Journalist

Oh Jooseok
  • HD Hyundai Infracores hydrogen engines recognized at global expo
    HD Hyundai Infracore's hydrogen engines recognized at global expo SEOUL, December 11 (AJP) - HD Hyundai Infracore’s hydrogen engines, the HX12 and HX22, were named “Best Pick” at the World Hydrogen Expo (WHE) 2025 Best Product Media Awards, the company said Thursday. The awards were decided by a panel of automotive journalists who assessed products displayed at the expo for innovation, technical competitiveness and commercialization potential. HD Hyundai Infracore’s HX12, an 11-liter hydrogen internal combustion engine for vehicles and power generation, was recognized for a second consecutive year and is scheduled for mass production next year. The newly unveiled HX22, billed as the world’s largest 22-liter hydrogen engine, features a V12 layout with a maximum output of 600 kW (816 horsepower) and continuous output of 477 kW (649 hp), a level of power the company said could cover the annual electricity needs of about 200 households. Judges cited its scalability and efficiency. The four-day WHE 2025 event drew about 25,000 visitors from 26 countries and featured 279 companies and institutions. Alongside the exhibition, the event hosted technical conferences, business matchmaking sessions and industry forums, reinforcing its role as an emerging global platform for the hydrogen economy. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-11 09:42:24
  • Starlinks entry into S. Korea triggers push for independent satellite networks
    Starlink's entry into S. Korea triggers push for independent satellite networks SEOUL, December 08 (AJP) - SpaceX’s Starlink has formally entered the South Korean market, prompting domestic space and defense companies to reassess strategy amid growing concerns over dependence on foreign low-earth orbit (LEO) satellite networks for communications and military operations. Industry sources said Monday that Hanwha Systems, a major South Korean space and defense contractor, is reviewing its satellite communications plans as Starlink’s commercial rollout gathers pace. In June, the company sold its stake in European satellite operator OneWeb for 120 billion won, after acquiring the shares in 2021 for about 300 billion won, citing weak investment returns. Despite retaining exclusive rights to operate a military satellite network linked to OneWeb until 2030, the long-term viability of the partnership remains uncertain, underscoring pressure on South Korea to build an independent LEO satellite capability. The strategic value of LEO constellations has been highlighted by the Russia–Ukraine war, where Starlink terminals have been used to support Ukrainian military operations, including drone control and battlefield communications. “Dependence on foreign core technologies can create structural vulnerabilities,” said Park Joo-hong, a professor in the IT Convergence Engineering Department at POSTECH. “Independent satellite development is especially critical for defense applications, where secure control and data management are essential.” Starlink operates more than 8,000 satellites and provides download speeds of up to 500 megabits per second. The service now has more than 8 million users across roughly 150 countries, and its low-latency connections have driven rapid adoption by commercial customers. In South Korea, Starlink has signed a supply agreement with Hanjin Group. Five affiliated airlines, including Korean Air and Asiana Airlines, plan to replace existing geostationary satellite services from Panasonic with Starlink-based in-flight Wi-Fi by the third quarter of next year. Industry experts warn that reliance on foreign networks could pose long-term security and sovereignty risks. They say South Korea needs to develop a private sector-led satellite ecosystem combining domestic launch capabilities and satellite manufacturing to reduce strategic dependence. Analysts estimate that at least 100 LEO satellites would be required to establish a viable independent network. The South Korean government is accelerating efforts to build domestic capacity. The Ministry of Science and ICT plans to invest 320 billion won by 2030 to develop a national LEO satellite communications system, including two satellites and ground infrastructure. Hanwha Systems is also expanding work on space-grade semiconductors and related infrastructure, including facilities at the Jeju Space Center. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-08 14:57:29
  • Koreas household wealth skewed to property, undermining capital markets: report
