AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • Buried beneath Koreas chip boom, refiners fight for survival
    Buried beneath Korea's chip boom, refiners fight for survival SEOUL, June 11 (AJP) - Buried beneath South Korea's semiconductor boom is a quieter survival story unfolding in the country's refineries and petrochemical plants. South Korea's economic narrative has been dictated by silicon in recent years. Memory giants have propelled the KOSPI past stock markets in cities such as London and Toronto while joining the exclusive trillion-dollar market-capitalization club. In contrast, some of the country's oldest industrial pillars have been quietly fighting for survival. Korea's refiners and petrochemical producers remain among the world's most sophisticated operators, supplying everything from jet fuel to high-value industrial materials. Yet they have found themselves squeezed between two forces beyond their control: a prolonged Middle East crisis that disrupted their feedstock lifeline and a flood of low-cost Chinese supply that has upended the naphtha-based business model on which the industry was built. It is a reckoning for an industry that has long punched far above its weight. South Korea hosts three of the world's ten largest refineries by single-site capacity, anchored by SK Energy's 840,000-barrel-per-day Ulsan complex and GS Caltex's 800,000-barrel-per-day Yeosu plant. Their facilities boast some of Asia's highest Nelson Complexity ratings, a measure of how much premium product a refinery can extract from each barrel of crude. That engineering prowess, however, has been largely overshadowed by the country's semiconductor euphoria. While chipmakers basked in trillion-dollar valuations, refiners and petrochemical firms endured one of the harshest downturns in decades, exposing the vulnerability of a business model built on scale and commodity production. At the center of the strain sits naphtha, the feedstock so essential to the sector that industry executives often call it their "rice." South Korea imported 237.5 million barrels of naphtha in 2025, more than any other country in Asia. That dependence left the industry acutely exposed when disruptions in the Strait of Hormuz squeezed supplies of the medium and heavy crude grades that generate the richest refining margins. The shock rippled quickly through the market. Daily vessel transits through the strait fell to around 10 from a prewar average of 135, while Brent crude surged toward $94 a barrel. For refiners that import nearly all of their feedstock and sell into an increasingly saturated market, every dollar increase in crude prices became harder to pass on to customers. Then came the second blow. Chinese producers, backed by an aggressive state-supported expansion expected to continue through at least 2028, flooded regional markets with low-cost ethylene and polymers. The result has been a structural glut that hollowed out margins on the very commodity-grade products Korean petrochemical companies were designed to mass-produce. Ethylene, the bellwether of the chemicals industry, tells the story. Prices that once approached $1,400 a ton have fallen below $1,000, erasing the cushion that had long kept aging crackers profitable. Industry analysts expect Chinese capacity growth to outpace demand expansion for years to come. "Without a normalization of the Strait of Hormuz, a sharp rebound in oil prices must be kept in mind at any moment. It may prove temporary, but in petrochemicals, where inventories were relatively thin, a belated rebound began to surface from late May," said Chun Woo-je, an analyst at KB Securities. "Margins long mired in chronic oversupply are now at their highest in four years." Seoul has responded with one of the industry's most sweeping restructuring efforts in decades. The government has urged the country's 10 largest petrochemical companies to reduce naphtha-cracking capacity by between 2.7 million and 3.7 million tons, equivalent to roughly 18 to 28 percent of national capacity. It has also approved a support package worth more than $1.46 billion to help offset electricity, steam and feedstock costs, including preferential power rates below those charged by the state utility. "Unless the war ends on reasonable and viable terms sufficient to reassure shipowners and insurers, it may be extremely difficult for oil prices to return to prewar levels even in the long run," said Chung Tae-hun, an associate research fellow at the Korea Energy Economics Institute. For many companies, the clearest path out of the squeeze runs straight into the sky. Refiners are betting heavily on sustainable aviation fuel, or SAF, a low-carbon alternative capable of reducing lifecycle emissions by up to 80 percent while commanding premium pricing under increasingly stringent global decarbonization mandates. SK Energy has installed co-processing facilities at its Ulsan refinery and plans to expand its SAF supply network across the Asia-Pacific this year. GS Caltex is building a 500,000-ton annual SAF supply chain centered on an Indonesian biodiesel project, while