AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • EcoPro BM Upgrades Hungary Plant for NCM Production to Target European OEMs
    EcoPro BM Upgrades Hungary Plant for NCM Production to Target European OEMs EcoPro BM has begun renovations at its Hungary plant to supply large-scale high-nickel cathode materials to global European automotive OEMs.On August 24, EcoPro BM announced that it is modifying its existing nickel-cobalt-aluminum (NCA) line to produce nickel-cobalt-manganese (NCM) materials, which will be supplied to premium electric vehicles in Europe starting in the fourth quarter of next year.The Hungary plant, which began commercial operations in the first half of this year, has an annual production capacity of 54,000 tons and is currently operating with the NCA line. The renovation will require an investment of approximately 40 billion won.EcoPro BM is currently proceeding with equipment orders and shipping to convert this line into a 'NCA NCM mixed line.'The Debrecen plant in Hungary commenced operations of its first line on June 1 and is set to begin operations of its second line in September. The company aims for an annual production target of 10,000 tons this year, with plans to increase production to 30,000 tons next year.The high-nickel cathode materials produced for Europe will contain over 90% nickel. EcoPro Group is working to secure a stable supply of nickel, which accounts for 50% of the manufacturing cost of battery cathode materials, through its BNSI smelter in Indonesia, enhancing its supply chain and cost competitiveness for OEM contracts.Kim Jang-woo, CEO of EcoPro BM, stated, "We expect the Hungary subsidiary to turn a profit starting in the fourth quarter. We will strengthen partnerships with European automotive OEMs based on a stable supply chain and accelerate profitability improvements."Meanwhile, during a second shareholders' meeting on August 21, EcoPro BM projected that due to recent stock price declines, the scale of funds raised through a capital increase would decrease from the initially planned 1.2 trillion won to around 900 billion won.However, the company will continue its planned growth investments. A company official noted, "We will supplement the shortfall through external financing such as loans and corporate bonds, and investments in the Indonesian nickel and Hungary plants will proceed as scheduled."* This article has been translated by AI. 2026-08-24 10:32:00
  • Park Jeong-seong: U.S.-Korea Strategic Investment Will Rival FTA Cooperation
    Park Jeong-seong: U.S.-Korea Strategic Investment Will Rival FTA Cooperation Park Jeong-seong, the newly appointed head of the Trade Negotiation Bureau at the Ministry of Trade, Industry and Energy, stated on August 24 that "the implementation of U.S.-Korea strategic investment has emerged as the biggest challenge and opportunity between the two countries," adding that "through strategic investment, we will create a new bilateral cooperation framework comparable to the past U.S.-Korea Free Trade Agreement (FTA)."During his inauguration ceremony at the government complex in Sejong, Park noted, "The U.S.-initiated tariff restructuring and the movement toward domesticating strategic industries are signaling a restructuring of the trade order, solidifying strategic competition between the U.S. and China and prompting solidarity among other middle powers."Regarding the implementation of U.S.-Korea strategic investment, he emphasized that it would provide an opportunity for the Korean public to develop a new perspective on the U.S.-Korea relationship, stating, "We must exert all efforts to achieve the right outcomes in strategic investment discussions."Park assessed that the global trade environment is shifting from an era centered on the World Trade Organization (WTO), which emphasized openness, efficiency, and non-discrimination, to one focused on economic security. He identified tariffs, subsidies, industrial policy, supply chain cooperation, export controls, and investment reviews as key tools in creating this new trade order.He also highlighted the importance of linking industrial and trade policies, stating, "If securing irreplaceable industries and technologies is the core of industrial policy, then creating space to realize this within the global supply chain is the essence of trade policy." He noted that Korea has become a country with irreplaceable or rapidly growing industries in semiconductors, nuclear power, and shipbuilding.Park remarked, "In the past, we had no choice but to comply with the global trade order, but thanks to this industrial growth, we are now in a position to assertively voice our opinions as a stakeholder in shaping the new trade order." He stressed the need to actively discover and lead trade negotiation agendas to solidify this status.On exports, he mentioned, "We are experiencing rapid growth in annual exports, moving from $700 billion toward $1 trillion," and added, "Countries with irreplaceable industries are chosen, while those with only replaceable industries face economic security realities that