AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

Hong Seungwan
  • Rising Tensions in Hormuz Strait Raise Concerns Over Oil Prices and Logistics
    Rising Tensions in Hormuz Strait Raise Concerns Over Oil Prices and Logistics The fire on the South Korean vessel Namuhho, confirmed to be the result of an external attack, has heightened concerns over risks originating from the Middle East. If tensions in the Hormuz Strait persist, there are fears that the costs of crude oil imports, as well as logistics, exports, and manufacturing, could increase significantly.According to Yonhap News on May 10, the Ministry of Foreign Affairs announced that the fire on the Namuhho, which occurred in the Hormuz Strait on May 4, was caused by an unidentified flying object. However, it remains unclear whether the object was a drone or a missile, and the identity of the attacker has not been determined.The Hormuz Strait, through which 20-30% of the world's oil trade passes, has been under blockade for over two months since March, leading to rising costs for domestic crude oil procurement.The fire on the Namuhho has cast doubt on the prospects for resuming vessel operations. Growing concerns over maritime safety could lead to increased shipping insurance premiums, detours, and longer waiting times for vessels, all contributing to additional costs. Prolonged logistics delays could disrupt the procurement of not only crude oil but also various raw materials and components.The airline industry is expected to be the most affected sector. Sensitive to oil prices, airlines have already begun restructuring some routes and reducing flights. Among low-cost carriers, some have implemented unpaid leave and entered emergency management mode.Key export industries, such as semiconductors and automobiles, are also likely to face challenges due to rising costs for parts and raw materials. Additionally, concerns are growing in the semiconductor sector regarding the supply of critical materials like helium, which is largely imported from Qatar.The petrochemical and construction industries are also closely monitoring the risks from the Middle East. Disruptions in the supply of naphtha, a key raw material for petrochemicals, could increase manufacturing costs, thereby raising the overall burden on manufacturing and construction sectors.As a result, industry experts warn that prolonged tensions in the Hormuz Strait could negatively impact corporate performance in the second quarter. Given South Korea's high dependence on exports, simultaneous increases in maritime logistics instability and oil prices could disrupt the cost structure across various industries.* This article has been translated by AI. 2026-05-11 04:15:24
  • Irans Ambassador to South Korea Responds to Fire on Korean Vessel in Hormuz
    Iran's Ambassador to South Korea Responds to Fire on Korean Vessel in Hormuz Iran's Ambassador to South Korea, Saeed Koozehchi, did not provide a clear stance regarding the government’s investigation into the fire on a Korean vessel in the Hormuz Strait.On May 10, Koozehchi responded to reporters' questions about the investigation's conclusion that the fire was caused by an unidentified flying object, stating, "We only discussed some general issues related to this incident."When asked if Iran's military's previous assertion of non-involvement in the fire still stands, he replied, "Ask the (Iranian) Foreign Ministry."Koozehchi visited the Ministry of Foreign Affairs shortly after the government’s joint investigation team announced the cause of the fire. According to the ministry, First Vice Minister Park Yoon-joo explained the investigation results to Koozehchi.The government reported that the fire on the Korean vessel occurred on May 4 in the Hormuz Strait and was caused by an unidentified flying object. However, the exact type, size, and responsible party for the object have not yet been confirmed.Meanwhile, the Ministry of Foreign Affairs stated that it will not speculate on the responsible party and will continue to communicate with relevant countries, including Iran and the United States, regarding the investigation results.* This article has been translated by AI. 2026-05-11 04:14:04
  • Kakao Union Seeks Mediation After Failed Labor Negotiations
    Kakao Union Seeks Mediation After Failed Labor Negotiations The Kakao Union has applied for mediation with the Gyeonggi Provincial Labor Commission following the breakdown of labor negotiations. Disagreements over the performance bonus structure have left the possibility of strike actions open.According to Yonhap News on May 10, the Kakao branch of the National Chemical Fiber Food Industry Workers' Union submitted the mediation request after recent negotiations with the company failed. The request involves four entities: Kakao, Kakao Pay, Kakao Entertainment, and DK Tech.Reports indicate that the two sides have been at odds over the design of the performance bonus structure. In the IT industry, SK Hynix's decision to allocate 10% of its operating profit for performance bonuses has reportedly influenced the demands of the Kakao Union.If an agreement is not reached during the labor commission's mediation process, the union may proceed with strike preparations. However, a failed mediation does not automatically lead to a strike; the decision will depend on the mediation outcome and an internal vote among union members.This is not the first time the Kakao Union has sought mediation due to failed negotiations. The union previously applied for mediation in 2024 after negotiations also broke down.* This article has been translated by AI. 2026-05-11 04:10:46
