Journalist

Joonha Yoo
  • Korea auto industry calls for tax incentives as Chinese EV share hits 33.9 percent
    Korea auto industry calls for tax incentives as Chinese EV share hits 33.9 percent SEOUL, April 22 (AJP) — After dominating the rechargeable bus market, smaller electrified four wheels of Chinese origin are rapidly proliferating on South Korean roads. Chinese brands accounted for 33.9 percent of Korea's electric vehicle market in 2025, up sharply from 4.7 percent in 2022, according to a report presented at the Automobile & Mobility Industry Development Forum hosted by the Korea Automobile & Mobility Industry Association (KAMA) in Seoul. Over the same period, the share of domestically produced EVs fell from 75.0 percent to 57.2 percent, underscoring a rapid shift in market dynamics. The trend has accelerated further this year. In the first quarter, sales of Chinese EVs surged 286.1 percent from a year earlier to 25,000 units, outpacing the 126.1 percent increase in domestic EV sales, which reached 51,000 units. “Competition with low-priced Chinese EVs is intensifying in the domestic market,” KAMA Chairman Jung Dae-jin said. “A weakening production base could lead to a contraction of the broader industrial ecosystem and, in the long term, the hollowing out of domestic manufacturing.” Industry officials warned that the impact could extend beyond automakers, given the sector’s tightly integrated supply chain. “Erosion of the domestic production base could undermine the parts industry and affect employment stability,” said Lee Taek-sung, chairman of the Korea Auto Industries Coop. Association (KAICA), calling for tax incentives to support local manufacturing. Experts said China’s edge is expanding beyond pricing into next-generation vehicle technologies. “Chinese EVs combine strong cost advantages with rapid progress in technologies such as software-defined vehicles and autonomous driving,” said Cho Chul, a senior researcher at the Korea Institute for Industrial Economics and Trade. He called for coordinated efforts by the government, industry and labor to lower domestic production costs through R&D support, tax incentives and infrastructure investment. Major economies have already adopted production-linked support measures. The United States has introduced incentives under the Inflation Reduction Act, Japan has incorporated EVs into its domestic manufacturing tax credit schemes, and the European Union has rolled out the Net-Zero Industry Act. “Without a comparable framework, there is a real risk that Korea’s global competitiveness will erode,” said Song Dong-jin, managing partner at The Wiz Law Firm, urging tax credit programs to encourage companies to maintain production onshore. 2026-04-22 16:30:27
  • Asian markets retreat as Trumps extension of ceasefire with Iran casts fresh uncertainty
    Asian markets retreat as Trump's extension of ceasefire with Iran casts fresh uncertainty SEOUL, April 22 (AJP) - Asian markets mostly fell on Wednesday morning as lingering uncertainty over the prolonged conflict in the Middle East weighed on investor sentiment, after U.S. President Donald Trump extended a ceasefire with Iran indefinitely. Overnight, all three major U.S. indices closed lower. The S&P 500 fell 0.63 percent to 7,064.01, while the Nasdaq Composite dropped 0.59 percent to 24,259.96 and the Dow Jones Industrial Average declined 0.59 percent to 49,149.38. In Seoul, the benchmark KOSPI earlier broke above the 6,400 level to hit a fresh record high, driven by strong gains in chipmakers and growing expectations of a supercycle, as improving export data reinforced confidence in the sector's earnings outlook. Investor flows showed a clear divergence. Retail investors were heavy buyers with 671.1 billion won ($454.1 million), while foreign investors sold 336.0 billion won and institutions followed with 287.4 billion won, suggesting that the decline was driven by sustained selling from foreign and institutional investors. But underlying sentiment remained relatively resilient, supported by continued optimism around the semiconductor cycle. Energy-related shares also provided selective support, as elevated oil prices fueled expectations of a rebound in battery-related industries. Oil prices, however, edged lower, with both Brent crude and U.S. West Texas Intermediate futures