Hanwha Ocean posts 71% surge in Q1 operating profit on high-value ships, FX SEOUL, April 27 (AJP) - South Korean shipbuilder Hanwha Ocean reported better-than-expected earnings for the first quarter, driven by a higher share of high-value vessels and favorable exchange rates. The shipbuilder said in a regulatory filing on Monday that its consolidated operating profit rose 70.6 percent year-on-year to 441.1 billion won ($300 million) in the January–March period. The figure exceeded the market consensus of 375 billion won by 17.6 percent. Revenue came in at 3.21 trillion won, up 2.1 percent from a year earlier, but down 3.4 percent from the previous quarter due to fewer working days. Net profit surged 131.8 percent year-on-year to 500 billion won. As of the end of March, net borrowings stood at 5.07 trillion won, up 212.5 billion won from the end of last year. The strong performance was driven by a higher share of high-priced orders, along with cost cuts and improved productivity. The share of lower-priced LNG carriers ordered in 2022 declined, while more high-priced vessels ordered in 2024–2025 were delivered, helping boost margins. Improved productivity also allowed some vessels to be delivered earlier than planned, bringing forward profits. Since a large portion of payments is made upon delivery, this further supported earnings from high-value ships. Favorable foreign exchange rates also supported earnings. As most shipbuilding contracts are denominated in U.S. dollars, a weaker won increases revenue and profit when converted into local currency. The average exchange rate rose from around 1,330 won per dollar at the time of order to 1,464 won in the first quarter. Analysts estimated that FX effects alone added about 44 billion won in revenue and 15 billion won in operating profit. Hanwha Ocean expects earnings to continue improving as more high-value ship projects are delivered. Demand for LNG carriers and very large crude carriers (VLCCs) is also expected to remain strong. So far this year, the company has secured orders worth $2.45 billion, including four LNG carriers, seven VLCCs and one wind turbine installation vessel (WTIV). In the special ship segment, key projects include Canada’s submarine program (CPSP), a roughly $40 billion bid to replace its aging fleet, and South Korea’s next-generation destroyer project (KDDX), a project to build six advanced Aegis destroyers by 2036. “We aim to contribute to national security by leveraging our shipbuilding and engineering expertise,” the company said. “We will also keep seeking new orders in offshore and energy projects, including FPSOs and FLNGs.” Hanwha Ocean shares closed at 133,500 won on Monday, down 1.04 percent from a day earlier despite strong earnings, after trading between 131,700 won and 137,500 won. 2026-04-27 17:12:45

DeepMind CEO Demis Hassabis Visits South Korea, Meets Samsung, SK hynix and Hyundai on AI Demis Hassabis, CEO of Google DeepMind and a key architect of Google’s artificial intelligence strategy, has visited South Korea for the first time in 10 years. During the trip, he is set to meet executives from major South Korean companies including Samsung Electronics, SK hynix and Hyundai Motor, drawing industry attention a decade after the 2016 match between AlphaGo and Lee Sedol. Industry officials said Hassabis will hold closed-door meetings on the 28th with senior figures from Samsung Electronics, SK hynix and Hyundai. The talks are expected to focus on cooperation to strengthen a “global AI ecosystem” that links hardware and software, and to reinforce existing partnerships. Hassabis met at 3 p.m. with President Lee Jae-myung and Deputy Prime Minister and Minister of Science and ICT Bae Kyung-hoon at Cheong Wa Dae to discuss cooperation between the South Korean government and companies. On the 29th, he is scheduled to attend the “Google for Korea 2026” event and hold a dialogue with Lee Sedol on the future of AI. The most closely watched stop is his meeting with Samsung. Samsung and Google have long been allied through Android. After formalizing an AI partnership in 2024, Samsung began adding Google’s Gemini AI starting with the Galaxy S24 series. Hassabis is expected to discuss next-generation on-device AI and development of dedicated semiconductors with Samsung executives. Samsung and Google have also been pushing AI-driven form-factor innovation in areas such as mobile devices and smart glasses. In a video message for last year’s Galaxy S25 series launch, Hassabis said Google’s AI agent “Gemini Live” would be applied to the Galaxy S25 and integrated with