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  • S. Korea denies Korea-owned tanker hit in Hormuz
    S. Korea denies Korea-owned tanker hit in Hormuz SEOUL, September 02 (AJP) - A tanker struck by rockets in the Strait of Hormuz was not owned by South Korea's Sinokor Merchant Marine and had no Korean crew aboard, a South Korean shipping industry group said Wednesday, disputing an earlier Financial Times report that described the vessel as South Korean-owned. The Korea Shipowners' Association said in a statement that the Senegal Prosperity, which was recently attacked while transiting the strategic waterway, was wholly owned by a foreign shipowner and that Sinokor had no beneficial ownership of the vessel. “According to information confirmed through a Sinokor official, the Senegal Prosperity, which was attacked yesterday, is 100 percent owned by an overseas shipowner, and Sinokor Maritime does not hold beneficial ownership of the vessel,” the association said. It added that there were no South Korean nationals among the crew. “The vessel had no Korean crew members aboard, and the entire crew consisted of foreign nationals,” the association said, adding that the tanker had been sub-chartered to an overseas oil company. The clarification follows an FT report that two oil tankers were hit in the Strait of Hormuz on Monday night, identifying them as the Senegal Prosperity, which it described as owned by South Korea's Sinokor, and the Saudi-owned Sidr. The FT cited maritime security analysts and cautioned at the time that poor communications in the Gulf had made it difficult to formally verify the ships' identities. A government source earlier gave AJP a similar account of the ownership arrangement. “Sinokor chartered the vessel from another shipping company and then sub-chartered it to another operator,” the source said. “So, based on what we have found so far, it is not a South Korean vessel.” The Ministry of Oceans and Fisheries has separately said the Senegal Prosperity is Liberian-flagged, is not registered as a South Korean vessel and carried no Korean crew members. The attack came amid renewed U.S.-Iran fighting after U.S. forces on Sept. 1 struck Iranian Revolutionary Guard Corps targets, including air defense sites, radar systems, maritime assets and mine-laying capabilities. Washington said the strikes followed recent IRGC attempts to attack commercial shipping in the Strait of Hormuz and U.S. forces, while Tehran has also carried out attacks on American military targets in the region. The party responsible for striking the Senegal Prosperity has not been identified. AJP Takeaways · Senegal Prosperity is foreign-owned, not Sinokor-owned, a Korean shipping group said. · No South Korean crew were aboard the Liberian-flagged tanker. · The attacker remains unidentified amid renewed U.S.-Iran clashes. 2026-09-02 10:05:33
  • LG Electronics Partners with Marriott to Develop Smart Hotels
    LG Electronics Partners with Marriott to Develop Smart Hotels LG Electronics is teaming up with global hotel chain Marriott International to build next-generation smart hotels. The collaboration will extend beyond hotel TV supply to include the joint development of a platform that encompasses cloud-based room content and device management, expanding LG's business into the hotel digital infrastructure market. On September 2, LG Electronics announced that it signed a memorandum of understanding (MOU) at Marriott's headquarters in Bethesda, Maryland, to enhance room entertainment and technology platforms. The signing ceremony was attended by Kwon Do-young, Vice President of LG Electronics North America, and Drew Pinto, Chief Technology Officer (CTO) and Chief Revenue Officer (CRO) of Marriott. Under this agreement, the two companies will upgrade hotel TVs into a 'media hub' that provides customized content and services to guests. Marriott will offer service direction based on its customer experience (UX) and hotel operational expertise, while LG will handle cloud platform development, integrated management of in-room devices, and operational technical support. The new platform will first be implemented in 40 Marriott hotels across the U.S. and Canada, with plans to gradually expand to Marriott's global hotel brands. A key focus is the cloud transition of hotel room devices. Previously, hotel entertainment systems required individual servers and set-top boxes for each hotel, but the new platform will allow for remote integrated management of in-room devices through the cloud. Hotel operators will be able to monitor the status of devices from individual room TVs to the entire hotel and even across the global portfolio, allowing for remote updates of content and applications. LG Electronics explained that