    Korea's household wealth skewed to property, undermining capital markets: report SEOUL, December 08 (AJP) - South Korean household wealth remains heavily concentrated in real estate, leaving the country structurally behind major advanced economies in financial investment and capital-market participation, according to a report released Monday by the Korea Economic Research Institute (KERI). The study, authored by Professor Song Heon-jae of the University of Seoul, found that non-financial assets — largely residential and commercial property — accounted for 64.5 percent of household wealth in 2024. By comparison, real assets represented 32 percent of household wealth in the United States, 36.4 percent in Japan and 51.6 percent in the United Kingdom. Financial assets made up just 35.5 percent of Korean household wealth, the lowest among the countries surveyed. The report also highlighted Korea’s conservative asset allocation within its financial portfolio. Cash and deposits rose to 46.3 percent of financial assets in 2024 from 43.4 percent in 2020, while holdings of securities and derivatives edged down from 25.1 percent to 24.0 percent, underscoring a household preference for savings over market-based investment. In contrast, US households have steadily shifted toward capital markets, with financial assets accounting for 68 percent of total household wealth. The share of investment products climbed from 51.4 percent in 2020 to 56.1 percent in 2024, supported by strong equity and asset-price performance. Japan maintained a high cash and deposit ratio of 50.9 percent, but expanded its allocation to financial investments from 15.2 percent to 20.9 percent, aided by a weaker yen and government-backed initiatives to deepen retail participation in capital markets. “The excessive concentration of household wealth in real estate constrains the efficient flow of capital into productive sectors such as corporate investment,” said Lee Sang-ho, head of KERI’s Economic and Industrial Policy Bureau. “Building a culture of long-term financial investment is essential to creating a virtuous cycle between corporate growth and household wealth.” The report called for structural tax reforms to rebalance Korean household portfolios, including simplifying dividend and capital gains taxation and introducing a unified tax rate for financial income. It also recommended reviving tax-deductible long-term investment funds and allowing tax relief on losses from long-term financial products, mirroring practices in the United States. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-08 09:05:35
  • South Koreas Hyundai Glovis secures $720 million LNG transport contract
    South Korea's Hyundai Glovis secures $720 million LNG transport contract SEOUL, November 27 (AJP) - Hyundai Glovis said on Thursday it has signed a long-term liquefied natural gas (LNG) shipping contract worth about 960 billion won ($720 million) with a major global trading company, marking one of the largest gas-transport deals in the company’s portfolio. The contract, which runs for up to 15 years, will be serviced by a newly built 174,000-cubic-meter LNG carrier — a vessel large enough to transport more than half of South Korea’s daily LNG consumption in a single voyage. The ship will be equipped with advanced cryogenic storage systems capable of maintaining LNG at –162 degrees Celsius. Beginning in 2029, the carrier will ship LNG from the U.S. Gulf Coast to major global markets. Hyundai Glovis said the deal will help strengthen its position in the expanding global gas shipping sector and support stable international energy supply chains. The LNG shipping industry relies on sophisticated cryogenic technology and strict safety management. The International Energy Agency’s Gas 2025 report projects global LNG trade to grow by 300 billion cubic meters by 2030, a roughly 40 percent increase from 2023, driven by the diversification of energy supply chains and rising maritime transport demand. Hyundai Glovis is seeking to diversify beyond its core automobile transport business into LNG, LPG, and ammonia shipping. Since 2024, it has operated one LPG and one LNG carrier, and it plans to introduce four additional LNG vessels by 2027 to service Middle Eastern clients. “We will continue expanding our fleet to strengthen competitiveness in the LNG shipping market and broaden our global customer network,” a company spokesperson said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 09:45:07
  • Saewol ferry-like tragedy avoided as no casualties reported in a South Korean ferry disaster
    Saewol ferry-like tragedy avoided as no casualties reported in a South Korean ferry disaster SEOUL, November 20 (AJP) - All 267 passengers and crew aboard the Queen Jenuvia II were safely rescued by 11 p.m. Wednesday, within hours after the 26,546-ton ferry ran aground near an uninhabited rock islet off South Korea’s southwestern coast as the Coast Guard rushed to the scene, mindful of preventing any repeat of the 2014 Sewol ferry disaster that killed more than 300 people. The ferry, carrying 246 passengers and 21 crew members, struck Jok Islet near Jangsan Island in Sinan County, 366 kilometers south of Seoul, at around 8:16 p.m., according to the Coast Guard. The vessel had departed Jeju at 4:40 p.m. bound for Mokpo before its bow rode up onto the rocky outcrop, shutting down the engines and leaving the ship listing more than 15 degrees to the left. Half of the hull was