Journalist

김동영
Kim Dong-young, Im Yoon-seo
  • Lotte Cinema, Megabox agree to merge, challenging CGV
    Lotte Cinema, Megabox agree to merge, challenging CGV Logos of Lotte Cultureworks and Megabox JoongAng/ Courtesy of Lotte Group, JoongAng Group SEOUL, May 8 (AJP) - South Korea’s second- and third-largest cinema operators, Lotte Cinema and Megabox JoongAng, have agreed to merge, forming a formidable new entity poised to reshape the nation’s film exhibition landscape. JoongAng Holdings, the parent company of Megabox, announced on Thursday that it had signed a memorandum of understanding (MOU) with Lotte Group to combine their film-related subsidiaries: Megabox JoongAng and Lotte Cultureworks, which oversees Lotte Cinema. The move marks one of the most significant realignments in South Korea’s media and entertainment sector in years. The newly formed joint venture will be jointly managed by both conglomerates, pending a business combination review by the Fair Trade Commission. Further details of the merger are expected to emerge in the coming months, following additional negotiations and regulatory scrutiny. The merger, if finalized, would directly challenge the country’s largest cinema chain, CJ CGV, altering long-established dynamics in the competitive multiplex market. According to the Korean Film Council, CJ CGV operated 1,346 screens nationwide in 2024, making it the country’s dominant exhibitor. Lotte Cinema managed 915 screens, while Megabox operated 767. The merger would give the new entity control of 1,682 screens — overtaking CGV in sheer scale. The agreement also extends beyond exhibition, encompassing a merger of the two groups’ film distribution arms: Lotte Entertainment, which backed major hits including the Along With the Gods series and Hansan: Rising Dragon, and Plus M Entertainment, the distributor behind 12.12: The Day and The Roundup franchise. In a joint statement, both companies framed the merger as a bid to revitalize South Korea’s film industry, which has struggled to regain momentum following the COVID-19 pandemic. “This MOU is intended to combine the strengths of both companies to improve competitiveness, enhance financial stability, and provide differentiated customer experiences,” a Lotte Group spokesperson said. A representative from JoongAng Group added that the partnership would focus on expanding content diversity, investing in domestic film production, and improving audience services. “Our goal is to establish a sustainable business environment by securing competitive content, creating premium viewing experiences, and fostering stability in the Korean film market.” The companies also signaled plans to expand high-end cinema formats, such as Megabox’s Dolby Cinema and Lotte Cinema’s Superplex, as part of their strategy to draw audiences back to theaters. 2025-05-08 17:25:00
  • Korea, Czech deepen nuclear, tech ties despite court ruling delaying major deal
    Korea, Czech deepen nuclear, tech ties despite court ruling delaying major deal SEOUL, May 8 (AJP) - South Korea and the Czech Republic have signed a suite of bilateral agreements aimed at strengthening cooperation in nuclear energy and advanced technology sectors, even as a key contract for the construction of nuclear reactors was postponed by a Czech court ruling. In a two-day diplomatic visit led by South Korean Minister of Trade, Industry and Energy Ahn Duk-geun, the two countries signed 14 MOUs and cooperation agreements, underscoring a shared commitment to long-term strategic collaboration. Minister Ahn met with Czech Prime Minister Petr Fiala and Senate President Miloš Vystrčil in Prague, reaffirming bilateral ties amid growing energy and technological challenges in Europe. The centerpiece of the talks — a planned contract between Korea Hydro & Nuclear Power (KHNP) and Czech energy company ČEZ to construct two nuclear reactors at the Dukovany site — was delayed following a court decision a day earlier. While details of the legal ruling remain limited, the postponement introduced a notable complication into what had been anticipated as a major breakthrough in South Korea’s push to export nuclear technology. Still, officials from both nations pressed ahead with the broader agenda. During the meetings, Ahn and Fiala discussed partnerships spanning industry, energy, construction, infrastructure, and science and technology. In the presence of Prime Minister Fiala, the two countries' industry ministers signed a renewed nuclear cooperation agreement, building on a memorandum signed last year. The pact includes commitments by South Korea to support the Dukovany project, participate in nuclear development in third countries, and collaborate on the construction of two additional reactors in the Czech