Journalist

Han Ji-yeon
  • Automakers, Defense Firms Enter ‘Super AGM Week’ With Focus on Shareholder Value and New Businesses
    Automakers, Defense Firms Enter ‘Super AGM Week’ With Focus on Shareholder Value and New Businesses Automakers and defense contractors are heading into the heart of annual shareholders meeting season, with companies expected to spotlight new business expansion as they navigate global uncertainty. Firms are also expected to advance measures tied to revisions to South Korea’s Commercial Act, including steps to strengthen shareholder value such as electronic voting and bigger dividends, while also shoring up defenses of management control. Industry officials said meetings will run nationwide from March 17 to 31, starting with Hyundai Mobis on March 17. Other scheduled annual general meetings include Kia (March 20), Poongsan (March 20), Hanwha Systems (March 23), Hanwha Aerospace (March 24), Hyundai Motor (March 26), Korea Aerospace Industries (March 26), Hyundai Rotem (March 27) and LIG Nex1 (March 31). At Hyundai Motor Group companies, key agenda items are expected to include reappointing inside directors, expanding into new businesses and strengthening board independence. Hyundai Mobis will vote on reappointing Hyundai Motor Group Chairman Chung Eui-sun as an inside director and appointing Sung Nak-seop, head of FTCI at Hyundai Mobis, as a new inside director. For outside directors, the company will consider reappointing James Kim, chairman of the American Chamber of Commerce in Korea, and appointing Park Hyun-joo, a former Korea representative at BNY Mellon Bank, as a new outside director. Hyundai Mobis will also put forward items including expanding directors’ duty of loyalty, renaming outside directors as independent directors, deleting a clause that excludes cumulative voting, and introducing electronic shareholders meetings. The company is also set to seek approval to pay year-end dividends of 5,000 won per common share and 5,050 won per preferred share. Hyundai Motor will propose adding a car rental business as a new line of business, aiming to expand vehicle rental operations that already include short-term rentals. Since 2019, Hyundai Motor has operated “Hyundai Genesis Selection,” a monthly subscription service for Hyundai and Genesis vehicles. If expanded, the company expects to broaden the models used for rentals and the service areas. With its certified used-car business already in place, the company expects to strengthen a vehicle life-cycle ecosystem spanning new-car sales, rentals and used-car distribution, improving customer service conditions. Hanwha Aerospace will also propose adding new business purposes. The additions include: energy resource development, production, export-import, distribution and trading for natural gas, hydrogen, ammonia and biofuels; investment, development and operation of energy distribution infrastructure and related equipment; power, district energy and zone electricity businesses, power brokerage, and related investment, construction and operations; aircraft and spacecraft launch services; mechanical facilities and gas construction; and industrial environmental facilities construction. Most of the proposed new businesses align with Hanwha Aerospace’s stated future direction, including energy development, distribution infrastructure and space-related areas. The fields have largely been led by other group affiliates such as Hanwha Energy and Hanwha Solutions, and the industry views the move as an effort to expand its future business base by leveraging group synergies. In growth areas such as defense, aviation and space, topics include shifting to cleaner energy and power infrastructure and developing reusable launch vehicles. “Across groups, this year’s shareholders meetings are seeing a push for greater governance transparency and stronger shareholder value in line with the intent of the Commercial Act revisions,” an industry official said. “At the same time, expanding into new businesses to find future growth engines is also a major trend.” * This article has been translated by AI. 2026-03-14 05:03:28
  • InterBattery 2026 Draws Record 77,250 Visitors as Battery Uses Expand Beyond EVs
