Journalist

by Joonha Yoo
  • Gwanghallu Pavilion, setting of Koreas Romeo and Juliet tale, eyes national treasure status
    Gwanghallu Pavilion, setting of Korea's Romeo and Juliet tale, eyes national treasure status SEOUL, April 24 (AJP) — Gwanghallu Pavilion in Namwon, a southwestern city immortalized as the backdrop to Korea’s Romeo-and-Juliet-like love story, has been preliminarily designated as a national treasure, the Korea Heritage Service said Friday. The move marks an upgrade from its designation as a state treasure in 1963, reflecting its elevated historical, architectural and cultural significance. Widely regarded as the finest pavilion in the Honam region, Gwanghallu is among the largest government-built wooden structures from the late Joseon Dynasty. The pavilion was first established in 1419 by Hwang Hui during his exile in Namwon. It later evolved into a broader cultural complex as officials, including Jeong Cheol, reshaped the surrounding landscape by adding a pond, three symbolic islands and the Ojak Bridge. The original structure was destroyed during the Japanese invasions of Korea (1592–1598) and rebuilt in 1626, preserving much of its original form for nearly four centuries. Beyond its architectural value, Gwanghallu is widely celebrated as the setting of The Tale of Chunhyang, one of Korea’s most beloved classical novels, where the lovers Chunhyang and Lee Mong-ryong are said to have first met. Final designation will follow a 30-day public review period and deliberation by the Cultural Heritage Committee. 2026-04-24 10:45:34
  • Tariffs and rising costs bite Hyundai despite record quarterly revenue
    Tariffs and rising costs bite Hyundai despite record quarterly revenue SEOUL, April 23 (AJP) - Despite posting record revenue, Hyundai Motor saw its profitability come under intense pressure as tariffs and rising costs eroded margins. Revenue rose 3.4 percent year on year to 45.9 trillion won, marking the highest first-quarter figure on record. The increase was supported by strong sales of high-margin SUVs and hybrid vehicles, even as global industry demand contracted 7.2 percent. Hybrid vehicles accounted for 17.8 percent of total sales, with the U.S. market reaching a record 24.8 percent. This helped the company expand global market share despite weakening demand. Operating profit, however, fell 30.8 percent to 2.51 trillion won, with the operating margin narrowing to 5.5 percent from 8.2 percent a year earlier. The result came in at the lower end of market expectations, with estimates compiled by FnGuide pointing to operating profit in the range of 2.4 trillion to 2.6 trillion won. A breakdown of earnings drivers showed that tariff-related costs were the single largest drag on profitability, reducing operating profit by 860 billion won. Lower volumes cut earnings by 247 billion won, while a weaker product mix — driven by higher incentive spending — reduced profit by a further 337 billion won. The earnings pressure came despite relatively resilient sales. Wholesale volumes declined to 976,000 units from 1.0 million a year earlier, reflecting weaker industry demand and temporary disruptions, including supply chain issues and geopolitical uncertainty. Cost pressures were also evident in the company's structure, with the cost of sales rising to 82.5 percent of revenue, up 2.7 percentage points from a year earlier, driven largely by higher raw material prices. The automaker said raw material costs - including nickel, lithium and precious metals — added more than 200 billion won in additional expenses in the first quarter and are expected to remain elevated into the second quarter, even as some prices begin to stabilize. It also acknowledged production disruptions following a fire at a key engine valve supplier, though it expects to normalize output from April and recover lost production in the second half through global production adjustments. Regional dynamics also weighed on profitability. Incentive spending remained elevated in Europe amid tightening emissions regulations, while India emerged as a rare bright spot, with record sales and minimal incentive burden. Despite pressure in its core automotive business, Hyundai's financial arm delivered stable earnings growth supported by asset expansion, partially offsetting the decline in vehicle operations. Looking ahead, the company said it is accelerating autonomous driving development through collaboration with Nvidia to secure data and enhance competitiveness. It is also shifting its China strategy toward export-driven growth, with exports already accounting for around 40 percent of local sales. Shares of Hyundai Motor closed at 532,000 won, down 1.7 percent on the day. 2026-04-23 17:38:43