Republic. As part of the broader effort, KHNP and its consortium, known as “Team Korea,” signed ten MOUs with Czech companies aimed at facilitating technical cooperation and supply chain partnerships for the country’s planned nuclear expansion. Beyond energy, the two governments signaled deeper ties in future-focused industries. A new memorandum on battery cooperation was signed, with both countries agreeing to align their industrial policies in response to the European Union’s forthcoming battery regulations. Additional agreements included initiatives to support academic and research institutions, such as partnerships between South Korean institutes and Czech universities to establish joint R&D centers. Among them were plans for an advanced vehicle technology hub in Ostrava and a robotics cooperation center in Prague. “This year marks the 35th anniversary of diplomatic ties and the 10th anniversary of our strategic partnership,” said Ahn. “South Korea and the Czech Republic have built a relationship of trust. We will maintain close communication with the Czech side to reach a final agreement on the nuclear project as soon as possible.” 2025-05-08 16:27:02
  • Lee Jae-myung courts business leaders, pledging support for growth
    Lee Jae-myung courts business leaders, pledging support for growth Lee Jae-myung, the presidential candidate of the main opposition Democratic Party (DP) speaks at a meeting with South Korean business leaders at the Korea Chamber of Commerce and Industry in Seoul on May 8, 2025. Joint Press Corps SEOUL, May 8 (AJP) - Lee Jae-myung, the Democratic Party’s presidential candidate, met Thursday with leaders of South Korea’s major business groups, stressing the central role of the private sector in reviving the nation’s faltering economy. “Companies are at the center of economic revival,” Lee told a gathering at the Korea Chamber of Commerce and Industry in Seoul, which included the heads of five influential business federations. “The era when government leads economic and industrial issues has already passed. We must trust the expertise and capabilities of the private sector, with government providing solid support.” The forum brought together some of South Korea’s most powerful corporate figures, including Chey Tae-won, chairman of the Korea Chamber of Commerce and SK Group; Sohn Kyung-shik, chairman of the Korea Enterprises Federation; Ryu Jin of the Federation of Korean Industries; Yoon Jin-sik of the Korea International Trade Association; and Choi Jin-sik, who leads the Federation of Middle Market Enterprises of Korea. Lee has in recent months sought to position himself as pragmatic on economic matters. On Thursday, he praised South Korea’s rapid transformation from a post-colonial nation into an industrial and democratic powerhouse, crediting the private sector for its role in driving exports and economic development. Still, the mood among business leaders was cautious. Many expressed concerns over persistent stagnation in consumption, investment, and exports, as well as heightened geopolitical tensions on the Korean Peninsula. “Our economic situation is very difficult,” said Sohn, the business federation chairman. “Diplomatic issues remain unresolved, and economic momentum is weakening.” Ryu of the Federation of Korean Industries called for bold government action to support emerging industries. “Aerospace, artificial intelligence, robotics, biotechnology, next-generation shipbuilding, defense industries, and smart farming all urgently require active government backing,” he said. He also pointed to the need for infrastructure investment and tax reform to reduce the burden on businesses. In recent weeks, Lee has faced scrutiny over his proposal to introduce a 4.5-day workweek, raising concerns among business leaders about potential labor disruptions. Addressing those concerns, he sought to reassure his audience that no such measure would be implemented unilaterally. “Some worry that I might suddenly push this through using emergency fiscal measures,” he said. “That’s not possible. It requires thorough dialogue and preparation between labor and management.” 2025-05-08 15:38:40
  • In shift from oil, Saudi Aramco bets on clean energy