this will enhance operational efficiency and reduce maintenance burdens. Guests will also see an expanded TV viewing experience. They will be able to access live broadcasts and online video services (OTT) through LG hotel TVs, with future plans to enhance services to control room temperature, lighting, and other devices via the TV. With this collaboration, LG Electronics aims to expand its hotel TV-centric business into a comprehensive hotel digital infrastructure business that includes room entertainment, device management, and smart services. To achieve this, LG will integrate its hotel TV product line, including OLED TVs, with the 'LG Pro:Centric' platform tailored for room environments and its proprietary TV and display operating system, webOS. The strategy is to target the global hotel market with an integrated solution that combines hardware, software, and cloud services. LG Electronics and Marriott have a long-standing partnership in the hotel TV sector. This MOU broadens their collaboration from TV supply to joint development of hotel technology platforms, aiming to enhance both hotel operational efficiency and personalized content experiences for guests. Min Dong-seon, head of LG Electronics' MS Business Division ID Business Unit, stated, "We will continue to present innovative total solutions for future smart hotels by combining differentiated hotel TV product competitiveness with cloud and webOS platforms."* This article has been translated by AI. 2026-09-02 10:04:00
  • South Korea Expands Green Transition Cooperation with Multilateral Development Banks
    South Korea Expands Green Transition Cooperation with Multilateral Development Banks The South Korean government is partnering with major multilateral development banks (MDBs) such as the World Bank to support domestic environmental companies in entering overseas green markets. This year, joint technical support projects in the environmental sector, including waste and water management, will be launched in four countries in Africa and Asia.On September 2, the Ministry of Climate, Energy and Environment and the Korea Environmental Industry and Technology Institute announced the fifth 'Korea-MDB Green Cooperation Forum' at The Plaza Seoul Hotel in Jung-gu, Seoul.The Korea-MDB Green Cooperation Forum was initiated in 2022 to assist domestic environmental companies in expanding internationally. It serves as a platform for major MDBs and domestic firms to share business information and explore collaboration opportunities.This year's forum will focus on 'Green Transition in Climate, Energy, and Environment.' Representatives from four MDBs, including the World Bank, Asian Development Bank (ADB), African Development Bank (AfDB), and Central American Bank for Economic Integration (CABEI), will participate.MDBs are international financial institutions established through joint contributions from multiple countries to support sustainable development policies, technologies, and infrastructure projects in developing nations. With the recent increase in investments for climate change response, energy transition, and environmental infrastructure, they are also being utilized as channels for domestic environmental companies to enter foreign markets.The first session of the forum will feature each MDB presenting their green transition strategies, key projects, and future business opportunities in the climate, energy, and environment sectors. The second session will include procurement experts from the World Bank, ADB, and AfDB explaining their respective procurement processes, bidding methods, and considerations for project participation.The third session will allow domestic engineering firms to share their experiences collaborating with MDBs on projects.A 'Korea-MDB Roundtable Partnership' will also be organized, enabling direct meetings between domestic companies and MDB representatives. This initiative aims to facilitate discussions on business ideas and collaboration possibilities, leading to the discovery of new projects and actual participation in initiatives.The Ministry of Climate, Energy and Environment is also pursuing joint technical support projects that utilize domestic environmental technologies to address environmental issues in developing countries.This year's support will target three African countries—Ethiopia, the Democratic Republic of the Congo, and Rwanda—and one Asian country, Vietnam. In Ethiopia, support will focus on organic waste management and circular economy technologies, while the Democratic Republic of the Congo and Rwanda will receive assistance in water quality management and plastic waste management and recycling technologies, respectively. In Vietnam, support will be provided for marine plastic recycling technologies.Kim Ji-young, the international cooperation officer at the Ministry, stated, "As the international community's efforts for green transition and cooperation between countries become increasingly important in responding to the climate crisis and achieving sustainable development, we hope this forum will help our companies understand the MDBs' green transition strategies and business opportunities, allowing them to enter overseas markets based on their excellent environmental technologies and capabilities."* This article has been translated by AI. 2026-09-02 10:04:00