compel them to make choices. Therefore, we must rapidly expand our trade infrastructure alongside the cultivation of new irreplaceable industries."Regarding export diversification, he stated, "Both the markets for resource procurement and the markets for exporting products need diversification," and noted, "We have quickly upgraded existing FTAs and are making efforts to establish comprehensive economic cooperation networks with emerging regions, moving toward simultaneous and bold diversification at a pace unmatched by any other country."Park concluded by saying, "We will strengthen communication with businesses, farmers, fishermen, and field personnel, and closely collaborate with various ministries and overseas missions," adding, "Trade policy starts domestically, and our strength in negotiations comes from inter-ministerial coordination, so I will support you all."* This article has been translated by AI. 2026-08-24 10:28:10
  • Korean Finance Minister Meets New AIIB President to Discuss Collaboration
    Korean Finance Minister Meets New AIIB President to Discuss Collaboration Korean Finance Minister and Deputy Prime Minister Koo Yun-cheol met with the new President of the Asian Infrastructure Investment Bank (AIIB), Zhao Xiaochuan, to discuss expanding the participation of Korean companies in AIIB projects and increasing the hiring of Korean personnel.According to the Ministry of Economy and Finance, Koo met with President Zhao during his visit to South Korea, marking Zhao's first visit to a developed donor country in Asia since taking office in January.The AIIB is an international financial institution established in 2016 to support infrastructure investment and economic development in the Asia region. The number of member countries has grown from 57 at its inception to 111 today, and the bank has approved a total of $72.4 billion for 373 development projects to date.Koo praised the AIIB for its steady growth over the past decade, establishing itself as a global multilateral development bank, and emphasized the importance of the new president's role in facilitating a new leap forward.He specifically noted that combining the technological capabilities of Korean companies with the financial strength of the AIIB could create synergies in development projects and urged for visible results in cooperation with Korean firms.Koo also requested an increase in the hiring of Korean personnel within the AIIB, stressing the need for expansion across various ranks and fields, from senior positions to operational staff.President Zhao acknowledged the value of South Korea's development experience and technological capabilities, expressing his commitment to strengthening cooperation with Korea in various areas, including technology-based infrastructure projects and human exchanges.* This article has been translated by AI. 2026-08-24 10:28:10
  • Seongnam Mayor Shin Sang-jin Pledges to Implement Tangible Changes for Citizens
    Seongnam Mayor Shin Sang-jin Pledges to Implement Tangible Changes for Citizens Seongnam Mayor Shin Sang-jin stated on August 24 that he will focus on implementing policies that create "tangible changes" for citizens, particularly in relation to property tax relief.On this day, Mayor Shin announced the launch of the "temporary property tax relief for one-household, one-homeowners" as the first ordinance amendment project of his administration, aimed at easing the tax burden on citizens.With rising fuel prices, high exchange rates, and inflation, coupled with increasing housing appraisal values, Mayor Shin introduced this policy to alleviate the financial strain on actual homeowners.The initiative primarily aims to temporarily reduce property taxes for the 2026 assessment year.Mayor Shin emphasized that the policy focuses on reducing the burden for homeowners who possess a single residence amid economic difficulties.The relief applies to taxpayers who owned one home as of June 1, 2026, and includes property taxes excluding urban area taxes and local education taxes.To ensure fairness, the mayor has proposed a tiered reduction rate based on housing prices: homes valued at 900 million won or less will receive a 50% reduction, those valued between 900 million won and 1.2 billion won will receive a 20% reduction, and homes valued over 1.2 billion won will receive a 10% reduction.The total expected relief amount is 16.9 billion won, which includes 14.1 billion won in property taxes and 2.8 billion won in local education taxes.This policy aligns with the direction of Mayor Shin's administration, which prioritizes reducing citizens' living burdens over securing revenue.Additionally, the process has been streamlined to minimize complex application procedures, allowing for automatic tax reductions and refunds to enhance citizen convenience.Reactions from citizens regarding the property tax relief have been positive.A resident from Bundang District, who owns one home, remarked, "With rising prices and increased living costs, property taxes have become a burden. Any reduction in taxes would be a real help, and I hope the