slipping about 0.4 percent, as the extension of the ceasefire eased immediate supply disruption concerns despite lingering geopolitical uncertainty. However, escalating uncertainty surrounding the Middle East conflict has pushed the market into a more volatile phase, with the benchmark index struggling to establish a clear direction after hitting record highs. Large-cap stocks were broadly weaker. Samsung Electronics fell 1.3 percent to 216,250 won, while SK hynix declined 2.0 percent to 1,200,000 won. LG Energy Solution slipped 0.3 percent to 476,500 won. Automakers also traded lower, with Hyundai Motor down 2.8 percent at 531,000 won and Kia falling 1.4 percent to 157,800 won. SK Square dropped 2.9 percent, while Doosan Enerbility declined 2.9 percent. Gains were limited. Samsung Biologics rose 0.2 percent to 1,591,000 won, while Hanwha Aerospace advanced 1.9 percent to 1,417,000 won. The tech-heavy KOSDAQ also moved lower, falling 1.5 percent to 1,160.96 as of 10:30 a.m. Retail investors bought 257.0 billion won worth of shares on the KOSDAQ, while foreign and institutional investors sold 51.7 billion won and 166.8 billion won, respectively. Currency markets showed modest movement. The Korean won traded at 1,477.8 per dollar, up 0.3 percent against the greenback. Elsewhere in Asia, Japan's Nikkei 225 rose 0.2 percent to 59,423.0, while Hong Kong's Hang Seng Index fell 0.9 percent to 26,251.6. China’s Shanghai Composite Index edged down 0.2 percent to 4,075.9. 2026-04-22 11:27:20
  • KOSPI hits record high on hopes before Iran announces to skip ceasefire talk
    KOSPI hits record high on hopes before Iran announces to skip ceasefire talk SEOUL, April 22 (AJP) - The South Korean stock market opened sharply higher on Wednesday, with the benchmark KOSPI hitting a fresh record, before quickly surrendering gains as geopolitical uncertainty weighed on sentiment. The KOSPI rose to a record 6,401.97 at the open, extending early momentum, but failed to sustain the upward trajectory and slipped to around 6,366.5 in early trading. After climbing at the market open at 9:00 a.m., the index began to pull back around 9:02 a.m., reflecting a swift shift in investor positioning. The market briefly rebounded at around 9:09 a.m., only to turn lower again by 9:13 a.m., highlighting heightened trading session's volatility. The pullback came as investors grew cautious over geopolitical developments, after reports that Iran’s negotiation team had declined to participate in a second round of ceasefire talks with the United States via mediator Pakistan. Market direction was also shaped by diverging investor flows. Retail investors were heavy buyers of 424.4 billion won ($287.4 million), while foreign investors sold 176.1 billion won and institutions offloaded 241.3 billion won, indicating that early gains lacked support from key institutional participants. Large-cap stocks moved broadly lower in line with the market’s retreat. Shares of SK hynix fell 1.4 percent to 1,207,000 won, while Hyundai Motor declined 1.3 percent to 539,000 won. SK Square dropped 2.5 percent to 700,000 won, and Doosan Enerbility slipped 1 percent to 114,600 won. Biopharmaceutical heavyweight Samsung Biologics edged down 0.5 percent to 1,580,000 won, while Kia declined 0.9 percent to 158,600 won. 2026-04-22 10:24:11
  • KOSPI zooms to land on new high, unbothered by Gulf truce deadline
    KOSPI zooms to land on new high, unbothered by Gulf truce deadline SEOUL, April 21 (AJP) — The KOSPI ended as a winner amid broadly positive Asian trade Tuesday, breaking post-war highs on a renewed chip rally ahead of SK hynix’s earnings report later this week. The benchmark KOSPI rose 2.7 percent to close at 6,388.47, a new record closing high, amid a tight tug-of-war between institutional buying and retail profit-taking. Foreign investors led the advance, purchasing a net 1.33 trillion won ($905 million), while institutions added 737.1 billion won. Retail investors sold a net 1.92 trillion won, taking profits into the rally. Gainers outnumbered losers 457 to 410, underscoring the uneven breadth behind the index’s record run. Chipmakers drove the momentum. Samsung Electronics rose 2.1 percent to 219,000 won, while SK hynix climbed 5 percent to 1,224,000 won after briefly touching an intraday high of 1,228,000 won before trimming gains ahead of its