South Korea rises as attractive offshore oil storage base for Gulf nations SEOUL, April 14 (AJP) - South Korea is moving to capitalize on the prolonged disruption in the Strait of Hormuz by leveraging its extensive oil stockpiling infrastructure to generate additional income while reinforcing its energy security. Although instinctively oil-poor, the country has quietly built one of the most sophisticated stockpiling systems among non-producing nations. Its extensive network of underground storage and refining infrastructure has turned it into an attractive “offshore reserve base” for major Gulf exporters seeking to hedge against geopolitical choke points. Multiple Middle Eastern oil producers have approached Seoul to explore storing their crude in Korea, home to the nine fuel storage bases including underground tanks and the world's single largest oil storage base with a combined capacity for 146 million barrels. “Countries, particularly in the Middle East, are showing increasing interest in using Korea’s stockpiling facilities,” Yang Ki-wook, director general for industrial resource security at the Ministry of Trade, Industry and Energy, said in a press briefing Tuesday. The interest reflects a strategic shift among exporters such as Saudi Arabia, the United Arab Emirates and Kuwait, whose economies are heavily dependent on uninterrupted oil flows through the Gulf. By pre-positioning crude outside the Strait of Hormuz, they can reduce exposure to geopolitical risks and maintain supply flexibility. The arrangement offers both commercial and strategic gains for the country. Under its international joint stockpiling program, state-run Korea National Oil Corp. (KNOC) leases idle storage capacity to foreign producers, generating rental income while securing priority rights to purchase the stored oil during supply disruptions. Korea on March 12 joined the International Energy Agency's emergency release by contributing 22.46 million barrels of strategic oil reserves to help contain international oil prices after the U.S.-Israeli attacks on Iran. The country currently holds about 100.1 million barrels of government-controlled reserves, fifth largest among IEA members. Korea also stores roughly 10 million barrels of foreign crude under joint agreements, including 4 million barrels for Kuwait Export Crude and 4 million barrels of light sour grades from Abu Dhabi National Oil Co. The government is stepping up contingency measures to stabilize supply and prices while securing alternative crude supplies as the war stretches close to two months. Seoul has secured 118 million barrels of extra crude, with 46 million barrels allocated for April and 72 million barrels for May. The volumes are sourced from 17 countries, including Saudi Arabia, the United Arab Emirates, the United States, Brazil and Australia. “Saudi Arabia accounts for the largest share of April shipments,” Yang said, adding that stockpile swap volumes stand at around 32 million barrels. Of the swap requests filed by four domestic refiners, 8.38 million barrels across six contracts have already been delivered, with an additional 8 million barrels expected to be contracted within the month. The stockpiling framework has played a supporting role in these negotiations, officials said, as Korea’s ability to offer storage options strengthened its position in securing replacement cargoes. For emergency actions at home, the government will extend a credit ceiling of up to $3 billion to the Korea National Oil Corp. (KNOC), backed jointly by the Export-Import Bank of Korea and the Korea Development Bank, to support timely crude imports. Demand-side controls are also being introduced, including adjusting construction schedules to manage asphalt demand and monitoring market disruptions in construction additives. 2026-04-14 13:56:55

Hanwha Ocean ramps up Canada submarine bid with Halifax talks SEOUL, April 14 (AJP) - Hanwha Ocean is ramping up its bid for Canada’s $40 billion submarine program, as its chief executive met with government and shipbuilding officials in Halifax. According to Hanwha Ocean on Tuesday, CEO Kim Hee-cheol recently visited Halifax, Canada, where he met with Premier of Nova Scotia Tim Houston and other provincial officials to explore potential collaboration for the submarine program. The talks covered defense readiness, MRO capabilities, workforce development and industrial infrastructure, as Hanwha Ocean shared its long-term strategy for the Canadian Patrol Submarine Project (CPSP). Kim also met with Dirk Lesko, president of Irving Shipbuilding, Canada’s largest shipyard, to discuss cooperation aimed at enhancing the Royal Canadian Navy’s sovereign submarine capabilities. “We will continue to enhance our competitiveness by working closely with Canadian industry and government to build a sustainable, Canada-centered submarine operational ecosystem,” Kim said. Hanwha Ocean has also been expanding partnerships with local companies as part of its bid for the CPSP. The company signed a teaming agreement with PCL Construction last week, one of Canada’s largest construction firms, to jointly develop submarine-related infrastructure. The deal follows a memorandum of understanding signed between the two companies in November last year. Industry sources said the partnership is part of Hanwha Ocean’s strategy to shorten delivery timelines and strengthen localization as it competes with Germany’s ThyssenKrupp Marine Systems (TKMS) in the final stage of the bid. According to industry officials, Hanwha Ocean also recently formed partnerships with five Canadian firms — OSI Maritime Systems, EMCS Industries, Techsol Marine, Jastram Technologies and Curtiss-Wright — to strengthen its local industrial base for the CPSP. Such local partnerships are considered critical, as Canada places strong emphasis on industrial and economic contributions in the bidding process. Analysts say the competition between Hanwha Ocean and TKMS could ultimately hinge on these factors, given both companies’ advanced submarine capabilities. Canada’s CPSP involves the procurement of up to 12 diesel-electric submarines of around 3,000 tons. The contract value alone is estimated at $13.5 billion, while the total project size, including 30 years of MRO, could reach around $40 billion. A consortium of Hanwha Ocean and HD Hyundai Heavy Industries is currently competing against Germany’s ThyssenKrupp Marine Systems (TKMS), with the final selection expected around June. 2026-04-14 13:51:31

