Journalist

김동영
Arthur I. Cyr
  • Korean Air seals $32 billion deal with Boeing, GE for fleet modernization
    Korean Air seals $32 billion deal with Boeing, GE for fleet modernization Flights from Korean Air and Asiana Airlines at Incheon International Airport/ Yonhap SEOUL, March 22 (AJP) - Korean Air has inked a major agreement with Boeing and GE Aerospace, securing a total of about $35 billion in aircraft and engines as part of an ambitious fleet modernization initiative. The deal, which represents Korean Air's largest procurement by value, includes 20 Boeing 777-9 and 20 Boeing 787-10 aircraft to be delivered by 2033, with an option for 10 additional aircraft. The agreement is valued at $24.9 billion. In a parallel arrangement, Korean Air will acquire eight spare engines from GE Aerospace for $7.8 billion, with an option for two additional engines, along with maintenance services for the GE9X engines that power the Boeing 777-9 aircraft. The trilateral cooperation agreement was signed in Washington D.C. on Friday, with South Korean Minister of Trade, Industry and Energy Ahn Duk-geun and U.S. Secretary of Commerce Howard Lutnik in attendance. "This collaboration in aircraft and aircraft engines will provide Korean Air with the momentum to emerge as a global top-10 airline," said Minister Ahn, adding that the South Korean government would actively support cooperation between businesses in both countries. The procurement comes as Korean Air prepares for its merger with Asiana Airlines, strategically expanding its fleet to enhance passenger comfort, operational efficiency, and environmental sustainability. 2025-03-22 13:12:25
  • Korean industry minister seeks exemption as Trumps deadline for reciprocal tariffs looms
    Korean industry minister seeks exemption as Trump's deadline for reciprocal tariffs looms South Korea's Minister of Trade, Industry and Energy, Ahn Duk-geun/ Yonhap SEOUL, March 22 (AJP) - South Korea's Minister of Trade, Industry and Energy, Ahn Duk-geun said that it would be difficult for South Korea to avoid the impact of reciprocal tariffs announced by U.S. President Donald Trump, scheduled to take effect on April 2. During talks with U.S. Secretary of Commerce Howard Lutnik in Washington D.C., Ahn emphasized the close interconnection between the two countries' industrial ecosystems, particularly in advanced technology sectors. "In discussions about future tariff measures, I have once again requested favorable treatment for our country," Ahn told reporters at a briefing held at the South Korean Embassy. The minister noted that there had been some misunderstandings or incorrect information on the U.S. side regarding South Korea, but said these perceptions had improved considerably. Concerns from the Trump administration about China using South Korea as a bypass export channel persist, though South Korean officials have reportedly made progress in dispelling these concerns by pointing out that steel bypass exports have fallen to nearly zero. While the April 2 reciprocal tariffs appear increasingly likely to proceed, Ahn said it remains unclear whether they would take effect immediately upon announcement or after a grace period. "Given the ongoing statements from key U.S. officials regarding tariff policies, it seems difficult for most countries to avoid the impact of these tariff measures," Ahn said. He emphasized that addressing U.S. tariff policies is not a "one-time battle", and pledged to continue building trust with the U.S. government while explaining bilateral cooperation across various sectors. The minister also discussed the designation of South Korea as a "sensitive country" by the U.S. Department of Energy, stating that working-level consultations have been initiated to resolve the issue promptly, with both countries agreeing to cooperate according to established procedures. 2025-03-22 10:47:47
  • Mass rallies expected in Seoul as impeachment verdict looms
    Mass rallies expected in Seoul as impeachment verdict looms Lawmakers from the opposition Democratic Party of Korea march from the National Assembly, calling out for the impeachment of President Yoon Suk Yeol, Mar. 21, 2025. Yonhap SEOUL, March 22 (AJP) - About 300,000 demonstrators are expected to flood central Seoul on Saturday as South Korea braces for a potential impeachment verdict against President Yoon Suk Yeol in the coming days. Pro-impeachment groups, including the Bisang Action for Yoon Out & Social Reform, have registered rallies with an anticipated attendance of 100,000 people, though organizers claim they will mobilize up to one million supporters. The opposition Democratic Party plans to march from the National Assembly to the National Palace Museum of Korea at noon, while the Korean Confederation of Trade Unions will stage simultaneous