South Korea launches new homegrown frigate with delivery slated for next year SEOUL, April 29 (AJP) - A launch ceremony for a new homegrown frigate with enhanced anti-air and anti-submarine capabilities was held in Goseong, South Gyeongsang Province on Wednesday. The ceremony for the Jeju, named after the country's southern resort island, was held at SK Oceanplant's shipyard, about a year ahead of its planned delivery to the Navy slated for June next year, according to the Defense Acquisition Program Administration (DAPA). The 3,600-ton frigate is intended to replace aging frigates and patrol combat corvettes (PCC) currently in service and will be deployed combat-ready after completing trial operations. Measuring about 129 meters in length, 14.8 meters in width, and 38.9 meters in height, the Jeju is equipped with a 5-inch gun, anti-ship and missile defense guided missiles, ship-to-ship guided missiles, tactical ship-to-surface guided missiles, and long-range anti-submarine torpedoes. The frigate's integrated sensor mast is fitted with infrared search-and-track systems and a locally developed multifunction phased-array radar. The radar provides 360-degree coverage, enabling it to detect and track both air and surface targets while responding to multiple threats simultaneously. "This is a decisive moment to strengthen our resolve to self-reliant defense and military readiness," said Joint Chiefs of Staff chairman Jin Young-seung, who attended the event. He added that the military is pushing to modernize its capabilities by embracing new technologies such as artificial intelligence (AI), drones and unmanned vessels. He also vowed to protect lives and property and preserve peace on the Korean Peninsula by building a "military trusted by the people." Wednesday's event was attended by about 150 high-ranking military officials and other guests including Navy Chief of Staff Kim Kyung-ryul and SK Oceanplant CEO Kang Young-gyu. 2026-04-29 16:22:01

China Halts New Level 4 Self-Driving Permits After Baidu Robotaxi Disruption China has reportedly suspended new permits for Level 4 (highly automated) self-driving vehicles, including robotaxis, after a major service disruption involving Baidu’s Apollo Go in Wuhan. The move is expected to slow the rollout of new vehicles, new pilot programs and expansion into additional cities. Bloomberg reported on the 29th that three government agencies, including the Ministry of Industry and Information Technology, held a meeting earlier this month with local officials running robotaxi or autonomous-driving pilot programs. The agencies called for comprehensive self-inspections and stronger safety monitoring, the report said, in an effort to prevent similar incidents after the Wuhan disruption. Reuters previously reported on the 14th that Chinese authorities ordered self-inspections and tighter supervision of road tests and pilot operations for intelligent connected vehicles. The measures restrict autonomous-driving companies from adding new robotaxis to their fleets, launching new pilot programs or expanding services to other cities. It is not yet clear how long the suspension will last. The immediate trigger was a disruption on March 31 in Wuhan involving Apollo Go. Citing Chinese media, Bloomberg said more than 100 Apollo Go robotaxis stopped on city roads. Reuters reported that local police attributed the incident to a system malfunction. Baidu has not publicly disclosed the exact cause. Apollo Go is China’s largest robotaxi operator, running hundreds of vehicles in more than 12 cities. Bloomberg said this is at least the second time Chinese authorities have paused new permits tied to a Baidu-related issue. In late 2024, approvals were frozen for several months after Wuhan residents pushed back against the spread of robotaxis, and the process resumed only in early 2025, the report said. Concerns about taxi-driver job losses were cited as a factor behind the opposition. Bloomberg also reported that Baidu’s robotaxi operations in Wuhan were halted during the authorities’ investigation. MIIT, the Ministry of Public Security and the Ministry of Transport did not respond to requests for comment, and Baidu did not immediately respond, Bloomberg said. Separately from the permit suspension, existing services are continuing. Pony.ai said its services in Beijing, Shanghai, Guangzhou and Shenzhen are operating normally, and preparations to enter Changsha and Hangzhou are proceeding as planned. WeRide said it supports efforts to strengthen safety standards and that its services in China are operating normally.* This article has been translated by AI. 2026-04-29 16:21:20

