Latest news with #LeeJin-man
Korea Herald
3 days ago
- Sport
- Korea Herald
KBO club's CEO threatens to relocate after feuding with city
The head of the South Korean baseball club NC Dinos on Friday threatened to move the team after feuding with its current home city over stadium management in light of a deadly incident there. At a press conference at Changwon NC Park in the southeastern city of Changwon, Dinos CEO Lee Jin-man said his club had been "treated unreasonably" by the municipal government and it put the Dinos' survival in danger, despite the team's best effort to "put down roots in the local community." Friday marked the Dinos' return to their home stadium for the first time since March 29, when an aluminum panel fell from above a concession stand and killed an unsuspecting fan. The tragedy prompted extensive safety inspections and maintenance work at the stadium, while forcing the Korea Baseball Organization (KBO) club to spend over a month and a half on the road. In the immediate aftermath of the incident, Changwon was criticized for shunning responsibility even though it owns the stadium. Later on, baseball fans hammered the city for dragging its feet when the Dinos were trying to determine a return date following the end of inspections. The Dinos settled on Ulsan, northeast of Changwon, as their temporary home and played six games there earlier this month. Only after the Dinos announced Ulsan as the alternate home did Changwon scramble to prepare Changwon NC Park for the Dinos' return. The city pressured the Dinos by claiming that their absence would hurt the local economy. Against this backdrop, Lee touched upon the extent of discord between the Dinos and their city. "The incident allowed us to reflect on our surroundings and the time we've spent here," Lee said. "We will explore a partnership built on mutual trust. Despite a myriad of challenges, we have been trying to put down roots in the local community, but I don't think our work has been recognized. If anything, we have been treated unreasonably. I believe the status quo isn't the answer here." Lee said the Dinos won't relocate right away and going to a new city next season "will be difficult." "We will need to discuss this with Changwon but I won't give you a timeline here," Lee said. "We will explore every possibility but I won't name any particular city at this point. I just hope that the ball club won't be swayed by external factors and outside interest, and that we will be able to focus solely on baseball while fans enjoy the game in a safe environment." Lee said the Dinos have lost about 4 billion won (US$2.9 million) for having missed so many home games already, while being on the road for so long affected the team's performance on the field. "We have told Changwon in specific terms that there are things the city has to do in order for us to keep playing baseball here," Lee added. "And our request covers financial losses. We're awaiting the city's response but we will also look into our potential new home at the same time." Lee insisted he will prioritize the Dinos and their fans when making the decision on the team's future. "It may appear as though the team and the city aren't seeing eye to eye, but we will not make an emotional decision," the CEO said. "We will try to reach a reasonable conclusion. If Changwon offers specific and prompt solutions and practical options, then we will absolutely be open to discussions." In response to Lee's remarks, Changwon said it will seek to "strengthen communication and cooperation" with the Dinos. "A professional baseball club is an important local asset that can grow together with our residents," the city said in a statement. "We will strengthen communication and cooperation with the team to ensure the Dinos' players will play baseball in a better environment." Park Keun-chan, secretary general of the KBO, said the league office has also pressed Changwon to support the local ball club. According to Lee, the KBO had previously told the Dinos that they would have "a realistic option" to relocate if they chose to. "Teams in foreign leagues relocate for all kinds of reasons. And they do so despite some inconveniences because relocation has positive effects," Lee said. "There are many instances that we can learn from, and we will be in talks with the KBO over a wide range of issues." Across the KBO, clubs pay their respective city governments annual fees for playing at local stadiums. The Dinos are said to have shelled out 33 billion won for a 25-year lease up front when Changwon NC Park opened in 2019. Lee said he will see if the Dinos can be refunded should they choose to relocate in the near future. "The money that we've already paid will not influence our decision-making process," Lee said. "If we can improve the value of the team by moving to another city, then we will regard our lease as a sunk cost." (Yonhap)
Japan Today
3 days ago
- Business
- Japan Today
Asian shares mostly decline as uncertainty grows about what's next with Trump's tariffs