Samsung apps to deliver new functions across Calendar, Notes, Reminder and Clock. He said the companies would expand to platforms better suited to AI assistants, including smart glasses and headsets. Cooperation with SK hynix is another focal point. SK hynix, a leading supplier of high-bandwidth memory, is viewed as one of the few indispensable partners in HBM, a key component for AI computing. Google’s in-house Tensor Processing Unit requires HBM, and the company is reported to be considering HBM4E for a next-generation TPU slated for release next year. The companies are expected to discuss issues including customized memory supplies optimized for Google TPUs. A meeting with Hyundai is also drawing interest as the companies look to future mobility. Google has been deepening cooperation by supplying about 50,000 Hyundai Ioniq 5 vehicles to its robotaxi unit Waymo. Hassabis is expected to discuss ways to apply AI to accelerate Hyundai’s shift to software-defined vehicles and to advance autonomous-driving algorithms. “His visit, as the ‘father of AlphaGo,’ shows that Korean companies’ AI hardware capabilities hold a key position in the global market,” an industry official said. The official added that the trip could further solidify a broad AI alliance between Google and South Korean companies spanning both hardware and software.* This article has been translated by AI. 2026-04-27 17:12:20

People Power Party Picks Kim Young-hwan as North Chungcheong Governor Candidate Kim Young-hwan, the North Chungcheong governor who was once cut from the People Power Party’s nomination race but returned after a court granted an injunction, was selected as the party’s final candidate for governor in the June 3 local elections. He will face Shin Yong-han, the Democratic Party’s candidate, in the general election. Park Deok-heum, chair of the party’s Nominations Management Committee, told reporters after a committee meeting at party headquarters in Yeongdeungpo-gu, Seoul, on Sunday that Kim was chosen based on the results of the primary held April 25-26. After his win was confirmed, Kim said, “Now we are one under the name of the People Power Party,” and urged unity “for North Chungcheong’s real development and for victory in the general election.” He said he would run “with policies and a vision to develop North Chungcheong and improve residents’ quality of life,” adding that he aims to “raise the level of politics in North Chungcheong” through a “clean and exemplary policy-focused campaign.” Kim had previously been cut from the race under the nomination committee led by then-chair Lee Jeong-hyeon. Kim filed for an injunction seeking to suspend the cut, and the court granted the request, allowing him to enter the party primary. He went on to win the final round and secure the nomination. With Kim’s selection, the People Power Party has decided its candidates for all metropolitan and provincial governor and mayor races except Gyeonggi Province. The party said its Gyeonggi governor candidate will be announced May 2. The party also said all 11 incumbent metropolitan and provincial heads affiliated with the People Power Party, including Kim, will run in the June 3 elections. That contrasts with the Democratic Party, where all five incumbent metropolitan and provincial heads elected in the local elections four years ago lost their party primaries, the party said. Separately, the party’s nominations committee said incumbent Gangneung Mayor Kim Hong-kyu won the primary for the party’s candidate in Gangneung, Gangwon Province.* This article has been translated by AI. 2026-04-27 17:09:07

South Korean Court Acquits Security Guard After CCTV Shows Self-Defense A security guard charged with assault for restraining a woman who kicked him in the groin has been acquitted after CCTV footage supported his account. According to legal officials on the 27th, the Changwon District Court’s Criminal Division 4, in a single-judge trial presided over by Judge Seok Dong-woo, found apartment security guard A, 30, not guilty of assault. Prosecutors said A assaulted B, 39, by knocking her to the ground after she kicked him in the groin at about 1:40 p.m. on Sept. 16 last year at the back gate of an apartment complex in Uichang-gu, Changwon, South Gyeongsang Province. The court heard that A had told B to remove all flyers she had posted and tried to stop her from leaving by holding her bag. B then punched A several times and kicked him in the groin, according to the account presented in court. The judge said it was confirmed that A had been handling complaints related to the flyers and that he was assaulted by B, including being kicked in the groin, even after he held her bag to prevent her from leaving the scene. The judge added that the CCTV video showed A supporting B as he brought her down so she would not be hurt by hitting the ground, then holding her down to calm her before releasing her. “Taken together, these circumstances show A’s actions amounted to self-defense to ward off B’s assault, or a justified act that does not violate generally accepted social norms,” the court said in explaining the verdict. 2026-04-27 17:08:24