said to have climbed onto the islet. No serious injuries were reported, though 27 people complained of pain from the impact, including a pregnant woman and several elderly passengers. All passengers were transported to Mokpo via Coast Guard vessels and a coastal rescue craft. Rescue operations involved 17 patrol ships, four coastal rescue vessels, a fixed-wing plane and special response personnel. Commissioner General Kim Yong-jin said human error was suspected but emphasized that a full investigation was needed. President Lee Jae Myung, currently traveling in the Middle East, ordered an all-out rescue response and instructed officials to keep the public updated in real time. Passengers described a sharp, sudden jolt when the ferry ran aground. One reported that “the bow climbed onto the island,” prompting the initial emergency call. Photos and videos posted online showed tilted interiors and items scattered across floors. Despite the impact, officials said there were no signs of flooding, fire or fuel leakage on board. Experts noted that the accident occurred during low tide, when reefs around Jokdo rise closest to the surface, increasing the likelihood that the crew may not have detected the obstruction in time. Authorities will inspect the hull for punctures or flooding and question the crew, including the captain, to determine the cause of the grounding. The Queen Jenuvia II, formerly operating as the Beyond Trust on the Incheon–Jeju route, had faced service suspensions in the past before being reassigned to the Jeju–Mokpo corridor. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-20 05:52:18
  • Consumers turn to used cars as new compacts remain scarce
    Consumers turn to used cars as new compacts remain scarce SEOUL, November 16 (AJP) - As the economic downturn deepens, consumers are turning to used cars, while new small and compact models stay off the market. According to sales figures released on Sunday by the country's five major automakers Hyundai, Kia, GM Korea, Renault Korea, and KG Mobility, the combined sales of small vehicles in the first ten months of this year stood at around 60,000 units, down 27.3 percent from the same period last year. If this trend continues, annual sales are likely to hit a record low of about 70,000 units, falling below 100,000 units for the second consecutive year. No new small or compact models have been launched since 2023. The only models currently available are Hyundai's entry-level sport utility vehicle (SUV) Casper and Kia's compact models, the Ray and the Morning. Following the discontinuation of Chevrolet's Spark, one of the key models that had led the compact car market until a few years ago, sales of the Casper, which had been popular with over 30,000 units sold annually, have dropped sharply, with only 6,725 units sold from January to October this year. The decline is attributed to the lack of new compact models and the growing popularity of SUVs, fueled by rising interest in leisure activities such as camping. But compact cars remain in demand on the used car market. According to Market tracker Carisyou, he Morning and Spark were the top two models in used car transactions during the third quarter of this year. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-16 11:28:01
  • Hankook Tire to supply tires for Volkswagens new Tayron SUV
    Hankook Tire to supply tires for Volkswagen's new Tayron SUV SEOUL, November 13 (AJP) - South Korea’s Hankook Tire & Technology said on Thursday that it will supply original equipment tires for Volkswagen’s new crossover SUV, the Tayron. The new Ventus Evo SUV tires were developed in close technical collaboration with Volkswagen and are designed to deliver a quieter, more comfortable ride. Hankook said the tires feature an AI-developed compound that optimizes both performance and stability, while a specialized cuff design and tie-bars on the shoulder blocks reduce road noise. Advanced aramid materials and a redesigned tread pattern help improve handling and cornering performance at high speeds — attributes verified during testing at Germany’s Nürburgring Nordschleife, one of the world’s most demanding race circuits. The Ventus Evo SUV tires will be supplied in five sizes, from 18 to 20 inches, for the Tayron. Hankook Tire has been a key supplier to the Volkswagen Group, whose brands include Audi, Porsche, and Cupra. This year, Hankook began supplying tires for Volkswagen’s Tiguan, Porsche’s electric SUV Macan, and Cupra’s electric hatchback Born. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-13 13:36:56
  • Carbon-neutral hydrogen seaport eyed in South Koreas Pyeongtaek