Thursday earnings release. Battery-related shares posted outsized gains, with LG Energy Solution surging 11.4 percent to 478,000 won as sector-wide buying intensified. Hyundai Motor also advanced 3.6 percent to 546,000 won, supporting the broader index. By sector, electric equipment jumped 11.8 percent, electronic equipment and devices rose 8.6 percent, and paper and wood products gained 8.1 percent, with secondary battery and lithium-related themes leading momentum. Not all sectors participated in the rally. Samsung Biologics slipped 1.1 percent to 1,588,000 won, while Hanwha Aerospace fell 2.4 percent to 1,391,000 won. Shares of HYBE declined 2.4 percent to 249,000 won after reports that Chairman Bang Si-hyuk faces a potential arrest over alleged misconduct tied to the firm’s IPO, weighing on investor sentiment. The tech-heavy KOSDAQ also closed higher, rising 0.4 percent to 1,179.03, though gains were more modest compared with the main board. Individuals bought a net 500.8 billion won, while foreigners and institutions sold 349.4 billion won and 121 billion won, respectively. Battery-related names led gains on the secondary board, with EcoPro rising 5.2 percent to 163,700 won and EcoPro BM advancing 5 percent to 220,500 won. Among other stocks, Leeno Industrial gained 1.6 percent to 118,500 won, while Rainbow Robotics fell 1.2 percent to 601,000 won. Regional markets were broadly positive. Japan’s Nikkei 225 rose 0.9 percent to 59,345.8, led by semiconductor shares following overnight strength in the Philadelphia Semiconductor Index. Hong Kong’s Hang Seng added 0.4 percent to 26,456.8, while China’s Shanghai Composite edged down 0.03 percent to 4,080.7. The Korean won finished little changed at 1,472.30 per dollar. Market volatility increased, with the CBOE Volatility Index rising 8 percent to 18.87. Oil prices declined as expectations for renewed U.S.-Iran negotiations eased supply concerns. Brent crude fell 0.7 percent to $94.79 per barrel, while West Texas Intermediate dropped 0.9 percent to $86.60. 2026-04-21 17:27:16
  • Hyundai Motors Q1 earnings to reflect tariff and war costs 
    Hyundai Motor's Q1 earnings to reflect tariff and war costs  SEOUL, April 21 (AJP) - Hyundai Motor is expected to post a sharp drop in first-quarter earnings, as rising tariff burdens, war-related disruptions and currency-driven costs squeeze margins despite relatively resilient global demand. According to data compiled by FnGuide, the automaker’s operating profit is forecast at 2.4 trillion to 2.6 trillion won, down 38 to 50 percent from a year earlier. The company is set to report results on Thursday. The downgrade reflects intensifying cost pressures toward the end of the quarter, including higher tariffs, rising raw material prices and increased warranty provisions, which have become more expensive amid a sharp weakening of the Korean won against the U.S. dollar. Eugene Investment & Securities is among the more cautious, projecting operating profit at 2.46 trillion won. Revenue, however, is expected to remain broadly stable at around 45 trillion won, slightly up from 44.4 trillion won a year earlier. The key swing factor lies in the United States, where tariff-related expenses alone are estimated at around 1 trillion won for the quarter, according to DS Investment & Securities. The anticipated earnings miss appears largely cost-driven rather than demand-led. Global wholesale volumes are projected to have declined by about 3 percent year-on-year, suggesting underlying demand has held up relatively well. Regional performance has been mixed. U.S. shipments were broadly flat at around 243,000 units, reflecting steady demand, while Europe recorded an 8 percent decline. The Middle East saw a steeper 30 percent drop following the outbreak of war, highlighting the growing impact of geopolitical shocks on volume. Product mix trends have also diverged. Hybrid vehicle sales rose about 28 percent year-on-year, supporting revenue, while battery electric vehicle volumes fell 7 percent, limiting margin recovery. Brokerages expect earnings to bottom out in the second quarter before rebounding in the second half, supported by new model launches and a more favorable product mix. 2026-04-21 16:52:56
  • K-pop band NCT WISH heat up Seoul dome stadium with encore concert