  • G20 Finance Ministers Meeting Fails to Reach Joint Statement Due to Chinas Opposition
    G20 Finance Ministers Meeting Fails to Reach Joint Statement Due to China's Opposition The G20 finance ministers and central bank governors meeting held in the United States concluded on September 1 without a joint statement due to opposition from China. China blocked the U.S.-led global economic solutions by opposing issues such as "freedom of navigation in the Strait of Hormuz" and "resolving trade imbalances."The U.S. Treasury Department announced a chair's statement consisting of 17 points instead of a joint declaration after the meeting. The statement focuses on cooperation among member countries to promote global economic growth, address global imbalances, enhance global financial literacy and education, improve global debt structures, and modernize financial sector regulations.However, the U.S. Treasury stated that the joint statement was not achieved because China opposed points 4, 10, 11, and 13. Point 4 addresses freedom of navigation in the Strait of Hormuz, emphasizing concerns over ongoing disruptions in energy trade and the necessity of ensuring safe and predictable navigation worldwide to support sustainable growth.Point 10 discusses resolving trade imbalances, stating that countries should take measures to eliminate non-market policies and practices that exacerbate imbalances. It specifically mentions that countries with excessive and persistent trade surpluses should remove structural distortions that suppress domestic consumption and improve growth structures that overly rely on exports. Point 11 calls for enhanced monitoring of distorted policies by the International Monetary Fund (IMF) and the Organization for Economic Cooperation and Development (OECD), while point 13 relates to measures concerning countries with significant external exposure, which appear to target China.U.S. Treasury Secretary Scott Vessen said in a press conference that China was the only country to oppose the statement, while other G20 nations would take steps to reach solutions to this unsustainable balance within "days, weeks, or months." He added, "We believe that a non-market economy that continually pushes low-cost exports is not sustainable."As China has expressed opposition to the U.S.-led approach to global economic issues, trade imbalances and other matters are likely to be key topics during Chinese President Xi Jinping's upcoming visit to the U.S. this month.Meanwhile, Secretary Vessen indicated that there are "more commonalities than differences" with China regarding Iran issues. He noted, "China agrees that Iran should not possess nuclear weapons. China also agrees that there should be free maritime trade in the Strait of Hormuz, as it sources 50% of its energy from the Gulf region. Therefore, I believe that moving toward a solution depends on China." 2026-09-02 10:00:00
  • Qualcomm Unveils Dragonwing Edge Chips for AI in Kiosks and Factories
    Qualcomm Unveils Dragonwing Edge Chips for AI in Kiosks and Factories Qualcomm announced the launch of its 'Dragonwing Q-2390' and 'IQ-2390' processors on September 2, targeting the commercial, consumer, and industrial edge AI markets. The focus is on enabling AI processing directly on devices, from kiosks and smart appliances to factory controllers, thereby reducing costs and design complexity.The Q-2390 is a new addition to the Dragonwing Q2 series. It integrates a central processing unit (CPU), graphics processing unit (GPU), on-device AI, and camera, display, and LTE communication capabilities into a single platform. It can be applied in point-of-sale (POS) systems, kiosks, smart appliances, and home robots.The IQ-2390 is the first product in the newly created industrial IQ2 series. It combines AI and machine vision with Ethernet support for time-sensitive networking (TSN) and real-time processing capabilities. Key applications include programmable logic controllers (PLCs), human-machine interfaces (HMIs), industrial vision systems, and energy management equipment.Designed to operate in environments ranging from minus 30 degrees to plus 115 degrees Celsius, the IQ-2390 takes into account