Genosys AI Healthcare, JG Group Sign 5 Billion Won Strategic Investment, Partnership Deal Genosys AI Healthcare has signed a 5 billion won strategic investment and broad business partnership agreement with JG Group. Genosys AI Healthcare Co. (CEO Lee Hee-won, Genosys) said it signed the deal on April 24 with investment firm JG Group Co. (Chairman Lee Jae-gu, JG Group). Under the agreement, the companies will jointly pursue an AI healthcare platform based on a Human Digital Twin (HDT) and a business to produce and distribute genome-based personalized health supplements. The total investment is 5 billion won. Founded in 2022, Genosys is an AI healthcare company developing hyper-personalized health management services that integrate and analyze individual genomic information, multi-omics data and lifelog data. It aims to build a platform that links HDT-based disease risk prediction and health analysis to personalized supplement recommendations. JG Group has invested mainly in real assets, consumer goods, food distribution and international resource infrastructure. It operates 11 affiliates in and outside South Korea, including JG Trading, JG Financial, JG Nature, JG HOLDINGS USA and JG International PNG, and said its investment assets total about 90 billion won. The companies said they plan to combine Genosys’ AI healthcare technology with JG Group’s global distribution and infrastructure capabilities. Genosys said it will accelerate HDT platform development and expand infrastructure with the investment, while JG Group will participate in expanding healthcare and supplement businesses using Genosys’ technology. They identified three main areas of cooperation. First, they will jointly develop an HDT-based AI healthcare platform designed to analyze multi-omics data — including genomics, proteomics and metabolomics — to predict health status and disease risk and provide personalized health management solutions. Second, they will work on production and distribution of genome-tailored health supplements. Genosys said it will expand its lineup based on genomic analysis results, and JG Group said it will support market entry using its domestic and overseas distribution networks. Genosys’ supplement brand GenoBioFit is expected to be included in future cooperation. Third, they plan a medical consulting and clinic management support business, combining AI-based medical management solutions with operational support services to build a business-to-business model. “Genosys AI Healthcare will change the paradigm of disease prediction, prevention and personalized treatment through Human Digital Twin technology,” Lee said, calling the partnership with JG Group “a decisive turning point” to implement that vision. Lee Jae-gu, chairman of JG Group, said the group has added strategic value to promising growth companies based on real assets and a global network. He said Genosys’ AI healthcare technology and JG’s investment and distribution capabilities will work together to build a healthcare platform aimed at leading the Asia-Pacific market. The companies said they plan to complete payment of the full 5 billion won investment by Aug. 31. Of that, 2.5 billion won will be used as Genosys development and operating funds for advancing the HDT platform and expanding clinical applications. The remaining 2.5 billion won will be used to establish a new business entity jointly funded 50-50 by the two companies. Genosys said it plans to launch a beta version of the platform and expand its supplement line in the second half of 2026. It said it will then use JG Group’s distribution networks to target both consumer and business markets, and will also review entry into North America and Oceania through cooperation with JG HOLDINGS USA and JG International PNG.* This article has been translated by AI. 2026-04-27 17:07:27