Budget Office Seeks Strategic Fiscal Investment to Boost Key Industries South Korea’s Planning and Budget Office said it will prepare fiscal investment measures to strengthen the competitiveness of key industries. The office made the announcement at a meeting held on the 29th at the Seoul Regional Procurement Service to discuss “strategic fiscal investment measures to strengthen industrial competitiveness.” The meeting was convened as global technology competition intensifies around advanced industries such as semiconductors and artificial intelligence, and as supply-chain instability grows amid the war in the Middle East. The government said it plans to reflect views from industry as it specifies future budget planning and fiscal support priorities. Participants agreed that, with global competition escalating, the government needs to make proactive and active fiscal investments to help companies maintain competitiveness. Hong Seong-uk, head of the Industrial Data Analysis Office at the Korea Institute for Industrial Economics and Trade, said growth has continued on the back of strong exports in semiconductors and defense. But he warned that risks remain, citing stronger protectionism, external uncertainty including the Middle East war, and expanded investment in advanced industries centered on the G2. He said it is “a time when a cooperative response between the government and companies is needed.” Industry representatives also called for tailored responses by sector. Kim Kyung-hee, a vice president at Samsung Heavy Industries, said shipbuilding faces both crisis factors from China’s catch-up and opportunities such as South Korea-U.S. cooperation in shipbuilding. She emphasized that active government support is needed to secure future technology competitiveness, including in eco-friendly ships. Cho Yong-beom, director general of the Budget Office at the Planning and Budget Office, said the world is at a turning point where countries are being asked to play a more active role as investors. He said the office will use feedback from the field to address corporate difficulties in advance and prepare fiscal investment measures to strengthen key industries’ competitiveness. The Planning and Budget Office said it will consult with relevant ministries, based on the meeting’s results, to draw up specific fiscal support measures.* This article has been translated by AI. 2026-04-29 16:19:12

PPP Floor Leader Says Calling North Korea 'Joseon' Is Unconstitutional, Urges Unification Minister’s Dismissal Song Eon-seok, floor leader of the People Power Party, said on the 29th that Unification Minister Jeong Dong-young’s suggestion of calling North Korea “Joseon” is “clearly unconstitutional.” In a Facebook post that afternoon, Song wrote, “That’s one more reason Jeong should be dismissed.” Song said Jeong had previously used the North’s official name, the “Democratic People’s Republic of Korea,” and that a Unification Ministry official has now issued an official position on whether to refer to North Korea as “Joseon,” saying it would be decided “after public discussion through various channels.” Song argued that calling North Korea “Joseon” would mean recognizing it as a separate, equal state under the North’s “two states” theory. He said that would violate Article 3 of the Constitution, which defines the nation’s territory, and Article 4, which states unification as a national goal. The People Power Party introduced a motion on April 24 urging Jeong’s dismissal and reported it to a plenary session the previous day. The motion was automatically discarded after it was not put to a vote before the deadline. In another Facebook post the previous day, Song criticized the ruling party, writing, “What is a 60-seat majority ruling party so afraid of that it can’t even vote on a dismissal motion?” He added, “If you want to reject it, then reject it—what are you worried about that you use this kind of trick to let it lapse?”* This article has been translated by AI. 2026-04-29 16:18:02

Energy Forum: Middle East shock puts energy security in focus; Korea urged to redesign grid and energy mix Energy supply-chain shocks triggered by war in the Middle East are rattling the global economy and elevating energy security as a key factor in national resilience. Disruptions in crude oil supply and sharp price increases have rippled through inflation, interest rates and exchange rates, quickly affecting household budgets and corporate operations. South Korea, which relies on imports for most of its energy, is among the countries most exposed to external shocks, analysts say. Experts warn the current turmoil is not a temporary price swing but a turning point in which supply-chain instability becomes structural, meaning similar shocks could recur whenever geopolitical tensions flare. That has renewed calls to treat energy security as a top-tier economic strategy and to diversify supply while reshaping the power-generation structure through an “energy mix” that balances renewables, nuclear power and other sources to spread risk and maintain stable supply during crises. At the “2026 Aju Economic Daily 2nd Energy Forum,” hosted by Aju Economic Daily on Tuesday at the Korea Press Center in central Seoul, Kim Hyeong-jun, a chair professor at KAIST’s Moon Soul Graduate School of Future Strategy and Department of AI Futures Studies, said climate change is “not simply an environmental issue but a complex system problem involving energy, water and the economy.” He added, “If we do not change the energy structure, the damage will grow.” Kim said the economic gap widens sharply between limiting temperature rise to within 1.5 degrees Celsius above preindustrial levels and allowing warming to intensify without action. If warming is left unchecked, he said, global damage could reach about $2,300 trillion (about 300 quadrillion won) by 2100, but managing warming at about 1.5 degrees could cut the damage roughly in half. “An era is coming when carbon emissions will be tracked beyond the national level to the corporate level,” Kim said, adding that “a structure is forming in which the cost burden grows if emissions are not reduced.” In the second keynote, Kwak Eun-seop, head of grid planning at Korea Electric Power Corp., said the spread of artificial intelligence is driving a surge in data-center electricity demand, making grid expansion an urgent task. Citing the International Energy Agency, Kwak said global electricity demand is projected to rise from 28,200 terawatt-hours last year to 33,600 TWh by 2030 as the AI industry grows. Over the same period, power consumption by AI data centers is expected to roughly triple. However, shortages in transmission lines, transformers and grid connections are emerging as major bottlenecks, he said. In Texas, he noted, applications waiting for data-center grid connections exceed 150 gigawatts — more than one-fifth of total U.S. peak load — underscoring the strain facing major economies. South Korea faces similar pressures, Kwak said. With the expansion of semiconductors and AI, peak power demand is projected to rise about 28% by 2038, requiring an estimated additional 2.2 gigawatts of supply each year. Demand is concentrated in the Seoul metropolitan area while generation facilities are spread across other regions, worsening regional imbalances. “Building transmission networks typically takes more than 10 years, while new demand such as data centers can surge within two to three years, making mismatches more likely,” Kwak said. He urged parallel mid- to long-term steps, including grid expansion, greater capacity to integrate renewable energy, adoption of virtual power lines (VPL), and development of a more distributed power system. 2026-04-29 16:16:36

Samsung Electronics Union Cites Strike Losses as Leverage in Bonus Dispute Samsung Electronics’ union, which is in a dispute over performance bonuses, said production results in the foundry (contract manufacturing) business plunged 58.1% during nighttime hours on the day of a rally on the 23rd. It also said memory production results fell 18.4%. The union added an estimate that an 18-day general strike would cause more than 30 trillion won in damage to the company. In semiconductor fabs, a shutdown is not simply a delay in output; it can also reduce yield, the share of usable chips. If Samsung fails to deliver on time to major customers amid shortages of DRAM and NAND that have fueled the current boom, it could face large penalty payments. There is also a risk customers could shift orders away from Samsung. Samsung sits at the top of a vast semiconductor supply chain, and even a brief strike can ripple through that ecosystem. Ultimately, consumers can feel the impact. Using projected company losses as a bargaining weapon in a strike risks turning pressure into something closer to coercion. Capital and labor carry different risks, reflected in wages and bonuses. Investors accept the risk of losses in exchange for the right to pursue unlimited profit. Workers, in exchange for stable labor, receive wages rather than bearing the full downside. Even in today’s boom, Samsung’s semiconductor division posted large losses in 2023–2024, making future investment difficult to ignore. In a recent lunch with a source, the conversation turned to artificial intelligence. The takeaway was that AI now handles more than 90% of routine company work. A draft report is assigned to AI. After the draft is sent to other departments, feedback returns within an hour — also produced with AI. The expanded report is then consolidated again with AI. When an executive asks for additional items, AI is used to compile a final version. The entire process took less than half a day. AI produced both the draft and the final report, including collecting