conditions with vibrations and shocks. This design addresses the demand for factory automation that requires immediate analysis and control on-site rather than sending data to the cloud for processing.Last February, Qualcomm consolidated its industrial and embedded Internet of Things (IoT) and networking businesses under the 'Dragonwing' brand. Earlier this year, it expanded its industrial edge AI business by acquiring five companies, including Ojentics, Arduino, and Edge Impulse. This marks a shift in its semiconductor business focus from smartphones to factories and energy infrastructure.Both products feature a quad-core Kryo CPU, Adreno 704 GPU, and a real-time RISC-V microcontroller. They support Linux, Android, and Zephyr operating systems, allowing device manufacturers to choose the software environment based on product applications.Qualcomm is broadening the scope of edge AI applications by adding both high-performance industrial AI chips and cost-effective product lines. The strategy aims to spread on-device AI to small and medium-sized industrial and commercial equipment by integrating AI computation and connectivity into a single chip.* This article has been translated by AI. 2026-09-02 09:56:20
  • Mr. Blue Shares Surge on First Day of Trading After Stock Consolidation
    Mr. Blue Shares Surge on First Day of Trading After Stock Consolidation Mr. Blue experienced a surge in its stock price on the first day of trading following a stock consolidation.According to the Korea Exchange, as of 9:52 a.m. on September 2, Mr. Blue's shares were trading at 2,495 won, up 575 won (29.95%) from the previous trading day.The trading of Mr. Blue's shares resumed today following a change in listing due to the stock consolidation. The resumption of trading after a halt has led to a surge in buying interest.Earlier, in May, Mr. Blue's board of directors decided on a 5-for-1 stock consolidation. As a result, the par value per share increased from 100 won to 500 won, and the total number of issued shares was reduced to 16,615,956, one-fifth of the pre-consolidation amount.The company aims to maintain an appropriate number of circulating shares and enhance the stability of stock trading while laying the groundwork for increasing its corporate value through the stock consolidation.Stock consolidation involves combining multiple shares into one, increasing the par value and reducing the number of shares issued. While this does not change the company's actual capital or shareholder value, it is expected to alleviate the perception of being a low-priced stock and enhance trading stability.Mr. Blue is a content company that produces and distributes webtoons and web novels. It operates its own platform to provide webtoons and web novels, along with content production and distribution services.* This article has been translated by AI. 2026-09-02 09:56:10
  • U.S.-Iran Conflict Drives Oil Prices, Interest Rates, and Dollar Strength
    U.S.-Iran Conflict Drives Oil Prices, Interest Rates, and Dollar Strength The won-dollar exchange rate has risen to the 1,370 won range due to rising oil prices and inflation concerns stemming from the U.S.-Iran military conflict.As of 9:35 a.m. in the Seoul foreign exchange market, the exchange rate stood at 1,370.2 won against the U.S. dollar. At 6 a.m. that day, the rate was trading at 1,375.0 won, an increase of 4.6 won from the previous day's closing price.The rise in international oil prices, coupled with increasing U.S. Treasury yields and a stronger dollar, has led to a risk-averse sentiment among investors.Overnight, international oil prices surged. November futures for Brent crude rose by 4.60% to $94.65 per barrel, while October futures for West Texas Intermediate (WTI) increased by 5.20% to $90.22 per barrel.Concerns over inflation due to high oil prices have pushed bond yields higher. The yield on the 10-year U.S. Treasury note continued to rise, reaching around 4.79%, the highest level since January 2025.In response to the preference for safe assets, U.S. stock markets fell across the board. The Dow Jones Industrial Average closed down 419.02 points (0.79%) at 52,766.88.The S&P 500 index fell by 54.67 points (0.71%) to close at 7,631.47, while the Nasdaq Composite dropped 271.12 points (1.03%) to finish at 26,099.77.As inflation concerns spread, expectations for interest rate hikes by the Federal Reserve have strengthened the dollar. The dollar index, which measures the dollar's value against six major currencies, rose by 0.264% to 99.685.The exchange rate is expected to rise to the 1,380 won range. Min Kyung-won, an economist at Woori Bank, stated, "We expect the exchange rate to attempt to recover to 1,380 won due to rising international oil prices, increasing Treasury yields, and a stronger dollar amid renewed geopolitical uncertainty in the Middle East."He added, "We believe the pressure on the won, which had been on an upward trend recently, will increase, and there is a high possibility that dollar demand from importers and residents investing in overseas stocks will push the exchange rate higher."* This article has been translated by AI. 2026-09-02 09:56:10
