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  • Refund Controversy Erupts Over Accommodation in Flood-Hit Geoje
    Refund Controversy Erupts Over Accommodation in Flood-Hit Geoje In Geoje, South Korea, record rainfall has led to landslides and flooding, sparking a controversy over reservation cancellations and refunds for local accommodations. Travelers have expressed concerns, stating, "Even if the accommodation building is intact, if the roads leading there are dangerous, we have no choice but to cancel our trips." Meanwhile, some lodging facilities have reported applying standard cancellation policies, arguing that there are no issues with the facilities or surrounding roads.The controversy began on August 17, when social media and online communities saw a surge of posts from travelers sharing their experiences with canceled reservations in the Geoje area. Many reported requesting cancellations due to the severe rain and landslide risks, only to be denied full refunds or faced with significant cancellation fees by some accommodations.One traveler claimed they attempted to cancel their trip due to the serious situation in Geoje but received a response from the accommodation stating that the entire area was not flooded and that the facility itself was unaffected. Another traveler expressed concerns about the condition of some roads leading to their accommodation, but the pension management assured them that the Geoja Bridge and accessible roads were operating normally.There were also claims that, despite initial refusals for refunds, some travelers were eventually reimbursed after police confirmed road closures made access to the accommodations impossible. A guest who had booked a facility near Jiseopo reported that a significant portion of their deposit was deducted as a cancellation fee, despite the road to the accommodation being blocked. However, these claims are primarily based on what reservation holders have shared online, and the specific terms of individual pensions and the owners' positions have not been verified.Not all accommodations responded in the same manner. Some pensions, while reporting no damage to their facilities, chose to refund the full deposit considering the potential risks involved in reaching the accommodations and the ongoing rain.Online reactions have varied regarding the differing responses from accommodations. Critics have pointed out that "just because one building is intact does not mean the entire trip is safe," and that it is difficult to understand why guests are expected to travel when there are risks of landslides and road flooding. Many comments in related news articles echoed similar sentiments, highlighting consumer dissatisfaction.Some internet users questioned, "Who will take responsibility if an accident occurs on the way to the accommodation?" and emphasized that "safety should come before the cost of accommodation." Others argued that applying standard refund policies in the face of ongoing road closures and emergency disaster alerts is unreasonable. Conversely, some cautioned against broadly criticizing all pensions based solely on online accounts, suggesting that the specific conditions of road closures, facility accessibility, and agreed-upon terms at the time of booking should be considered.The situation in Geoje was indeed serious. Since August 15, the area has experienced over 900 millimeters of rain in just three days. By the morning of August 18, cumulative rainfall had reached around 950 millimeters, with more than 600 millimeters falling on August 17 alone. Some regions recorded extreme rainfall exceeding 100 millimeters per hour.This has drawn attention to the criteria for accommodation refunds. The Korea Fair Trade Commission's consumer dispute resolution guidelines allow for free cancellations even on the day of booking in cases of climate change or natural disasters that prevent the use of accommodations. Notably, the revised guidelines from last year include provisions for free cancellations if natural disasters occur along the route from the departure point to the accommodation, not just at the accommodation's location.Thus, it is challenging to uniformly determine refund eligibility based solely on the fact that the accommodation building itself is undamaged. A comprehensive assessment of the travel route, weather alerts, road closures, and facility accessibility is necessary. However, the consumer dispute resolution guidelines serve as a framework for negotiation or mediation in disputes, meaning that immediate mandatory refunds are not guaranteed if individual businesses do not comply.Online, many have expressed understanding that accommodations face significant losses when reservations are canceled en masse, but they argue that in disaster situations where human lives are at risk, cancellations should be treated differently. Positive responses have emerged for accommodations that proactively informed guests of the situation and offered full refunds or