  • Kim Yong-beom Predicts Record Surplus Revenue Amid Semiconductor Boom
    Kim Yong-beom Predicts Record Surplus Revenue Amid Semiconductor Boom Kim Yong-beom, head of the Presidential Policy Office, stated that the ongoing semiconductor boom is expected to generate record surplus revenue over the next two years, emphasizing the need for a more flexible approach in fiscal policy. According to Yonhap News on May 10, Kim made these remarks in a Facebook post titled "KOSPI 7500 and the Threshold of 10,000" on May 8. He noted, "South Korea's fiscal and macroeconomic outlook is based on GDP growth forecasts, but the current semiconductor boom is difficult to capture within the existing GDP framework." He continued, "In industries like semiconductors, where quality improvements outpace price changes, existing statistical systems reflect real changes too slowly. The key point is the fiscal aspect. If the semiconductor boom continues until 2027, the revenue for 2026-2027 is likely to reach historic levels." Kim identified factors contributing to surplus revenue, including corporate taxes from Samsung Electronics and SK Hynix, income taxes from high-earning workers in the semiconductor sector, and the ripple effects of an expanding trade surplus. He stated that if these effects accumulate, "we could see an unprecedented surplus revenue." Kim believes that the revised outlook for 2026, expected in the second half of this year, will serve as a critical turning point. He emphasized, "The level to which the forecast rises will alter the direction of revenue estimates and overall budget for 2027." He also referenced past failures in revenue forecasting, pointing out that during the semiconductor boom following the COVID-19 pandemic in 2021-2022, record surplus revenue was generated, but revenue forecasts and budgets did not adequately keep pace with reality. He added that in 2023-2024, a downturn in the semiconductor market led to a revenue shortfall. "After a boom comes a revenue shortfall, and after a downturn, surplus revenue appears," he diagnosed, noting that revenue and budgets tend to lag behind actual industry cycles. He cautioned that the scale of the current cycle could be much larger than before, and relying solely on past methods could lead to greater discrepancies. He urged a shift away from traditional thinking tied to historical averages, advocating for a more flexible and broader approach to fiscal policy in light of the structural changes centered around semiconductors.* This article has been translated by AI. 2026-05-11 04:08:55
  • Government: HMM Namoo Fire Caused by Strike from Unknown Aircraft
    Government: HMM Namoo Fire Caused by Strike from Unknown Aircraft An investigation has determined that the fire on the South Korean vessel HMM Namoo, which occurred in the Hormuz Strait on May 4, was caused by a strike from an unidentified aircraft. However, it remains unclear whether the aircraft was a drone or a missile, or which country may be responsible. According to a report by Yonhap News on May 10, the Ministry of Foreign Affairs announced the findings of a joint government investigation. The ministry stated, "The investigation confirmed that on May 4, an unidentified aircraft struck the stern of the HMM Namoo," adding that there are limitations in identifying the exact type and physical size of the aircraft. They also noted that further analysis of debris collected from the site is planned. On May 4, while docked in the Hormuz Strait, the HMM Namoo experienced an explosion followed by a fire. There were no casualties reported, but the vessel was rendered incapable of sailing under its own power. Following the incident, the government towed the HMM Namoo to Dubai. A team of three investigators from the Marine Safety Tribunal and four forensic experts from the Fire Agency were dispatched to the site to begin the investigation into the cause of the fire. This announcement confirms that the fire was not simply an accident but resulted from an external aircraft strike. However, the identity of the attacker and the type of weapon used remain undetermined. The Iranian embassy in South Korea previously denied any involvement of the Iranian military in the incident, rejecting claims of an "Iranian attack." In contrast, U.S. President Donald Trump asserted shortly after the fire that it was an attack by Iran and called for South Korea to participate in U.S. military operations to free vessels trapped in the Hormuz Strait.* This article has been translated by AI. 2026-05-11 04:07:50
  • Democratic Party Launches Election Committee Ahead of Local Elections