    K-pop band NCT WISH heat up Seoul dome stadium with encore concert SEOUL, April 20 (AJP) - The courtyard of the KSPO Dome in southern Seoul was a sea of colorful outfits and posters on Sunday, buzzing in a state of suppressed excitement. Thousands of fans stood in long lines under a torching, late spring sun, clutching lightsticks and merchandise with the sternness of warriors before battle. They were there for the final stop of the first solo tour by the boy band NCT WISH, an event that has become a focal point for the latest phase of the expansion strategy of SM Entertainment. "Section H and I, please enter through Gate 2-1 in an orderly fashion." The long wait was occasionally broken by announcements ringing through the courtyard as fans were notified to enter the dome section by section. While masses rushed into the building, those on standby spent the remaining time trading photo cards or engaging in silent group choreography. Inside the arena, the atmosphere shifted. Fans did not hesitate to drop their composure, filling the space with noise in anticipation of rumors that the group would unveil unreleased songs during the Seoul finale. The three-night engagement drew 33,000 attendees, selling out every seat including those with restricted views. While the presence of photo zones and lottery events kept the crowd engaged, the venue itself provided the broader industrial context. The KSPO Dome, which has a capacity of approximately 15,000, is the definitive benchmark in the live music circuit of South Korea. Reaching this stage signals the transition of an artist into the top tier of the market. For NCT WISH, arriving here marked a compressed, high-velocity ascent from small live halls in early 2024 to the Handball Gymnasium and finally this benchmark arena. This trajectory framed the encore as a strategic checkpoint rather than a mere closing chapter. With their first full-length album, "Ode to Love," scheduled for release on Monday, the group utilized the stage as a live testing ground for new intellectual property. The title track and a second song, "Sticky," were performed for the first time to an immediate response from the crowd. The title track is built around a reworked humming motif from "Ode To My Family" by the Cranberries, blending a familiar melody with a New UK garage-inspired rhythm. The hook proved accessible enough for the audience to echo it back in unison during its debut performance. At a pre-concert press conference, the member Jae-hee described the track as instantly recognizable, noting a deliberate shift toward performance-led promotion by introducing the song visually ahead of its digital debut. The production of the concert leaned into the scale of the venue. A 68-meter-wide LED screen spanned the stage, while temple-inspired sets and kinetic butterfly lighting transformed the arena into a shifting visual landscape. During "We Go!," the members boarded moving stage carts to reach fans in the upper-level seats, physically collapsing the distance between the performers and the edge of the crowd. This emphasis on immersion continued through a series of choreographed sequences, including a winged entrance for the title track and a floating paper boat for the song "WICHU." Near the end of the show, the tone shifted as the members addressed the audience to reflect on a tour that spanned 18 cities and 30 shows across Asia. "You say we're your wish—but you are ours," the members told the fans. What began in Kaohsiung and traveled through Bangkok and Jakarta concluded in Seoul with a sense of acceleration. The forward trajectory outlined onstage was reinforced ahead of the show. During a pre-concert press conference, member Sakuya pointed to Japan as the group’s next strategic milestone, noting that while NCT WISH had already held its first arena-scale performances in the country, the long-term goal remains a Tokyo Dome debut. "We’ve only been active for about two years, but we were grateful to perform in arenas in Japan," adding "We haven’t stood on the Tokyo Dome stage yet that’s our next goal." NCT WISH releases its first full-length album "Ode to Love" at 6 p.m. on Monday across major streaming platforms. The album features 10 tracks, led by the title song and "Sticky," both of which were previewed during the sold-out encore engagement. 2026-04-20 19:15:44