nationwide rallies beginning at 3:50 p.m. Those against the impeachment are mounting counter-demonstrations, with the Liberty Unification Party and conservative Christian organization Save Korea planning their own gatherings of 200,000 and 20,000 participants respectively. In addition, the Presidential Public Defender Team organized by Yoon supporters is to hold a vigil near the Constitutional Court. Tensions have escalated following an egg-throwing incident against a politician on Thursday, prompting police to deploy additional officers and implement flexible traffic measures to manage the crowds. The heightened activity comes amid speculation that the Constitutional Court of Korea may announce its verdict on President Yoon's impeachment this week, possibly on March 28, following previous sentencing of other presidential impeachments. 2025-03-22 10:17:39
  • Lotte World Tower to go dark Saturday night for Earth Hour campaign
    Lotte World Tower to go dark Saturday night for Earth Hour campaign Lotte World Tower/ AJP Han Jun-gu SEOUL, March 21 (AJP) - Lotte World Tower, South Korea’s tallest building, will go dark for 60 minutes on Saturday night as part of Earth Hour, a global environmental campaign organized by the World Wildlife Fund. Lotte Property & Development, which manages the 123-story skyscraper, said the tower will switch off its exterior lighting at 8:30 p.m. local time. Approximately 50 affiliated companies and tenants will also participate in the initiative, which aims to raise awareness of climate change and promote sustainable practices. In addition to the blackout, the building’s massive media facade will feature themed content before and after the lights go out. Thirty minutes before and after the hour, the facade will display Earth Hour visuals, including a green-hued exterior symbolizing the planet. “This marks the seventh consecutive year Lotte World Tower has participated in Earth Hour,” said Kim Hyuk-shin from Lotte Property & Development. Earth Hour began in Sydney in 2007 and has since grown into a global movement. Iconic landmarks in nearly 190 countries now take part each year on the last Saturday of March. Lotte World Tower has been part of the campaign since 2019. 2025-03-21 15:21:27
  • Alaska governor will meet Korean energy firms for LNG project
    Alaska governor will meet Korean energy firms for LNG project An LNG carrier assisted by tugboats/ Reuters-Yonhap SEOUL, March 21 (AJP) - Governor Mike Dunleavy of Alaska will arrive in South Korea next week, seeking to forge partnerships for the state’s monumental liquefied natural gas (LNG) project, a $44 billion undertaking that would reshape energy flows across the Pacific. During a two-day visit, March 24-25, Governor Dunleavy is scheduled to meet with South Korea’s Minister of Trade, Industry and Energy, Ahn Duk-geun, and hold discussions with key executives from South Korean energy firms including POSCO International, SK Innovation E&S, GS Energy, and SeAh Steel. The focus of these meetings is reportedly on securing investment in the Alaska LNG project, a venture that envisions a 1,300-kilometer pipeline delivering 3.5 billion cubic feet of natural gas daily from Alaska’s North Slope. South Korea, a major energy importer, is weighing participation in the project at a governmental level, driven by a desire to diversify its natural gas sources and potentially mitigate its trade surplus with the United States. This strategic interest reflects a broader geopolitical context, where energy security has become a paramount concern. While South Korean companies have approached the project with a degree of caution, citing the scale of investment and the formidable logistical challenges posed by Alaska’s climate, they have initiated preliminary reviews, exploring potential opportunities across the LNG value chain. POSCO International, with its experience developing a substantial gas field in Myanmar, and SK Innovation E&S, which holds a significant stake in Oklahoma's Woodford gas field and has a decade of LNG operations in the United States, bring relevant expertise. However, the Alaska LNG project faces significant hurdles. The sheer magnitude of the investment, coupled with the complexities of operating in Alaska’s harsh environment, presents a formidable challenge. “The depth of information shared about the project’s plan during next week’s meetings, along with detailed feasibility assessments and the scope of our government’s involvement, will be crucial factors in determining investment decisions,” said an energy industry official, speaking on condition of anonymity. 2025-03-21 14:03:10
  • Korean firms target US biosimilar market as drug patents expire