A dealer watches computer monitors at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 30, 2025. (AP Photo/Lee Jin-man) By YURI KAGEYAMA Asian shares were mostly lower Friday as uncertainty grew about what will happen next after a U.S. court blocked many of President Donald Trump's sweeping tariffs. Japan's benchmark Nikkei 225 lost 1.1% in afternoon trading to 38,022.62. Government data showed Tokyo core inflation, excluding fresh food, rising to a higher-than-expected 3.6% in May. Some analysts say that makes it more likely the Bank of Japan will raise interest rates. Australia's S&P/ASX 200 rose 0.3% to 8,436.30. South Korea's Kospi declined 0.9% to 2,696.40, ahead of a presidential election set for next week. Hong Kong's Hang Seng slipped 1.4% to 23,234.42, while the Shanghai Composite shed 0.3% to 3,354.83. On Wall Street, the S&P 500 rose 0.4% on Thursday, the Dow Jones Industrial Average added 117 points, or 0.3%, and the Nasdaq composite rose 0.4%. It's a downshift after stocks initially leaped nearly 2% in Tokyo and Seoul, where markets had the first chance to react to the ruling late Wednesday by the U.S. Court of International Trade. The court said that the 1977 International Emergency Economic Powers Act that Trump cited for ordering massive increases in taxes on imports from around the world does not authorize the use of tariffs. The ruling at first raised hopes in financial markets that a hamstrung Trump would not be able to drive the economy into a recession with his tariffs, which had threatened to grind down on global trade and raise prices for consumers already sick of high inflation. But the tariffs remain in place for now while the White House appeals the ruling, and the ultimate outcome is still uncertain. The court's ruling also affects only some of Trump's tariffs, not those on foreign steel, aluminum and autos, which were invoked under a different law. The Court of Appeals for the Federal Circuit on Thursday allowed the president to temporarily continue collecting the tariffs under the emergency powers law while he appeals the trade court's decision. Trump 'is still able to impose significant and wide-ranging tariffs over the longer-term through other means,' according to Ulrike Hoffmann-Burchardi, chief investment officer of global equities at UBS Global Wealth Management. On Wall Street, tech stocks led the way after Nvidia once again topped analysts' expectations for profit and revenue in the latest quarter. The chip company has grown into one of the U.S. market's largest and most influential stocks because of the frenzy around artificial-intelligence technology, and its 3.2% rise was the strongest force by far lifting the S&P 500. All told, the S&P 500 rose 23.62 points to 5,912.17. The Dow Jones Industrial Average added 117.03 to 42,215.73, and the Nasdaq composite gained 74.93 to 19,175.87. In the bond market, Treasury yields eased following mixed economic reports. One said the U.S. economy likely shrunk by less in the first three months of the year than earlier estimated. Another said slightly more U.S. workers applied for unemployment benefits last week than economists expected. The yield on the 10-year Treasury fell to 4.43% from 4.47% late Wednesday. In energy trading, benchmark U.S. crude dropped 18 cents to $60.76 a barrel. Brent crude, the international standard, fell 20 cents to $63.95 a barrel. In currency trading, the U.S. dollar declined to 143.90 Japanese yen from 144.12 yen. The euro cost $1.1347, down from $1.1367. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Japan Today
4 days ago
- Business
- Japan Today
Markets welcome court ruling against Trump's tariffs as shares, U.S. dollar and oil gain
The screens show the Korea Composite Stock Price Index (KOSPI), left, the foreign exchange rate between U.S. dollar and South Korean won, center, and the Korean Securities Dealers Automated Quotations (KOSDAQ) are seen at a dealing room of Hana Bank in Seoul, South Korea, Wednesday, May 28, 2025. (AP Photo/Lee Jin-man) By ELAINE KURTENBACH Financial markets welcomed a U.S. court ruling that blocks President Donald Trump from imposing sweeping tariffs on imports under an emergency-powers law. U.S. futures jumped early Thursday and oil prices rose more than $1. The U.S. dollar rose against the yen and euro. The court found the 1977 International Emergency Economic Powers Act, which Trump has cited as his basis for ordering massive increases in import duties, does not authorize the use of tariffs. The White House immediately appealed and it was unclear if Trump would abide by the ruling in the interim. The long term outcome of legal disputes over tariffs remains uncertain. But investors appeared to take heart after the months of turmoil brought on by Trump's trade war. The future for the S&P 500 was up 1.7% while that for the Dow Jones Industrial Average gained 1.4%. Japan's Nikkei 225 index jumped 1.9% to 38,442.10. American's largest ally in Asia has been appealing to Trump to cancel the tariffs he has ordered on imports from Japan and to also stop 25% tariffs on steel, aluminum and autos. The ruling also pushed the dollar sharply higher against the Japanese yen. It was trading at 145.98 yen early Thursday, up from 144.87 yen late Wednesday. A three-judge panel ruled on several lawsuits arguing Trump exceeded his authority, casting doubt on trade policies that have jolted global financial markets, frustrated trade partners and raised uncertainty over the outlook for inflation and the global economy. Many of Trump's double-digit tariff hikes are paused for up to 90 days to allow time for trade negotiations, but the uncertainty they cast over global commerce has stymied businesses and left consumers wary about what lies ahead. 