    InterBattery 2026 Draws Record 77,250 Visitors as Battery Uses Expand Beyond EVs InterBattery 2026, South Korea’s largest battery exhibition, ended after setting records for both participation and attendance. The Korea Battery Industry Association said Friday that the 14th edition of the event, held at COEX in Seoul’s Gangnam district, featured 667 companies from 14 countries across 2,382 booths, the largest lineup in the show’s history. Total attendance over the three-day event reached 77,250, also a record. The exhibition highlighted battery applications beyond electric vehicles, including energy storage systems, AI data centers, robotics, drones and urban air mobility. Companies showcased next-generation technologies such as all-solid-state batteries, higher-performance and safer battery designs, strategic upgrades to lithium iron phosphate (LFP) batteries, and manufacturing innovations including dry electrode processes. Organizers said interest from abroad was strong, with visits by overseas government agencies and global companies. Joint national pavilions were organized by the U.S. Embassy in Seoul and the embassies of the Netherlands, Australia and Canada, among others. A total of 182 foreign companies set up large booths to present key mineral resources and advanced battery technologies. The show also featured discussions on cross-border cooperation in technology and supply chains, along with presentations of future technology road maps by South Korea’s three major battery makers: LG Energy Solution, Samsung SDI and SK On. At the third InterBattery Awards 2026, 12 innovations were selected, including LG Energy Solution’s “JF2 DC LINK 5.0 power-grid ESS,” Samsung SDI’s “700Wh/L high-energy prismatic battery,” and SK On’s “prismatic on-vent cell.” “InterBattery 2026 showed that battery technology is a core foundational technology for the AI era, beyond electric vehicles,” said Park Tae-seong, executive vice chairman of the Korea Battery Industry Association. He said the association will work to help InterBattery grow into a platform for next-generation battery technology, supply chain security and global business. * This article has been translated by AI. 2026-03-13 21:06:23
  • T’way Air, Catalonia Tourism Board Launch Barcelona Flight Promotion
    T’way Air, Catalonia Tourism Board Launch Barcelona Flight Promotion T’way Air said Friday it will offer limited-time promotional fares and a discount code of up to 5% for its Incheon-Barcelona route through March 29 on its website and mobile app (web). Under a first-come, first-served deal, one-way tickets start at 391,600 won, including fuel surcharges and airport taxes. The travel period runs from March 13 through Oct. 24 this year. Customers who miss the special fare can still receive up to 5% off by entering the discount code “MAR26.” The code applies to both one-way and round-trip tickets and can be used for bookings at the Smart fare level or higher. T’way Air will also provide a 60,000-won coupon, on a first-come basis, that can be used for an additional discount when paying for a round-trip ticket. The airline currently operates the Incheon-Barcelona route four times a week on Monday, Wednesday, Friday and Saturday. It is also posting travel information on its website for Catalonia destinations including Barcelona, Tarragona, Figueres, Sitges and Montserrat. Details on flight schedules and the promotion are available on T’way Air’s website and mobile app (web). A T’way Air official said the joint promotion is intended to help more customers experience the appeal of Catalonia, including Barcelona, and added that the airline will continue to prioritize safe operations while improving travel satisfaction through convenient schedules and various benefits. * This article has been translated by AI. 2026-03-13 17:06:18
  • Hanwha Aerospace Completes Phase 2 Expansion of Australia Plant, Begins Redback IFV Production
    Hanwha Aerospace Completes Phase 2 Expansion of Australia Plant, Begins Redback IFV Production Hanwha Aerospace said on the 13th it has completed a Phase 2 expansion of its plant in Australia. The company secured production facilities about two years after signing a contract with the Australian government in December 2023 to supply 129 Redback infantry fighting vehicles. The Phase 2 buildout includes a second production building, what it described as the Southern Hemisphere’s largest electromagnetic compatibility (EMI/EMC) test chamber, a large washing facility and a finished-goods storage building. Key facilities, including the second production building, were completed about a month and a half ahead of schedule. Since opening its Phase 1 facilities in 2024, the plant has produced the AS9 self-propelled howitzer and the AS10 ammunition resupply vehicle. The Phase 2 expansion added about 32,000 square meters (about 344,000 square feet) of space, establishing a system that allows simultaneous production of howitzers and armored vehicles. Hanwha said the site can now accommodate more than 250 office and production workers. It has two production buildings, a 1.2-kilometer (0.75-mile) driving test track with slope and deep-water test facilities, a system integration lab and painting facilities. Cumulative investment totals about 225 million Australian dollars (about 236.7 billion won), it said. The plant is expected to serve as a strategic production and maintenance, repair and overhaul hub for Australia and South Korea, as well as the Indo-Pacific region. The facility, known as H-AC, is in Geelong and was completed in August 2024 as the first overseas production base built by a South Korean defense company, Hanwha said. The site covers about 150,000 square meters and consists of 11 facilities, including a main building, production buildings, an assembly area, a driving test track and a firing range. A Hanwha Aerospace official said, “Through the Australia plant, we will contribute to the local defense ecosystem and develop it into a key production hub for land defense in the Indo-Pacific region.” * This article has been translated by AI. 2026-03-13 15:18:19