    Korean firms target US biosimilar market as drug patents expire Getty Images Bank SEOUL, March 21 (AJP) - As blockbuster drug patents begin to expire across the United States, South Korean biotechnology companies are making a calculated push into the lucrative U.S. biosimilar market — an arena projected to reach $26 billion this year. The expiration of patents for more than a dozen high-revenue biologics — many of which generate over $1 billion annually — has turned the American pharmaceutical landscape into a fierce battleground for biosimilars. These near-identical versions of complex biologic drugs promise comparable efficacy at significantly lower costs, creating a ripe opportunity for manufacturers poised to compete on both price and production speed. Among the most sought-after targets is Stelara, Johnson & Johnson’s autoimmune therapy, which generated $6.72 billion in U.S. sales in 2024. Since its patent expired, the drug has drawn at least seven biosimilar challengers, with more expected later this year. Samsung Bioepis led the Korean advance, launching its Stelara biosimilar, Pyzchiba, in February. Rivals Celltrion and Dong-A ST have received regulatory approval from the U.S. Food and Drug Administration and plan to roll out their own versions by year’s end. The surge reflects broader strategic alignment between South Korean biotech ambitions and U.S. health policy trends. According to the KoreaBio Research Center, the biosimilar boom dovetails with initiatives dating back to the Trump administration aimed at lowering prescription drug costs through increased competition. Since 2015, South Korean firms have secured 20 FDA biosimilar approvals — second only to the United States, which has earned 26. In addition to quantity, Korean companies have demonstrated notable efficiency in clinical trials, completing Phase 3 studies up to a year faster than many global peers, according to data from ClinicalTrials.gov. Samsung Bioepis and Celltrion are also preparing to introduce biosimilars for Amgen’s osteoporosis drugs Prolia and Xgeva, which brought in a combined $4.39 billion in U.S. sales last year. Yet the road ahead may be fraught with legal and regulatory hurdles. Industry analysts caution that aggressive market entry could trigger a wave of intellectual property litigation. Samsung Bioepis is already embroiled in a patent dispute with Regeneron Pharmaceuticals over its biosimilar version of the eye treatment Eylea. 2025-03-21 13:36:59
  • Hanwha Aerospace to raise $2.45 billion, targeting US, European defense markets
    Hanwha Aerospace to raise $2.45 billion, targeting US, European defense markets Hanwha Aerospace's K9 Thunder self-propelled howitzer on display at the IDEX 2025 held in UAE, Feb. 17, 2025. Courtesy of Hanwha Aerospace SEOUL, March 21 (AJP) - Hanwha Aerospace has announced plans for a 3.6 trillion won ($2.45 billion) capital increase, marking the largest such offering in the history of the country’s stock market. The company said it intends to use the funds to establish manufacturing facilities abroad and pursue strategic investments in overseas partnerships, with a particular emphasis on European and U.S. markets. The capital raise underscores Hanwha Aerospace’s ambitions to solidify its position in the global defense industry. The company has set aggressive targets of 70 trillion won in sales and 10 trillion won in operating profit by 2030. Approximately 1.6 trillion won will be allocated to building production bases for land systems and acquiring stakes in foreign defense firms. Poland and Romania, where Hanwha has secured significant export contracts for its K9 Thunder self-propelled howitzers, are expected to be key targets for these investments. The move comes as global security dynamics shift under the Trump administration. European nations are ramping up rearmament programs, while the United States expands its naval capabilities. “Through strategic large-scale investments, we aim to make a quantum leap in corporate value by elevating our position as a global top-tier player in defense, naval systems, and aerospace,” Son Jae-il, Hanwha Aerospace’s chief executive, said in a statement. The company will invest 800 billion won to expand its presence in maritime defense and shipbuilding, particularly in the United States, reinforcing its “multi-yards” strategy, which links shipyards in South Korea, Singapore, and the U.S. Hanwha recently acquired a stake in Australian shipbuilder Austal, extending its international shipbuilding network as it seeks to benefit from Washington’s naval expansion plans. Beyond overseas expansion, the firm plans to invest 900 billion won to upgrade its domestic facilities, reinforcing their role as global research and development hubs and primary manufacturing sites for international operations. 2025-03-21 09:46:07
  • Scrutiny intensifies on MBK Partners chief amid Homeplus crisis