Korail to Run One-Day Gyeonggi DMZ Train Trip Linking Security Tours and Local Markets Korail Tourism Development will run a special, one-day “Gyeonggi-do DMZ Train” on May 2, aiming to pair security-focused tourism in the northern Gyeonggi Province Demilitarized Zone with support for local businesses. The trip is marketed as a value rail package in the 30,000-won range that links local festivals and traditional markets. The product was jointly planned with the Gyeonggi Tourism Organization and the Gyeonggi Northern Regional Headquarters of the Small Enterprise and Market Service. It will operate as a temporary commuter train on the Gyeongui Line, departing from Seoul Station and stopping at Ilsan and Munsan before heading to border areas. The day trip includes round-trip rail fare, connecting vehicles and experience fees, allowing travelers to visit a festival, DMZ-related sites and a traditional market in a single itinerary. Four themed courses will be offered. “DMZ Healing Therapy” includes Camp Greaves, DMZ forest healing and Munsan Jayu Market. “DMZ and Paleolithic Festival” visits the Yeoncheon Paleolithic Festival and Jaein Falls. “Yeoncheon DMZ Close to Home” covers the Taepung Observatory, Jaein Falls and Jeongok Traditional Market. “Gimpo DMZ and a Relaxing Cup of Coffee” includes Gimpo Marine Park, Aegibong Peace Ecological Park, a millstone coffee experience and the Daemyeong Port seafood market. The promotion also targets spending in neighborhood commercial areas. All participants will receive either Onnuri gift certificates or Yeoncheon Love gift certificates to use during the trip for meals or local specialty purchases. Korail Tourism Development said it plans to maximize synergy with local merchants by operating on-site promotional booths timed to the government’s nationwide consumption campaign, the “2026 Companion Festival” (April 11-May 10), and the Yeoncheon Paleolithic Festival (May 2-5). “We wanted to offer a richer experience by combining signature local content such as the Yeoncheon Paleolithic Festival with rail travel,” said Lee Woo-hyeon, acting CEO of Korail Tourism Development. “We will continue to develop travel products that use the rail network to highlight hidden local attractions and bring vitality to neighborhood commercial districts.”* This article has been translated by AI. 2026-04-27 17:04:10

Korea moves to lock in tourism windfall as regional travel shifts boost arrivals SEOUL, April 27 (AJP) - South Korea is moving to lock in a tourism windfall as shifting regional travel patterns and stronger visitor spending drive a surge in foreign arrivals ahead of a holiday-packed May. The country welcomed a record 4.76 million foreign visitors in the first quarter, up 23 percent from a year earlier, with 2.06 million arriving in March alone, according to the Ministry of Culture, Sports and Tourism. The March spike was partly driven by the full-member comeback performance of BTS in Gwanghwamun, which drew global fans and boosted visits to nearby cultural sites such as Gyeongbokgung Palace. Beyond headline numbers, officials say the recovery is becoming more structural. Arrivals through regional airports rose nearly 50 percent in the first quarter, while 34.5 percent of visitors traveled outside Seoul — signaling a broader geographic spread in tourism demand. Visitors are also staying longer and spending more. Overnight stays in non-capital regions rose 36.2 percent, while foreign card spending increased 23 percent to 3.21 trillion won. Overall visitor satisfaction reached 90.8 points. Booking data reinforces the trend. Trip.com ranked Seoul as the world’s top destination for spring flight bookings, with reservations up 83 percent from a year earlier, outpacing Tokyo and Osaka. The spillover is increasingly visible beyond the capital. Cheongju, about 120 kilometers south of Seoul, recorded a 962 percent jump in visitors, followed by Busan with 131 percent and Jeju with 129 percent. Local governments are moving quickly to extend the momentum. Busan has launched a rail-linked tourism campaign with Korail, offering discounts of up to 50 percent on high-speed KTX fares through September. The promotion bundles transport with major events such as the Haeundae Sand Festival in May, the Busan Port Festival in June, and large-scale exhibitions including G-STAR 2026. Officials say the goal is to spread demand beyond peak seasons and encourage longer stays. Growth has been broad-based across major markets. China remained the largest source of visitors, with arrivals rising 29 percent to 1.45 million, followed by Japan at 940,915 visitors, up 20.2 percent. Taiwan posted the fastest growth at 37.7 percent, while arrivals from the Americas and Europe rose 17.1 percent. Cruise traffic also