AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • Iljin Electric Soars Over 15% on Record Earnings Amid Mixed Price Target Outlook
    Iljin Electric Soars Over 15% on Record Earnings Amid Mixed Price Target Outlook Iljin Electric's stock surged over 15% during trading after the company reported record earnings for the second quarter of this year. Analysts expect continued profitability improvements driven by expanding overseas sales, particularly in the United States, although opinions on price targets vary.As of 11:08 a.m. on August 12, Iljin Electric shares were trading at 71,800 won, up 10,000 won (16.18%) from the previous day. At one point, the stock reached 74,400 won, reflecting strong market performance.On August 11, Iljin Electric announced that its operating profit for the second quarter reached 72 billion won, a 91.4% increase compared to the same period last year. Revenue for the same period was 637.4 billion won, up 21.9%. Both revenue and operating profit are the highest recorded for a second quarter.The company's power equipment segment saw revenue of 206.5 billion won, a 57% increase year-on-year, with operating profit rising 142% to 53.3 billion won. The profit margin for this segment improved to 25.8%, bolstered by increased sales to the U.S. The backlog for the power equipment segment stood at $1.29 billion, with 77% of that coming from North America.In the wire segment, second-quarter revenue was 430.3 billion won, a 10% increase from the previous year, while operating profit rose 83% to 18.9 billion won. For the first half of the year, sales of high-voltage transformers reached 251.8 billion won, with North America accounting for about 40% of that total.Iljin Electric also achieved record results for the first half of the year, with total revenue of 1.1435 trillion won and operating profit of 122.7 billion won.Analysts predict that Iljin Electric's earnings growth will continue in the second half of the year, although there are differing views on price target adjustments.Mirae Asset Securities raised its price target for Iljin Electric from 95,000 won to 114,000 won, an increase of 20.0%, while maintaining a 'buy' rating.Kim Tae-hyung, a researcher at Mirae Asset Securities, stated, "We expect further profit margin improvements due to the increased share of sales to the U.S. Considering that it typically takes about three years from order to revenue recognition, the share of North American sales will continue to grow until the 2029 orders are fully shipped."Concerns about production capacity have eased somewhat. Iljin Electric increased its second-quarter revenue by operating its production lines above capacity without additional expansions. The production line utilization rate for the first half of the year was 108%. Kim noted, "The ability to secure additional revenue without capital expenditure (Capex) burdens is a positive factor for profitability."Conversely, NH Investment & Securities maintained a 'buy' rating but lowered its price target from 118,000 won to 108,000 won, a decrease of 8.5%. This adjustment reflects the rising cost of equity due to interest rate increases, though it does not indicate a negative outlook on earnings.Lee Min-jae, a researcher at NH Investment & Securities, commented, "We expect continued profit margin improvements in the second half due to the increased share of North American sales. Additionally, profitability from projects outside North America remains strong, and we anticipate benefits from three major mega projects underway in South Korea."* This article has been translated by AI. 2026-08-12 11:36:00
  • Air Premia Enhances HSC Business Model for U.S. and Transfer Services
    Air Premia Enhances HSC Business Model for U.S. and Transfer Services Air Premia announced on August 12 that it is enhancing its Hybrid Service Carrier (HSC) business model to strengthen customer service and network competitiveness, focusing on long-haul routes centered around the U.S.The airline is prioritizing seat services to improve convenience for long-distance travelers. It is expanding the space between some economy seats from 31 inches to 33 inches and is operating a wide premium class that offers more space than standard economy.In fact, the boarding rate for the wide premium class on U.S. routes in the first half of this year was about 4 percentage points higher than that for Asian routes, indicating a strong customer preference for more spacious seating on longer flights.Air Premia is also enhancing in-flight services, including meals, baggage handling, and entertainment. Currently, free one-hour Wi-Fi is available on three aircraft, with plans to expand this service to the entire fleet in the future.Building on this customer experience, the airline has expanded its long-haul network in the U.S. It now serves major cities from the West Coast, such as Los Angeles and San Francisco, to the East Coast, including New York and Washington, D.C., as