practical solutions that include costs and compensation.* This article has been translated by AI. 2026-05-03 13:04:24 -
Dutch report says South Korea midfielder Hwang In-beom out for season with injury South Korea national team midfielder Hwang In-beom, who plays for Feyenoord in the Dutch Eredivisie, will end his season early because of injury. Dutch outlet 1908.NL reported on May 3 (Korean time), citing sources, that Hwang will not be able to play in the remaining matches. Feyenoord, currently second in the league, has three games left before the season ends. Hwang injured his right ankle in a match against Excelsior on March 16. He was named to Hong Myung-bo’s squad for March international matches but ultimately did not join. He has not played an official match for his club since, focusing on rehabilitation. The injury is also a setback for South Korea as it prepares for the 2026 FIFA World Cup in North America. Hwang has been a key midfielder and a central link in Hong’s lineup. The outlet said Hwang’s World Cup participation is uncertain, while adding there is also an optimistic view that he could recover at an appropriate time.* This article has been translated by AI. 2026-05-03 12:24:14 -
South Korea Steps Up Crackdown After 600 Billion Won in Illegal FX Deals Uncovered South Korea is strengthening interagency enforcement as authorities continue to uncover large-scale overseas outflows of funds through illegal foreign exchange transactions. The Ministry of Finance and Economy said Saturday that it held an all-government meeting of its Illegal Foreign Exchange Transaction Response Team on April 30 to review enforcement results and major cases. The team said it found that a small overseas remittance operator abused virtual accounts to illegally send about 400 billion won overseas, including proceeds from online gambling sites. The case was referred to prosecutors on suspicion of operating an unregistered foreign exchange business, among other allegations. Authorities also confirmed that a money broker received about 200 billion won in used-car and auto-parts export payments in virtual assets without filing required reports, then paid won to domestic firms after deducting fees. That case was also sent to prosecutors, and additional probes of the related companies are underway. In another case under investigation, exporters allegedly underreported scrap metal export prices and brought the difference into South Korea through a money-transfer scheme using accounts held under borrowed names. The government cited interagency coordination in the investigations. The Financial Supervisory Service shared suspected illegal remittance activity found during an inspection with the Korea Customs Service, which investigated and referred the case to prosecutors. The National Tax Service is examining whether the companies evaded taxes, and the National Intelligence Service is supporting collection of information on overseas-linked crimes. The finance ministry and the Bank of Korea said they are reinforcing the response system by expanding foreign exchange information sharing and improving related rules. The government said it will continue to tighten enforcement through coordinated action as illegal foreign exchange transactions grow more complex and sophisticated. The response team was launched in January and is operating a joint framework. At a meeting held last month, it said it would respond strictly, including immediate complaints over the spread of false information and illegal foreign exchange transactions.* This article has been translated by AI. 2026-05-03 12:05:54 -
South Korea approves five National Growth Fund projects, bringing total to 8.4 trillion won The Financial Services Commission is moving to step up investment through the National Growth Fund. The FSC said Saturday it approved funding support for five projects at a meeting of the fund’s investment review committee. With the latest approvals, the fund has approved 11 projects totaling 8.4 trillion won in cumulative financing. A key agenda item was a 100 billion won direct investment in Upstage, a South Korean AI venture that develops AI solutions for businesses and government and builds large language models. The FSC said the investment will be used to develop next-generation AI models and build infrastructure to operate large language models, as part of a planned 560 billion won fundraising effort. The committee also approved a project to build a national AI computing center. The FSC said the approval confirms 400 billion won in capital fundraising, with plans to pursue additional loans of up to more than 2 trillion won. A proposal tied to building an advanced industrial belt in Saemangeum was also approved. The National Growth Fund decided to provide Future Graph with a total of 250 billion won in low-interest loans, including 200 billion won from an advanced strategic industries fund. The FSC said the factory project, with 400 billion won to be invested, is expected to establish an annual production base of 37,000 tons of spherical graphite at the Saemangeum National Industrial Complex. Other approved items included an expansion of STGen Bio’s contract manufacturing plant for biopharmaceuticals and low-interest loans for a midsize semiconductor materials company. The FSC said it is accelerating investment planning after creating the 150 trillion won National Growth Fund to foster advanced strategic industries and support an economic rebound. It said it will regularly announce large-scale projects with broad industrial spillover effects while responding on an ongoing basis to diverse funding needs across the advanced-industry ecosystem.* This article has been translated by AI. 2026-05-03 12:05:10 -
South Korea launches public contest for water-energy integration ideas The government is seeking policy ideas that treat water and energy as a single system, aiming to improve efficiency by linking areas that have been managed separately. The Ministry of Climate, Energy and Environment said Saturday it will run a nationwide “Water-Energy Convergence” idea contest from May 4 to 31. In this context, “water-energy convergence” refers to a cooperation platform that integrates the water and energy sectors into one circular system and applies it jointly in policy and projects. One example cited is an alert service that provides real-time integrated information by combining the advanced metering infrastructure (AMI) remote-metering networks previously operated separately by Korea Electric Power Corp. and Korea Water Resources Corp. Water underpins energy production, including power generation, cooling and hydrogen production, while energy is essential across the full water cycle, from intake and purification to transport and treatment. Because the two sectors depend on each other, calls for integrated management have persisted. The contest is designed to go beyond technical proposals and focus on policy ideas the public can feel. It will accept entries in two categories: policy proposals for young people and practical, everyday saving measures open to all. After preliminary screening, a public vote and final evaluation, the government plans to select six winners. Prizes, including minister’s awards, will total 7 million won. The contest also follows steps to formalize integrated water-energy policy. In February, the ministry launched a Water-Energy Convergence Forum involving 12 public institutions to build a basis for policy cooperation. The ministry said it plans to link policies, technologies and resources across the two fields to establish an integrated management system. “The key task is to merge water and energy policies into one to improve convenience in people’s daily lives,” said Kim Ji-young, the ministry’s director general for water-use policy. “We will reflect ideas found through the contest in policy.”* This article has been translated by AI. 2026-05-03 12:04:29 -