  • KGM Deepens Vietnam KD Partnership, Eyes Wider Southeast Asia Exports
    KGM Deepens Vietnam KD Partnership, Eyes Wider Southeast Asia Exports KG Mobility, or KGM, said Friday it met with Kim Long Motors, a unit of Vietnam’s FUTA Group and its KD partner, to inspect the production site and discuss detailed cooperation plans as it prepares to enter the Vietnamese market. The meeting was held March 11 (local time) at FUTA Group’s headquarters in Da Nang, in central Vietnam. Attendees included KGM Chairman Kwak Jae-sun; Kwon Kyo-won, head of KGM’s business division; FUTA Group Chairman Nguyen Huu Luan; Mai Tien Phat, president of FUTA Group’s vehicle dealership company; and Ho Cong Hai, head of KLMH, along with other officials. Ahead of the talks, Kwak on March 10 visited KLMH (Kim Long Motors Hue), a KGM-dedicated KD plant in the Hue Industrial Park that is in the final stage of construction, to check readiness by process and review support needs, KGM said. Kim Long Motors plans to begin full-scale KD production of key KGM models, including the Rexton and Musso, in the second half of this year after the plant is completed. “The Vietnam plant is expected to supply high-quality vehicles to the market by providing not only KD but also KGM’s full set of production equipment, reflecting KGM’s manufacturing know-how,” Kwak said. “The two companies will cooperate to produce vehicles of the highest quality.” Kwak said Vietnam is “a high-potential market” where vehicle purchases are expected to rise sharply and a strategic hub for expanding exports across Southeast Asia. He added that KGM will continue to increase global sales by developing new markets beyond existing ones such as Europe and by expanding overseas launches of new models, including the Musso. FUTA Group is a Vietnamese company that operates auto sales and passenger transportation businesses. Kim Long Motors is its automotive subsidiary. The two companies formed a partnership in 2023 by signing a licensing agreement for local assembly production in Vietnam. KGM said it is accelerating expansion of its KD business to increase export volumes. Outside Vietnam, it signed an HOA (heads of agreement) in May last year to supply KD kits to Indonesia, and plans to expand KD operations this year to Bangladesh and Sri Lanka as well. * This article has been translated by AI. 2026-03-13 10:18:23
  • Mercedes-Benz Korea Launches Collaboration Program With Chef Sohn Jong-won
    Mercedes-Benz Korea Launches Collaboration Program With Chef Sohn Jong-won Mercedes-Benz Korea said Friday it will work with fine-dining chef Sohn Jong-won on a brand collaboration program called “Mercedes-Benz Mate.” The company described “Mercedes-Benz Mate” as a project designed to present its brand values in a more approachable way through collaborations with people who show their own philosophy and lifestyle in their fields. Sohn oversees a French dining restaurant and a Korean restaurant, and both have earned one Michelin star. Mercedes-Benz Korea said Sohn will take part in a range of brand activities, including producing digital content and appearing at major events, where he is expected to meet customers. Lee Sang-kuk, executive vice president and head of digital, marketing and communications at Mercedes-Benz Korea, said the collaboration was planned because Sohn’s drive for perfection and his continued efforts to deliver the best customer experience align with the company’s brand philosophy. He said he hopes the partnership will help broaden Mercedes-Benz’s brand philosophy and create opportunities for mutual inspiration. * This article has been translated by AI. 2026-03-13 09:48:16
  • Hanwha Aerospace, Krafton to Co-Develop Physical AI, Explore Joint Venture