Early adopters but slow system: Korea's AI gap widens SEOUL, April 14 (AJP) - South Koreans are among the world's fastest adopters of artificial intelligence and among the most prolific in patenting the technology, yet government and corporate support remains strikingly behind, a global comparative study found. The 2026 AI Index Report, released Tuesday by Stanford University's Institute for Human-Centered Artificial Intelligence, is a 423-page annual assessment widely regarded as one of the most authoritative gauges of global AI progress. South Korea registered 14.31 AI patents per 100,000 people in 2024 — far ahead of Luxembourg at 12.25, China at 6.95 and the United States at 4.68. Adoption is accelerating just as quickly. Generative AI usage rose from 25.9 percent in the first half of 2025 to 30.7 percent in the second half, the fastest increase among 30 regions surveyed. The gain pushed South Korea up seven places to 18th globally, though still well behind leaders such as the United Arab Emirates at 64 percent and Singapore at 60.9 percent. On paper, policy momentum is strong. South Korea enacted 17 AI-related laws between 2016 and 2025 — the second-highest among G20 nations after the United States. The report highlighted the AI Basic Act, which took effect this year, as a cornerstone framework aimed at fostering innovation while building public trust. The country also remains a significant player in model development, ranking third globally with five notable AI models launched in 2025, trailing only the United States and China. But beneath these headline gains, the gaps widen. Private AI investment totaled just $1.78 billion, placing South Korea 12th globally — a fraction of the $285.9 billion poured into the sector in the United States and $12.4 billion in China. Even with 59 newly funded AI firms, the ecosystem lacks the scale to match its innovation output. Structural weaknesses extend to the workforce. About 81.4 percent of South Korea's AI talent pool is male, one of the widest gender imbalances among surveyed countries, alongside Japan and Brazil. More critically, institutional support is lagging. South Korean employees gave their organizations some of the lowest marks globally for AI readiness. Workers in Japan, South Korea and Portugal reported the weakest support for AI literacy training and governance frameworks, with fewer than half saying their employers provide meaningful backing. In India, by contrast, roughly 85 to 90 percent reported strong institutional support. The disconnect between individual adoption and organizational readiness is not unique to Korea, but it is particularly pronounced. A McKinsey survey found 88 percent of organizations use AI in at least one business function, yet 60 percent say adoption remains stuck at the pilot stage — a gap increasingly described as "shadow AI," where employees deploy tools informally outside official systems. "South Korea is known to have a particularly high rate of shadow AI usage. Even though formal adoption through corporate channels remains limited, employees are quietly using these tools on their own," said Park Hyun-kyu, professor of management of technology at Sogang University. Globally, the expansion is rapid and uneven. Generative AI reached 53 percent population adoption within three years — faster than personal computers or the internet. Corporate investment surged 130 percent to $581.7 billion in 2025, with the United States dominating the field. For South Korea, the picture is clear: a country moving faster than most at the edge of adoption and innovation, but held back by hesitant institutions and underpowered capital. Until that gap closes, its AI momentum risks remaining diffuse — energetic, but not yet fully mobilized. 2026-04-14 13:48:26

