Journalist

김동영
Kim Dong-young, Lim Jaeho
  • Lee calls for end to pro-labor vs. pro-business divide
    Lee calls for end to 'pro-labor vs. pro-business' divide SEOUL, May 01 (AJP) - South Korean President Lee Jae Myung called for an end to the long-standing dichotomy that pits workers against employers, vowing to deliver "real growth" through cooperation between labor and management. Speaking at a Labor Day ceremony at the Blue House on Friday — the first such event ever held at the former presidential compound — Lee said the country could only move forward by abandoning the "outdated binary" of pro-labor versus pro-business politics. About 120 figures from labor, business, government and civil society attended the gathering. "A society that respects labor and a country that is good for doing business are not mutually exclusive. There are no workers without companies, and no companies without workers," Lee said. The event marked the first time the country's two rival umbrella unions, the Federation of Korean Trade Unions and the more militant Korean Confederation of Trade Unions, jointly attended a government Labor Day ceremony, an unprecedented show of unity that the Blue House described as a response to the administration's labor-respecting agenda. Lee, a former teenage factory worker, pledged to expand basic labor rights to non-regular employees, subcontractors, platform workers and freelancers, and said workplace safety would not be compromised. He framed safety as "a fundamental duty of the state and corporations, not a cost or a choice," cautioning against forcing workers to bear one-sided sacrifices in the name of productivity gains driven by artificial intelligence. The remarks come amid heightened labor tensions in South Korea, including a planned large-scale walkout by the Samsung Electronics union as well as Samsung Biologics, and follow legislation that restored the holiday's original Korean name, Nodongjeol, and elevated it to a statutory public holiday for the first time in 63 years. Lee, who said he was proud to have once been a "boy laborer" himself, vowed to answer workers' voices with "a heavy sense of duty" as the country navigates the twin pressures of the AI transition and the climate crisis. 2026-05-01 10:45:15
  • Apples incoming CEO signals new products as quarterly revenue hits record
    Apple's incoming CEO signals new products as quarterly revenue hits record SEOUL, May 01 (AJP) - Apple's incoming chief executive John Ternus voiced strong confidence in the company's product pipeline, hinting at new categories on the horizon as the iPhone maker posted record fiscal second-quarter revenue. Speaking on a conference call on Thursday (local time) after Apple reported results for the January-March quarter, Ternus, who takes the helm in September from Tim Cook, said the company had "an incredible roadmap" ahead and was preparing fresh offerings, though he declined to disclose details. "Suffice it to say, this is the most exciting time in my 25-year career at Apple to be building products and services.," Ternus said, suggesting work was under way on new product forms. He pledged to carry on the financial discipline that defined Cook's 15-year tenure. Apple posted revenue of $111.18 billion for the quarter, up 17 percent from a year earlier and surpassing the LSEG consensus estimate of $109.66 billion for an all-time high in the period. Earnings per share came in at $2.01, beating Wall Street's $1.95 forecast. iPhone sales jumped 21.7 percent to a record $56.99 billion but fell just shy of the $57.21 billion analysts had projected, while the iPad, Mac, wearables and services divisions all topped expectations. Services revenue reached $30.98 billion, and research and development spending climbed 33.6 percent to $11.42 billion as the company widened its artificial intelligence push. Cook flagged supply constraints during the quarter, particularly for the iPhone, tied to limited capacity at advanced chip nodes operated by Taiwan's TSMC, and warned that the squeeze would tighten in the April-June quarter. 2026-05-01 10:02:18
  • UPDATE: Samsung Biologics union demands immediate talks as first-ever strike begins