S-Oil is refining its production processes to secure global certification. The shift is spreading beyond refiners to chemical companies once thought immune to such transformations. LG Chem, crossing from chemicals into fuel production, is constructing a 300,000-ton SAF plant in Daesan scheduled for completion in 2027 — a move that would have seemed unthinkable for a company built on plastics. Diversification extends well beyond aviation. LG Chem is steering toward advanced materials, battery cathodes and environmentally friendly products. Lotte Chemical is investing in super-engineering plastics used in robots and electric vehicles. Hanwha Solutions is expanding into insulation materials and specialty products for the power grids feeding AI data centers. In a twist of industrial fate, many of these companies are now seeking to profit from the same AI-driven boom that eclipsed them. The pressure facing Korea is hardly unique. Across Asia, manufacturing-heavy economies that never enjoyed a semiconductor windfall are struggling with the consequences of higher energy costs and structural oversupply. Japan, once a petrochemical powerhouse, is preparing to retire more than a quarter of its ethylene capacity by 2030. The center of gravity in Asian petrochemicals is visibly shifting. For Korean firms, the calculation is stark. They cannot win a price war fought on volume, nor can they insulate themselves from geopolitical shocks. Their future lies in doing what they have always done best: turning engineering expertise into higher-value chemistry. In an industry increasingly shaped by Chinese overcapacity and Middle East instability, the next chapter will be defined not by scale, but by sophistication. 2026-06-11 15:40:55
  • Speaker Cho Calls for Cooperation on Election Commission Investigation
    Speaker Cho Calls for Cooperation on Election Commission Investigation On June 11, National Assembly Speaker Cho Jung-sik and the floor leaders of both ruling and opposition parties agreed to process a plan for a national investigation into the mismanagement of ballots during the June 3 local elections and the by-elections for the National Assembly as early as next week. They also proposed forming a bipartisan committee to expedite the handling of non-controversial legislation. However, tensions are expected regarding the composition of the National Assembly in the second half of the term, particularly over the position of the Legislation and Judiciary Committee chair. During the session, Speaker Cho addressed the report on the request for a national investigation into the ballot shortage, urging the floor leaders to "swiftly establish a special committee for the investigation and process the plan in next week's session so we can uncover the truth as soon as possible." He emphasized, "As the second half of the National Assembly begins, it is crucial to show the public a working assembly that cares for their livelihoods, and for that, the composition of the assembly is urgent. I ask both of you to finalize the assembly composition promptly with your exceptional capabilities." Cho also mentioned the non-controversial bills that had been submitted in the previous session but remain unaddressed, urging for a collaborative schedule to ensure their swift passage and proposing the establishment of a committee to focus on livelihood-related legislation. Earlier that day, Han Byeong-do, the Democratic Party Floor Leader, and Jeong Jeom-sik, the People Power Party Floor Leader, held a meeting. This was Jeong's first meeting with Han since being elected on June 10. During their discussion, both leaders expressed their commitment to uncovering the truth behind the Election Commission's mismanagement. Han stated, "We share a commitment to investigate the Election Commission's poor ballot management without any disagreement between the parties. We must hold those responsible accountable and ensure that such incidents do not occur again. We need to reform the Election Commission swiftly." Jeong added, "It is quite unusual for both parties to agree on a national investigation before the assembly composition is finalized. Both parties take the ballot shortage issue seriously, so we must quickly ascertain the facts and hold the Election Commission accountable if necessary." However, disagreements emerged regarding the assembly composition. Han noted, "There have been instances in the past where the assembly composition took a long time. Given the pressing issues like the Election Commission, the situation in the Middle East, and livelihood concerns, we must finalize the assembly composition as soon as possible." Jeong responded, "We agree that the assembly composition needs to be expedited, but the Democratic Party, which holds a significant number of seats, must make concessions." This indicates Jeong's request for Han to concede the Legislation and Judiciary Committee chair position to the opposition party. Earlier that morning, Jeong had called on the Democratic Party during a Supreme Council meeting to yield the chair position to the opposition. However, Han has previously stated that he cannot concede the Legislation and Judiciary Committee chair position to the People Power Party, suggesting potential conflict ahead.* This article has been translated by AI. 2026-06-11 15:33:00