date changes, with some stating, "The trust shown by these businesses makes them places I would want to return to."Conversely, some accommodations argue that since not all areas have suffered the same level of damage, if the facility and access roads are indeed operational, there is room for debate on whether all reservations should be automatically refunded. Ultimately, it is essential to evaluate the specific weather alerts and traffic control measures at the time of booking, rather than drawing a blanket conclusion based solely on the fact that Geoje experienced heavy rainfall.This controversy raises broader questions beyond simple refund disputes, focusing on the standards that should be applied between tourist safety and the operational losses faced by accommodation providers during disaster situations. In Geoje, even after the heavy rain subsided, some residents continue to live without electricity and water, moving between temporary shelters as recovery efforts proceed. This highlights the need to consider the overall situation rather than simply stating that the accommodation itself is intact.Most importantly, the claims regarding individual pensions' refusal to refund and the content of conversations have often been based on assertions made by reservation holders. Therefore, rather than concluding that specific businesses have violated relevant regulations or unjustly denied refunds, it is crucial to verify the actual booking terms, the traffic and weather conditions at the time, and the explanations from both parties. However, the confirmed reality of the record rainfall leading to human casualties, widespread flooding, and power and water outages suggests that there will be ongoing calls for clearer and more consistent accommodation cancellation standards in response to disaster situations.* This article has been translated by AI. 2026-08-20 14:16:00
  • NCT Dream members renew contracts with SM Entertainment
    NCT Dream members renew contracts with SM Entertainment SEOUL, August 20 (AJP) - All six members of NCT Dream have renewed their contracts with SM Entertainment, the talent agency said on Thursday. According to SM Entertainment, Chenle, Haechan, Jaemin, Jeno, Jisung and Renjun decided to remain with the agency based on their mutual trust and commitment to the group, with Haechan having already completed his contract renewal. NCT Dream debuted in August 2016 as a subunit of NCT, releasing songs including "Hot Sauce," "Hello Future," "Glitch Mode" and "Beatbox." The contract renewals come as NCT members celebrate their 10th anniversary this year. NCT 127, another NCT subunit, also renewed contracts with the agency earlier, keeping two of NCT's main teams under the agency. SM Entertainment said it will continue supporting NCT Dream as they prepare for more activities in the second half of this year. AJP Takeaways · All members of NCT Dream have renewed contracts with SM Entertainment. · Chenle, Haechan, Jaemin, Jeno, Jisung and Renjun signed new deals, following Haechan's earlier renewal. · NCT Dreamdebuted in August 2016 as part of NCT. · NCT 127 also renewed contracts with SM Entertainment earlier. 2026-08-20 14:15:54
  • Kookmin students win grand prize at Korea AI content festival
    Kookmin students win grand prize at Korea AI content festival SEOUL, August 20 (AJP) - A music video created by Kookmin University students, depicting a man who tries to break off his relationship with the robots that think for him, then orders another one, has won the top prize in its category at a South Korean competition for work made using artificial intelligence solutions. The film, titled "Epos," was made by five undergraduates in Kookmin University's Department of AI Design working under the team name Holy. It beat 255 other entries in the music video category of the 2026 Korea AI Content Festival, which drew 1,066 submissions across four categories between February and July. Awards were presented Aug. 6 at the Construction Hall in Gangnam, southern Seoul. The team members are Kim Se-hyun, Lee Song-won, Yoon Hee-won, Seong Yeon-woo and Han Ji-woo. The idea came out of their own habits. The students said that after working constantly with generative AI, a class of tools that produce images, video, text and sound on command, they had come to see a clear gap between work that uses AI well and work that leans on it entirely. That gap became the starting point for the film. In "Epos," the protagonist relies on cloned robots that take over one role after another in his life, a figure the team drew for AI itself. He decides to cut them off. He places another order instead. The team said it was not trying to reject AI. What worried them was the possibility that heavy dependence gradually dulls human thinking, judgment and creativity. They ended the film without resolving anything, they said, because whether AI turns out to be a threat or a larger opening depends on how people use it. Seong Yeon-woo, who accepted the award for the