KOSPI tests 6,000 on Iran deal hopes; Asia stocks broadly higher SEOUL, April 14 (AJP) - Asian markets were broadly upbeat Tuesday after U.S. President Donald Trump hinted at renewed negotiations with Iran, raising hopes for a diplomatic breakthrough before the two-week ceasefire ends next Tuesday. South Korea’s benchmark KOSPI led the gains, rising 3.2 percent to 5,993.59 after flirting with 6,000. The KOSDAQ gained 2.3 percent to 1,125.03 as of 11:15 a.m. Japan’s Nikkei 225 rose 2.55 percent to 57,943.50, while Hong Kong’s Hang Seng Index advanced 0.90 percent to 25,891.28, and China’s Shanghai Composite Index was up 0.33 percent at 4,001.65. Semiconductors led gains, with SK hynix soaring 7 percent to 1,113,000 won and testing a new record high on expectations for stellar first-quarter earnings. Samsung Electronics rose 3.6 percent to 208,500 won. Automakers also advanced, as Hyundai Motor gained 4.28 percent to 499,000 won and Kia rose 2.24 percent to 150,700 won. Among biopharmaceutical stocks, Celltrion rose 2.72 percent to 200,500 won, supported by news that the company completed a record-scale treasury share retirement, cancelling about 4 percent of its outstanding shares — equivalent to roughly 1.78 trillion won. Strong earnings also supported the stock, with the company posting 4.16 trillion won in revenue and 1.17 trillion won in operating profit last year, as profit jumped 137.5 percent from a year earlier and margins improved. Industrial and defense stocks were mixed, with HD Hyundai Heavy Industries adding 1.51 percent to 470,000 won, while Hanwha Aerospace slipped 1.50 percent to 1,507,000 won. Among battery shares, LG Energy Solution edged down 0.12 percent to 401,000 won and Samsung SDI fell 1.20 percent to 471,750 won. Financials moved higher overall, with KB Financial Group gaining 0.45 percent to 157,300 won, Shinhan Financial Group rising 1.12 percent to 99,400 won, and Mirae Asset Securities surging 11.64 percent to 72,900 won. On the KOSDAQ, biopharmaceutical and healthcare stocks showed broadly positive momentum, with Alteogen rising 2.26 percent to 361,500 won and Samchundang Pharm adding 0.19 percent to 527,000 won. ABL Bio gained 1.94 percent to 158,000 won, while HLB surged 8.40 percent to 63,200 won and LigaChem Biosciences jumped 4.40 percent to 197,100 won. Caregen also advanced 1.74 percent to 93,600 won. Defense and industrial-related names traded mixed, with LIG Nex1 climbing 0.96 percent to 94,600 won, while Rino Industrial slipped 1.50 percent to 111,700 won. Robotics and tech-related stocks were strong, as Rainbow Robotics surged 3.75 percent to 608,000 won and Peptron gained 2.69 percent to 267,000 won. In the currency market, the won strengthened slightly, with the dollar trading at 1,479.50 won, compared with the previous close of 1,489.30. Overnight on Wall Street, all three major indexes closed higher as investors leaned toward optimism over a potential de-escalation. The Dow Jones Industrial Average rose 0.63 percent to 48,218.25, the S&P 500 gained 1.02 percent to 6,886.24, and the Nasdaq Composite advanced 1.23 percent to 23,183.74. The gains were driven by a continued rally in technology stocks, with Oracle surging 12.69 percent. 2026-04-14 11:20:27

North Korean leader again oversees test-firing of missiles from naval destroyer SEOUL, April 14 (AJP) - North Korean leader Kim Jong-un has inspected again the test-firing of missiles from a naval destroyer, state media reported Tuesday. "Two strategic cruise missiles and three anti-warship missiles were test-fired" last Sunday from the 5,000-ton multipurpose destroyer Choe Hyun to assess its "operational efficiency," with Kim observing it, according to the state-run Korean Central News Agency. Kim's latest inspection of the destroyer comes about a month after he observed similar tests on March 4 and March 10. They flew along preset trajectories over the West Sea, hitting their targets with "ultra-precise" accuracy. Kim was quoted as expressing "great satisfaction over the fact that the preparedness of our army's strategic action has been strengthened in a qualitative way with various achievements recently made in the field of defense science." Stressing it as the country's "most important priority," he urged officials to "steadily and unlimitedly bolster up the powerful and reliable nuclear war deterrent." "Kim's remarks on strengthening the country's 'strategic and tactical attack capability' appear to be an attempt to show off the North's nuclear weapons, which could be mounted on any weapons system," said Lim Eul-chul, a professor at Kyungnam University's Institute for Far Eastern Studies. "Strategic cruise missiles are a type of weapons for which nuclear warheads are easier to miniaturize. Tactical nuclear weapons mounted on cruise missiles launched from a destroyer could pose a significant threat to South Korea," he warned. The Choe Hyon, named after a comrade of regime founder Kim Il Sung during his days as a partisan fighter, was first unveiled in April last year. The destroyer is believed to be capable of carrying nuclear weapons, with North Korea building another vessel expected to be completed by early October. 2026-04-14 11:05:21

