Journalist

김동영
Kim Dong-young and Han Jun-gu
  • Arsonist sparks fire on Seoul subway, forcing 400 passengers to flee through tunnel
    Arsonist sparks fire on Seoul subway, forcing 400 passengers to flee through tunnel SEOUL, May 31 (AJP) - A man ignited a fire on a Seoul subway train during Saturday morning rush hour, forcing about 400 passengers to evacuate through underground tunnels as smoke filled the carriages. The blaze erupted at 8:43 a.m. on Line 5 between Yeouinaru and Mapo stations when a man in his 60s used a torch-style lighter to set clothing ablaze after boarding with a container of oil, witnesses said. Twenty-one passengers were hospitalized for smoke inhalation and ankle injuries sustained during the chaotic evacuation. No fatalities were reported. Train operators and passengers wielded fire extinguishers to contain the flames before firefighters fully extinguished the blaze at 10:24 a.m. Emergency responders deployed 230 personnel, including 166 firefighters and 60 police officers, along with 68 pieces of firefighting equipment. Police arrested the suspected arsonist near Yeouinaru station at 9:45 a.m. Service between Yeouido and Aeogae stations was suspended until 10:06 a.m., with trains bypassing Mapo and Yeouinaru stations during the emergency response. Investigators are examining the scene and questioning the suspect to determine the motive behind the arson attack. 2025-05-31 16:10:14
  • South Korean professor loses lawsuit over research fund embezzlement disciplinary action
    South Korean professor loses lawsuit over research fund embezzlement disciplinary action SEOUL, May 31 (AJP) - A South Korean national university professor who embezzled about 80 million won (US$57,952) in research funds by falsely claiming equipment purchases has lost his administrative lawsuit challenging his disciplinary punishment. The Chuncheon District Court ruled against the professor in his lawsuit seeking to overturn a three-month suspension imposed by the national university he resides, the court announced on Saturday. According to the indictment, the professor fraudulently claimed research material expenses 31 times between June 2018 and January 2021, pocketing about 80 million won intended for consumable research supplies. He also embezzled 1 million won over 36 instances by billing for meals for researchers who never attended actual research meetings. The university initially imposed dismissal and demanded 240 million won in additional disciplinary fines - triple the embezzled amount. After the professor appealed to the Appeal Commission for Educators, his punishment was reduced to a three-month suspension with standard disciplinary fines, considering his suspended sentence in criminal court. However, the professor argued he merely followed established practices of acquiring expensive equipment through credit arrangements and later paying through government project material costs. He claimed the funds questioned were used for actual equipment purchases that benefited his research. "The misconduct's content, duration, frequency and amount show the violations were not minor, warranting demotion or higher punishment," the court said. "However, considering the plaintiff's diligent work performance and research achievements, and that the embezzlement wasn't solely for personal gain, a suspension was deemed appropriate." The court emphasized that professors must maintain strong moral standards and integrity, stating the public interest in ensuring fair research fund management outweighed the defendant's personal disadvantages. 2025-05-31 14:20:46
  • China expands surveillance network in Korean waters with three new buoys
    China expands surveillance network in Korean waters with three new buoys SEOUL, May 31 (AJP) - China has quietly installed three additional observation buoys in disputed West Sea waters near South Korea, raising fresh concerns about Beijing's growing maritime surveillance capabilities in the region. The South Korean Navy reported on Saturday its discovery of large buoys near the 123-degree east longitude line, west of Ieodo reef. The installations sit in international waters within China's exclusive economic zone, directly adjacent to South Korea's maritime boundaries. Since 2018, China has deployed 10 observation buoys measuring about 3 meters wide and 6 meters tall throughout the Provisional Measures Zone (PMZ) under the stated purpose of marine observation. The latest additions bring the total count to 13 buoys, with one positioned inside the disputed fishing zone shared by both nations. While Beijing claims the buoys serve meteorological and oceanographic purposes, South Korean defense analysts fear the equipment could monitor South Korean naval vessels and submarines, potentially compromising Seoul's maritime security operations in its own backyard waters. China has systematically expanded its presence in the contested zone, installing large-scale aquaculture facilities described as deep-sea fishing operations. This month, Beijing declared parts of the area off-limits to navigation while announcing planned military exercises. "We are closely monitoring China's unauthorized installation of structures within the PMZ and will work closely with relevant ministries and agencies to protect our maritime sovereignty," a Ministry of National Defense official said. 2025-05-31 10:34:31