team, said the technology was never the point. "The more we work in an era of making things with AI, the more I think the value of a work is decided by what question you ask, what message you put in it and how you direct it," Seong said. The prize, Seong added, appeared to recognize "the process of thinking it through with the team, over and over, for the sake of the message and the planning and the direction." Entries were judged by a panel of working drama directors, heads of AI production companies and university professors, who weighed creativity, story construction, use of AI technology, finish and potential for further use. The festival was organized by Chorokbaem Media, a Seoul production company, to find creators capable of making content with AI and to surface strong examples of it. Submissions were taken in four categories covering advertising, music video, short-form drama and mid-form drama. Kookmin University opened the Department of AI Design in 2022 as the ninth department in its College of Design, with the aim of training designers who can work with data and AI systems rather than simply operate them. The university, which marks 80 years since its founding this year, has grouped design and content alongside AI convergence among eight fields it is concentrating on under a long-term plan called KMU VISION 2035: EDGE. The winning works will be released in stages through Chorokbaem Media's website and official YouTube channel. 2026-08-20 14:15:34
  • WJ Cosmetics Expands Offline Presence with New Pharmacy Location in Jeju Tourism Zone
    WJ Cosmetics Expands Offline Presence with New Pharmacy Location in Jeju Tourism Zone WJ Cosmetics, a derma cosmetic brand operated by Wonjin Plastic Surgery, has opened a new location in a pharmacy within the Jeju tourism zone, marking a significant expansion of its offline distribution network.This new entry allows domestic and international tourists visiting Jeju to purchase WJ Cosmetics products directly on-site. The brand aims to enhance its visibility among tourists while leveraging offline sales channels to boost brand recognition.Jeju is a prominent tourist destination, attracting both domestic and foreign visitors. Recently, there has been a growing interest in K-beauty and healthcare products among tourists, making local pharmacies a key distribution channel for such products.Designed with medical standards in mind, WJ Cosmetics plans to continue expanding its offline distribution channels, starting with this new pharmacy location in Jeju, to make its products more accessible to tourists.The company emphasized, "WJ Cosmetics is the only official cosmetics brand associated with Wonjin Plastic Surgery and Dermatology, and any other brands using similar names have no affiliation with the medical institution."* This article has been translated by AI. 2026-08-20 14:12:20
  • KCC Shares Surge Over 9% Following New Dividend Policy Linked to Samsung C&T
    KCC Shares Surge Over 9% Following New Dividend Policy Linked to Samsung C&T KCC is experiencing a surge of over 9% after announcing a new special dividend policy linked to Samsung C&T's special dividend, enhancing its shareholder return strategy.According to the Korea Exchange, as of 1:53 PM, KCC shares were trading at 477,500 won, up 40,000 won (9.14%) from the previous trading day. The stock price increased significantly after KCC disclosed its corporate value enhancement plan at 10:48 AM, reaching a peak of 489,500 won, nearly a 12% rise during the session.The most notable aspect of the corporate value enhancement plan is the improvement in the dividend policy. KCC has decided to introduce a special dividend linked to Samsung C&T's special dividend, in addition to its existing dividend policy.KCC is the second-largest shareholder of Samsung C&T, holding a 10.49% stake. If Samsung C&T increases its dividend payout, KCC's resources for shareholder returns could also expand.KCC also revealed plans to utilize its treasury shares, either by retiring them or using them for employee compensation.Previously, KCC's dividend amount increased, with the 2025 profit dividend amounting to 110.3 billion won, a 50% increase from 73.5 billion won in 2024. However, the dividend payout ratio for 2025 was around 7.2%.The company is also implementing financial structure improvements and asset liquidity measures to enhance corporate value. KCC has completed refinancing through the issuance of liquidity for HD Korea Shipbuilding & Offshore Engineering and plans to sell investment assets at an appropriate time, returning part of the sale profits to shareholders.Governance has also improved, with KCC's compliance rate for key governance indicators rising from 73.3% to 86.7%, achieving its original 2030 target ahead of schedule.* This article has been translated by AI. 2026-08-20 14:08:00
  • South Koreas net foreign assets shrink as stock rally boosts foreign-held shares