    In shift from oil, Saudi Aramco bets on clean energy Khursaniyah Plant operated by Saudi Aramco/ Courtesy of Saudi Aramco Editor's Note: This article is the 17th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, May 7 (AJP) - Saudi Aramco, the oil behemoth that has long fueled the Saudi economy, is increasingly steering its focus toward cleaner technologies, signaling a significant pivot in one of the world’s most carbon-intensive industries. On April 21, Aramco, through its subsidiary Saudi Aramco Technologies Company (SATC), announced a joint development agreement with China’s BYD, one of the world’s leading electric vehicle manufacturers. The partnership aims to advance technologies related to new energy vehicles, including those that improve powertrain efficiency and reduce emissions. “The collaboration between SATC and BYD aims to support energy efficiency improvements, and it builds on Aramco’s extensive research and development of new energy solutions,” said Ali A. Al-Meshari, a senior vice president at Aramco. The move is part of a broader strategy to diversify beyond crude oil and position itself as a global leader in low-carbon and chemical innovation. “Aramco is exploring a number of ways to potentially optimize transport efficiency, from innovative lower-carbon fuels to advanced powertrain concepts,” Al-Meshari added. Founded in 1933 through a concession agreement between the Saudi government and Standard Oil of California, Aramco has grown into one of the most profitable companies in the world. Its first commercial oil production came in 1938 at the Dammam No. 7 well, known as the “Prosperity Well.” The company was rebranded as the Arabian American Oil Company (Aramco) in 1944, and by 1962 it had produced 5 billion barrels of crude oil. Saudi Arabia assumed full ownership of Aramco in 1980. The company was formally renamed Saudi Arabian Oil Company, or Saudi Aramco, in 1988. Under the leadership of Ali I. Al-Naimi, its first Saudi president and later the nation’s oil minister, Aramco began expanding its global footprint, acquiring refining and marketing assets across Asia and Europe. Its first major international acquisition came in 1991 with a 35 percent stake in South Korea’s SsangYong Oil Refining Company, later renamed S-Oil. That was followed by interests in the Philippines’ Petron Corporation and Greece’s Motor Oil (Hellas). In 2024, Aramco reported net income of $106.2 billion, down from $121.3 billion in 2023, reflecting a 12.4 percent decline. The company cited production cuts of 500,000 barrels per day that began in April 2023, part of broader measures by the Organization of the Petroleum Exporting Countries (OPEC) to manage global supply. Revenue fell modestly to $434.6 billion, while operating profit dropped 10.8 percent to $206.5 billion. Despite the earnings dip, Aramco has underscored its commitment to emissions reduction and sustainability. "We are leveraging the Kingdom's advantage in solar and wind resources and geology to capture any and all value additive opportunities,” said Aramco CEO Amin H. Nasser. “Renewables are a key component of our decarbonization levers.” The company has also aligned its strategy with Saudi Arabia’s Vision 2030, an ambitious plan to reduce the kingdom’s dependence on oil and diversify its economy. As part of that effort, Aramco recently signed a non-binding agreement with Ma’aden, the region’s largest mining firm, to begin lithium production by 2027 — a key step toward building a local electric vehicle supply chain. Aramco has also taken a stake in MidOcean Energy, a move intended to build its capabilities in liquefied natural gas. The company is reportedly investing around 10 percent of its total capital expenditure into a dedicated green energy division known as the New Energies Organization, focused on lower-carbon solutions. In South Korea, Aramco is advancing the Shaheen project, a major petrochemical venture under S-Oil that is expected to come online in late 2026. With a price tag of $6.64 billion, Shaheen aims to produce high volumes of ethylene, propylene, butadiene, and benzene — chemicals essential to modern manufacturing — while prioritizing energy efficiency and emissions reductions. The project is viewed as a potential catalyst for South Korea’s declining petrochemical sector, and is expected to secure long-term supply agreements with the Onsan National Industrial Complex in Ulsan. As Aramco transforms itself from a petroleum powerhouse into a more diversified energy and chemicals firm, its decisions are likely to reverberate across the global energy landscape. For both Saudi Arabia and its international partners, such as China and South Korea, the company’s new trajectory may prove critical in shaping the future of energy security and sustainability. 2025-05-08 10:27:48
  • Samsungs Harman acquires premium audio brand B&W in $350 mln deal