  • Trump doubles steel tariffs to 50 percent, dealing blow to South Korea and other exporters
    Trump doubles steel tariffs to 50 percent, dealing blow to South Korea and other exporters SEOUL, May 31 (AJP) - U.S. President Donald Trump announced on Saturday he would double tariffs on foreign steel imports to 50 percent from the current 25 percent, delivering a blow to overseas producers including South Korea as he unveiled a major investment partnership. Trump made the announcement during a speech at a U.S. Steel plant outside Pittsburgh, Pennsylvania, saying the measure would "further secure the steel industry." The move comes as part of a broader agreement involving Japanese steelmaker Nippon Steel's investment in the American company. "We don’t want America’s future to be built with shoddy steel from Shanghai. We want it built with the strength and the pride of Pittsburgh," said Trump, explaining the tariff increase. The tariff hike represents a doubling of duties first imposed in March under the Trade Expansion Act, which allows restrictions on imports deemed threats to national security. "At 25 percent, they can sort of get over that fence," Trump said. "At 50 percent, they can no longer get over the fence." The announcement coincided with Trump's reversal on Nippon Steel's acquisition of U.S. Steel, which he had previously opposed on national security grounds alongside former President Joe Biden. The Japanese company plans to invest $14 billion in American steel operations over the next 14 months. Trump described the investment as "the largest investment in the history of the commonwealth of Pennsylvania" and "the biggest investment in American steel history." He said the partnership would create and maintain over 100,000 jobs nationwide, including 100,000 in Pennsylvania specifically. The president assured that the deal would prevent layoffs or outsourcing, adding that U.S. Steel workers would receive $5,000 bonuses. He called the arrangement a "blockbuster agreement" that ensures the historic American company remains domestically owned. South Korea's top steelmakers, POSCO and Hyundai Steel, already posted disappointing first-quarter results following previous U.S. tariff measures of 25 percent, industry experts saying the doubling of the levies to hit the nation strong, as South Korea exports around 13 percent of its total steel produce to the U.S. 2025-05-31 09:47:51
  • Tour for reunification wraps up in Seoul ahead of major campaign on Liberation Day in August
    Tour for reunification wraps up in Seoul ahead of major campaign on Liberation Day in August SEOUL, May 30 (AJP) - A nationwide tour promoting reunification between the two Koreas, organized by a civil coalition, wrapped up with a final rally in Seoul on Friday after spanning 13 cities and provinces. The Korean Dream Hangang Grand Festival Organizing Committee held an event at the Kim Koo Museum & Library in Yongsan, bringing together civil representatives from across South Korea. The event served as the finale to a series of rallies that began on May 12 in Daegu and North Gyeongsang Province, building momentum for the organization's broader "Korean Dream Ten Million Campaign," scheduled for mid-August to commemorate the 80th anniversary of Liberation Day on Aug. 15. Led by former Prime Minister Chung Un-chan as chairman, along with co-chairs former National Assembly Vice Speaker Chung Woo-taek and former Democratic Party floor leader Lee Jong-geol, the committee has been mobilizing public support for reunification between South and North Korea since 2022. The campaign promotes a vision called "Korean Dream," which envisions a unified Korea contributing to world peace by achieving reunification as a path to national advancement rather than merely a political objective. "Over the past 80 years since the end of Japanese colonial rule, through your dedication and sacrifice, we have overcome the ruins of war and achieved both industrialization and democratization," said the chairman. "Now is the time to transcend barriers of ideology, generation, region, and class to achieve genuine national unity and sustainable co-prosperity," he added. 2025-05-30 17:42:36
  • SK hynix union demands pay raise after record profits
    SK hynix union demands pay raise after record profits SEOUL, May 30 (AJP) - SK hynix's union of technical and administrative workers is pushing for an 8.25 percent wage increase, following its best-ever sales performance last year, according to industry sources on Friday. The union and management held this year's first round of wage negotiations last Wednesday at the company's Icheon campus. The union's proposal includes raising the salary cap, expanding regular wages to cover vehicle maintenance and fuel costs, and guaranteeing an 800 percent performance bonus for employees with improved evaluation scores. The union also demanded more profit-sharing by removing caps on the payments. Since 2021, SK hynix has shared 10 percent of its operating profit with employees based on their individual performance. "If wage hikes were driven by external factors in the