and analyzing data to extract meaning from the numbers. The CEO who received it then fed the full report into AI and issued a simple instruction: "Summarize only the key points and tell me again." About 10 people were involved along the way, but the question remains whether the report was written by those employees or by AI — and who actually understood it. As a practical matter, AI can end up knowing more than the people who touched the document. The story highlights AI’s productivity, but also how inefficient human workflows can be. It is not surprising that AI is evolving toward systems that operate with minimal human involvement. In semiconductor processes that handle hazardous chemicals, many robots are already at work. Factories where AI automatically runs production and management are no longer far-fetched, and such efforts are underway. Samsung is developing technology aimed at unmanned factories by 2030. AI would handle chip circuit design, while robots equipped with AI would manage toxic chemicals and move wafers among equipment. AI would also take over back-end steps such as inspection and fine assembly. If AI and robots replace workers, the idea of the “skilled worker” could fade. Companies may say robots are being considered to ease labor shortages, but over time the push for unmanned factories could be justified as a way to avoid friction with organized labor.* This article has been translated by AI. 2026-04-29 16:15:19

Lee hosts lunch with minor-party, independent lawmakers, urges broader view in politics President Lee Jae-myung on April 29 invited lawmakers from minor parties and independents to the Blue House for a lunch meeting, including the Rebuilding Korea Party, the Progressive Party, the New Reform Party and the Social Democratic Party. Lee previously met leaders of both major parties at a Jan. 16 lunch that also included leaders of minor parties. On April 7, he held a meeting and lunch of a ruling-opposition-government consultative body on the people’s economy with Democratic Party leader Jung Cheong-rae and People Power Party leader Jang Dong-hyeok. It was the first time Lee invited all lawmakers from minor parties outside the negotiating blocs, along with independents, to a lunch meeting, the presidential office said, calling it a sign of his intent to communicate inclusively. Twelve lawmakers from the Rebuilding Korea Party attended, including floor leader Seo Wang-jin. The Progressive Party sent four lawmakers led by floor leader Yoon Jong-oh. The New Reform Party was represented by floor leader Cheon Ha-ram and lawmaker Lee Ju-young. Social Democratic Party leader and floor leader Han Chang-min attended, along with independent lawmakers Kim Jong-min and Choi Hyuk-jin, for a total of 21 lawmakers. New Reform Party leader Lee Jun-seok did not attend due to a scheduled visit to Busan and Ulsan. Basic Income Party leader Yong Hye-in also did not attend because of a standing committee review schedule for the Framework Act on Life Safety. From the presidential office, Chief of Staff Kang Hoon-sik and Senior Secretary for Political Affairs Hong Ik-pyo attended. Rep. Cho Jung-sik, a presidential special adviser for political affairs, also joined. ◆Minor-party floor leaders press for action on Pyeongtaek law, housing policy Regional issues including the Pyeongtaek Special Act and real estate policy were among the main topics. Seo said residents of Pyeongtaek have “endured major sacrifices for decades” for national security, citing the relocation of a U.S. military base and the hosting of the Navy’s 2nd Fleet. While a special support law exists, he said, “special support linked to the base relocation is still limited.” He said the law is operated as a temporary measure that has been repeatedly extended and called for converting it into a permanent law, asking for Lee’s attention and support. Yoon called for overhauling the long-term holding special deduction, saying it “undermines tax fairness” and causes a “lock-up” in property listings. He said the Progressive Party has already introduced a bill to revise the comprehensive real estate holding tax law after the president pointed to the need to better reflect holding-tax burdens on ultra-high-priced homes and address companies’ non-business land holdings. Yoon previously submitted, on April 8 with some Democratic Party lawmakers, an income tax bill to abolish the long-term holding special deduction and cut the lifetime cap on tax breaks available when selling a home to 200 million won. Cheon proposed budget support for the Jeonnam-Gwangju integration and a state responsibility system for lawsuits involving teachers. He said 57.3 billion won in funding essential to the integration was entirely cut during the review of the supplementary budget, comparing it to Lee having “arranged