Korea’s Traditional Soban Tables Get Modern Showcase at Milan Design Week Korea’s traditional soban, a small low table, will be presented in new forms at Milan Design Week, one of the world’s largest design events. The Seoul Design Foundation said Monday it will stage an international exhibition, “Seoul Life 2026 Milan: Heritage Reimagined, Soban,” from April 20 to May 10 at Italy’s ADI Design Museum. The project is hosted and organized by the Seoul Metropolitan Government and the Seoul Design Foundation, with cooperation from the ADI Design Museum. It aims to introduce “Seoul lifestyle and design identity” by combining the soban — a symbol of Korea’s traditional everyday culture — with contemporary design. The soban reflects Korea’s floor-seating tradition and single-diner table culture. Its low, portable structure, balanced proportions and curved legs are presented as distinctive features of Korean furniture design shaped by that lifestyle. Seventeen designers and teams from Korea and abroad are taking part, each reinterpreting the soban in their own design language. The works combine Korean craft techniques with contemporary technologies such as 3D printing and AI-based design, the foundation said. Participants include Korean designer Kim Jinsik of Studio JINSIK KIM, known internationally for work emphasizing minimal forms and material qualities; Korean designer Son Donghoon of Atelier SOHN, whose designs combine function and form through experiments with materials and structure; and Andy&Jong, a Korean-French design duo focused on human-scale work including furniture and lighting based on spatial experience. They are joined by global designers including Italian designer Stefano Giovannoni of Giovannoni Design Studio, known for signature products for Alessi; Italian designer Anna Gili of Anna Gili Design Studio, who gained international recognition through collaborations with Cassina and Alessi; and French architect Odile Decq of Studio Odile Decq, who has won the Golden Lion at the Venice Biennale. The exhibition space is inspired by the daecheongmaru, the open wooden hall of a traditional Korean house. A long platform structure is placed at the center so visitors can move through the gallery as if walking along a wooden floor while viewing the works. Soban products reflecting “Seoul Color,” described as expressing the city’s identity, will also be shown. The works presented in Milan will later be added to the DDP collection, with a follow-up exhibition planned in Seoul within the year, the foundation said. “This exhibition shows how Seoul’s daily life and culture — and traditional and contemporary design — can meet through the traditional soban,” said Seoul Design Foundation CEO Cha Kang-hee.* This article has been translated by AI. 2026-04-14 10:39:51

KB Kookmin Bank Tightens Oversight of Loan Process to Strengthen Consumer Protection KB Kookmin Bank said on the 14th it will strengthen internal management standards across the entire loan process to bolster financial consumer protection. The measures include monitoring using the Consumer Protection Quality Index (CPQI), tighter management of loans to vulnerable groups, and an overhaul of a pre-review checklist for consumer protection. Within this month, the bank will add key credit indicators to CPQI — including the status of new loans to older customers and first-time workers, and changes in delinquency rates — to step up monitoring for warning signs. CPQI is a data-based management index designed to assess consumer protection levels and support rapid responses when irregularities are detected. The bank also plans to strengthen loan management for financially vulnerable customers. It will expand verification of borrowers’ actual repayment capacity, rather than relying mainly on collateral, to help prevent excessive borrowing, and will operate a tailored management system that reflects customer characteristics. At the pre-consultation stage for consumer protection, KB Kookmin will revamp its checklist to reinforce advance screening. It will improve related processes so headquarters departments can review, in advance and from the customer’s perspective, key considerations when setting loan products and interest rate and fee policies. “Maintaining a balance between stronger consumer protection and expanding inclusive finance is important,” a KB Kookmin Bank official said. “We will continue to do our best to ensure meaningful consumer protection from the customer’s point of view.”* This article has been translated by AI. 2026-04-14 10:15:00