Korea Fair Trade Commission Fines Jeju Liquor Wholesalers Group for Price, Client Controls Jeju’s liquor wholesale market has long operated under practices that controlled prices and customer accounts, and competition authorities have now sanctioned the trade group at the center of those rules. The Korea Fair Trade Commission said Saturday it decided to issue corrective orders and fine the Jeju Liquor Wholesalers Association 256 million won for restricting competition among member companies by blocking efforts to win customers and by limiting discounts on selling prices. According to the commission, the association has barred members since 2018 from taking over existing customer accounts under rules titled “Implementation Rules for the Transaction Normalization Council.” It repeatedly shared the policy through meetings, and in 2023 it introduced separate guidelines — “Guidelines for Dispute Mediation Among Members of the Liquor Transaction Cleanup Committee and Measures for Violations” — spelling out sanctions for violations. The association also curbed price competition by setting benchmarks it called “normal price” and “survival price” and pressuring members not to supply liquor below those levels, the commission said. In 2020, it set a rule that, for transactions without support, discounts must stay within 10% of the normal price — effectively blocking members from using price competition to secure customers. The commission imposed a 22 million won fine for restricting competition to win customers and 234 million won for limiting selling prices. It said the impact was broad because most Jeju wholesalers belong to the association. Jeju has only 22 comprehensive liquor wholesale licenses, about 2% of the national total of 1,100, the commission said, making the market especially susceptible to association-led rules. The commission ordered the association to stop similar conduct and to notify member companies of the corrective order. A wholesaling industry official said business practices in Jeju are likely to change. “The practice of not touching each other’s accounts has effectively been maintained as an unspoken rule,” the official said, adding that “some competition on price or terms may emerge.” A commission official said the agency expects more competition in supply prices for products such as soju and beer, which are popular with Jeju residents and domestic travelers. The official said the commission will continue monitoring collusion in markets closely tied to household prices to reduce the public’s economic burden.* This article has been translated by AI. 2026-05-03 12:03:59 -
World Bank Names Min Jin-a as Director for Market and Counterparty Risk The World Bank Group has appointed Min Jin-a, head of credit risk for the state-owned enterprise and reinsurance division at the Multilateral Investment Guarantee Agency, as director for market and counterparty risk, South Korea’s Ministry of Economy and Finance said Sunday. The ministry said Min is scheduled to take up the post on June 1. With the appointment, the number of South Koreans in senior World Bank posts will expand to one vice president and one director. Min is a risk management specialist with about 20 years of experience. After working at private financial institutions including Goldman Sachs, she joined MIGA in 2017 as a senior credit risk officer. Since 2021, she has led credit risk for MIGA’s state-owned enterprise and reinsurance division. Director-level posts in the World Bank Group are key senior positions overseeing organizational operations. The ministry said South Koreans have held such posts only three times, and there has been no Korean director-level official at the World Bank since 2025. In July last year, Kim Sang-bu was appointed the World Bank’s first Korean vice president. The government has promoted policies to expand the hiring and advancement of South Koreans at international financial institutions, including operating junior professional officer and midcareer expert programs and holding recruitment briefings. A ministry official said the government will continue to strengthen cooperation with international financial institutions and create more hiring opportunities to support Korean talent seeking overseas careers.* This article has been translated by AI. 2026-05-03 12:03:14 -
Lee Says Illegal Loans Exceeding Legal Rate Are Void, Borrowers Need Not Repay President Lee Jae-myung said loan contracts that exceed the legal interest-rate cap are invalid, signaling a tougher response to harm caused by illegal private lenders. The message was widely seen as encouraging victims to report abuses. Lee wrote on X, formerly known as Twitter, on Saturday after sharing a post by Financial Services Commission Chairman Lee Eok-won: “Illegal loans that exceed the legal limit do not have to be repaid.” In his post dated April 28, the FSC chairman said a revised enforcement decree to the Loan Business Act had passed a Cabinet meeting and stressed that any loan contract carrying an annual rate above 60% makes both principal and interest void. The revised decree focuses on lowering barriers for victims to file complaints. It spells out reporting forms in greater detail to make them easier to complete. It also allows the Credit Counseling and Recovery Service, which runs the Inclusive Support Center for 서민금융, to ask the Ministry of Science and ICT to suspend use of phone numbers used for illegal debt collection or loan advertising. The government previously revised the enforcement decree in July last year to establish grounds to void ultra-high-interest illegal loan contracts. Under that revision, contracts deemed clearly unfavorable to borrowers because they involved sexual exploitation, human trafficking, or violence and threats, as well as contracts with annual rates above 60%, can be voided in full for both principal and interest. Financial authorities said the latest revision should make it easier for victims to report illegal private lending and enable faster blocking of contact methods used for unlawful collection. The government says it will strengthen its response to illegal financial practices that harm the public, including ultra-high-interest loans and coercive debt collection. 2026-05-03 11:51:15