the marriage” of Jeonnam and Gwangju but then saying, “Pay for the wedding yourselves.” Cheon also said frontline teachers are left to handle malicious complaints and civil lawsuits without help, and urged a system so teachers would not have to go to police stations and courts when incidents occur. Han called for pushing an “online monopoly regulation law,” saying the Coupang issue involves not only the leak of personal information of tens of millions of people but also serious abuses against small merchants and violations of labor rights. He said it must be addressed responsibly at home, beyond being treated as a diplomatic matter. The presidential office took a cautious stance on the Fair Trade Commission’s decision to designate Coupang board chairman Kim Beom-seok as the head of a large business group in practice. In a briefing after the lunch, senior presidential spokesperson Kang Yu-jung, asked whether the designation could negatively affect South Korea-U.S. security and trade talks, said, “It was decided by the Fair Trade Commission based on its own laws and principles,” adding, “It is the commission’s decision.” ◆Lee urges unity on foreign, security issues; “Politics needs a broader view” In remarks after the floor leaders spoke, Lee said that even when countries fight over domestic issues, it is hard to find cases where they engage in “self-destructive acts” on external matters such as diplomacy and security. “Unfortunately, it seems some of those elements still remain within us,” he said. Lee added, “I am not saying that applies to anyone here,” but said the public would want politics to show the capacity to unite in times of crisis. Lee said the external environment is “very unfavorable,” adding that while domestic turmoil can be overcome with the country’s own strength, worsening external conditions are not easy to solve alone. He urged lawmakers to take a public-minded approach when viewing foreign relations. “Politics is, by nature, doing others’ work on their behalf,” Lee said. While pursuing political beliefs matters, he said what is truly important is a better life and future for the country and its people. “That is why politics needs a broader view,” he said. He said real politics is competing over what is better for the country and people and earning voters’ choices, despite differences and interests. “Of course, the biggest responsibility lies with me. I will also make efforts,” Lee said, asking for cooperation to “gather the nation’s strength” and overcome difficulties at home and abroad. To attendees, Lee said they likely had much to say and that he also had much he wanted to hear, promising to try to hold such meetings more often. The lunch menu included shrimp and radish rolls with garlic sauce, sweet pumpkin porridge, pan-fried sea bream and mung bean pancakes, braised short ribs topped with chestnuts and ginkgo nuts, mushroom pot rice and clam seaweed soup. The presidential office said the meeting was meant to convey solidarity and gratitude to lawmakers who have cooperated in efforts to overcome crises and stabilize state affairs, while stressing bipartisan cooperation on livelihood issues and legislation.* This article has been translated by AI. 2026-04-29 16:13:13

Insurers’ K-ICS Solvency Ratios Improve as Higher Rates Cut Liabilities Major insurers affiliated with financial holding groups posted broadly improved K-ICS solvency ratios in the first quarter, helped by rising interest rates that reduced insurance liabilities and by additional capital raising, the industry said. According to the insurance industry on Tuesday, Tongyang Life’s first-quarter K-ICS ratio rose to 185.8% from 127.2% a year earlier. KB Insurance’s ratio increased to 188%, while Shinhan Life and KB Life improved to about 200% and 277%, respectively. The K-ICS ratio measures whether an insurer can pay claims even after unexpected losses, serving as a gauge of financial strength. The main driver was higher interest rates. Insurers typically carry large long-term liabilities, and when rates rise, the present value of those liabilities falls, easing the balance-sheet burden and lifting solvency ratios. Company actions also contributed. KB Life increased sales of protection-type policies to build its contract service margin, or CSM, reflecting expected future profit from insurance contracts in present-value terms. Tongyang Life strengthened capital through steps including issuing subordinated debt. Looking ahead, the industry expects a shift from focusing on headline K-ICS ratios to managing solvency based on “core capital.” Starting next year, a system will separately assess the share of capital that can directly absorb losses, such as paid-in capital and retained earnings. An industry official said securing higher-quality capital will matter more than simply increasing capital.* This article has been translated by AI. 2026-04-29 16:12:17