    Samsung's Harman acquires premium audio brand B&W in $350 mln deal A prototype automobile incorporating Harman International Industries technology showcased at the CES 2025/ Courtesy of Samsung Electronics SEOUL, May 7 (AJP) - Samsung Electronics' subsidiary Harman International Industries has agreed to acquire the consumer audio business of United States-based med-tech firm Masimo for $350 million, marking Samsung's largest acquisition since purchasing Harman itself for about $8 billion in 2016. The deal, revealed on Wednesday, will bring several luxury audio brands under Harman's umbrella, including the prestigious British loudspeaker manufacturer Bowers & Wilkins (B&W), Denon, Definitive Technology, Marantz, and Polk Audio. Founded in 1966, B&W has built a reputation for its distinctive designs, premium materials, and exceptional sound quality that has garnered acclaim from audio professionals and enthusiasts worldwide. The acquisition is expected to bolster Harman's already formidable position in the global audio market, where it currently holds about 60 percent market share in portable audio with brands such as JBL, Harman Kardon, and AKG. "Built on a shared legacy of innovation and excellence in audio technology, this combined family of brands, together with the talented employees of both companies, will deliver complementary audio products, strengthen our value proposition and offer more choices to consumers," said Dave Rogers, president of Harman's lifestyle division. Masimo vice chairman Quentin Koffey also expressed great satisfaction in the deal, saying, "Finding the right home for this business has been a stated priority of the new board from day one, and this transaction represents an important milestone." Samsung Electronics indicated that the deal carries strategic significance beyond the audio market, potentially enhancing sound technology across its mobile devices, televisions, and home appliances through expanded synergies. The South Korean tech giant has already incorporated Harman's design and engineering expertise into various fields since acquiring the company, including connected car systems for automakers, audio and visual products, enterprise automation solutions, and services supporting the internet of things. Samsung had previously said during its March annual shareholders meeting that the company would pursue meaningful mergers and acquisitions to address investor concerns about growth, the firm determined to produce tangible results this year. 2025-05-07 14:16:44
  • KHNP pledges to comply with Czech court order blocking nuclear deal
    KHNP pledges to comply with Czech court order blocking nuclear deal Dukovany Nuclear Power Station/ AFP-Yonhap SEOUL, May 7 (AJP) - Korea Hydro & Nuclear Power (KHNP) said Wednesday it would honor legal proceedings in the Czech Republic, following a court decision to block the signing of a multibillion-dollar nuclear power contract. A regional court in Brno issued an injunction on Tuesday, just one day before KHNP and Czech utility Elektrarna Dukovany II (EDU II) were scheduled to finalize a deal to build two nuclear reactors at the Dukovany site. The move comes as part of an ongoing legal dispute involving French energy firm Électricité de France (EDF), which filed a complaint challenging KHNP’s selection as the preferred bidder. The Czech Republic’s competition authority dismissed EDF’s appeal in late April, but the Brno court will now examine the case. “We respect the legal procedures of the Czech Republic and will fully comply with all related laws and regulations,” KHNP said in a statement. The company leads the South Korean consortium bidding for the project, often referred to as “Team Korea.” KHNP also defended the integrity of the tender process, saying it had been conducted “fairly, transparently, and in accordance with the law” under the supervision of the Czech government, national power company CEZ, and EDU II. The company expressed disappointment over what it described as ongoing efforts by a competitor to overturn the bidding result. 2025-05-07 10:40:00
  • S. Korean government secures $9.6 billion extra budget
    S. Korean government secures $9.6 billion extra budget SEOUL, May 01 (AJP) - South Korea’s ruling and opposition parties agreed on Thursday to pass a 13.8 trillion-won ($9.6 billion) supplementary budget aimed at revitalizing the economy. Officials from the ruling People Power Party and the main opposition Democratic Party said they had reached a deal to approve the budget at a parliamentary plenary session scheduled for later on Thursday. As part of the agreement, the parties allocated 400 billion won for the issuance of local currency vouchers to support small merchants and the self-employed — a significant reduction from the 1 trillion won originally proposed by the Democratic Party. The agreement also includes 170 billion won to fund discounts on agricultural, livestock and fisheries products in an effort to stabilize consumer prices. 2025-05-01 13:44:40
  • Han Dong-hoon decries move to consolidate candidacy with acting president