rebounded, with calls at ports including Jeju, Busan and Incheon reaching 338, up 52.9 percent from a year earlier. Momentum is expected to continue into the second quarter. Japan’s Golden Week and China’s May Day holiday are likely to bring another wave of visitors, with H.I.S. ranking Seoul as the top overseas destination for the period. Data from Airbnb showed South Korea ranked first in global destination searches for the May Day holiday, with interest rising fivefold from a year earlier. Part of the surge may reflect shifting regional travel dynamics. China’s Global Times reported that about 45 percent of scheduled flights from mainland China to Japan during the five-day holiday period had been canceled. Data from the Japan National Tourism Organization showed Chinese arrivals to Japan fell 55.9 percent in March, marking a fourth straight monthly decline. The shift is increasingly redirecting demand toward Korea, reinforcing its position as a key alternative destination in Northeast Asia. 2026-04-27 17:04:01

Industry Minister Urges Mature Talks as Samsung Electronics Union Plans Strike Kim Jeong-gwan the minister of trade, industry and energy, on April 27 urged labor and management at Samsung Electronics to reach a “mature” decision as the company’s union has warned it may strike. “The semiconductor industry is the only industry in our country that is still maintaining competitiveness, and the gap is steadily narrowing,” Kim told reporters at the Government Complex Sejong. “Since workers clearly have a share, I urge both sides to fully consider the various conditions and come to a mature conclusion.” Kim said he still could not imagine a strike. He said the company should weigh how to balance sharing current profits with maintaining future competitiveness. Samsung Electronics’ union is demanding the abolition of a cap on performance bonuses set at 50% of annual salary and wants 15% of total operating profit distributed as performance pay. The union has said it will launch a general strike from May 21 to June 7 if no agreement is reached. Kim said Samsung’s performance should not be viewed as the result only of executives and workers. He pointed to the broader semiconductor ecosystem, including many partner companies, infrastructure, shareholders and the National Pension Service, saying local and national communities are also tied to it. He added that with large-scale investment unavoidable, both sides should consider how much profit can be enjoyed and recognize how big an impact a strike could have across the industry. On the maximum price system for oil products in effect since last month, Kim called it an unsatisfying policy but an unavoidable step in an emergency. He said the government plans to end it as early as possible once the war ends or international oil prices stabilize. Kim compared the situation to closing windows in summer heat or opening them and letting mosquitoes in, saying government action on prices is not desirable but was unavoidable due to the unprecedented Middle East war. On when the system could end, he said the government would consider the course of the Middle East war, conditions around the Strait of Hormuz, and discussions on a post-settlement system and exclusive supply contracts. He said differing interests between refiners and gas stations would also be weighed. On delayed restructuring of the petrochemical sector in Ulsan amid the Middle East war and other factors, Kim said he believes it can proceed autonomously even without government intervention. He said talks have slowed due to supply-chain issues but are expected to pick up soon. On a first project for investment in the United States, Kim said discussions are ongoing and it is difficult to predict the timing.* This article has been translated by AI. 2026-04-27 17:03:11

South Korea Finance Ministry Awards 30 Million Won in Special Bonuses to 24 Officials The government awarded special bonuses totaling 30 million won to Ministry of Finance and Economy officials credited with key achievements, including responses to the Middle East war and efforts to secure inclusion in the World Government Bond Index, or WGBI. The ministry said it held its first special performance awards ceremony on the 27th during an expanded senior staff meeting chaired by Deputy Prime Minister and Finance Minister Koo Yun-cheol. It selected 24 employees for raising the ministry’s standing and contributing to the national interest. The top honor, the “Public Impact Grand Prize,” went to six people including Choi Bong-seok, a senior official in the Comprehensive Policy