  • Lee Jun-seok Calls for Special Prosecutors Recommendation Rights Amid Voting Paper Shortage
    Lee Jun-seok Calls for Special Prosecutor's Recommendation Rights Amid Voting Paper Shortage Lee Jun-seok, the leader of the Reform Party, called for the right to recommend a special prosecutor regarding the shortage of voting papers. He argued that if the Democratic Party and the People Power Party do not trust each other's special prosecutor recommendations, the Reform Party's nominee could serve as a viable alternative. During a press conference at the National Assembly, Lee stated, "The Democratic Party initiated a culture where the ruling party's willingness to uncover the truth is judged by whether they accept a special prosecutor. The standards should not bend depending on the party involved." He urged the Democratic Party to accept the special prosecutor. Lee asserted that the Reform Party should exercise the right to recommend a special prosecutor, pointing out the current distrust between the Democratic Party and the People Power Party. He said, "The Reform Party has fought against conspiracy theories for seven years and has no reason to be beholden to power. Is there a more suitable recommender than us?" He added, "We will recommend someone who maintains a sense of balance. For example, it is possible for the People Power Party and the Reform Party to each recommend one candidate for the president to choose from. This approach would ensure fairness." The Reform Party also expressed its intention to actively participate in the national investigation reported to the plenary session. Lee emphasized, "The Reform Party has been engaged in logical debates with those promoting false election theories and has continuously communicated with the election commission. If the Reform Party is excluded from the national investigation, it would be an incomprehensible omission." Additionally, during the Supreme Council meeting, Lee proposed several measures, including specifying public hearings in the national investigation plan, adopting official records of statements and damage from universities nationwide, and legislating the recommendation of reform bodies for the younger generation. He stated, "Without restoring trust in elections, democracy will struggle to thrive. I urge the Democratic Party to demonstrate a level of urgency that exceeds the speed at which they pushed through various special prosecutors during this administration."* This article has been translated by AI. 2026-06-11 15:33:00
  • Woori Bank Launches Age-Specific AI Debt Diagnosis Service
    Woori Bank Launches Age-Specific 'AI Debt Diagnosis' Service Woori Bank announced on June 11 that it will launch an age-specific financial solution called the 'AI Debt Diagnosis' service.This service goes beyond simple loan inquiries by combining MyData and large language models (LLM) to help customers easily understand their debt status.The 'AI Debt Diagnosis' analyzes customers' credit loan rates, KCB credit scores, and repayment burdens relative to income, presenting their current debt health in an easy-to-understand format categorized as 'Seed-Growth-Tree.' Customers can intuitively check their debt status and receive personalized diagnostic reports generated by AI.The service specifically analyzes debt vulnerabilities based on customers' age and financial situations, offering tailored strategies to reduce repayment burdens. For customers with high-interest loans, it provides information on government-supported financial products, refinancing options, and interest rate reduction requests to alleviate their financial strain.Young customers will receive housing-related financial information, such as the Housing Safety Jeonse Keeper, while middle-aged customers will get advice on debt management and asset building. Senior customers will be informed about financial fraud prevention and integrated asset management support, providing practical financial information for their daily lives.Cha Jae-beom, Deputy Head of Woori Bank's ESG Coexistence Finance Division, stated, "This service is designed to help customers accurately understand their debt status and manage their financial burdens independently. We will continue to expand financial services that combine AI technology and inclusive finance to support customers in reducing their financial burdens and achieving self-reliance."Meanwhile, Woori Bank is expanding its inclusive finance initiatives by halting collection activities for individuals and sole proprietors with loans under 10 million won that have been overdue for more than six years, in line with the government's New Leap Fund (bad bank) policy.* This article has been translated by AI. 2026-06-11 15:33:00
  • Won Min-kyung Proposes Enhanced Response to Stalking and Gender Violence, Plans for Femicide Statistics