    UPDATE: Samsung Biologics union demands immediate talks as first-ever strike begins SEOUL, May 1 (AJP) - Samsung Biologics, the world's largest contract drug manufacturer by volume, was rocked on Friday by the first full-scale walkout in its 15-year history, with the union demanding management return to the bargaining table at once and the company warning of losses of up to 640 billion won ($434 million). The Samsung Biologics chapter of the Samsung Group labor union launched the strike on Friday, Labor Day, after 13 rounds of wage talks since December collapsed without a deal. The union has vowed to walk off the job through May 5. In a sharply worded statement issued as the strike began, the union accused executives of resorting to legal pressure and intimidation rather than substantive dialogue, blaming boardroom missteps — chronic understaffing, aggressive cost-cutting, and decisions made without input from the production floor — for the company's recent order shortfalls. "If the company is truly worried about losses and damage to client trust, it should stop shifting responsibility to employees and immediately enter genuine negotiations," the union said. Workers are demanding a 14 percent average pay raise, a one-off bonus of 30 million won per employee, and 20 percent of operating profit to be distributed as performance pay. Management has countered with a 6.2 percent wage hike, leaving the two sides far apart. The projected hit of 640 billion won amounts to about half of the company's first-quarter revenue of 1.26 trillion won. Samsung Biologics warns that biopharmaceutical manufacturing relies on a continuous, nine-stage process in which a single interruption can spoil entire batches of living cells, forcing them to be discarded as waste. A partial strike from April 28 to 30, joined by some 60 workers in the materials handling division, has already disrupted output of 23 products including cancer treatments, HIV medicines, and atopic dermatitis therapies, with damage estimated at 150 billion won. Chief Executive John Rim convened a town hall on Thursday and apologized to staff before issuing an afternoon message urging workers to reconsider joining the walkout, saying prolonged disruption could inflict irreversible damage on both the firm and its employees. Ahead of the walkout, the company filed for an injunction to block the strike. A South Korean court last month barred industrial action only on the final three stages — concentration and buffer exchange, drug-substance filling, and buffer manufacturing — while allowing the union to halt the other six. Samsung Biologics appealed the same day, arguing the entire production line must be tightly controlled. Industry observers warn that supply-chain disruption could erode Samsung Biologics' standing with global clients, who may shift orders to overseas rivals if delivery deadlines slip. The U.S. Food and Drug Administration and other regulators place heavy emphasis on process integrity, meaning even minor disruptions typically trigger full batch disposal regardless of actual quality outcomes. The walkout underscores deepening labor unrest across the Samsung empire. Affiliate Samsung Electronics, the world's largest memory chipmaker, faces an 18-day general strike from May 21 through June 7, with tens of thousands of workers demanding bonuses tied to 15 percent of operating profit — a sum that could reach 45 trillion won. The South Korean government has cautioned that a stoppage at the chip giant could ripple through the broader economy. 2026-05-01 09:25:08
  • Krafton posts record Q1 on surging PUBG franchise revenue
    Krafton posts record Q1 on surging PUBG franchise revenue SEOUL, April 30 (AJP) - Krafton, the South Korean gaming giant behind the PUBG franchise, posted record first-quarter results as its flagship battle royale series and a newly consolidated advertising subsidiary propelled revenue to all-time highs. The company reported through regulatory filings Thursday consolidated revenue of 1.37 trillion won ($924 million) and operating profit of 561.6 billion won for the three months ended March, up 56.9 percent and 22.8 percent from a year earlier, respectively. First-quarter operating profit alone accounted for 53 percent of Krafton's full-year 2025 earnings, underscoring the pace of the company's momentum. The PUBG intellectual property franchise was the principal engine of growth, with quarterly revenue surpassing the 1 trillion won threshold for the first time, a 24 percent jump from the year-ago period. On PC, the ninth-anniversary Aston Martin collaboration drove strong sales, while PUBG Mobile benefited from a premium tie-up with German hypercar maker Apollo Automobil. Battlegrounds