past, now we need a reasonable level that employees can accept," the union said, explaining that its proposal reflects both company performance and employees' expectations. Last year, both sides agreed on a 5.7-percent increase in wages, lower than the 8-percent raise the union had initially demanded. The chipmaker, which was recovering from losses exceeding 7 trillion won in 2023, achieved a record operating profit of 23.47 trillion won the following year, driven by strong competitiveness in high-bandwidth memory. Earlier this year, employees received bonuses amounting to 1,500 percent of their salary, along with 30 stock options each. Regarding the union's demand, the company responded that it would "comprehensively" consider various factors including internal and external business conditions, while expressing optimism by saying that it expects "constructive and productive discussions" in upcoming negotiations. 2025-05-30 10:36:43
  • Korean biotech firms eye share of expanding gene therapy market
    Korean biotech firms eye share of expanding gene therapy market SEOUL, May 29 (AJP) - South Korean biotechnology companies are stepping up efforts to stake a claim in the burgeoning global gene therapy market, which is projected to swell to approximately $366 billion by 2032, according to a new industry report. The Korea Biotechnology Industry Organization has released an analysis citing data from the market research firm MarketsandMarkets, projecting the sector will grow at a compound annual rate of 19.4 percent — rising from $72 billion in 2023. Gene therapy, which seeks to modify or replace defective genes to treat disease, has gained momentum as medical research deepens and global investment accelerates. Among the various modalities, gene silencing therapies accounted for the largest share of the market last year, generating roughly $34 billion in revenue, or 47.7 percent of the total. Gene augmentation therapies followed with $21 billion, while cell replacement treatments contributed around $15 billion. The report also highlighted the dominance of the neurological segment, which represented 57.4 percent of the market — equivalent to about $41 billion — driven by increasing incidence of chronic diseases and a growing appetite for advanced therapeutic options. “The diversity of approved and commercialized treatments, along with high therapeutic efficacy for major neurological diseases, has driven growth in this sector,” the report noted. North America retained its position as the global leader, with market revenue of approximately $36 billion, underpinned by robust biopharmaceutical manufacturing infrastructure, active drug development pipelines, and significant R&D investment. In South Korea, industry leaders are making strategic moves to align with global trends. Samsung Bioepis, a major biosimilar producer, has identified gene therapy as a central pillar of its future growth strategy. ABL Bio, traditionally focused on antibody treatments, is expanding its pipeline to include gene therapy platforms. Meanwhile, RNA-based biotech firm Rznomics recently entered into a high-profile licensing agreement with Eli Lilly. The deal, valued at more than $19 billion, centers on precision RNA therapies aimed at treating hereditary hearing loss — marking one of the most significant cross-border biotech collaborations to date. 2025-05-29 11:40:37
  • Bank of Korea slashes interest rates as growth outlook dims sharply
    Bank of Korea slashes interest rates as growth outlook dims sharply SEOUL, May 29 (AJP) - South Korea’s central bank lowered its benchmark interest rate by a quarter percentage point on Thursday, the latest in a series of moves aimed at propping up a flagging economy that is on track for its weakest performance in years. The Bank of Korea reduced the policy rate to 2.50 percent, its fourth cut in just seven months. The move comes amid mounting evidence of a slowdown, including a 0.2 percent contraction in gross domestic product during the first quarter, and follows a revised 2025 growth forecast of just 0.8 percent — down sharply from an earlier estimate of 1.5 percent. The bank’s downgraded outlook is notably more pessimistic than that of the Organization for Economic Cooperation and Development, which projects 1.5 percent growth, and the International Monetary Fund’s estimate of 1.0 percent. The timing of the rate cut — less than a week before a hotly contested presidential election — underscores the urgency of the economic challenges facing policymakers. Weighed down by sluggish domestic consumption and a slowdown in construction investment, the South Korean economy has struggled to regain momentum even as inflation pressures have eased. Adding to the headwinds are deteriorating export conditions, fueled in part by rising trade tensions with the United States. The Bank of Korea’s decision reflects a growing consensus among officials that additional monetary stimulus is needed to bolster confidence among businesses and consumers. "The economic conditions have turned out worse than expected, with various institutions continuously revising down their growth outlook for Korea," said Cho Young-moo, an economist at LG Economic Research Institute. The current easing cycle