  • Frieze Seoul Aims to Break Record with Works by Hirst, Kusama, and More
    Frieze Seoul Aims to Break Record with Works by Hirst, Kusama, and More Frieze Seoul is set to potentially break its all-time high sales record this year. Works by blue-chip artists such as Damien Hirst, Louise Bourgeois, James Turrell, and Georg Baselitz are making their way to Seoul. Additionally, pieces by the late Japanese contemporary art icon Yayoi Kusama will be showcased, providing insight into future pricing trends.The 2026 edition of Frieze Seoul opened on September 2 at COEX in Gangnam, featuring over 130 galleries from 30 countries worldwide.Market attention is focused on whether this year will see a new record for sales. Last year, Hauser & Wirth sold American artist Mark Bradford's large triptych painting "Okay, then I apologize" (2025) for $4.5 million (approximately 6.3 billion won at the time), marking the highest price for a single artwork since the fair's inception in 2022.Major galleries have brought high-value works again this year. Gagosian is presenting a solo exhibition featuring the works of British contemporary artist Damien Hirst. His large-scale retrospective at the National Museum of Modern and Contemporary Art, which concluded in June, attracted 500,000 visitors, highlighting significant public interest. The exhibition includes key series such as "Pill Cabinets," "Spin Paintings," "Spot Paintings," and "Treasures." Kusama's works are another highlight of this year's Frieze Seoul. Ota Fine Arts is centering its presentation around Kusama's self-portrait "Portrait Yayoi-Chan" (2014). Kusama passed away at the age of 97 on August 14 in Tokyo. Given that this major international art fair is taking place shortly after her death, it is expected to provide insights into the future pricing of her works. Her 2015 piece "Pumpkin (MBOK)" sold for 10.45 billion won at a Seoul auction in March, setting a new record for domestic auction sales.Hauser & Wirth, which set the highest price record last year, is also showcasing works by renowned artists. The gallery will present Jenny Holzer's new gilded work "PROFORMA" (2026), along with Louise Bourgeois's "Untitled" (1998) and Lee Lozano's "Cram" (1965).At Pace Gallery, visitors can see a new oval glass installation by James Turrell, known as the "artist of light," alongside a 1992 painting by Emily Kame Kngwarreye and previously unseen sculptures and paintings by Anicka Yi.Major works by Korean masters are also on display. White Cube is featuring "Ecriture No. 221121" (2022), one of the last works created by Park Seo-Bo. Gallery Hyundai is showcasing Kim Chang-Yeol's "Water Droplet" painting and works by Lee Seung-taek, a pioneer of Korean avant-garde sculpture. International Gallery is presenting a range of Korean and Korean-American artists, including Ha Chong-hyun, Kim Yoon-sik, Yang Hae-kyu, Byron Kim, and Gala Porras-Kim.Art exhibitions and fairs across Seoul are notably interconnected. Lehmann Maupin is hosting a solo presentation of works by Seo Do-ho, who currently has a major solo exhibition at the National Museum of Modern and Contemporary Art. Thaddaeus Ropac is showcasing works by Lee Kang-soo, who is holding a solo exhibition at the Lotte Museum, and Georg Baselitz, whose retrospective is taking place at the Sehwa Art Museum. Johyun Gallery is featuring a solo presentation of sculptures by Lee Bae, who is hosting a large-scale solo exhibition at the Wonju Museum San.* This article has been translated by AI. 2026-09-02 09:56:00
  • Gwangju Semiconductor Industrial Complex Power Network Construction Exempted from Feasibility Study
    Gwangju Semiconductor Industrial Complex Power Network Construction Exempted from Feasibility Study The South Korean government has decided to provide up to 20 trillion won in support to Gwangju over the next four years and exempt the power network construction project for the Gwangju Semiconductor Industrial Complex from a feasibility study. Additionally, the national budget for Gwangju next year will include 13.9 trillion won in funding. According to Gwangju City on September 2, the government approved the "2027 Budget Proposal," "2027 Fund Management Plan," and the "Plan for Promoting the Power Network Construction Project for the Honam Semiconductor Industrial Complex" during the 38th Cabinet meeting chaired by