Mobile India saw a 17 percent year-on-year rise in paying users following server expansion investments. Krafton said it would continue scaling up inZOI, its life simulation title launched in early access last year, through content upgrades, console porting and AI-powered modding tools aimed at transforming it into a platform-driven franchise. The company also flagged the upcoming early access launch of open-world survival game Subnautica 2. "We are accelerating our 'AI for Game' strategy," the company said, adding that it plans to deploy its Raon multimodal AI models across titles and introduce PUBG Ally, a co-playable AI character, in a beta service for Battlegrounds Arcade later this year. Shares of Krafton were trading at 263,500 won per stock, 5.05 percent lower than the day before. 2026-04-30 15:27:32
  • At War 60 Days: Korea learns to wean off Gulf crude and naphtha
    At War 60 Days: Korea learns to wean off Gulf crude and naphtha SEOUL, April 30 (AJP) - A return to unfettered access through the Strait of Hormuz — and to the cartel-defined Gulf order that once governed energy flows — is increasingly unlikely, even if Middle East tensions ease. For South Korea and other import-dependent economies, the emerging reality is one where security premiums outweigh the old calculus of cost and efficiency. Seoul is already adapting. South Korea has secured 74.62 million barrels of crude for May, roughly 87 percent of last year's monthly average. Naphtha — largely derived from Middle Eastern crude — is stocked at 85 to 90 percent of pre-war levels, according to presidential chief of staff Kang Hoon-sik. "We are increasing imports from the United States, Brazil and other non-Gulf suppliers to stabilize domestic supply," Kang said. In a development that could reshape supply dynamics, the United Arab Emirates announced it will withdraw from OPEC and the broader OPEC+ alliance effective Friday, removing the cartel's fourth-largest producer at a time when the U.S.-Iran standoff has thrust Gulf supply routes into the center of global energy security concerns. For Seoul, the timing is critical. During a March visit to the Middle East, Kang secured an additional 18 million barrels of UAE crude, bringing Korea's emergency intake from the Emirates to 24 million barrels. With OPEC quotas no longer binding from May, the UAE's production capacity of 4.8 million barrels per day — well above its previous 3.2 million barrel quota — creates room for supply expansion, particularly for buyers seeking alternatives to Hormuz-dependent shipments. That diversification is underpinned by infrastructure. The UAE's Habshan-Fujairah pipeline, which bypasses the Strait of Hormuz and terminates on the Gulf of Oman, has emerged as one of only two viable alternatives, alongside Saudi Arabia's East-West pipeline. Domestically, Korea has moved quickly to stabilize operations. Utilization rates at naphtha crackers, which slumped in late March, are recovering. Yeochun NCC has raised its rate to 65 percent from 55 percent, Korea Petrochemical Industries to 72 percent from 62 percent, and Lotte Chemical to 83 percent from 73 percent at its Daesan complex. "Support measures for naphtha import cost differentials are taking effect, and contracted volumes are rising. If the current trend continues, supply will largely return to pre-war levels in May, easing concerns over petrochemical shortages," Trade Minister Kim Jung-kwan said at a Cabinet meeting. Beyond Korea, however, the picture remains far less stable. Brent crude surged past $113 per barrel as daily transits through the Strait of Hormuz plunged to around eight vessels, down from a pre-war average of 135 — underscoring how fragile supply remains despite diversification efforts. Last year, about 63 percent of Korea's crude imports and 54 percent of its naphtha shipments passed through Hormuz. The first non-Hormuz Saudi cargo, loaded from Yanbu on the Red Sea, only arrived in Korea on April 17. The costs of these workarounds are already filtering through the economy. Gasoline prices have climbed above 2,000 won per liter, prompting a 6.1 trillion won relief package that began disbursing on April 27 to around 32.56 million citizens. Industrial users are also under pressure. Prices for delivery films, tapes and cushioning materials have surged 20 to 30 percent, with some products nearly doubling, accelerating a shift toward alternatives such as pulp-mold packaging. Seoul's