well as Honolulu. Notably, the proportion of foreign passengers on mainland U.S. routes, excluding Honolulu, is approximately 55.3%, ensuring a stable global demand base.Cargo transport utilizing the long-haul network is also on the rise. Last year, cargo volume reached 34,546 tons, a 47.5% increase from the previous year. The airline is enhancing the utilization of long-haul routes by transporting both passengers and cargo through services like the 'Aloha Express' connecting Incheon International Airport and Honolulu.As Air Premia expands its long-haul network centered around Incheon, demand for transfer and interline services is rapidly increasing. In the first half of this year, the number of transfer passengers reached 39,110, a 454.2% increase compared to the same period last year. The airline connects its own Asian routes, including Narita, Bangkok, and Hong Kong, with U.S. routes, while also linking to regions in Asia, such as China, through interline agreements, thereby enhancing its network competitiveness.An Air Premia official stated, "Air Premia's HSC is a business model that enhances both the services and connectivity that customers actually need based on long-haul routes. We will continue to expand transfer and interline services centered around our U.S. network and invest in customer experience to create a differentiated HSC business model."* This article has been translated by AI. 2026-08-12 11:36:00
  • Power Supply Agreements for Semiconductor Complexes in Honam and Yongin
    Power Supply Agreements for Semiconductor Complexes in Honam and Yongin The government is taking steps to establish a power supply network to meet the electricity demand exceeding 20 gigawatts (GW) for semiconductor industrial complexes in Honam and Yongin. Starting in 2029, an initial supply of 3GW will be provided to the Honam complex, while Yongin will see the construction of liquefied natural gas (LNG) power plants and transmission lines along the East Coast to address a projected demand of over 14GW by 2041.On August 12, the Climate Energy Environment Ministry held a 'Power Supply Agreement Ceremony for the Honam and Yongin Semiconductor Mega Project' at the Korea Electric Power Corporation's Gyeongin Construction Headquarters in Seoul.During the ceremony, the ministry, along with the Gwangju-Jeonnam Integrated Special City, Samsung Electronics, SK Hynix, and Korea Electric Power Corporation (KEPCO), signed three agreements: one for the Honam complex and two for the Yongin national and general industrial complexes.The expected power demand for the Honam complex is over 6GW. To accommodate the needs of businesses, the government plans to establish the first phase of power supply facilities capable of providing approximately 3GW starting in 2029, allowing initial fabs to begin operations. A second phase will further expand the power supply capacity to over 6GW.In the first phase, a transmission line branching from the Sinjangseong-Shingwangju line will be constructed to connect to the complex, along with one substation within the complex. The second phase will add another substation and new supply lines, with specific configurations to be finalized after technical reviews and consultations with businesses and relevant agencies.The costs for the first phase of power supply facility construction will be shared between public and private sectors. Some private contributions will be supported by national finances under the recently enacted 'Special Semiconductor Act.' The Gwangju-Jeonnam Integrated Special City has committed to expediting the necessary permits for the construction of transmission lines and substations.In Yongin, the national and general industrial complexes are expected to generate over 14GW of power demand by 2041.This agreement ceremony also included modifications to parts of the power supply agreement for the Yongin general industrial complex signed in November 2024, as well as a new agreement for the second phase of power supply for the Yongin national industrial complex.The Yongin national industrial complex will receive power for a total of six semiconductor fabs in phases by 2041. Initially, by 2032, a short-distance transmission line will be constructed near the complex, along with three LNG power plants with a capacity of 1GW each to meet early demand. These LNG plants will replace aging coal power generation.By 2035, the capacity of existing transmission lines will be increased to meet additional demand. Ultimately, plans are in place to establish transmission lines to bring power from the East Coast and central regions to Yongin.For the Yongin general industrial complex, initial power will be supplied through a transmission line connecting the newly completed Sinanseong substation and Dongyongin substation, which was completed in July this year. In 2031 and 2032, nearby lines and East Coast supply lines will be constructed ahead of schedule.Climate Minister Kim Seong-hwan stated, "The key to the success of the semiconductor mega project is rapid power supply," adding, "The government, businesses, and local communities will work as one team to drastically shorten administrative procedures and ensure timely power supply in line with the construction of new industrial complexes."KEPCO President Kim Dong-cheol emphasized, "We will concentrate all our capabilities to ensure timely power supply in line with the increasing power demand from businesses."* This article has been translated by AI. 2026-08-12 11:32:00