    Democratic Party Launches Election Committee Ahead of Local Elections The Democratic Party officially launched its election committee on May 10 in preparation for the June 3 local elections. The committee is named the "Republic of Korea Normalization Election Committee," focusing on strengthening regional organizations while reducing central structures.During the launch event held at the National Assembly, Jeong Cheong-rae, the committee's chair, stated, "We will set our goals high but maintain a humble attitude, taking steps forward together with the people."Jeong characterized the upcoming local elections as a judgment on what he termed a "rebellion." He remarked, "The rebellion is not over, and the forces behind it continue to operate without remorse. We must hold accountable those arrogant factions dreaming of a return through the 'Yoon Again' nominations in this election."The Democratic Party's committee emphasizes regional over central organization. Alongside Jeong, the committee includes Han Byeong-do, the floor leader; Lee Si-jong, former governor of North Chungcheong Province; Ahn Seon-ha, an advisor on climate, AI, and health for the World Health Organization; Kim Hee-jung, a surgeon from Daegu known as the 'TK Daughter' during the last presidential campaign; and Yvonne, a naturalized Korean from Myanmar.Joint committee chairs include Lee An-joo, Hwang Myeong-seon, Kang Deuk-gu, Lee Seong-yun, Moon Jeong-bok, Park Ji-won, and Park Gyu-hwan.Actor Lee Won-jong has been appointed as the "Neighborhood Campaign Chair". Jeong praised Lee for his dedicated contributions during the last presidential election, stating, "Although we are of similar ages, I truly respect him as a cultural figure." Lee expressed his belief that this local election will serve as the conclusion to the 21st presidential election, vowing to achieve their goals, especially in challenging areas.* This article has been translated by AI. 2026-05-11 04:03:48
  • Rain Expected Across South Korea on Monday; Bring an Umbrella
    Rain Expected Across South Korea on Monday; Bring an Umbrella On Monday, May 11, spring rain is expected across various regions of South Korea.According to the Korea Meteorological Administration on May 10, rain is forecasted to begin in the capital region and central areas in the morning, while northern North Jeolla and northern and central North Gyeongsang provinces will see rain starting in the afternoon. The capital region and some areas in Gangwon Province are expected to experience a lull in rainfall by night.Expected precipitation includes 5 to 10 mm in Seoul, Incheon, Gyeonggi Province, and the five islands of the West Sea; 5 to 20 mm in inland and mountainous areas of Gangwon; around 5 mm on the eastern coast of Gangwon; and 5 to 30 mm in Daejeon, Sejong, South Chungcheong, and North Chungcheong provinces, as well as in Daegu and North Gyeongsang. Jeju Island is expected to have mostly clear weather.Morning low temperatures nationwide are forecasted to range from 9 to 16 degrees Celsius, while daytime highs are expected to reach between 19 and 25 degrees Celsius. Sea waves are predicted to be 0.5 to 1.5 meters in the East and West Seas, and 0.5 to 1.0 meters in the South Sea.In the offshore waters (about 200 km from the coastline), wave heights are expected to be 0.5 to 2.0 meters in the East and South Seas, and 0.5 to 2.5 meters in the West Sea.* This article has been translated by AI. 2026-05-11 03:47:13
  • Harim Group Becomes Third Largest SSM Operator with Homeplus Express Acquisition
    Harim Group Becomes Third Largest SSM Operator with Homeplus Express Acquisition Harim Group's subsidiary, NS Shopping, has acquired Homeplus Express, the supermarket division of Homeplus, raising expectations for business synergy. The acquisition is expected to accelerate vertical integration in food production, logistics, and distribution based on Homeplus Express's nationwide store network. According to the retail industry on May 10, Harim Group is re-entering the domestic offline retail market in the form of a corporate supermarket (SSM) through NS Shopping's acquisition of Homeplus Express. This marks the group's return to the sector after selling NS Mart to E-Mart in 2012, a span of 14 years. On May 7, Homeplus, which is undergoing corporate rehabilitation, and NS Shopping signed a contract for the transfer of the Express business rights. The sale price is reported to be 120.6 billion won, falling short of the initially speculated 300 billion won. However, NS Shopping has agreed to settle some of Homeplus Express's debts, which is expected to increase the actual financial burden, although the specific amount has not been disclosed. With this acquisition, Harim Group has quickly ascended to become the third-largest player in the SSM sector. As of the end of last year, Homeplus Express operated 295 stores, ranking behind GS The Fresh (585 stores) and Lotte Super (338 stores). Notably, 90% of its stores are located in the metropolitan area and major cities, which is considered a significant advantage. Industry experts view Harim Group's acquisition of Homeplus Express as a strategic move aimed at leveraging synergies with its food business. Homeplus Express caters to the shopping needs of single-person households and homemakers, providing a platform for Harim Group to sell its meat products, home meal replacements (HMR), and processed foods directly. Additionally, establishing a structure that integrates production, distribution, and sales could help secure stable sales channels for its food business. There is also speculation about utilizing Homeplus Express stores as urban delivery hubs, potentially entering the quick commerce market. Furthermore, if linked with the Yangjae urban logistics center, which Harim Group aims to complete by 2029, it could create a delivery system that combines a large logistics hub with urban store networks. NS Shopping believes that combining its existing home shopping and online channels with Homeplus Express's offline store network will broaden opportunities for partner companies. By leveraging its 25 