    South Korea's net foreign assets shrink as stock rally boosts foreign-held shares SEOUL, August 20 (AJP) - South Korea's net foreign assets fell sharply to US$64 billion in the second quarter, as a stock market rally boosted the value of South Korean shares held by foreign investors, even as the country's net debt balance improved. The country's net international investment position or net IIP fell by $689.5 billion from $753.6 billion at the end of March, according to preliminary data released by the Bank of Korea on Thursday. "What matters, ultimately, is why it fell," the BOK said in a separate explanatory memo, saying that an increase in equity liabilities caused by higher stock valuations is different from an increase in debt, which must be repaid. South Korea's external financial assets rose $201.7 billion to $3.08 trillion, while external financial liabilities jumped by $891.2 billion to $3.02 trillion. The KOSPI surged 67.8 percent in the second quarter to 8,476.5 from 5,052.5, sharply lifting the market value of Korean shares already held by overseas investors. Actual transactions moved in the opposite direction from the headline net IIP, adding $98.4 billion to South Korea's net position while price, exchange-rate and other non-transaction effects reduced it by $787.9 billion. Foreign portfolio-investment liabilities increased $859.3 billion during the quarter, with equity securities accounting for $848.1 billion of the increase. Foreign investors, however, were net sellers of $63.9 billion of Korean equities, while valuation and other non-transaction effects added $912.0 billion to the value of their remaining holdings. The increase in South Korea's external financial liabilities therefore reflected higher valuations of foreign-held shares rather than a comparable influx of new foreign investment. Korean investors were also accumulating assets abroad, with overseas portfolio holdings rising $142.7 billion and equity holdings gaining $146.2 billion as net purchases continued and global stock markets advanced. The BOK linked the unusual pattern partly to semiconductor-led export strength, which supported current-account surpluses and overseas asset accumulation while boosting earnings expectations and domestic share prices. Transaction effects associated with current-account surpluses added $191.0 billion to South Korea's net foreign assets in the first half, but the central bank said gains in foreign-held Korean equities outweighed that contribution. External financial liabilities in the IIP include foreign ownership of domestic equities and direct-investment stakes as well as bonds, loans and other debt instruments. A rise in the price of foreign-held Korean shares can therefore reduce the net IIP without creating an equivalent increase in principal or interest that South Korean borrowers are required to repay. That distinction was visible in South Korea's net external assets in debt instruments, which rose $2.3 billion to $367.8 billion in the second quarter, marking the first increase in three quarters. External assets in debt instruments increased $40.7 billion to $1.1806 trillion, while external debt rose $38.4 billion to $812.8 billion. Short-term external debt nevertheless increased $15.0 billion to $198.5 billion, pushing its ratio to reserve assets to 46.5 percent from 43.3 percent and its share of total external debt to 24.4 percent from 23.7 percent. The BOK said part of the increase reflected won deposits and unsettled balances generated by foreign equity sales, with the rise in short-term external debt exceeding the increase in reserve assets during the quarter. The central bank cited Nokia-era Finland, ASML in the Netherlands and TSMC in Taiwan as previous cases in which soaring valuations of dominant exporters with high foreign ownership drove down national net foreign-asset positions. South Korea's equity market is also highly concentrated, with Samsung Electronics common shares accounting for an average 28.24 percent of main-board capitalization in June and SK hynix for 24.96 percent, or a combined 53.2 percent, according to the Korea Financial Investment Association. The BOK said such valuation-driven drops were associated with unusually sharp stock gains and that Korea's net IIP could increase again if domestic share-price gains moderate while current-account surpluses continue. AJP Takeaways: • Bank of Korea preliminary data show South Korea's net IIP fell by $689.5 billion to $64.0 billion in the second quarter, with valuation changes driving the bulk of the decline. • Foreign investors sold a net $63.9 billion of South Korean equities even as valuation and other non-transaction effects added $912.0 billion to the value of their remaining holdings. • South Korea's net external assets in debt instruments increased $2.3 billion to $367.8 billion, distinguishing the collapse in headline net IIP from the country's contractual external debt position. • Samsung Electronics and SK hynix accounted for a combined 53.2 percent of main-board capitalization on a June-average basis, increasing the effect of chip-share valuations on South Korea's international balance sheet. 2026-08-20 14:07:58