city continues to implement policies that citizens can truly feel."Another citizen noted, "It's commendable that the benefits are directed toward those who actually live in their homes rather than those with multiple properties. I hope this policy carefully considers the burdens on citizens during these challenging times."To facilitate this initiative, Mayor Shin prepared the "Partial Amendment to the Seongnam City Tax Ordinance" and conducted a legislative notice period from July 23 to August 12. The ordinance amendment will be presented to the Seongnam City Council for review in October.Once the amendment is finalized, the local tax system will incorporate the relief features, applying the reduced tax rates uniformly to eligible taxpayers. Notifications will be sent to refund recipients in November, with payments expected to be distributed by December.Citizens eligible for refunds can expedite the process by registering their refund accounts on the WETAX website, allowing for quicker payments without additional applications.However, taxpayers who are subject to special tax rates or burden limits will be excluded from this relief.Mayor Shin Sang-jin emphasized, "This initiative is the first ordinance amendment project of the 9th elected term, and I expect it will help alleviate the tax burden for one-household, one-homeowners facing difficulties due to high prices and rising housing costs."* This article has been translated by AI. 2026-08-24 10:28:00
  • Korea Financial Investment Association Hosts Four K-Capital Market Forums
    Korea Financial Investment Association Hosts Four K-Capital Market Forums The Korea Financial Investment Association is working on a long-term strategy for the sustainable growth of the capital market.On August 24, the association announced that it has held a total of four regular forums since May, discussing key issues in the capital market through the 'K-Capital Market Forum,' which was launched in April.The K-Capital Market Forum was established to identify core issues with experts from various sectors of the capital market and to develop a long-term roadmap and strategy for the next decade.During the first forum, participants discussed expanding the role of the Individual Savings Account (ISA) under the theme 'Enhancing National Asset Formation and Expanding Participation in the Capital Market.' As the ISA marks its 10th anniversary this year, there were suggestions for a comprehensive long-term design to elevate it as a national asset management platform, supporting wealth accumulation and retirement preparation.The second forum focused on 'Customized Life Asset Management and Supporting Intergenerational Wealth Transfer,' discussing ways to activate the trust system. Participants emphasized the need to enhance public access to trusts and strengthen asset transfer and social guardianship functions, particularly in the context of wealth transfer and comprehensive asset management in an aging society.The third forum addressed 'Ensuring Retirement Income for Citizens in an Aging Society and Building a Robust Pension Safety Net,' focusing on improving the retirement pension system. Suggestions included promoting long-term and diversified investments for sustainable pension management and harmonizing the growth of contract-based and fund-based systems. The need for strengthening the default option system and providing pension education for citizens was also discussed.The fourth forum centered on 'Restoring Trust in the Capital Market through Shareholder Rights Protection and Enhancing Corporate Value,' discussing ways to strengthen shareholder rights and corporate competitiveness. The necessity of holding general meetings in a decentralized manner was raised, along with calls for practical implementation of stewardship codes and the establishment of systems to protect minority shareholders and address investor grievances.The K-Capital Market Forum plans to continue discussions on topics such as digital finance, productive finance, modernization of capital market infrastructure, and enhancing global financial competitiveness. The discussions will be compiled into a policy report to be submitted to the government and the National Assembly in the first half of next year.Hwang Seong-yeop, Chairman of the Korea Financial Investment Association and K-Capital Market Forum, stated, 'The K-Capital Market Forum is discussing the role of the financial investment industry in restoring trust in the capital market, managing citizens' assets, and ensuring retirement income. We aim to proactively prepare future strategies to ensure that the development of the K-Capital Market contributes to the lives of the people and the national economy.'* This article has been translated by AI. 2026-08-24 10:28:00
  • POSCO E&Cs Othier Banpo Wins Four Awards at Red Dot and K-Design Awards