Seoul Apartment Listings Diverge Ahead of Capital Gains Tax Surcharge Deadline With the deadline 10 days away for the end of a temporary suspension of heavier capital gains taxes on home sales, Seoul’s apartment market is showing a sharper split in how quickly listings are being cleared. In the Han River belt and outer districts, bargain-priced homes are being snapped up by end users, while transactions in the Gangnam area have largely stalled. According to the real estate big-data platform Asil, Seoul had 72,699 apartment listings as of the previous day. That is down for six straight weeks from a peak of 80,080 in the third week of March (March 16-22), meaning about 9.22% of total listings were sold or pulled from the market in roughly a month. The decline has been led by outer and midpriced areas. Listings fell by double digits in several districts, including Jungnang (-16.9%), Nowon and Gangbuk (each -13.4%), Guro (-12.9%), Dongjak (-11.5%) and Seongdong (-11.1%). The drop was attributed to newlyweds and first-time buyers, strained by the rental market, purchasing quick-sale homes mainly in the 600 million won to 1 billion won range. Gangnam has moved in the opposite direction. With land-transaction permit rules, tighter lending and owner-occupancy requirements combining to curb demand, the area remains in what the market calls a “transaction cliff,” where listings accumulate but deals do not follow. The gap is clearer in absorption rates. Using Ministry of Land, Infrastructure and Transport transaction data and Asil figures, the absorption rate in March for seven Han River belt districts — including Seongdong, Mapo, Yeongdeungpo, Dongjak and Yangcheon — was 36.9%, about 2.2 times the 16.6% recorded in four core districts: Gangnam, Seocho, Songpa and Yongsan. By district, Yangcheon saw 54.4% of new listings traded within the month, while Seocho recorded 7.3%. Yeongdeungpo (50.7%), Mapo (46.3%) and Dongjak (44.0%) also posted high absorption rates. Analysts attributed the polarization to differences in price levels and regulation. Major complexes in the Han River belt have median prices of 1 billion won to 1.3 billion won, limiting the impact of lending rules, while Gangnam’s 3 billion won to 4 billion won price range narrows the buyer pool. Owner-occupancy requirements have also raised barriers to entry. Inventory turnover showed the same pattern. In March, the Han River belt’s turnover rate was 7.22%, about 3.1 times the 2.31% rate in the four core districts, suggesting a faster “circulating” market outside Gangnam and a more stagnant one in the south. Even so, prices in Gangnam have not fallen much despite weak trading, and some complexes have shown signs of a slight rebound. Song Seung-hyeon, head of City and Economy, said, “For the government’s supply-inducing policies to work evenly across Seoul, a differentiated approach tailored to local supply and demand conditions is needed rather than uniform regulation.” He added, “The outer districts need expanded supply, while Gangnam needs measures to ease transaction bottlenecks.”* This article has been translated by AI. 2026-04-29 16:11:21

National Assembly Deputy Speaker Lee Hak-young Pledges Policy Support for Energy Shift National Assembly Deputy Speaker Lee Hak-young said on the 29th that he would do his best to reflect voices from the field in national policy so South Korea can move toward becoming a global leader in energy. Speaking at the '2026 Aju News Energy Forum' at the Press Center in Jung-gu, Seoul, Lee said the National Assembly would not spare legislative and institutional support needed for a successful energy transition and for building firm energy security. Lee called the reshaping of supply chains and a redesign of South Korea's energy strategy the country's most urgent and important national tasks. He said the international community is facing unprecedented instability in global energy supply chains and a rapid push toward carbon neutrality to address the climate crisis. "Energy is no longer simply an industrial driver; it is a core issue that determines the fate of national security and the economy," he said. For South Korea, with its manufacturing-centered industrial structure and heavy reliance on energy imports, he said a rapid reorganization of energy supply chains could be both a major crisis and an opportunity for a new leap forward. Lee said he was pleased that leading experts and industry leaders had gathered at a critical time, and he expressed hope that the forum would offer clear direction for South Korea amid global competition for energy leadership and spur active discussion of effective policy alternatives.* This article has been translated by AI. 2026-04-29 16:06:06