    Won Min-kyung Proposes Enhanced Response to Stalking and Gender Violence, Plans for Femicide Statistics Won Min-kyung, the Minister of Gender Equality and Family, outlined key initiatives for the second year of the Yoon Suk-yeol administration, including the establishment of a response system for dating violence, the introduction of an employment equality disclosure system, and the provision of public menstrual products. Notably, she announced plans to develop statistics specifically for femicide, categorizing and compiling data on gender-based homicides. During a press meeting held on June 11 at the Government Seoul Building, Minister Won stated, "Gender equality is explicitly mentioned as a national strategy in the government's 123 national tasks," emphasizing that gender equality should not be fragmented across individual ministries but should be a fundamental strategy for national governance. She highlighted achievements over the past year, including amendments to laws protecting victims of the Japanese military's sexual slavery, the launch of a unified support system for victims of digital sexual crimes in May, the introduction of a pre-payment system for child support, an increase in personnel dedicated to at-risk youth, and the expansion of childcare services. For the second year of the people's sovereignty government, she prioritized strengthening gender equality governance. This includes enhancing the role of the Gender Equality Committee as a control tower and expanding dedicated gender equality departments across all ministries. Plans are also in place to address structural discrimination against women and the burdens of gender roles on men through the 'Youth Coexistence and Empathy Committee.' The government is also moving forward with the introduction of public menstrual products, termed 'Everyone's Menstrual Products,' aimed at alleviating the financial burden of menstrual product costs while improving public health rights. To ensure citizens can enjoy stable daily lives, the government will enhance responses to gender violence. This includes expediting the enactment of laws addressing dating violence and distributing 'Red Flag' guidance documents that outline high-risk signs of stalking and dating violence. This initiative aims to help victims recognize danger signals early and receive timely protection and support. Minister Won noted the necessity for femicide statistics, stating, "There have been many suggestions regarding the need for gender violence and femicide statistics, and since there are related guidelines from the United Nations, we will consult with the National Data Agency and coordinate with relevant ministries." The system for responding to digital sexual crimes will also be advanced. Plans include enhancing an AI-based system to preemptively block online sexual exploitation of children and adolescents, as well as strengthening penalties for sites that fail to remove illegal content or repeatedly post such material. Efforts to close and block illegal harmful websites will also continue. In the family and caregiving sectors, the focus will be on expanding the supply of childcare personnel and improving their working conditions. The government plans to secure caregiving personnel through increased childcare allowances and support the implementation of the newly established childcare worker qualification system and private registration system. Support for single-parent families will also be expanded. Under the revised Child Support Enforcement Act, which will take effect in October, income criteria for pre-payment of child support will be eliminated, and a system will be established to ensure the government recovers all child support payments made. In the area of children and adolescents, an AI-based crisis youth detection system will be established within the year, and a phased integration counseling system linking youth counseling services, police, and emergency rooms will be developed. Additionally, the Ministry of Gender Equality aims to implement an employment equality disclosure system by 2027 to address gender wage gaps by publicly reporting companies' gender wage statistics. Regarding the delayed submission of recommendations on the criteria for juvenile delinquents, Minister Won explained, "The National Assembly has many agenda items, and the recommendations have been delayed due to being overshadowed by other pressing issues. I feel that our society has only been skimming the surface of such an important issue during the public discussion process, but it is significant that we have taken the first steps in this discussion." On June 5, in response to a court ruling stating that same-sex couples should be recognized as legal partners, she remarked, "We are currently monitoring this closely. I believe we need to consider the judiciary's perspective carefully as we develop policies in the future." Addressing the gap in gender discrimination perceptions among young men and women, she noted, "During the five talk concerts held last year, women discussed structural discrimination such as gender violence and wage gaps, while men expressed concerns about military service burdens and expectations of gender roles." Minister Won concluded, "Gender conflict is a complex and structural phenomenon reflecting the anxieties of a competitive society, and it will be challenging to resolve in the short term. We plan to conduct public discussions through the Youth Coexistence and Empathy Committee about three more times in the second half of the year."* This article has been translated by AI. 2026-06-11 15:30:00