    POSCO E&C's 'Othier Banpo' Wins Four Awards at Red Dot and K-Design Awards POSCO E&C's high-end apartment complex, 'Othier Banpo,' has won a total of four awards at the Red Dot Design Award and the K-Design Award. The project has been recognized internationally for its 'problem-solving design' that combines aesthetic appeal with energy efficiency, mobility convenience, and community experience.On August 24, POSCO E&C announced that 'Othier Banpo' received awards in two categories at the 'Red Dot Design Award 2026' and two categories at the 'K-Design Award 2026.'The award-winning features include the exterior design utilizing solar cladding, an easy-to-navigate signage system within the complex, and a sensory community design that integrates scent, sound, and natural elements.The exterior design, 'The Peak Wave,' is inspired by the waves of the Han River, featuring a dynamic skyline with curved roofs and a curtain wall facade. Notably, part of the building's exterior incorporates a facade-integrated solar power generation system known as GTS BIPV, which combines design elements with energy production capabilities.POSCO E&C explained that this solar system enhances energy efficiency by supplying self-generated electricity to the common areas of the apartments. It also contributed to the building receiving the first proactive Zero Energy Building Level 5 certification for private multi-family housing. This has led to reduced electricity costs for residents in common areas and a 15% reduction in acquisition tax benefits for the reconstruction association.The signage system, 'The Flow,' is designed to help people of all ages easily find their way around the complex. Information is arranged according to movement patterns and eye level, ensuring that children and the elderly can navigate without difficulty. This signage system won an award in the inclusive design category at the Red Dot Award.The community design, 'Confluence: Curated Living,' focuses on the flow of space, combining sound, scent, and natural elements to create an immersive community experience. It features AI-based personalized music, a unique scent for Othier, and natural lighting along with indoor landscaping, enhancing not only visual enjoyment but also auditory and olfactory experiences.The trend in apartment design is shifting from mere aesthetic enhancement to addressing real residential issues such as energy efficiency, mobility convenience, and community experience.In the past three years, POSCO E&C has achieved a total of 27 awards in domestic and international design competitions, including the Red Dot, Good Design, and the Korea Landscape Award.A representative from POSCO E&C stated, “Apartment design should go beyond aesthetic enhancement to address real residential issues such as energy efficiency and accessibility. We will continue to expand designs that enhance the quality of life for residents and coexist with urban environments.”* This article has been translated by AI. 2026-08-24 10:28:00
  • GC Green Cross Secures Approval for Hunter Syndrome Drug in India and Taiwan
    GC Green Cross Secures Approval for Hunter Syndrome Drug in India and Taiwan GC Green Cross has expanded its reach in the Asian market by obtaining regulatory approval for its Hunter Syndrome treatment, Hunterraze IV, in India and Taiwan.The company announced that Hunterraze IV received approval from the Central Drugs Standard Control Organization (CDSCO) in India and the Taiwan Food and Drug Administration (TFDA). Additionally, the intraventricular formulation, Hunterraze ICV, has also been approved by the TFDA in Taiwan.With this approval, Hunterraze IV is now authorized in 14 countries worldwide, while Hunterraze ICV has received approval in four countries.Hunter Syndrome is a rare congenital disorder caused by a deficiency of lysosomal enzymes that break down glycosaminoglycans (GAGs), leading to skeletal abnormalities, cardiac dysfunction, and cognitive decline. It primarily affects males, occurring in approximately 1 in 100,000 to 150,000 births, and severe cases can result in death before adulthood, making early diagnosis and treatment crucial. Currently, the main treatments for Hunter Syndrome globally are GC Green Cross's Hunterraze and Takeda Pharmaceutical's Elaprase.The Hunterraze ICV is designed for direct delivery into the ventricles of the brain, aiming to improve symptoms related to central nervous system damage, including cognitive decline. About 70% of Hunter Syndrome patients worldwide are known to have severe cases accompanied by central nervous system damage.India is considered a significant market due to its low percentage of patients receiving existing treatments, indicating a high unmet medical need. Taiwan has approved both IV and ICV formulations and has established early screening and patient support systems for Hunter Syndrome, enhancing market accessibility.Lee Jae-woo, head of the development division at GC Green Cross, stated, "This approval is significant as it addresses the unmet medical needs of Asian patients who have had limited treatment options. We will continue to strive to improve the quality of life for patients with rare diseases."* This article has been translated by AI. 2026-08-24 10:24:00
  • Will the Sancheoneo Festival Transform into a Local Income Festival?