    Scrutiny intensifies on MBK Partners chief amid Homeplus crisis Financial Supervisory Service Governor Lee Bok-hyun speaks at a media conference, March 19, 2025. Yonhap SEOUL, March 20 (AJP) - South Korea's Financial Supervisory Service (FSS) has launched an investigation into private equity firm MBK Partners over its role in the court-supervised restructuring of the retail chain Homeplus. FSS Governor Lee Bok-hyun said Wednesday the regulator's task force had begun an inspection of MBK, the majority shareholder of Homeplus. The inquiry follows heightened concerns about MBK's transparency, particularly after Chairman Kim Byung-ju failed to appear at a National Assembly hearing on Tuesday. "We have initiated an investigation into MBK to verify allegations surrounding the financial distress of Homeplus," Lee said, adding that Kim's absence from the parliamentary inquiry was "regrettable." Under South Korean capital market laws, the FSS has the authority to examine private investment entities when deemed necessary for financial market stability or to uphold fair trading practices. Investigators are particularly focused on whether MBK issued commercial paper and short-term bonds while having prior knowledge of the company’s credit downgrade and an impending court receivership — actions that could constitute criminal offenses if proven. The FSS had previously opened investigations into Shinyoung Securities, which underwrote Homeplus' short-term bond issuance, as well as Korea Investors Service and Korea Ratings, following Homeplus’ application for court receivership on March 13. 2025-03-20 16:13:19
  • Chinas Temu expands in South Korea with major logistics hub
    China's Temu expands in South Korea with major logistics hub Logo of Temu shown on a laptop/ Getty Images SEOUL, March 20 (AJP) - Chinese e-commerce giant Temu has secured its first major logistics facility in South Korea, signaling a significant escalation in its expansion strategy just two years after entering the market. According to industry sources, the company has signed a long-term lease for a sprawling distribution center in Gimpo near Seoul. The 165,000-square-meter facility — roughly the size of 23 soccer fields — features ten floors above ground and one below, equipped with both ambient and cold storage capabilities. Strategically located near Incheon International Airport, Gimpo International Airport, and Incheon Port, the facility will provide Temu with streamlined access to South Korea’s capital region. Operations will be managed by Lotte Global Logistics. This marks the first time a Chinese e-commerce company has established such a large-scale logistics presence in South Korea. The move follows Temu’s February announcement that it was actively recruiting local sellers for its open-market platform. Industry analysts suggest that the facility will serve as a pivotal outpost for Temu’s efforts to penetrate the Korean market. By reducing delivery times for low-cost Chinese products, the logistics hub could enable nationwide one- to two-day shipping and same-day delivery within the Seoul metropolitan area. "By integrating budget-friendly Chinese goods with expedited delivery, Temu has the potential to disrupt the competitive landscape," said an industry insider. Temu’s aggressive push into South Korea comes as it faces mounting challenges in the United States, where President Donald Trump’s anti-China policies have presented significant hurdles. Initially launched in the U.S. in September 2022 as a subsidiary of NASDAQ-listed Pinduoduo Holdings, Temu has struggled under the policies of the second Trump administration, despite the U.S. being its primary market. 2025-03-20 14:02:23
  • National debt of South Korea surpasses 6,000 trillion won for first time
    National debt of South Korea surpasses 6,000 trillion won for first time Bundles of banknotes/ Yonhap SEOUL, March 20 (AJP) - South Korea’s national debt surpassed 6,222 trillion won ($4.27 trillion) for the first time in the third quarter of 2024, reaching approximately 2.5 times the country’s gross domestic product, according to data released on Thursday by the Bank for International Settlements. The country’s non-financial sector credit — which includes household, corporate and government debt — rose 4.1 percent from a year earlier to 6,222 trillion won as of the third quarter of 2024. Corporate debt accounted for the largest share at 2,798 trillion won, followed by household debt at 2,283 trillion won. Government debt stood at 1,141 trillion won, according to the data. Government debt has surged by approximately 120 trillion won, or 11.8 percent, in a year, outpacing the growth rates of corporate and household debt, which increased by 2.9 percent and 2.1 percent, respectively. 2025-03-20 13:35:41