  • Hyundai Motor protests to USTR Section 301 probe for potential double taxing
    Hyundai Motor protests to USTR Section 301 probe for potential double taxing SEOUL, April 20 (AJP) - South Korea's Hyundai Motor Group has lodged a complaint with U.S. trade authorities over potential double taxing, claiming additional duties under Section 301 could duplicate existing restrictions under other regulations. In its submission to U.S. Trade Representative Jamieson Greer, the automaker — which plans to invest $26 billion in the United States through 2028 — stressed its role in strengthening American supply-chain resilience as it “respectfully submits comments” on the Section 301 investigation into excess capacity and manufacturing sectors. Section 301 of the U.S. Trade Act of 1974 allows Washington to impose tariffs or other restrictions on imports from countries deemed to engage in unfair trade practices. The so-called “Super 301” provision — historically used to identify and respond to priority foreign trade barriers — has been associated with broader and more aggressive enforcement measures. In its filing, Hyundai said industries such as automobiles and steel, already subject to import curbs under Section 232 of the Trade Expansion Act of 1962, should not face additional tariffs under Section 301, citing the risk of redundant regulatory burdens. The company argued that imposing further duties on inputs and components already covered by existing measures would increase production costs at U.S.-based facilities without materially improving domestic manufacturing capacity, employment, or supply chain resilience. The submission is seen as reflecting broader group-level concerns, given Hyundai’s extensive U.S. exposure across automobiles, parts, steel, and construction. In a separate filing, the Korea Automobile & Mobility Association (KAMA) highlighted the long-term economic contributions of Korean automakers in the United States. The association said Hyundai Motor Group has invested more than $20 billion in the U.S. over the past four decades, supporting roughly 570,000 jobs. It added that the company plans to invest an additional $26 billion between 2025 and 2028, a move expected to create about 25,000 new jobs. KAMA also noted that South Korea’s annual auto production has remained in the range of 3.5 million to 4.2 million units over the past decade despite rising global demand, contributing to a decline in the country’s global production ranking from fifth in 2020 to seventh in 2024. 2026-04-20 17:09:04
  • Korean stocks slip as foreign investors offload $1.34 billion in shares
    Korean stocks slip as foreign investors offload $1.34 billion in shares SEOUL, April 17 (AJP) - Korean stocks closed lower Friday, retreating from recent highs as foreign investors led broad-based selling. Lingering geopolitical uncertainty continued to cap risk appetite despite signs of potential de-escalation in the Middle East. Other Asian markets also traded lower, with Japan’s Nikkei 225 falling 1.21 percent, Hong Kong’s Hang Seng Index dropping 1.2 percent, and China’s Shanghai Composite edging down 0.2 percent. The benchmark KOSPI fell 0.6 percent to close at 6,191.9, after trading between a high of 6,230.32 and a low of 6,159.88. Foreign investors drove the decline, offloading 1.99 trillion won ($1.34 billion) worth of shares. Retail investors bought 1.44 trillion won, while institutions added 150.1 billion won, indicating continued dip-buying against external outflows. The pullback came as investors reassessed the sustainability of the recent rally, with mixed signals emerging around U.S.-Iran negotiations and a temporary truce between Israel and Lebanon failing to fully stabilize sentiment. Large-cap stocks were broadly weaker, led by semiconductors. Samsung Electronics fell 0.7 percent to 216,000 won, while SK hynix dropped 2.3 percent to 1,128,000 won, reflecting cautious positioning despite overnight gains in the Philadelphia Semiconductor Index. Defense and industrial names also came under pressure. Hanwha Aerospace slid 6.3 percent, and Doosan Enerbility lost 2.1 percent, reflecting profit-taking following recent strength in defense-linked plays. Automakers, however, provided limited support. Hyundai Motor rose 0.8 percent, and Kia gained 0.8 percent. Among notable movers, Hanwha Engine surged 16.4 percent to 56,100 won on