    Will the Sancheoneo Festival Transform into a 'Local Income Festival'? The Sancheoneo, the star of the Hwacheon Sancheoneo Festival, is thriving despite this summer's record heat. For next year's festival, over 155 tons of Sancheoneo are expected to be supplied. The Hwacheon County plans to increase the local production share to connect the festival's success with residents' income.According to Hwacheon County, Mayor Kim Se-hoon and officials from the inland water department inspected seven Sancheoneo farms in the Sain and Gandong areas on August 23. The inspection revealed that the fish are growing well, reaching lengths of 15 to 20 centimeters, and there have been minimal deaths due to disease despite the summer heat.For next year's Hwacheon Sancheoneo Festival, over 155 tons of Sancheoneo are anticipated. The county expects that more than 70 tons will be produced at local farms from December to January. The county is also working on increasing the local self-sufficiency rate for festival Sancheoneo.Mayor Kim has instructed the county to actively consider supporting local fish farms with beneficial microorganisms produced by the county. He also urged the inland water department to disseminate advanced aquaculture techniques to the farms.Based on this year's supply results, the county is considering expanding contract volumes for some local farms for next year. Additionally, the production capacity of county-operated farms will be increased.Mayor Kim visited the county-operated farms in Woncheon-ri and Nonmi-ri to check on the processes of egg collection, fry production, rearing, and shipping, directing efforts to expand self-production. Currently, the annual production capacity of the county-operated farms is about 20 tons.The county plans to complete inspections of nationwide supply farms before the festival. The Sancheoneo supplied from December will be gradually released after acclimatizing to temperatures similar to those at the festival site.Expanding Sancheoneo production aligns with the resident income-focused policies of the ninth elected term of Hwacheon County. Despite attracting numerous tourists to the Sancheoneo Festival, there have been ongoing concerns that many visitors only engage in day trips, with significant portions of spending on lodging and meals flowing to nearby cities, preventing the local economy from fully benefiting from the festival's scale.This has led to the criticism that 'fun is experienced in Hwacheon, but money is spent elsewhere.' As the Sancheoneo Festival has grown into a world-class winter event, there is a growing call to not only increase visitor numbers but also to encourage tourists to stay longer and connect their spending to the local economy through restaurants, accommodations, and sales of local agricultural products.The shift in focus from 'entertainment' to 'resident income' in the festival policies of Mayor Kim Se-hoon is not unrelated to this issue. The 2026 Hwacheon Tomato Festival demonstrated the potential for such change. It confirmed that attracting tourist spending on local agricultural products and utilizing local businesses can be a significant competitive advantage for festivals.The Sancheoneo Festival faces similar challenges. One of the starting points is to increase local production of Sancheoneo. By producing more of the festival's key resource locally, the costs associated with the festival can translate into income for local fish farms, creating a cycle within the local economy. If policies that connect lodging, food, agricultural products, experiences, and tourist attractions are implemented, residents can more directly feel the economic benefits generated by the Sancheoneo Festival.Ultimately, the challenge for the 2027 Hwacheon Sancheoneo Festival is clear. It must transition from merely measuring 'how many tourists visited' to demonstrating 'how long tourists stayed in Hwacheon, how much they spent, and how much of that money returned to the residents.'Mayor Kim Se-hoon stated, "The Sancheoneo for the 2027 Hwacheon Sancheoneo Festival is growing healthily. We will do our best to produce the highest quality Sancheoneo so that tourists can enjoy both taste and experience." 2026-08-24 10:24:00
  • Lees approval rating hits new low