  • HD Construction Machinery Achieves Global Platinum Certification for Resource Recycling
    HD Construction Machinery Achieves Global Platinum Certification for Resource Recycling HD Construction Machinery's Incheon campus announced on August 12 that it has received the highest 'Platinum' rating from UL Solutions for the ZWTL (Zero Waste to Landfill) certification for two consecutive years.The ZWTL certification evaluates a company's resource recycling capabilities by verifying the methods used for waste recycling and energy recovery. Ratings are assigned based on recycling rates, with Platinum (100%), Gold (95-99%), and Silver (90-94%) classifications.Since achieving Gold ratings for four consecutive years starting in 2021, HD Construction Machinery became the first in the construction machinery industry to reach a recycling rate of 99.54% last year, earning the Platinum rating. The company has maintained this top rating for a second year.HD Construction Machinery is exploring various resource recovery methods tailored to the characteristics of waste. To reduce packaging waste generated during the supply of raw materials, the company is transitioning to reusable plastic boxes and has implemented a resource recycling system that recovers and reuses used packaging materials.Beyond managing workplace waste, HD Construction Machinery is expanding its resource recycling activities throughout the entire lifecycle of its products, from development to use, repair, and disposal.The company is developing biodegradable lubricants for use in hydraulic systems and engines of construction machinery to reduce environmental impact at the disposal stage. It is also working on performance verification for recycled parts containing 20-30% recycled materials for application in product interiors and exteriors.An HD Construction Machinery representative stated, "Achieving the ZWTL Platinum rating for two consecutive years is the result of our employees' continuous efforts to establish a resource recycling system and reduce waste. We will continue our resource recycling efforts throughout all processes, from operations to product use and disposal."Meanwhile, on August 6, HD Construction Machinery signed power purchase agreements (PPAs) with multiple renewable energy providers for a total capacity of 12.4 MWp at its Incheon facility, accelerating its goal to achieve RE100 by 2040.* This article has been translated by AI. 2026-08-12 11:28:20
  • Polestar Launches Extended Warranty Program to Enhance Vehicle Value and Ownership Experience
    Polestar Launches Extended Warranty Program to Enhance Vehicle Value and Ownership Experience Swedish premium electric vehicle brand Polestar announced the launch of its 'Polestar Extended Warranty Program' on August 12, offering special benefits for one month to celebrate the rollout.The Polestar Extended Warranty Program provides coverage for key components even after the basic warranty on new vehicles expires, helping to maintain the vehicle's value and reliability for a longer period.The warranty coverage is the same as the basic warranty provided at the time of new vehicle purchase, and it can be transferred to the next owner when the vehicle is sold. This feature not only reduces the burden of unexpected repair costs but also helps enhance the residual value of the vehicle during resale by maintaining official warranty benefits.The program consists of two options: 'Plus' and 'Performance.' The Plus option extends coverage for one year or up to 20,000 kilometers after the basic warranty ends, while the Performance option extends the warranty for two years or up to 40,000 kilometers. The applicable criteria are based on whichever comes first between the time period and mileage.Customers enrolled in the program can receive inspection and repair services from dedicated EV technicians at 38 Polestar service points (official Volvo service centers) nationwide, with pickup and delivery services also provided for warranty repairs.To commemorate the program's launch, Polestar Korea is offering special benefits to customers who enroll by September 11. Customers who sign up for the extended warranty program during this period will receive support for their out-of-pocket expenses, up to 500,000 won per incident, in the event of a car accident.According to the terms, Plus customers can receive benefits up to three times within one year, while Performance customers can receive benefits up to six times within two years.Additionally, there will be a drawing for prizes, including a 2 million won Stayfolio travel voucher (1 winner), a 500,000 won Stayfolio travel voucher (2 winners), and 10 vouchers for electric vehicle charging worth 100,000 won each.Ham Jong-seong, CEO of Polestar Korea, stated, "The Polestar Extended Warranty Program is designed to provide customers with peace of mind while using their vehicles. We will continue to expand various customer services to offer a differentiated ownership experience throughout the entire vehicle purchase process."* This article has been translated by AI. 2026-08-12 11:28:00