  • Court Overturns Demotion of Prosecutor Jeong Yu-mi Following Criticism of Daejangdong Case
    Court Overturns Demotion of Prosecutor Jeong Yu-mi Following Criticism of Daejangdong Case Prosecutor Jeong Yu-mi, who faced an effective demotion after criticizing the abandonment of the Daejangdong appeal, won her lawsuit against the Ministry of Justice regarding her personnel decision. On June 11, the Seoul Administrative Court's Administrative Division 5, led by Judge Lee Jeong-won, ruled in favor of Jeong in her lawsuit against Justice Minister Jeong Seong-ho. The court stated, "Jeong's transfer was an unusual personnel action, and considering past practices, it appears that the Minister of Justice induced her to resign voluntarily," adding that the ministry abused its discretion in this case. Previously, Jeong was transferred to the Daejeon High Prosecutor's Office in December 2022 during a reshuffle of senior prosecutors. This move effectively demoted her from a high prosecutor position to a deputy or chief prosecutor role, leading to perceptions in the legal community that it was a punitive measure. Jeong has been vocal on issues such as the separation of investigative and prosecutorial powers, the abolition of the prosecution office, and the abandonment of the Daejangdong appeal. The day after the personnel announcement, Jeong filed a lawsuit against Minister Jeong along with a request for a stay of execution. The court, however, denied her request for a stay. In April, the Ministry of Justice established a regulation limiting the tenure of research fellows at the Judicial Research and Training Institute to one year, providing a basis for demotion. * This article has been translated by AI. 2026-06-11 15:30:00
  • Netflix rolls out mobile-first updates to make content discovery easier
    Netflix rolls out mobile-first updates to make content discovery easier SEOUL, June 11 (AJP) - Streaming giant Netflix on Tuesday showcased new product and technology updates designed to help users find content more easily, with a focus on mobile viewing, personalized curation and gaming. The company unveiled the updates at an online Product and Technology Innovation Showcase for media in the Asia-Pacific region. Elizabeth Stone, Netflix's chief product and technology officer, said the company's mission is "to entertain the world" and that achieving it requires combining popular content with a better member experience. "Netflix is using technology to make entertainment more personalized, immersive and interactive," Stone said. Netflix said it is building new entertainment experiences optimized for mobile devices as viewing habits continue to shift. The centerpiece is Clips, a vertical video feed that lets members discover Netflix content in a short-form, interactive format. Netflix also plans to roll out curated content collections to make it easier for users to find titles that match their tastes. On the gaming front, the company said it will add a "KPop Demon Hunters" mini-game collection to Netflix Playground, a dedicated kids app launched in April, as part of its effort to extend the viewing experience into games. 2026-06-11 15:24:30
  • Bithumb Becomes First in Crypto Industry to Surpass 100,000 YouTube Subscribers
    Bithumb Becomes First in Crypto Industry to Surpass 100,000 YouTube Subscribers Bithumb announced on June 11 that its official YouTube channel has become the first in the cryptocurrency industry to surpass 100,000 subscribers. The Bithumb YouTube channel has grown by expanding its content to include market analysis, economic discussions, and investment insights. This year, the channel underwent a complete overhaul and launched new content, enhancing its quality. It introduced "Rising Charts," which examines the market for both novice and expert investors, and "bTalknomics," which addresses economic and financial issues. In 2024, the channel was revamped to feature the cryptocurrency news segment "Real-Time Bithumb," which presents various cryptocurrency news in a concise and accessible manner. Additionally, it expanded its content with segments like "Starry Crypto," which offers professional insights into the cryptocurrency market. A Bithumb representative stated, "Reaching 100,000 subscribers is the result of our continuous efforts to enhance content quality and provide valuable information to investors. We will continue to deliver differentiated content that conveys market information clearly and accurately."* This article has been translated by AI. 2026-06-11 15:24:00
  • South Korea set to face Czechia in must-win World Cup opener