  • Seoul Housing Prices Rise, Gangnam Declines While Gangbuk Sees Gains
    Seoul Housing Prices Rise, Gangnam Declines While Gangbuk Sees Gains Seoul's apartment prices continue to rise, but key areas in Gangnam are experiencing declines, while prices in Gangbuk are increasing, highlighting a clear regional disparity.The Korea Real Estate Agency announced on August 20 that for the third week of August 2026 (as of August 17), the national weekly apartment price trend showed a 0.22% increase in Seoul compared to the previous week, up from 0.21%. The greater Seoul area saw a 0.15% rise, while nationwide prices increased by 0.08%, with local areas remaining stable at 0.00%.In Seoul, the 14 districts in Gangbuk rose by 0.30%, surpassing the 11 districts in Gangnam, which saw a 0.14% increase. Seongbuk recorded the highest increase at 0.45%, followed by Jungnang and Seodaemun at 0.44%, and Junggu and Gangbuk at 0.41%. In contrast, Seocho experienced a 0.09% decline, primarily due to falling prices in redevelopment areas like Jamwon and Banpo-dong, while Gangnam dropped by 0.05%, particularly in Daechi and Gaepo-dong.Nationwide, Gyeonggi Province (0.15%), Chungbuk (0.07%), Jeonbuk (0.06%), Ulsan (0.04%), and Daejeon (0.03%) saw price increases. However, Jeju (-0.07%), Chungnam (-0.05%), Gyeongbuk (-0.03%), Gangwon (-0.02%), and Daegu (-0.02%) experienced declines.A similar trend is evident in the rental market. Seoul's apartment rental prices rose by 0.19%, continuing their upward trajectory, but Seocho and Gangnam saw declines of 0.08% and 0.03%, respectively. In contrast, Gangbuk districts like Seongbuk (0.37%), Gangbuk (0.37%), Dobong (0.36%), and Nowon (0.35%) experienced relatively larger increases.Overall, the rise in prices across Seoul is attributed to continued transactions in well-located complexes near subway stations and large developments. The Korea Real Estate Agency noted that despite a cautious market atmosphere, strong demand in certain areas has led to price increases.The weakness in Gangnam is believed to be influenced by a cautious trading environment and the emergence of urgent sales at lower prices. Nam Hyuk-woo, a researcher at Woori Bank, stated, "The release of urgent sales by homeowners who decided to sell after the tax reform announcement is likely reflected in the prices."There are concerns that pressure to sell high-priced apartments may increase. Nam explained, "For owners of high-end apartments valued in the upper 40 billion won range, the anticipated increases in property and capital gains taxes may pressure them to sell in key areas of Gangnam for the time being. Additionally, in redevelopment apartments with relatively poor living conditions, there is a trend of owners wanting to sell before restrictions on transferring membership rights take effect."Analysts suggest that the weakness in Gangnam could also impact adjacent areas like the Han River Belt. Nam noted, "In the Han River Belt area of Seoul, many owners are looking to enter Gangnam, so in the short term, they will inevitably be affected by the market conditions in key Gangnam areas. As the calculations regarding whether they can bear the holding costs before entering Gangnam become more complex, the current price range is expected to persist for the time being."* This article has been translated by AI. 2026-08-20 14:04:00
  • Cosmax Shares Surge Over 5% Following Strong Q2 Earnings
    Cosmax Shares Surge Over 5% Following Strong Q2 Earnings Cosmax's stock has risen more than 5% after reporting second-quarter results that exceeded market expectations.According to the Korea Exchange, as of 1:21 PM, Cosmax shares were trading at 258,500 won, up 12,500 won (5.08%) from the previous trading day. The stock opened at 242,500 won and reached a high of 263,000 won during the session.The increase in stock price is attributed to strong second-quarter results that surpassed consensus estimates.According to the Financial Supervisory Service's electronic disclosure system, Cosmax reported consolidated sales of 794.9 billion won and an operating profit of 73.7 billion won for the second quarter. Both sales and operating profit increased by 28% and 21%, respectively, compared to the same period last year, with operating profit exceeding the market consensus of 69.6 billion won.Park Jong-dae, a researcher at Hana Securities, noted, "Sales from the domestic headquarters grew by 23% year-on-year, while sales from subsidiaries in China and the United States increased by 33% and 79%, respectively, driving the improvement in performance. The Southeast Asian subsidiary has also begun to turn around. Notably, the domestic headquarters surpassed 500 billion won in sales for the first time in a quarter, and the improvement in profitability is encouraging."He added, "The operating leverage in the basic category is becoming more pronounced, and while gel masks were a factor in last year's decline in profitability, this year, the iPatch line has seen explosive growth, contributing to improved profitability."Park also projected an increase in operating profit for the second half of the year, stating, "Due to last year's base effect, high growth rates in the domestic market, and a clear turnaround in overseas subsidiaries, operating profit in the second half is expected to increase by up to 70% compared to the same period last year. The company has provided guidance for third-quarter sales, projecting a year-on-year increase of 35-40% in Korea, 20% in China, 40% in the United States, and 30% in both Indonesia and Thailand."* This article has been translated by AI. 2026-08-20 14:04:00