    Carbon-neutral hydrogen seaport eyed in South Korea's Pyeongtaek SEOUL, November 11 (AJP) - Hyundai Motor Group has signed an agreement with the municipal government of Pyeongtaek City in Gyeonggi Province to build South Korea’s first carbon-neutral hydrogen port. Under the agreement, the city government plan to introduce hydrogen fuel cell generators, expand the use of eco-friendly port vehicles and equipment, and promote the import of green ammonia — a potential source of clean hydrogen. The project will also explore hydrogen-powered shore power systems, allowing ships docked at Pyeongtaek Port to draw electricity from hydrogen fuel cells instead of running their engines, cutting both emissions and energy costs. The memorandum of understanding, signed Tuesday at Pyeongtaek City Hall, brought together Hyundai Motor, Kia, Hyundai Glovis and local authorities to establish hydrogen production, storage and fueling infrastructure at the port, one of South Korea’s key logistics hubs. Hyundai will lead the hydrogen technology initiatives, while Kia and Hyundai Glovis will oversee hydrogen-related operations at the port. Pyeongtaek City will be responsible for building hydrogen production infrastructure, and local agencies will work to streamline regulations. “This partnership demonstrates how the public and private sectors can work together to achieve South Korea’s hydrogen port and city policy goals,” said Ken Ramirez, executive vice president of Hyundai Motor Group, in a statement. “It is a major step toward establishing eco-friendly power infrastructure within a port for the first time in the country.” Designated as a “hydrogen city” in 2023, Pyeongtaek is developing a large-scale hydrogen pipeline connecting the harbor with the Gyeonggi Free Economic Zone. Hyundai has already begun testing hydrogen-powered vehicle transporters between its Asan manufacturing plant and Pyeongtaek Port as part of efforts to reduce logistics emissions. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-11 16:31:23
  • South Koreas KGM launches eco-friendly cars in Israel, Turkey
    South Korea's KGM launches eco-friendly cars in Israel, Turkey SEOUL, November 06 (AJP) - South Korea's KGM is stepping up its global expansion drive with the rollout of new eco-friendly vehicles in Israel and Turkey, as the automaker seeks to strengthen its foothold in key overseas markets. On Nov. 5, the company introduced its Torres Hybrid (HEV) at a launch event held at the Shefayim Event Hall near Tel Aviv. The ceremony was attended by KGM’s Head of Overseas Business, Lee Byung-gil, along with about 40 Israeli journalists. The debut marks KGM’s second major overseas launch in recent months. In September, the company unveiled its Musso EV and Torres HEV in Germany. Israel has emerged as a promising market for eco-friendly cars, fueled by rising fuel costs, higher taxes on combustion engines, and government incentives favoring low-emission vehicles. KGM said it expects the Torres Hybrid to help accelerate its growth across Europe and the Middle East. In late October, the automaker also launched the Musso EV in Istanbul. KGM’s sales in Turkey have surged fivefold, from 2,217 vehicles in 2023 to 11,870 last year, earning the brand recognition as one of the country’s fastest-growing automotive names. The company’s overall exports have been robust this year. As of October, KGM shipped 57,436 vehicles abroad — an 18 percent increase from 48,691 units during the same period a year earlier and the highest level in more than a decade. Eco-friendly models, including the Musso EV and Torres HEV, have played a pivotal role in that momentum, with 1,952 units exported in October alone, accounting for nearly a third of total sales. “With exports at an 11-year high, we will continue to introduce new products tailored to individual markets and pursue differentiated marketing strategies to drive further growth,” a KGM representative said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 13:53:22
  • South Korea opens direct air route to Indonesias diving paradise Manado
    South Korea opens direct air route to Indonesia's diving paradise Manado SEOUL, October 28 (AJP) - Eastar Jet has become the first South Korean airline to launch direct flights between Incheon and Manado, Indonesia, which is famed for its crystal-clear waters, coral reefs, and rich biodiversity. The budget carrier began operating the new route on Oct. 26, with four weekly flights scheduled through mid-December. Starting Dec. 16, the service will increase to daily operations. Tickets and travel packages are now available through local travel agencies, the company said Tuesday. Manado, the capital of Indonesia’s North Sulawesi province, is home to more than 1,300 marine species and 370 varieties of living coral, earning it a reputation as one of the world’s top three diving locations. To mark the route’s launch, Eastar Jet signed a letter of intent on Tuesday with the provincial government of North Sulawesi to promote tourism and sustainable development in the area. The signing ceremony was attended by Lee Kyung-min, Eastar Jet’s commercial director, and Julius Selvanus, the governor of North Sulawesi. Under the agreement, the two parties will collaborate to promote tourism exchange, and support local communities through environmentally sustainable initiatives. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-28 14:29:58