    South Korea set to face Czechia in must-win World Cup opener SEOUL, June 11 (AJP) - This year's FIFA World Cup kicked off its month-long football extravaganza on Thursday, launching the largest tournament in the sport's history. Featuring 48 teams in 104 matches hosted by three countries of Canada, Mexico, and the U.S., the quadrennial event will be staged in North America until July 19, when the final match will decide the winner. What makes it starkly different from previous World Cups is that it features three separate opening ceremonies for the first time, one in each host country. Mexico opened first in Mexico City, followed by Los Angeles and Toronto on Friday, with each ceremony taking place 90 minutes before the host country's opening match. For South Korea, however, neither its scale nor its ceremony matters as much as the urgency of the moment. Despite the country's 11th consecutive appearance since 1986, the outlook is far from rosy, with several key players sidelined by injury and questions lingering over leadership and preparation following Hong Myung-bo's late appointment as head coach. In addition, this may be the final World Cup for captain Son Heung-min of Los Angeles FC (LAFC) who has defined South Korean football for more than a decade. Grouped with co-host Mexico and South Africa, South Korea will face Czechia, better known as the Czech Republic in its first match. Mexico is widely considered the clear favorite to top the group, buoyed by home advantage and strong support from local fans, meaning South Korea must win against the Czech Republic or South Africa to advance to the next round. This is why Thursday's opener against Czechia at Estadio Akron in Zapopan, near Guadalajara, is a must-win match for South Korea, as a defeat would leave little room to recover in the next two matches. South Korea is scheduled to face Mexico on June 18 at the same venue and will play its final group-stage match against South Africa at Estadio Monterrey in Guadalupe on June 24. For South Korean footballers, the formula seems clear: beat Czech Republic, handle the pressure against Mexico, and avoid going into the final match against South Africa in a do-or-die scenario. Hong appears to be relying on familiar strategies, with Son remaining the team's attacking focal point and Kim Min-jae of Bundesliga club Bayern Munich leading the defense. Lee Kang-in of Paris Saint-Germain provides technical creativity in midfield, while Cho Gue-sung of FC Midtjylland offers a physical presence in the box. All four were named by The Athletic, the New York Times-affiliated sports outlet, among its 200 players to watch at this year's tournament. The question is whether those individuals can withstand the pressure to move beyond their strengths. Since their historic semifinal run in 2002, South Korea has repeatedly fallen short, exiting either in the group stage or at the round of 16. 2026-06-11 15:20:46
  • Korean National Assembly Speaker Calls for Swift Legislative Action
    Korean National Assembly Speaker Calls for Swift Legislative Action Cho Jung-sik, the Speaker of the National Assembly, met with the floor leaders of both major parties on June 11 to urge the swift completion of the formation of the 22nd National Assembly and the passage of non-contentious bills that were not addressed during the previous session.During the meeting, held at the National Assembly, Cho stated, "As the second half of the National Assembly begins, it is crucial to demonstrate a functioning assembly that prioritizes the people's livelihood. Therefore, the formation of the assembly is urgent." He urged the two leaders to finalize the assembly's structure promptly.Cho also addressed the non-contentious bills that had been submitted during the previous session but remained unpassed, saying, "These bills should be processed quickly, and I hope you will coordinate the legislative schedule effectively to facilitate this."Additionally, regarding the report on the lack of ballots during the June 3 local elections, Cho called for the rapid establishment of a special committee for a national investigation and urged collaboration to ensure that the investigation plan is addressed in the next week's session to clarify the situation as soon as possible.It is reported that Cho proposed the formation of a 'People's Bill Consultation Body' during the meeting with the party leaders to expedite the processing of non-contentious bills.Jang Hyun-joo, the Chief Secretary for Public Relations, told reporters, "Speaker Cho emphasized that for the second half of the National Assembly to be a working assembly focused on people's livelihoods, there should be a principle that bills passed by committees, including the Legislative and Judiciary Committee, are processed in the plenary session within the same session." He also suggested that the floor leaders of both parties, including the Speaker, meet regularly at least once a month.He added, "Both party leaders agreed to the formation of the People's Bill Consultation Body and expressed their support for regular meetings."* This article has been translated by AI. 2026-06-11 15:18:00