  • Hyundai Motor profit falls sharply on cost surge, misses expectation
    Hyundai Motor profit falls sharply on cost surge, misses expectation SEOUL, April 23 (AJP) - Hyundai Motor, South Korea's largest automaker, posted a sharp drop in first-quarter earnings amid rising cost pressures from U.S. tariff barriers and Gulf-related shocks. Operating profit for the first quarter of 2026 came in at 2.51 trillion won, down 30.8 percent on year and in line with the market consensus of 2.4 trillion to 2.6 trillion won compiled by FnGuide. The underperformance reflects multiple headwinds for carmakers – sharp rise in oil prices, slumped consumer sentiment, and supply-chain disruptions from the outbreak of a war in the Middle East on top of tariff risks and volatile exchange rate. The Korean won's weakening to crisis-period levels drove a sharp increase in warranty-related costs, while tariff burdens and higher raw material prices further squeezed margins. Revenue totaled 46 trillion won, up 3.4 percent from a year earlier and down 1.9 percent from the previous quarter. 2026-04-23 14:45:38
  • KOSPI extends record rally past 6,500, driven by semiconductor momentum
    KOSPI extends record rally past 6,500, driven by semiconductor momentum SEOUL, April 23 (AJP) - Seoul benchmark KOSPI set new milestone Thursday, decoupled from the broad sidelined sentiment across Asia amid Gulf uncertainties, as stronger-than-expected first-quarter GDP and SK hynix earnings underscored the depth of South Korea's chip power. The main index rose 2.1 percent to a new intraday high of 6,551.3 in morning trade after opening at 6,488.83, with advances led by large-cap chipmakers following robust earnings from SK hynix. The undeterred rally this week prompted retail investors to take profits, while foreign investors turned active buyers. Foreign buying totaled 495 billion won, backed by institutional purchases of 289 billion won, while retail investors sold a net 725 billion won. The gains were underpinned by strong momentum in semiconductor shares. Samsung Electronics jumped 5.2 percent to 228,750 won, approaching its previous intraday high, while SK hynix rose 2.3 percent to 1,251,000 won. Earlier in the day, SK hynix reported record-breaking first-quarter earnings, posting an operating profit of 37.6 trillion won, reinforcing expectations that demand for AI-driven memory products remains robust. Other large-cap stocks showed mixed performance. SK Square rose 4.7 percent and Doosan Enerbility gained 5.4 percent, while LG Energy Solution fell 3 percent. HD Hyundai Heavy Industries and Samsung Biologics also traded lower. The tech-heavy KOSDAQ underperformed, falling 0.5 percent to 1,175.7, as foreign and institutional investors offloaded shares, while retail investors stepped in as heavy buyers. Asian markets were mixed, with regional sentiment supported by a temporary reprieve in geopolitical tensions after the United States signaled an indefinite extension of a truce with Iran. Overnight on Wall Street, major indexes closed higher, with the Dow Jones Industrial Average rising 0.7 percent, the S&P 500 gaining 1.1 percent and the Nasdaq Composite advancing 1.6 percent to fresh record highs. Japan’s Nikkei 225 was 0.06 percent off at 59,549.56, while the Shanghai Composite was up 0.11 percent at 4,110.79. The Hang Seng Index fell 0.5 percent to 26,034.12 at the open. Global indicators pointed to relatively stable risk conditions. The VIX volatility index fell 2.97 percent to 18.9, while the Philadelphia Semiconductor Index rose 2.7 percent. Oil prices edged higher, with West Texas Intermediate crude trading near $93 per barrel and Brent crude around $102. The Korean won strengthened slightly, with the exchange rate falling 0.1 percent to 1,477 per dollar. 2026-04-23 11:24:47
  • 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