policy response has broadened accordingly. The Financial Services Commission has expanded emergency financing support to 26.8 trillion won, targeting petrochemicals, refining and five other strategic sectors. At the same time, the government is using the crisis to accelerate structural change. The Ministry of Climate, Energy and Environment has unveiled a roadmap to cut virgin naphtha-based material use by 30 percent by 2030. Yet analysts caution that the recovery remains conditional. The UAE's departure from OPEC+, combined with a potential slowdown in U.S. shale output, could narrow the long-standing cost disadvantage faced by Asian refiners, positioning Korean producers as swing suppliers in global markets. "The UAE's exit strengthens Asian producers' bargaining power and supports longer-term price moderation, but it is not an immediate catalyst for lower prices," said Yoon Jae-sung, an analyst at Hana Securities. "If Hormuz normalizes, it becomes a tailwind — but for now, it remains neutral." That uncertainty deepens if the conflict persists. Competition for heavy crude outside the Middle East is intensifying, while the risk of retaliatory production cuts by Saudi Arabia in response to the UAE's exit adds another layer of volatility. "Unless the conflict ends on terms that restore confidence among shipowners and insurers, it will be extremely difficult for oil prices to return to pre-war levels, even over the longer term," said Chung Tae-hun of the Korea Energy Economics Institute. "We are already seeing intensified competition from China and Japan for alternative crude. And if Saudi Arabia responds with production cuts, downward pressure on prices may remain limited, even in the near term." 2026-04-30 14:32:19
  • LG Chem swings to Q1 operating loss amid EV slowdown, chemical headwinds
    LG Chem swings to Q1 operating loss amid EV slowdown, chemical headwinds SEOUL, April 30 (AJP) - LG Chem, South Korea's largest chemical maker, reported a first-quarter operating loss of 49.7 billion won ($33.4 million), swinging from a profit a year earlier, as weakening demand across its core businesses and raw material cost volatility eroded margins. The company posted consolidated revenue of 12.25 trillion won for the January-March period, down 2.6 percent from a year ago, but up 6.2 percent from the preceding quarter, according to a regulatory filing on Thursday. "Despite uncertainties stemming from raw material supply instability, profitability improved quarter-on-quarter thanks to positive inventory lagging effects from rising feedstock prices and one-off revenue recognition in the petrochemical segment," CFO Cha Dong-seok said. Cha added that LG Chem would accelerate its pivot toward high-value, high-margin businesses to build a more resilient structure against volatile economic cycles. The petrochemical division, long the company's cash cow, recorded revenue of 4.47 trillion won and operating profit of 164.8 billion won, with the European tariff refund and naphtha lagging effects bolstering an otherwise tepid quarter. The advanced materials segment posted revenue of 843.1 billion won and an operating loss of 43.3 billion won, though the deficit narrowed as cathode material shipments grew and new semiconductor materials began contributing to sales. The life sciences division brought in revenue of 312.6 billion won and operating profit of 33.7 billion won, with lower research and marketing expenses offsetting a dip in export shipment timing. Its subsidiary LG Energy Solution, the nation's largest battery maker, logged revenue of 6.56 trillion won but posted an operating loss of 207.8 billion won, dragged down by ramp-up costs at new ESS production facilities and a weaker product mix from declining North American EV pouch cell volumes. Shares of LG Chem traded at 397,000 won per stock at 1:49 p.m., 2.58 percent lower than the day before. 2026-04-30 14:08:43
  • LG Energy Solution posts second straight loss, bets on ESS pivot