  • Youngpoongs Zero Liquid Discharge System Gains Attention for Wastewater Recycling
    Youngpoong's Zero Liquid Discharge System Gains Attention for Wastewater Recycling As the industrial sector increasingly calls for reduced wastewater discharge and expanded reuse, Youngpoong's Zero Liquid Discharge (ZLD) system at the Seokpo Smelter is gaining recognition as an eco-friendly water treatment model.According to Youngpoong, the Seokpo Smelter in Bonghwa, North Gyeongsang Province, has been operating its ZLD system since May 2021, making it the first smelter in the world to implement such a system.ZLD is a circular water treatment system that reprocesses all wastewater generated during the smelting process without discharging it externally. This approach not only significantly reduces wastewater discharge but also conserves water by reusing it in the smelting process, earning it recognition as a case of 'Water Positive' in the industry.Youngpoong invested approximately 475 billion won to establish the ZLD system. It employs a low-pressure evaporation concentration method, where treated wastewater is evaporated at temperatures above 100 degrees Celsius, and the resulting steam is condensed to recover clean water for reuse in the smelting process. Notably, waste heat steam generated during the smelting process is utilized as a heat source, enhancing energy efficiency.The ZLD facility can process up to 4,000㎥ of wastewater daily, with an average of 2,000 to 2,500㎥ being treated and reused. This results in a reduction of approximately 880,000㎥ of river water intake annually.Youngpoong has also secured patents related to ZLD technology. Recently, local government officials and industrial park representatives have been visiting the site to explore the implementation of similar zero discharge systems, establishing it as a benchmark in the industry.The company continues to invest in environmental improvements. Following an environmental innovation plan established in 2019, Youngpoong has invested a cumulative total of about 540 billion won by last year to enhance water quality, air quality, and soil conditions.As a result, water quality in the Nakdong River near the smelter has shown that levels of key heavy metals such as cadmium, lead, arsenic, mercury, and copper are all below detectable limits. This indicates that the concentrations are lower than the minimum levels measurable by testing equipment.The company stated that the heavy metal concentrations are lower compared to those in the water near other zinc smelters located in the Onsan Industrial Complex in Ulsan. Recently, the presence of the endangered species otter has also been consistently confirmed in the Nakdong River near the smelter.A Youngpoong representative stated, "The Seokpo Smelter is committed to securing smelting competitiveness while continuously developing and investing in technologies for environmental and water resource protection. We aim to contribute to the eco-friendly transition of industrial sites and the expansion of resource circulation based on the achievements of the ZLD system and other environmental improvements."* This article has been translated by AI. 2026-08-12 11:28:00
  • Anyang Police to Inspect Vulnerable Areas in Pyeongchon Academy District
    Anyang Police to Inspect Vulnerable Areas in Pyeongchon Academy District The Anyang Dong-an Police Station conducted focused inspections of rooftops and vulnerable areas in high-rise buildings in the Pyeongchon academy district on August 11, ahead of the start of the second semester, to prevent youth delinquency and crime. According to the police, the inspections involved school resource officers (SPOs), parent police, the Anyang Academy Association, the Anyang Youth Leaders Association, and the Youth Hazardous Environment Monitoring Group, who collaborated on safety checks in the area. This initiative was prompted by recent reports to emergency services regarding suspected youth smoking and drinking on the rooftops of academy buildings. Particularly, the police identified rooftops, stairwells, and hallways as 'blind spots' where management may be lax, focusing on preventing unauthorized access and use of these areas by youths. The police recommended that building owners and