    Han Dong-hoon decries move to consolidate candidacy with acting president SEOUL, May 01 (AJP) - Han Dong-hoon, one of two finalists in the ruling People Power Party’s presidential primary, on Thursday criticized growing calls among party lawmakers to consolidate the party’s candidacy with Acting President and Prime Minister Han Duck-soo, accusing them of prioritizing their political survival over winning the election. “For some individuals, the goal is not victory in the presidential election but the preservation of their vested interests,” Han said in a radio interview. His comments contrasted sharply with those of his rival, Kim Moon-soo, a former labor minister, who has expressed openness to unification talks with the acting president. The party will choose its candidate between Han Dong-hoon and Kim Moon-soo at the national convention on May 3. The PPP has been mired in turmoil since the impeachment of President Yoon Suk Yeol, with many party members fearing they have little chance of winning the early election triggered by Yoon's ouster. Amid these concerns, a growing number of party leaders and lawmakers have pushed for a unified candidacy with Acting President Han, who maintains strong support among pro-Yoon factions. Han Dong-hoon warned that such moves were both misguided and dangerous. “Some believe that even if we lose the election, it will be enough to maintain control of the party and secure nominations,” he said. “This is a grave mistake. If we lose to Lee Jae-myung of the Democratic Party, we will face severe political retaliation.” Han also shared a newspaper column on Facebook that claimed senior PPP members were desperate to block his nomination, fearing it would threaten their influence in future elections. He further criticized reports that party leaders were considering changing the PPP's name — a move reportedly floated in response to demands from Democratic Party-affiliated figures, including Lee Nak-yon, as a condition for an electoral alliance. “It is shocking that there are attempts to sell out the pride of our party members and secretly change the party’s name,” Han said. “Discussions about a name change must come from within the party. We must not allow outside forces to dictate our future.” Han said he was willing to do whatever was necessary to secure victory but drew a line at outside influence. “I will not allow the party to be manipulated by figures affiliated with the Democratic Party or the former Moon Jae-in administration,” he said. “It is extremely disappointing to see the leadership behaving this way.” 2025-05-01 11:46:47
  • From stadiums to stores, baseball fever grips South Korea
    From stadiums to stores, baseball fever grips South Korea "KBO Bread" series by SPC Samlip/ Yonhap SEOUL, April 29 (AJP) - After a long day at work, Kim Jong-chul, 54, makes a ritual stop — not at a stadium, but at the bakery section of his neighborhood convenience store. The lifelong LG Twins fan isn’t there for the pastries. "It's not really the bread I'm after," Kim said with a grin, tearing into a blueberry jam-filled pastry to retrieve a coveted sticker featuring one of his team's players. "I'm determined to collect all 21 stickers for my home team." Kim is one of millions caught up in South Korea's latest baseball craze, where fandom now stretches far beyond the ballpark. SPC Samlip’s line of KBO-themed breads, each containing collectible portrait stickers of players, has become a runaway success, selling three million units within 10 days of its release. Companies across the country are scrambling to align themselves with the surging popularity of the Korean Baseball Organization League, which is experiencing an unprecedented boom. Just one month into the season, the league shattered attendance records, drawing more than two million fans and filling stadiums to capacity during the opening series. After surpassing 10 million spectators in 2024, the KBO's momentum shows no signs of slowing, eclipsing even its pre-pandemic heights. For fans, the growing commercialization is not a distraction, but another way to deepen their connection to the game. A GS25 convenience store collaborating with Hanwha Eagles/ Courtesy of GS Retail Convenience store chains have eagerly joined the frenzy. CU partnered with the Doosan Bears and Yonsei University Dairy to launch baseball-themed cream buns, selling over 120,000 units in their first week. Each bun is wrapped in team logos and inspirational slogans, reinforcing baseball's transformation from a sport into a lifestyle brand. "Professional baseball isn't merely entertainment anymore — it's a cultural movement," said an industry insider. "Fans aren’t just watching games. They're living them." GS25, another major convenience chain, has gone a step further, converting select stores