years of experience in handling agricultural products and food, NS Shopping can provide small food partners with opportunities to enter offline stores, while Homeplus Express partners can expand their sales channels through online and mobile platforms. However, challenges remain. Competition among SSMs, e-commerce, and convenience stores is intensifying, leading to a shrinking market for SSMs. The speed at which Harim Group can restructure the Homeplus Express store network into a retail hub will be a critical factor in its success. An NS Shopping official stated regarding the acquisition of Homeplus Express, "This will be an important turning point for strengthening our competitiveness across online and offline channels based on our expertise in food and distribution. We will carefully review all matters to ensure that the remaining procedures proceed smoothly." Meanwhile, following the sale of Homeplus Express, Homeplus has begun restructuring its remaining business segments, including hypermarkets, online operations, and headquarters. From May 10 to July 3, it plans to temporarily suspend operations at 37 of its 104 hypermarket locations, focusing on the remaining 67 stores that contribute more significantly to the business.* This article has been translated by AI. 2026-05-11 03:07:05
  • Lotte Hi-Mart Targets Increased Demand for Cooling Appliances Amid Summer Heat
    Lotte Hi-Mart Targets Increased Demand for Cooling Appliances Amid Summer Heat As this summer is expected to bring intense heat, Lotte Hi-Mart is launching a promotion for cooling and washing appliances. On May 10, Lotte Hi-Mart announced that the promotion will focus on air conditioners from major manufacturers such as Samsung Electronics, LG Electronics, and Carrier, offering simultaneous purchase benefits. Customers who buy key air conditioner models, including Samsung's 'Wind-Free Gallery,' LG's 'View Series' and 'Objet Collection Tower,' and Carrier's 'Aero X,' along with Lotte Hi-Mart's private brand PLUX fans or Shinil Electronics fans, will receive cashback and other benefits. The promotion also includes washing appliances. Customers who purchase Samsung and LG combo washing machines along with storage boxes or mini washers using a Lotte partnership card will receive cashback and discounts. To address hygiene needs during the summer, Lotte Hi-Mart is offering cleaning service benefits for appliances. Until the end of this month, customers who purchase air conditioner and washing machine cleaning products will receive up to a 10% discount on cleaning services after one year. The air conditioner cleaning service includes disassembling the unit, high-pressure cleaning of filters and internal components, and UV sterilization. The washing machine cleaning service involves complete disassembly, high-pressure cleaning, steam sterilization, and UV sterilization. Moon Chong, head of Lotte Hi-Mart's large appliance division, stated, "Summer is the peak season for cooling appliance usage, increasing the importance of washing and hygiene management. We have prepared various benefits centered around frequently used products and services." Meanwhile, this summer is expected to be record-breaking in terms of heat. According to the Korea Meteorological Administration's recent three-month forecast, there is a 50% chance that temperatures in May and June will be higher than average, with a 60% chance for July.* This article has been translated by AI. 2026-05-10 13:47:42
  • Coupang Launches Year-Round Campaign for Government-Certified Green Products
    Coupang Launches Year-Round Campaign for Government-Certified Green Products Coupang has partnered with the Korea Environmental Industry and Technology Institute, under the Ministry of Climate, Energy, and Environment, to launch a year-round campaign featuring government-certified green products starting this month. According to Coupang on May 10, the campaign focuses on products certified as green by the Korea Environmental Industry and Technology Institute. Green products are designed to reduce energy and resource consumption throughout their lifecycle, from production and distribution to use and disposal, while minimizing greenhouse gas emissions and pollutants. Coupang has set up a dedicated section for the green products campaign within its 'Coupang Good Store.' All items included in the campaign will be available through its Rocket Delivery service. Featured products include eco-friendly dishwashing and household detergents, water-saving showerheads, energy-efficient food waste disposers, and resource-efficient toilet paper and hygiene products. Since 2022, Coupang and the Korea Environmental Industry and Technology Institute have been collaborating to promote the sale of green products. Through this year-round campaign, Coupang aims to increase the visibility of government-certified eco-friendly products and contribute to the spread of sustainable consumption culture. A Coupang representative stated, "This green products campaign is the result of public-private cooperation to help customers easily recognize and choose government-certified eco-friendly products. We will strive to make eco-friendly consumption a regular part of everyday life through Rocket Delivery." Meanwhile, Coupang has been strengthening its eco-friendly policies, including expanding the delivery of reusable eco-bags to general orders last year.* This article has been translated by AI. 2026-05-10 13:45:20