Seoul shares details of Korean vessels with Iran amid Hormuz transit talks SEOUL, April 14 (AJP) - South Korea has shared information on its vessels stranded near the Strait of Hormuz with Iran as part of ongoing negotiations over maritime transit, government sources said Tuesday. Jeong Byeong-ha, special envoy of the foreign minister, reportedly provided details about South Korean ships and crew members during talks with senior Iranian officials, focusing on the safety of vessels currently unable to pass through the strategic waterway. Iran had previously indicated that information on South Korean vessels would be necessary to coordinate any potential transit arrangements, officials said. According to the Ministry of Oceans and Fisheries, a total of 26 South Korean vessels and 173 crew members remain unable to pass through the Strait of Hormuz. Seoul had previously maintained that all vessels, including those of South Korea, should be allowed to transit freely and had taken a cautious stance toward bilateral negotiations focused solely on Korean ships. Observers are now watching whether the latest information-sharing signals a shift in the government's approach. However, prospects for near-term progress remain uncertain following the collapse of ceasefire negotiations between the United States and Iran, which analysts say could delay any meaningful resolution to the transit issue. 2026-04-14 10:13:30

South Korea shares information with Iran on stranded vessels in Strait of Hormuz SEOUL, April 14 (AJP) - South Korea has reportedly shared information on its vessels stranded in the Strait of Hormuz with Iran, multiple government sources said on Tuesday. The development comes just a day after special envoy Chung Byung-ha arrived in Tehran the previous day to request that some 173 crew members aboard about a dozen South Korean vessels stranded in the strait, a critical chokepoint for roughly one-fifth of the world's oil supply, be allowed to pass through the strategic waterway amid heightened tensions in the region. During discussions with Iranian officials, he appeared to provide details on South Korean vessels to ensure their safety. Seoul had previously resisted providing such details, maintaining that all vessels, regardless of nationality, should be allowed free passage. However, Iran has insisted that any talks on ship transit would require Seoul to provide specific information about its vessels, as it seeks to coordinate and approve passage under its own security framework. According to the Ministry of Oceans and Fisheries, 26 South Korean vessels carrying 173 crew members remain stranded in or near the strategically vital waterway. South Korea had been cautious about engaging in bilateral negotiations with Iran solely applying to South Korean ships, prompting pundits to speculate the latest move could signal a shift from that stance. But prospects for a near-term breakthrough in reopening the strait remain uncertain, as recent ceasefire talks between U.S. and Iran have collapsed, raising concerns that the prolonged conflict in the Middle East could be further dragged out. 2026-04-14 09:38:58

Gyeongbokgung to Host King Danjong-Themed Programs Tied to Royal Tomb Sites As the film 'The Man Who Lives With the King' draws audiences, visitors will be able to follow the traces of King Danjong and Queen Jeongsun through programs at major heritage sites including Gyeongbokgung, Jangneung, Sareung and Jongmyo. According to the Korea Heritage Service on the 14th, a special program will run at Gyeongbokgung's Saenggwabang from April 27 to May 3, three times a day for seven days. Each session lasts 70 minutes. The program, held 18 times in total, features a hands-on experience with simple foods made using ingredients linked to Danjong, along with stories from his childhood. It includes segments titled Meeting Danjong, Being With Danjong (a simple meal experience using wild greens), Connecting With Danjong (writing a letter) and Returning to Everyday Life. Participation is free by advance reservation. Starting at noon on April 20, applicants can reserve up to two tickets per Ticketlink account on a first-come, first-served basis. A separate two-day, one-night field trip program will be offered three times — in April, May and October — tracing what organizers described as the tragic yet affectionate path of Danjong and Queen Jeongsun. The itinerary begins at Changdeokgung and continues to Cheongnyeongpo and Jangneung in Yeongwol, then to Sareung in Namyangju, and ends at Yeongnyeongjeon Hall at Jongmyo, where the couple's spirit tablets are enshrined. From April 20 to April 30, a quiz will be held on the Royal Culture Festival's official Instagram account asking participants to identify the name of the Gyeongbokgung building where Danjong stayed in the film. Twenty winners will be selected by drawing to receive a coupon for the K-Heritage online mall and tickets to the closing ceremony of the 2026 fall Royal Culture Festival. In July, organizers will also hold a public contest seeking videos and photos that use generative artificial intelligence to reinterpret 'life with the king' in a modern way. Detailed schedules and participation instructions for each program will be announced in stages on the websites of the Royal Tombs and Palaces Heritage Headquarters and the Korea Heritage Agency Foundation.* This article has been translated by AI. 2026-04-14 09:21:36