began last fall, when the BOK delivered back-to-back 0.25 percentage point cuts in October and November — its first consecutive reductions since the 2008 global financial crisis. After holding rates steady in January, the bank cut again in February before pausing in April. A stabilization in the Korean won has also given policymakers more leeway to ease. The currency, which had weakened sharply to nearly 1,490 to the dollar in April amid peak trade war fears, has since recovered to around 1,360. Still, concerns about the side effects of aggressive monetary easing remain. Property prices and household debt have both shown signs of acceleration, with major banks reporting an increase in household lending of 3.4 trillion won (about $2.5 billion) in May alone. The widening interest rate gap between South Korea and the United States — now at 2 percentage points — also raises the risk of capital outflows and renewed currency pressure, potentially undermining the central bank’s policy goals. Cho cautioned that the impact of the latest rate cut may be muted. “Lending conditions remain tight,” he said. “It’s questionable whether households and businesses can significantly increase borrowing just because rates have fallen a bit.” 2025-05-29 11:22:27
  • Korea weighs US trade demands with economic impact study
    Korea weighs US trade demands with economic impact study SEOUL, May 28 (AJP) - South Korea has begun an economic feasibility study as part of ongoing trade consultations with the United States, signaling preparations for potential agreements that could carry broad implications for the country’s economy, according to government officials, Wednesday. The Ministry of Trade, Industry and Energy has commissioned the Korea Institute for International Economic Policy to assess the economic ramifications of current discussions with Washington. The talks have increasingly centered on non-tariff barriers and the goal of achieving more balanced trade. The latest move follows a second round of technical consultations held in Washington from May 20 to 22. For the first time in the ongoing talks, American negotiators raised concerns over non-tariff barriers affecting a range of sectors. These included long-standing issues related to South Korean restrictions on beef and rice imports — topics highlighted in the U.S. Trade Representative’s annual National Trade Estimate report released in April. The list of U.S. concerns also extends to market access limits on pet food containing ruminant ingredients, offset requirements in defense procurement, and regulatory obstacles for imported vehicles. Additional topics reportedly include pharmaceutical pricing mechanisms and restrictions on Google’s precision mapping services in South Korea. While the two sides have not yet entered into substantive negotiations on individual items, Seoul is conducting preliminary assessments under the Act on the Conclusion Procedure and Implementation of Commercial Treaties. The law mandates economic feasibility evaluations and parliamentary briefings for trade deals that could materially affect the national economy. “The United States may have put many issues on the table as part of negotiations, but given the compressed timeline and South Korea’s domestic circumstances, Washington is also aware that finalizing discussions in the short term will be difficult,” a South Korean government official said. Negotiators face a July 8 deadline to wrap up discussions, but final decisions are widely expected to be deferred until after South Korea’s presidential election on June 3, leaving key choices in the hands of the next administration. 2025-05-28 17:11:27
  • Trump tariff relief lifts Koreas business sentiment temporarily
    Trump tariff relief lifts Korea's business sentiment temporarily SEOUL, May 28 (AJP) - Business sentiment in South Korea posted its sharpest monthly increase in two years in May, bolstered by a temporary reprieve from U.S. trade tariffs, according to data released Wednesday by the Bank of Korea. Yet despite the surge, overall confidence remains mired below levels typically associated with economic optimism. The central bank’s composite business sentiment index (CBSI) climbed 2.8 points to 90.7 in May, marking its third consecutive monthly gain and the most significant increase since May 2023, when the index rose by 4.4 points. Still, the index remains well under the neutral benchmark of 100, indicating that more companies viewed business conditions negatively than positively. Manufacturers led the improvement, with their sentiment index rising 1.6 points to 94.7 — the fifth straight month of gains since dipping to 87.1 in December. The recovery was fueled in part by improved funding and operating conditions, the central bank said. "While the all-industry index has shown steady improvement, it still falls short of the long-term average of 100, making it difficult to describe the outlook as optimistic," said Lee Hye-young, a senior official at the Bank of Korea, during a press briefing. Lee added that the tariff reprieve provided only a temporary boost and warned that export performance remained subdued in most sectors, with the notable exceptions of semiconductors and shipbuilding. 2025-05-28 14:42:51