    Hanwha Aerospace, Krafton to Co-Develop Physical AI, Explore Joint Venture Hanwha Aerospace said it will work with Krafton, the maker of “PUBG: Battlegrounds,” to jointly develop physical AI, a field focused on AI that operates in real-world environments. Hanwha Aerospace said Friday it signed a memorandum of understanding with Krafton covering joint development of AI technology and plans to explore establishing a joint venture. The companies said they will proceed in stages, including joint R&D on core physical AI technologies, reviews of demonstration and deployment scenarios, and building technical and operational systems. They said a future joint venture would be used to commercialize results and set up a mid- to long-term cooperation framework. The partnership combines Hanwha Aerospace’s defense and manufacturing infrastructure and unmanned systems technology with Krafton’s AI research capabilities and software development expertise, the companies said. Hanwha Aerospace said it will use its weapons-system operating experience to improve the maturity of physical AI that functions in real settings and to verify field applicability through step-by-step demonstrations. The companies said Krafton’s experience managing data and its simulation technology built on virtual environments are expected to play an important role in training and validating physical AI. They said they plan to expand cooperation over the long term to the space and aviation sectors. They also said they will participate as investors in a $1 billion fund formed by Hanwha Asset Management, which focuses on AI, robotics and the defense industry. The companies said they aim to expand the physical AI ecosystem and strengthen competitiveness by investing in promising technologies and companies, and to identify partners with high growth potential across the value chain and link them to joint development and commercialization. Krafton CEO Kim Chang-han said, “We will accelerate development of technology that operates in real environments by combining Krafton’s AI capabilities and software operations expertise with Hanwha’s field-based strengths.” He added, “We will later establish a JV with Hanwha to connect joint development results to commercialization and grow the JV into a global defense technology company like Anduril.” Hanwha Aerospace CEO Son Jae-il said, “AI technology is rapidly growing into physical AI used in the defense sector beyond industry,” and added, “Through cooperation with Krafton, we will present a new technology paradigm for the future defense sector.” * This article has been translated by AI. 2026-03-13 09:42:24
  • Air Premia Launches Networkwide Spring Fare Sale, U.S. Round Trips From 605,600 Won
    Air Premia Launches Networkwide Spring Fare Sale, U.S. Round Trips From 605,600 Won Air Premia said Thursday it will run a networkwide spring travel promotion, offering discounted fares on all routes. The sale runs from March 16 to 29 and covers Wide Premium and economy-class tickets, starting from promotional base fares. For U.S. routes, round-trip totals including fuel surcharges and airport taxes start at 2,998,200 won for Wide Premium to Washington, D.C.; 1,698,200 won to New York; 1,463,200 won to Los Angeles; 1,363,200 won to San Francisco; and 1,295,600 won to Honolulu. Economy fares start at 1,243,200 won to Washington, D.C.; 898,200 won to New York; 843,200 won to Los Angeles; 703,200 won to San Francisco; and 605,600 won to Honolulu. Travel on U.S. routes is valid from March 16 through Nov. 30. The Washington, D.C., route will be available from April 24 in line with its new service schedule. For Asia routes, Wide Premium round trips start at 285,600 won to Narita; 474,900 won to Bangkok; 475,800 won to Da Nang; and 320,700 won to Hong Kong. Economy fares start at 205,600 won to Narita; 244,900 won to Bangkok; 235,800 won to Da Nang; and 260,700 won to Hong Kong. Travel on Asia routes is valid from March 16 through Oct. 24. For customers who miss the promotional fares, the airline is also offering an economy-class discount code, “HIBOM20,” for 20% off the airfare portion when entered at booking. Air Premia said it also provides an eSIM service for ticketed customers, with discounts of up to 30% when purchased through the Air Premia app. Promotional tickets are available through the airline’s official website and mobile app. An Air Premia official said the promotion was designed to help customers plan overseas trips at “reasonable prices” during the spring travel season, adding the airline will continue to expand benefits to improve customer convenience.* This article has been translated by AI. 2026-03-13 08:39:18
  • LIG Nex1 to Rename as LIG Defense & Aerospace, Expanding Into Space