    LG Energy Solution posts second straight loss, bets on ESS pivot SEOUL, April 30 (AJP) - LG Energy Solution reported its second consecutive quarterly operating loss in the first three months of 2026, hit by shrinking U.S. battery subsidies and weak electric vehicle demand. The nation's largest battery maker posted a consolidated operating loss of 207.8 billion won ($139.7 million) for the January to March period, reversing an operating profit of 374.7 billion won a year earlier, according to a regulatory filing on Thursday. Revenue slipped 2.5 percent year-on-year to 6.555 trillion won, while net losses ballooned to 944 billion won. Experts say the deterioration stemmed largely from a steep drop in the subsidies cut under Washington's Inflation Reduction Act, which fell to 189.8 billion won — just 41.5 percent of the 457.7 billion won booked a year ago. Ramp-up costs at five newly expanded North American ESS production sites and reduced pouch-type EV battery shipments to a major customer compounded the drag. Despite the red ink, LG Energy Solution laid out an aggressive blueprint to reshape its revenue mix around energy storage. The company said it would raise the share of ESS in total sales from about 25 percent in the first half to 35 percent by year-end, up from below 10 percent in 2025. "We secured an ESS order backlog of about 440 gigawatts in North America as of the end of April, and aim to build more than 50 gigawatts of ESS battery production capacity in the region by year-end," LG CNS CFO Lee Chang-sil said during an earnings conference call. To meet surging demand from power grid operators and AI data center developers, the company plans to convert multiple EV battery lines to ESS output at plants in Michigan, Ontario, Lansing and joint ventures with Honda and General Motors. The CFO projected second-quarter results would improve by about 10 percent from the first quarter on robust North American ESS demand and healthy appetite for high-nickel EV and hybrid batteries in Europe. Lee forecasted revenue growth of 15 to 20 percent in the second half relative to the start of the year, adding that the company aims to turn a profit without relying on U.S. production subsidies over the longer term. 2026-04-30 12:21:59
  • LG CNS Q1 operating profit surges 19 pct on AI, cloud growth
    LG CNS Q1 operating profit surges 19 pct on AI, cloud growth SEOUL, April 30 (AJP) - South Korean IT services firm LG CNS posted first-quarter operating profit of 94.2 billion won ($63.4 million), up 19.4 percent from a year earlier, as surging demand for artificial intelligence and cloud services fueled growth across its business lines. According to regulatory filing released Thursday, revenue for the January to March period climbed 8.6 percent on-year to 1.315 trillion won, with the company's AI and cloud division accounting for about 58 percent of the total at 765.4 billion won. The segment grew 6.7 percent year-on-year, buoyed by the expansion of agentic AI-based multi-agent services into defense, finance, manufacturing and biopharmaceuticals. Net profit jumped 41.2 percent to 80.9 billion won, while the operating margin widened 0.7 percentage points to 7.2 percent. "Despite heightened global uncertainty stemming from U.S.-Iran geopolitical risks, energy price volatility and swings in interest rates and exchange rates, LG CNS expanded its external business on the back of solid technology and execution capabilities," said CFO Song Kwang-ryun said during an earnings call. Its digital business services division recorded revenue of 321.9 billion won, a 11.9 percent year-on-year rise driven by next-generation IT system buildouts for major financial institutions including NH NongHyup Bank and Shinhan Investment. The smart engineering segment also gained 10.4 percent to 227.8 billion won on the back of factory automation and logistics projects. The company is also betting on physical AI, investing in U.S. robotics firm Dexmate to build a lineup spanning bipedal humanoids, quadrupeds and wheeled robots, and plans to publicly launch a proprietary robot training platform next month. Its first overseas AI data center in Indonesia is slated for completion by year-end. LG CNS has moved to ride the broader AI boom by forging partnerships with global heavyweights such as OpenAI and Palantir, supplying ChatGPT Enterprise to about 10 corporate clients since February while co-developing high-value AI projects through a joint engineering team with the U.S. data analytics firm. Shares of LG CNS traded at 66,000 per stock at 10:00 a.m., 1.05 percent lower than the day before. 2026-04-30 10:03:23
  • Naver posts 16% revenue jump as AI-driven growth accelerates in Q1