managers install automatic rooftop access control systems. These systems would restrict access under normal circumstances to prevent unauthorized entry by outsiders or youths, while allowing automatic opening during emergencies, such as fires, in coordination with fire safety systems. This measure aims to enhance safety and prevent crime and delinquency. During the inspections, the police checked for the presence of CCTV and warning signs in vulnerable areas within the buildings and provided guidance on installing emergency bells and other crime prevention facilities to ensure quick assistance in emergencies. If any crime vulnerability factors, such as malfunctioning lights or damaged facilities, were discovered during the inspections, the police plan to notify the relevant local government to facilitate environmental improvements. The joint inspections not only involved police but also parents and academy officials, highlighting community interest in safety in the academy district. Local residents expressed the need for inspections that address hidden vulnerabilities around the academy area where students spend extended periods. There is optimism that this approach, which goes beyond merely increasing patrols to improving the environment with building owners and managers through access control facilities, CCTV, and lighting, will enhance preventive effects. One parent stated, “I worry about whether not only the inside of the academy but also shared spaces and rooftops are being managed safely during the times students are attending classes. It is reassuring that police, parents, and local organizations are directly inspecting vulnerable areas together.” Community members have emphasized the importance of a preventive approach that identifies and improves risky spaces rather than merely responding to youth delinquency after it occurs. Chief Kim Shin-jo stated, “The rooftops of academy buildings can easily be misused as places for youth delinquency or pose risks for safety incidents. As the second semester begins, we will continue to work with the community to create a safe and healthy environment where youths can focus on their studies.” Meanwhile, the police plan to continue collaborating with relevant agencies and the community to prevent crime and delinquency in areas frequented by youths, including the academy district. 2026-08-12 11:24:00
  • Asiana Airlines Approves Merger with Korean Air, Marking the End of a Five-Year Journey
    Asiana Airlines Approves Merger with Korean Air, Marking the End of a Five-Year Journey Asiana Airlines has finalized its merger with Korean Air during an extraordinary shareholders' meeting.On August 12, Asiana Airlines announced that it approved the 'merger agreement' as originally proposed. The attendance rate of shareholders was 81.9%, with a support rate of 99.3%.This decision is to approve Asiana Airlines' absorption by Korean Air, as outlined in the merger agreement signed on May 14.Following this approval, the two companies plan to officially launch the merged Korean Air on December 17.Since officially announcing its acquisition of Asiana Airlines in November 2020, Korean Air has been working through regulatory reviews by domestic and international competition authorities.Song Bo-young, CEO of Asiana Airlines, stated, "This has been a long journey of over five years since November 2020. We will successfully conclude the merger process with Korean Air on December 17 and emerge as the new integrated Korean Air."He emphasized, "This will be the first step in writing a new history for the South Korean aviation industry as a mega carrier."Regarding the integration of mileage programs with Korean Air, CEO Song noted, "We are diligently consulting with the Fair Trade Commission to protect consumer interests and minimize inconveniences."Meanwhile, Korean Air is also set to hold a board meeting to vote on the merger approval today. 2026-08-12 11:20:00
  • Supreme Court Confirms Samsung Securities to Pay 1.87 Million in Ghost Stock Case
    Supreme Court Confirms Samsung Securities to Pay 1.87 Million in Ghost Stock Case The Supreme Court has confirmed that Samsung Securities must pay approximately 1.87 billion won to the National Pension Service (NPS) for damages incurred during the so-called "ghost stock dividend incident" in 2018. Unlike the lower court's ruling, the Supreme Court concluded that Samsung Securities is liable under civil law for the negligence of its employees responsible for dividend operations.On August 12, the Supreme Court's second division, led by Justice Oh Kyung-mi, upheld the lower court's decision that partially favored the NPS in its damages claim against Samsung Securities. Both parties' appeals were dismissed.The court found that Samsung Securities bears employer liability under Article 756 of the Civil Code for the illegal actions of its employees involved in the dividend process.Previously, the appellate court had determined