Division. They received 10 million won for building an emergency response system after the Middle East war broke out in February, including round-the-clock monitoring of the macroeconomy and prices through a standing joint emergency task force with related agencies. The “Value Creation Award” went to three people including Park Se-woong, an official in the Foreign Exchange System Division. The ministry said they were recognized for persuading overseas investors and relevant authorities and preparing a won temporary borrowing (OD) plan, leading to confirmation of South Korea’s WGBI inclusion despite opposition from some investors. Winners received 6 million won. The “Future Growth Award” went to two teams, each receiving 4 million won. One team, including Jang Woo-jin of the Foreign Exchange System Division, was cited for resolving financial settlement difficulties during the import process for Russian crude oil and petroleum products, helping stabilize companies’ raw material supplies. Another team, including Jeong Yeo-jin, a director in the Strategic Economy Coordination Division, was recognized for supporting swift legislation of the “Korea-U.S. Strategic Investment Special Act” to help ease external uncertainty. The “Diligence and Advancement Award” went to three teams, each receiving 2 million won. The ministry said one team, including Kim Ji-eun, a supply chain response officer, created a 1.5 trillion won “Special Support for Middle East Damage Response” program. Another team, including Cho Jung-yeon, a team leader in the Treasury General Division, pushed a pilot project for blockchain-based treasury disbursements. Cho Seong-a, an official in the Tax Policy Office, was also included after developing an AI chatbot to help interpret rules for exchanging information on crypto assets. The ministry said 20% of the bonuses were paid in Onnuri gift certificates, describing it as a way to share rewards with small merchants and local commercial districts. Koo said the ministry plans to provide clear incentives to employees who deliver exceptional results to foster a more performance-driven workplace.* This article has been translated by AI. 2026-04-27 17:00:14

Korean Retail Investors Sell Overseas Stocks as RIA Accounts Draw Money Back Home Korean retail investors have been selling across major overseas stock markets at the same time, and attention is turning to whether that money will flow back into domestic shares. Data from the Korea Securities Depository’s Seibro portal show that from April 1 to 24, Korean individual investors were net sellers of U.S. stocks worth $1.28555 billion (about 1.8915 trillion won). Over the same period, they were net sellers of Japanese stocks worth $9.48 million (about 14 billion won), Hong Kong stocks worth $9.48 million, and Chinese stocks worth $18.26 million (about 27 billion won). With that trend in view, market participants are also watching the government’s new domestic market return account, known as an RIA. The program offers a capital gains tax break if proceeds from selling overseas stocks are invested in domestic stocks for a set period of at least one year, aiming to encourage overseas investment funds to return home. The RIA has grown quickly since its launch. The Korea Financial Investment Association said that as of April 23, cumulative RIA sign-ups totaled 168,347 accounts, with balances of 1.1051 trillion won. That compares with 17,965 accounts on the first day, meaning the number of accounts rose more than ninefold and balances surpassed 1 trillion won within about a month. Market experts have said the tax incentive could reduce the burden on gains from overseas investing and lift investors’ effective returns. Some also see the capital gains tax reduction as a buffer that can encourage reinvestment after short-term profit-taking. Analysts also say the RIA could help stabilize supply and demand and expand liquidity by drawing retail money into the local market, while serving as a policy signal that could bolster confidence and strengthen the base for mid- to long-term investing. Still, they caution that while the RIA may bring short-term inflows, longer-term results will depend on the competitiveness of Korea’s stock market. Without improved corporate earnings and a recovery in market trust, they say tax benefits alone may not sustain the shift. As the RIA spreads rapidly, some in the brokerage industry say investor interest is rising, but concerns are also being raised about the potential for distorted investment strategies.* This article has been translated by AI. 2026-04-27 16:58:21