    Naver posts 16% revenue jump as AI-driven growth accelerates in Q1 SEOUL, April 30 (AJP) - Naver reported a 16.3 percent rise in first-quarter revenue, buoyed by robust demand for AI-integrated services and a sharp uptick in its consumer-to-consumer commerce business. The company reported through regulatory filings Thursday that consolidated revenue for the January to March period climbed to 3.24 trillion won ($2.17 billion), while operating profit edged up 7.2 percent to 541.8 billion won, as heavier infrastructure spending to bolster AI capabilities tempered bottom-line gains. Naver's platform segment, the company's bread-and-butter search and commerce engine, generated 1.84 trillion won in revenue, up 14.7 percent from a year earlier. Advertising revenue grew 9.3 percent, with the company noting that AI now accounts for more than half of its ad revenue growth through enhanced targeting tools. Service revenue, driven by Naver Plus Store, its membership program and proprietary logistics network, surged 35.6 percent. Its financial arm also gained momentum, with Npay transaction volume climbing 23.4 percent year-on-year to 24.2 trillion won, as the platform expanded its presence in offline payments through the Npay Connect terminal. The standout performer was the global ventures division, where revenue jumped 18.4 percent to 941.6 billion won, powered by a 57.7 percent spike in C2C revenue following the full consolidation of Spanish marketplace Wallapop and steady growth at Poshmark, Kream and Soda. Enterprise revenue, bolstered by AI, digital twin and Line Works-related projects, rose 18.8 percent. "Naver is a uniquely positioned platform that integrates search, commerce and payments into a single pipeline — the core competitive edge of the AI agent era," Naver CEO Choi Soo-yeon said, adding that the company would pursue its "action-oriented AI" strategy to build a virtuous cycle of user satisfaction and monetization while accelerating global expansion through C2C and sovereign AI offerings. The results come as Naver deepens its AI pivot on multiple fronts. In March, CEO Choi held a high-profile meeting with AMD chief Lisa Su at Naver's headquarters to explore collaboration in AI data center infrastructure, signing a memorandum of understanding to jointly develop next-generation GPU infrastructure aimed at expanding their artificial intelligence ecosystems. Earlier this month, Naver signed a strategic partnership with India's Tata Consultancy Services to jointly develop AI and cloud services, and co-launched a 1 trillion won targeting investment fund with Krafton and Mirae Asset to back AI and fintech startups in India. Shares of Naver opened at 222,000 won per stock, 0.91 percent higher than the day before. 2026-04-30 09:00:59
  • Four Korean pharma, bio bodies forge one team to accelerate global push
    Four Korean pharma, bio bodies forge 'one team' to accelerate global push SEOUL, April 29 (AJP) - Four of South Korea's leading pharmaceutical and biotechnology organizations signed a memorandum of understanding to consolidate their fragmented overseas-support programs under a single coordinated framework, dubbed the "K-Pharma Bio One Team." The Korea Pharmaceutical and Bio-Pharma Manufacturers Association (KPBMA), the Korea Health Industry Development Institute, the Korea Biotechnology Industry Organization and the Korea Trade-Investment Promotion Agency inked the agreement at COEX in Seoul Wednesday, establishing a joint support structure for domestic firms seeking to expand abroad. Under the MOU, the four bodies will pool resources to conduct shared market analysis, identify and resolve export bottlenecks, gather overseas market intelligence, and coordinate marketing efforts at international trade events — replacing what had previously been a patchwork of institution-by-institution programs. The alliance plans to kick off operations in earnest at BIO International Convention, set for June in San Diego, California. More than 250 South Korean companies are expected to attend the event this year, making Korea the second-largest national contingent after the United States. The four organizations will jointly support Korean exhibitors at BIO USA and co-host a consolidated "Korea Night" reception expected to draw more than 600 industry officials, investors and potential partners. "This MOU marks a significant step forward in upgrading the support framework for the global expansion of Korea's pharmaceutical and biotech industry," said KPBMA president Noh Yun-hong, adding that the alliance would work to sharpen corporate competitiveness and raise the sector's international profile. 2026-04-29 15:12:41