expectations of earnings growth tied to expanding orders and improving profitability in marine engine segments. The rally was further supported by optimism over the shipbuilding supercycle and strategic overseas acquisitions aimed at strengthening its position in eco-friendly vessel markets. STX Engine also hit its daily upper limit, driven by strong demand tied to defense exports and shipbuilding expansion. Sector-wise, gains were concentrated in selective themes. Venture investment firms jumped 7.7 percent, while electronics equipment and display panel stocks rose 4.1 percent and 3.9 percent, respectively, highlighting rotation into mid-cap growth plays. The KOSDAQ outperformed, rising 0.6 percent to close at 1,170.04, supported by heavy buying from foreign and institutional investors, who added 15.8 billion won and 9.1 billion won, respectively. Retail investors bought a modest 2.5 billion won. Biotech and secondary battery names showed mixed performance. Meanwhile, COVID-19-related stocks gained amid renewed concerns over the global spread of emerging variants, including BA.3.2, supporting selective strength in healthcare names. However, the move was largely thematic and had limited impact on broader market direction. The Korean won weakened against the dollar, trading at 1,483.1 won, down 0.2 percent from the previous session, reflecting sustained external pressure amid foreign outflows. Oil prices edged lower, with Brent crude falling 0.7 percent to $98.7 per barrel and WTI declining 1 percent to $93.7, as optimism over potential negotiations offset ongoing concerns over supply disruptions in the Strait of Hormuz. 2026-04-17 17:31:30
  • K-pop girl group KATSEYE to release new album this summer
    K-pop girl group KATSEYE to release new album this summer SEOUL, April 17 (AJP) - Los Angeles-based K-pop girl group KATSEYE will release their new album this summer. According to their agencies HYBE and Geffen Records, their third EP "Wild" is slated for release on Aug. 14, more than a year after their previous mini album "Beautiful Chaos" was released in June last year. KATSEYE, consisting of multinational members, have recently gained traction through appearances at major music festivals like the Coachella Festival in California and other activities to promote their songs. The sextet also topped global music platform Spotify's rankings for most listeners, calculated on a 28-day basis, with 31.3 million as of Friday, followed by another K-pop act BLACKPINK's 24.78 million. That appeared to be attributed to their latest single, "Pinky Up," which has ranked highly on major music charts overseas including Amazon Music, Apple Music and Spotify, within just a few days after its release last Thursday. Formed through the 2023 reality singing competition show "Dream Academy" in collaboration with HYBE and Geffen Records, the six members - Daniela, Lara, Manon, Megan, Sophia and Yoonchae - have been groomed as a K-pop girl group targeting global audiences. 2026-04-17 14:00:47
  • Kpop big 4 unite to launch Coachella-scale Kpop festival 
    Kpop big 4 unite to launch Coachella-scale Kpop festival  SEOUL, April 17 (AJP) - South Korea’s K-pop powerhouses — HYBE, SM Entertainment, JYP Entertainment and YG Entertainment — are moving to institutionalize a Coachella-style annual K-pop festival, marking a rare joint initiative among the industry’s fiercest rivals. The four agencies have jointly submitted a joint-venture proposal, tentatively titled “Fanomenon” a portmanteau of “fan” and “phenomenon” to the Fair Trade Commission, according to sources on Friday. The initiative has also been tabled at the Presidential Committee on Popular Culture Exchange, a policy advisory body launched in October 2025 and co-chaired by Culture Minister Choi Hwi-young and Park Jin-young, founder of JYP. Park is aiming to debut the festival in South Korea in December 2027 as an annual event, with plans to expand into a global touring format across major cities starting in May 2028. He envisions building the project into a large-scale event on par with the Coachella Valley Music and Arts Festival, which spans two weekends and draws more than 120,000 attendees per day. The companies said the project remains under development, with key details on structure, operations and execution yet to be finalized. 2026-04-17 11:25:30