into baseball-themed spaces, complete with locker room decor and exclusive team merchandise. The effort appears to be paying off: GS25 reported a 20 percent year-over-year increase in sales at these locations. Elsewhere, major brands are capitalizing on the baseball boom. Lotte World Adventure, a prominent theme park, is offering discounts of up to 42 percent for Lotte Giants season ticket holders throughout April. Galleria Department Store collaborated with the Hanwha Eagles to mark the team's 40th anniversary, opening a popup store that promptly sold out of limited-edition apparel. Even the KBO itself has entered the merchandising fray, partnering with fashion platform Musinsa to launch a popup store in Seoul's Seongsu neighborhood earlier this month. The store, open for five days, combined baseball memorabilia with retail promotions from brands like Domino's Pizza and Lotte Chilsung Beverages, recreating the festive atmosphere of a ballpark. Fans participated in interactive events, from batting and pitching challenges to personality quizzes designed to match their fan types. Outside, a massive dome tent, styled like a baseball, anchored the store's outdoor plaza, surrounded by flags representing all ten KBO teams. Domino's even reimagined its pizzas, designing elongated pies for easy one-handed eating — perfect for fans juggling food and cheering. "Baseball in Korea is a cherished ritual," said a Dominos spokesperson. "We wanted to add another layer to that tradition." Analysts say the sport's renaissance is fueled largely by a younger, more diverse fanbase — especially women in their 20s and 30s. A KBO survey of 8,000 spectators found that 64.3 percent reported greater interest in the league compared to last year. Among women in their 20s, that figure jumped to 77.9 percent. "I've been cheering for the Samsung Lions since I was eight," said Yang, a 21-year-old university student living in Seoul. She vividly recalled the moment she fell in love with the game: a bottom-of-the-ninth comeback by Samsung Lions legend Lee Seung-yuop. Yang's devotion extends beyond the stands. She proudly showed off her collection of Lions shirts and cheering accessories. "Wearing the team colors makes us one," she said. Recognizing the trend, teams are shifting marketing strategies to court younger female fans. "As young fans, especially women, continue to increase, we are committed to communicating with them and tailoring our marketing activities accordingly," an LG Twins spokesperson said. 2025-04-29 17:16:18
  • Korea, US to form working groups on trade, tariffs this week
    Korea, US to form working groups on trade, tariffs this week First Vice Industry Minister Park Sung-taek speaks at a meeting on U.S. tariffs, April 7, 2025. Courtesy of the Ministry of Trade, Industry and Energy SEOUL, April 29 (AJP) - South Korea and the United States will establish a series of working groups this week to refine their trade agenda, setting the stage for substantive negotiations expected to begin next week, officials here said Tuesday. At a government briefing in Sejong City, Park Sung-taek, South Korea’s first vice industry minister, said the country’s trade policy director would travel to Washington in the coming days to conduct final working-level consultations. “We plan to establish about six working groups across three areas and proceed with official technical consultations next week,” Park said. The two sides agreed to form the working groups following their "2+2" ministerial consultations in Washington on April 24. Talks will center on four key agenda items: tariff and non-tariff barriers, economic security, investment cooperation, and currency policies. Park added that Jamieson Greer, the United States Trade Representative, would visit South Korea in mid-May to assess the progress of the technical discussions and chart the next steps. Negotiators face significant challenges. Among them are persistent U.S. concerns over South Korea’s restrictions on beef imports from cattle older than 30 months — a longstanding source of friction. Although U.S. Treasury Secretary Scott Bessent suggested that a preliminary “trade understanding agreement” could be reached as early as next week, Park dismissed the possibility of any deal before South Korea’s incoming administration takes office. “Since this is a package deal encompassing various agenda items, it’s impossible to complete the decision-making process by June,” Park said. In parallel, Washington is pushing for South Korean participation in an Alaska liquefied natural gas project whose commercial prospects remain uncertain. High-level meetings are scheduled for June, as the United States seeks investment commitments from both South Korea and Japan. 2025-04-29 11:24:52