    LIG Nex1 to Rename as LIG Defense & Aerospace, Expanding Into Space LIG Nex1, marking its 50th anniversary this year, will change its name to LIG Defense & Aerospace (LIG D&A) as it seeks to broaden its business beyond missiles into space and aviation and position itself as a global defense contractor. The company said it aims to expand exports of a Korean-style integrated air defense system, led by its flagship Cheongung-II interceptor, as part of its push to become a 100-year company. According to the defense industry on March 12, LIG Nex1 will hold a shareholders meeting on March 31 to discuss agenda items including the name change, an increase in the scale of bond issuance, reflecting revisions to the Commercial Act, and approval of dividend payments. The company had signaled in January that it would adopt the LIG D&A name. A company official said the change is intended to clarify its defense-industry identity while expanding into global markets and the space sector, adding that it would make a fresh start under a new banner meaning “to the world, to space, to the future.” Tracing its roots to Geumseong Precision, LIG Nex1 began in 1976 as a U.S. missile maintenance company working on systems such as Hawk and Nike. After separating from the LG Group, it acquired LG Innotek’s defense business division in 2004 and adopted its current name in 2007. Its core technologies include precision strike, surveillance and reconnaissance, avionics, command and control, and communications. Key products include the Shingung short-range surface-to-air missile, the Cheongung medium-range surface-to-air guided weapon, and the Bigung guided multiple-launch weapon. The company has drawn attention in global markets after Cheongung-II deployed in the United Arab Emirates during the recent U.S.-Israel and Iran war posted a 96% interception success rate. LIG Nex1 said the rebranding reflects its goal of becoming a comprehensive defense company spanning guided weapons, aircraft armaments, electronic warfare and space. As modern warfare shifts toward reconnaissance, target identification, precision strike and layered air defense networks, space-based technology is increasingly central, driving defense firms to secure space infrastructure. The company says it already has capabilities in rocket propulsion, guidance, radar, communications, sensors and satellite data, making expansion into space more feasible. It also pointed to the example of RTX, created through the merger of missile maker Raytheon and aerospace-focused UTC. An industry official said missiles and satellites share many underlying technologies, and that the space sector faces simpler export controls than weapons, making it easier to attract investment, pursue technical cooperation and join global projects. LIG Nex1 is also posting results in related areas. A key project is a 1.6 trillion won program signed with South Korea’s Defense Acquisition Program Administration to develop a Korean electronic warfare aircraft system. The company has also begun business cooperation with global space defense firm L3Harris on future space and satellite development. It plans to expand bond issuance to support new business growth. Industry observers said the new LIG D&A name and the Cheongung-II showcase are expected to lift the company’s global profile. CEO Shin Ik-hyun said, “This year, our 50th anniversary, will be the first year of a new start toward the next 100 years,” adding that the company will aim to become a true defense leader by building a global foundation, accelerating research and development and strengthening a culture of communication.* This article has been translated by AI. 2026-03-13 05:03:29
  • Hyundai Motor Group Chairman Chung Euisun Earns $3.9 Million in First Kia Pay
    Hyundai Motor Group Chairman Chung Euisun Earns $3.9 Million in First Kia Pay Hyundai Motor Group Chairman Chung Euisun received 5.4 billion won ($3.9 million) in compensation from Kia last year, the automaker said. In its 2025 annual business report filed Thursday, Kia said Chung was paid 2.7 billion won in salary and 2.7 billion won in bonuses, for a total of 5.4 billion won. Chung, who became chairman of Hyundai Motor Group in 2020, had run Kia without pay through 2024 and received compensation from the company for the first time last year. Through 2024, he received salary from two companies, Hyundai Motor and Hyundai Mobis. Excluding Hyundai Motor, whose business report has not yet been filed, Chung’s total compensation last year from Kia and Hyundai Mobis was 8.46 billion won, the report said. Kia said Chung has contributed to record results since being appointed an inside director in March 2019, citing efforts to strengthen competitiveness and recruit global talent. It said it began paying him last year to reinforce accountable management as global trade conditions and geopolitical uncertainty worsen and competition in future mobility intensifies. Kia CEO Song Ho-sung received 3.042 billion won in compensation last year, including 1.516 billion won in salary and 1.526 billion won in bonuses and other pay, up 5.7% from a year earlier. Kia posted 114.1409 trillion won in revenue last year and 9.0781 trillion won in operating profit. Revenue rose 6.5% from the previous year to a record, while operating profit fell 28.6% due to the impact of U.S. tariffs. Total production was 2,851,092 vehicles, with plant utilization at 91.6%. 2026-03-12 19:03:15