    Lee's approval rating hits new low SEOUL, August 24 (AJP) - President Lee Jae Myung's approval rating continued to plunge, hitting a new low, pollster Realmeter said on Monday. In a survey of more than 2,000 adults nationwide conducted last week, 40.2 percent of respondents said Lee was doing a good job, down 2.8 percentage points from the previous week and marking the sixth consecutive week of decline. The disapproval rating rose 2.8 percentage points to 56.9 percent. Some 3 percent remained undecided. Lee's approval rating has declined every week since the third week of July, reaching a record low since he took office in June last year. By region, approval fell the most in the traditionally liberal strongholds of Gwangju and Jeolla provinces, dropping 8.8 percentage points. By age group, it fell 8.2 percentage points among those aged 70 and older, 4.7 points among people in their 50s, 4.4 points among those in their 30s and 2.4 points among those in their 20s. It rose 3.2 points only among those in their 60s. Realmeter attributed Lee's dwindling approval rating to a mix of factors including complaints over a series of real estate policies, debate over constitutional revision and security concerns following the abrupt reduction of the country's annual military exercise with Washington. Meanwhile, some 41.9 percent supported the ruling Democratic Party (DP), down 6 percentage points from the previous week, while 37.6 percent supported the main opposition People Power Party (PPP), up 4.5 percentage points. Among the minor parties, the liberal Rebuilding Korea Party garnered 3.9 percent support, followed by the left-wing Progressive Party at 2.3 percent and the centrist Reform Party at 2 percent. Some 9.7 percent of respondents said they supported none of the parties. AJP Takeaways • President Lee Jae Myung's approval rating fell to 40.2 percent, down 2.8 percentage points in a Realmeter poll of more than 2,000 adults conducted in the week before Aug. 24, 2026. • Lee's approval rating declined for the sixth consecutive week, reaching its lowest level since he took office in June 2025, while his disapproval rating rose 2.8 percentage points to 56.9 percent. • Lee's approval rating fell across several age groups and regions, with the biggest regional drop of 8.8 percentage points recorded in Gwangju and Jeolla provinces and the largest age-group decline of 8.2 points among those aged 70 and older. • Realmeter attributed the decline to several factors, including complaints over real estate policies, debate over constitutional revision and security concerns following the reduction of South Korea's annual military exercise with Washington. • Support for the ruling Democratic Party fell to 41.9 percent, down 6 percentage points from the previous week, while support for the main opposition People Power Party rose 4.5 points to 37.6 percent. 2026-08-24 10:20:07
  • EcoPro HN to Supply $15 Million Greenhouse Gas Reduction Equipment to U.S.
    EcoPro HN to Supply $15 Million Greenhouse Gas Reduction Equipment to U.S. EcoPro HN will supply large-scale greenhouse gas reduction equipment to a semiconductor production facility in Idaho, USA.With the booming AI industry driving increased semiconductor investments, EcoPro HN plans to expand its greenhouse gas reduction solutions to overseas semiconductor operations.On August 24, EcoPro HN announced it has signed a contract with Hoffman Construction, a comprehensive construction and engineering firm in the U.S., for the supply of large-scale greenhouse gas reduction equipment. The contract is valued at approximately 21 billion won ($15.06 million), which is about 15% of last year's revenue. The supply period is from August 2026 to July 2027.Hoffman Construction specializes in comprehensive construction and advanced manufacturing facilities, possessing extensive capabilities in building projects for advanced industrial complexes, including semiconductors.The large-scale greenhouse gas reduction equipment developed by EcoPro HN is designed to treat perfluorocarbons (PFCs) generated during semiconductor processes. PFCs have a global warming potential (GWP) thousands to tens of thousands of times higher than CO₂, making their reduction a critical challenge for semiconductor companies aiming for carbon neutrality.EcoPro HN is supplying this equipment tailored to the operational environments and regulatory standards of overseas sites, expanding its customer base to include semiconductor facilities both domestically and internationally.An EcoPro HN official stated, "This contract is a recognition of our greenhouse gas reduction technology by overseas semiconductor companies. We will continue to expand our business territory to overseas clients, including those in North America, in line with the growing investment trends in domestic and international semiconductor production hubs."Meanwhile, EcoPro HN has shown improved performance, driven by increased orders due to the semiconductor market boom. In the second quarter of this year, the company reported consolidated revenue of 51.5 billion won and an operating profit of 5.8 billion won, marking increases of 32.1% and 57.3%, respectively, compared to the same period last year. Net profit also rose to 5.1 billion won, up 49.5%.* This article has been translated by AI. 2026-08-24 10:20:00