President Lee Jae-myung on September 1. To expedite the construction of the semiconductor industrial complex's power network, the government confirmed the exemption from the feasibility study. The government and Korea Electric Power Corporation are currently working on connecting a supply line of 20 to 25 kilometers from the 345 kV transmission network at Sinjangseong and Singwangju to the planned semiconductor cluster site at Gwangju Military Airport. The total power demand for four semiconductor fabs and their partner companies is estimated at 6.3 gigawatts. The government plans to establish the first phase of the power supply network by 2029 to support the operation of semiconductor production facilities by 2030. By skipping the feasibility study process, which typically takes several years, the construction timeline for the power network can be shortened to align with corporate investment schedules. Recently, the water supply project for the industrial complex and the integrated financial support project for semiconductors were also exempted from feasibility studies, which is expected to accelerate the development of infrastructure that combines power, water, and the industrial complex. In the budget proposal and fund management plan for next year, the government has identified semiconductors and AI as key investment areas among three major mega-projects. Gwangju City will receive 5 trillion won in financial incentives next year. Of this amount, 4.35 trillion won will be provided through the integrated local government support fund, while the remaining 650 billion won will be allocated in connection with the tasks and projects of special local administrative agencies transferred to the integrated city. The integrated local government support fund is divided into a general support account and a semiconductor support account. Next year, 28.5 trillion won will be allocated to the general support account and 15 trillion won to the semiconductor support account. The general support account will be used for fostering regional key industries, attracting businesses, nurturing talent, improving living conditions, expanding metropolitan transportation networks, and covering integrated administrative costs. The semiconductor support account will focus on infrastructure for the industrial complex, support for resident companies, technology development, building a materials, parts, and equipment ecosystem, and training specialized personnel. The government plans to provide 6 trillion won in total support for the semiconductor sector from 2027 to 2030, allocating 1.5 trillion won annually, along with 14 trillion won for general support and related tasks, aiming for a total of up to 20 trillion won over four years.* This article has been translated by AI. 2026-09-02 09:56:00
  • Mariana Tourism Office Wins First Global Travel Campaign Award
    Mariana Tourism Office Wins First Global Travel Campaign Award The Mariana Tourism Office has been named the first winner of the newly established Global Travel Campaign category. The award recognizes the "FAR FROM ORDINARY" campaign, which expanded tourism promotion from Saipan to include Tinian and Rota.The announcement was made on September 2, following the "2026 Brand of the Year" awards ceremony held at the Shilla Hotel in Seoul on September 1.The Brand of the Year awards are determined through consumer voting, and the Global Travel Campaign category was introduced this year.The winning campaign, "FAR FROM ORDINARY (Experiences Beyond the Ordinary: This is Mariana)," was launched by the Mariana Tourism Office to promote the Northern Mariana Islands across six themes: culture and diversity, environment, sustainability, adventure, and history.In addition to highlighting Saipan, the campaign also features Tinian and Rota, showcasing each island's natural environment, history, and recreational activities.The office is also working on initiatives that link sports with tourism, utilizing activities such as marathons, cycling, diving, and golf. Future plans include developing related products and content in collaboration with airlines, travel agencies, and sports communities.Kim Yong-nam, the representative of the Mariana Tourism Office in South Korea, stated, "We will actively create content to promote Saipan, Tinian, and Rota in collaboration with key partners in the travel industry and continue our related campaigns."Professor Seo Kyung-duk from Sungshin Women's University participated in the award ceremony. Last year, he produced and donated 10,000 copies of a Korean-English guidebook highlighting the historical traces of Koreans in Saipan and Tinian, marking the 80th anniversary of Korea's liberation.* This article has been translated by AI. 2026-09-02 09:56:00