  • Government to Release Renewable Energy Forecast for 2040 Next Week
    Government to Release Renewable Energy Forecast for 2040 Next Week The government will unveil its forecast for renewable energy deployment through 2040, which will be included in the 12th Basic Plan for Power Supply. The plan will discuss policy measures aimed at enhancing the feasibility of achieving deployment targets for solar and wind energy.The Ministry of Climate, Energy and Environment and the 12th Basic Plan's steering committee announced on August 20 that they will hold the 6th public policy forum on the theme of 'Renewable Energy Deployment Forecast' on the 26th at the Korea Electric Power Corporation's Nam Seoul headquarters in Yeongdeungpo, Seoul.During the forum, a preliminary plan for the deployment of renewable energy sources, including solar and wind, through 2040 will be presented, based on discussions from the steering committee and subcommittees.The government aims to assess the current status of renewable energy deployment in the context of responding to the climate crisis and enhancing energy security, while also discussing the long-term deployment pathway for renewable energy as a primary power source for the future.Renewable energy is considered a key means to achieve national carbon neutrality and meet the country's greenhouse gas reduction targets (NDC). It is also recognized as a major power source that can reduce dependence on fuel imports and bolster future national competitiveness.In particular, the demand for '100% Renewable Energy Use (RE100)' from domestic export companies is increasing, alongside the growing need for large-scale carbon-free power for advanced industries such as AI data centers and semiconductor mega-clusters. The government believes that timely supply of renewable energy is directly linked to industrial competitiveness.In response, the government and the steering committee have been reviewing policy measures and forecasting models to significantly expand renewable energy deployment during the establishment of the 12th Basic Plan. Feedback from this forum will be carefully considered for inclusion in the plan.The forum will take place from 4 PM and will be conducted both in-person and via online live streaming. Those wishing to attend in person must register in advance through the Korea Energy Agency's website.* This article has been translated by AI. 2026-08-20 14:00:00
  • Trump Urges Quick Passage of Clarity Act, Boosting Stablecoin Stocks
    Trump Urges Quick Passage of Clarity Act, Boosting Stablecoin Stocks U.S. President Donald Trump has called for the swift passage of the 'Clarity Act,' which outlines a regulatory framework for virtual assets. This news has led to a surge in domestic stablecoin-related stocks.As of 1:41 PM on August 20, Kakao Pay was trading at 44,700 won, up 3,500 won (8.48%) from the previous trading day. Other stablecoin-related stocks, including Hectofinancial (up 14.82%) and Danal (up 11.52%), also saw significant gains.Previously, Kakao Pay signed a strategic memorandum of understanding (MOU) with Circle Internet Financial, the issuer of the USDC dollar stablecoin, along with Kakao and Kakao Bank. The three companies are exploring business opportunities that combine KakaoTalk-based platform and financial services with Circle's blockchain and global payment infrastructure.Trump's meeting with key figures from the virtual asset industry on August 19, where he urged Congress to pass the Clarity Act, is believed to have stimulated investor sentiment.Market expectations are growing that if the bill passes, regulatory uncertainty in the U.S. virtual asset industry will be alleviated, potentially expanding the digital payment market, including stablecoins.During the meeting at the White House, Trump reportedly emphasized the need for regulatory reforms to ensure that the U.S. remains ahead of competitors like China in the virtual asset industry.The Clarity Act aims to clarify the legal status of virtual assets by distinguishing them as securities or commodities and defining the regulatory jurisdiction of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill is currently pending in the U.S. Senate.* This article has been translated by AI. 2026-08-20 13:56:00