that there was no significant causal relationship between the negligence of the dividend staff and the damages suffered by the NPS, citing that some employees had sold off incorrectly recorded shares in large quantities.However, the Supreme Court ruled that considering the liquidity and marketability of Samsung Securities' stock, as well as the circumstances surrounding the large-scale sell-off, the dividend staff could have anticipated that other employees would place sell orders for the incorrectly recorded shares, leading to actual transactions. Thus, a significant causal relationship between the negligence of the dividend staff and the NPS's damages was recognized.Despite acknowledging additional employer liability, the court concluded that this did not warrant a change in the scope of damages or the limitation of liability. The lower court's decision to limit Samsung Securities' liability to 50% of the total damages was upheld.The incident occurred in April 2018 during the dividend process for employee stock ownership. Samsung Securities intended to distribute 1,000 won per share to its employee shareholders, but a staff member mistakenly entered 1,000 shares instead of the intended amount. The team leader failed to catch the error and approved it.As a result, on April 6, 2018, over 28.1 million shares—more than 30 times the intended amount—were incorrectly credited to the accounts of 2,018 Samsung Securities employees. Subsequently, 22 employees placed sell orders for about 12.08 million shares, with actual transactions occurring for approximately 5.01 million shares from 16 employees.On the day of the incident, trading volume for Samsung Securities surged to about 20.8 million shares, more than 40 times the previous day's volume, causing a sharp decline in the stock price.The NPS, which held over 11.23 million shares of Samsung Securities at the time, claimed damages of over 29.9 billion won due to the stock price drop following the incident and filed a lawsuit against Samsung Securities in 2019.The court found that Samsung Securities failed to establish adequate internal procedures to mitigate risks during the dividend process. Considering the circumstances of the incident, the extent of the NPS's damages, and the aftermath, Samsung Securities' liability was limited to 50% of the total damages.The compensation was also limited to the shares sold by the NPS between April 6 and April 10, 2018, which were directly impacted by the incident. The damages were calculated based on the difference between the actual selling price during that period and the normal price that would have prevailed without the incident, deducting any profits the NPS made from purchasing shares at the lower price.The first trial ordered Samsung Securities to pay the NPS approximately 1.87 billion won. The appellate court did not accept appeals from either side. The Supreme Court also deemed the lower court's judgment regarding the scope of damages and liability ratio to be ultimately justified, confirming the ruling.* This article has been translated by AI. 2026-08-12 11:20:00
  • Hanwha General Insurance Reports 45.6% Increase in Q2 Net Profit
    Hanwha General Insurance Reports 45.6% Increase in Q2 Net Profit Hanwha General Insurance reported a net profit of 116.4 billion won for the second quarter of this year, marking a 45.6% increase compared to the same period last year, driven by improvements in long-term insurance reserves and increased amortization gains from contract margins (CSM). The new contract CSM also reached a record high for the quarter. The company announced on August 12 that its revenue for the second quarter was 1.9774 trillion won, up 15.4% from 1.7134 trillion won in the same period last year. Cumulative revenue for the first half of the year reached 3.949 trillion won, an 18.9% increase year-on-year. The profitability indicator, new contract CSM, rose to 327.2 billion won in the second quarter, a 24.9% increase from 261.9 billion won in the same period last year. This figure surpassed the previous quarter's record of 302.4 billion won, setting a new quarterly high. As of the end of the first half, the retained CSM stood at 4.4204 trillion won, a 7.2% increase from the previous year. The average monthly new long-term insurance contracts amounted to 7.73 billion won, a 3.5% increase compared to the same period last year. Hanwha attributed this growth to increased sales of its 'Signature Women's Health Insurance' product. The company's solvency indicators remained stable, with the estimated solvency ratio (K-ICS) at 185% before transitional measures and 228% after. A Hanwha General Insurance official stated, "Sales of long-term insurance products are increasing across various sales channels. We will maintain a sales focus centered on CSM in the second half and expand our differentiated product pipeline to ensure continued growth."* This article has been translated by AI. 2026-08-12 11:16:20