'Just when traders thought they'd seen every twist in the tariff saga, the gavel dropped like a lightning bolt over the Pacific,' Stephen Innes of SPI Asset Management said in a commentary. The ruling was, at the least, 'a brief respite before the next thunderclap,' he said. Elsewhere in Asia, Hong Kong's Hang Seng added 1% to 23,482.81, while the Shanghai Composite index gained 0.8% to 3,365.40. Australia's S&P/ASX 200 gained 0.1% to 8,409.70. In South Korea, which like Japan relies heavily on exports to the U.S., the Kospi surged 1.8% to 2,709.42. Shares also were helped by the Bank of Korea's decision to cut its key interest rate to 2.5% from 2.75%, to ease pressure on the economy. Taiwan's Taiex edged 0.1% lower, and India's Sensex was also down 0.1%. On Wednesday, U.S. stocks cooled, with the S&P 500 down 0.6% but still within 4.2% of its record after charging higher amid hopes that the worst of the turmoil caused by Trump's trade war may have passed. It had been roughly 20% below the mark last month. The Dow industrials lost 0.6% and the Nasdaq composite fell 0.5%. Trading was relatively quiet ahead of a quarterly earnings release for Nvidia, which came after markets closed. The bellwether for artificial intelligence overcame a wave of tariff-driven turbulence to deliver another quarter of robust growth thanks to feverish demand for its high-powered chips that are making computers seem more human. Nvidia's shares jumped 6.6% in afterhours trading. Like Nvidia, Macy's stock also swung up and down through much of the day, even though it reported milder drops in revenue and profit for the latest quarter than analysts expected. Its stock ended the day down 0.3%. The bond market showed relatively little reaction after the Federal Reserve released the minutes from its latest meeting earlier this month, when it left its benchmark lending rate alone for the third straight time. The central bank has been holding off on cuts to interest rates, which would give the economy a boost, amid worries about inflation staying higher than hoped because of Trump's sweeping tariffs. In other dealings early Thursday, the yield on the 10-year Treasury rose to 4.52% from 4.47% late Wednesday. U.S. benchmark crude oil gained $1.06 to $62.90 per barrel. Brent crude, the international standard, added $1.01 to $65.33 per barrel. The euro slipped to $1.1242 from $1.1292. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Japan Today
12-05-2025
- Business
- Japan Today
Asian shares, U.S. futures advance after China-U.S. trade talks
Dealers walk past near the screens showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea, Friday, May 9, 2025. (AP Photo/Lee Jin-man) By JIANG JUNZHE Asian shares advanced Monday after two days of trade talks between China and the U.S. made what the U.S. side said was ' substantial progress.' U.S. futures and oil prices also advanced. Officials said a joint statement would be issued later Monday following the trade talks in Geneva over the weekend. Investors are also watching for developments in other flashpoints including clashes between India and Pakistan, the war in Ukraine and conflict in the Middle East. The Sensex in Mumbai jumped about 2.9% after India and Pakistan agreed to a truce after talks to defuse their most serious military confrontation in decades. The two armies have exchanged gunfire, artillery strikes, missiles and drones that killed dozens of people. Pakistan's KSE 100 surged more than 9% and trading was halted for one hour following a spike driven by the ceasefire and an International Monetary Fund decision Friday to disburse about $1 billion of a bailout package for its battered economy. In Hong Kong, the Hang Seng gained 1.3% to 23,155.18, while the Shanghai Composite Index picked up 0.7% to 3,366.15. Chinese EV battery maker CATL, or Contemporary Amperex Technology Co., Ltd., said in a prospectus filed with the Hong Kong Stock Exchange that it plans to raise nearly $4 billion in a share listing. U.S. Treasury Secretary Scott Bessent said there was 'substantial progress' in the weekend trade talks but offered scant information on exactly what the negotiations entailed. Separarely, Chinese Vice Premier He Lifeng said both sides had agreed to 'establishing a consultation mechanism' for further discussions on trade and economic issues. Elsewhere in Asia, Japan's Nikkei 225 added 0.4% to 37,644.26 while the Kospi in Seoul gained 0.9% to 2599.84. Australia's S&P/ASX 200 climbed less than 0.1% to 8,233.50. Taiwan's Taiex gained 1%. On Friday, U.S. stocks drifted, with the S&P 500 edging 0.1% lower to 5,659.91. It finished the week with a modest dip of 0.5%. It was the first week in seven where the index at the heart of many 401(k) accounts moved by less than 1.5%, after careening on fears about President Donald Trump's trade war and hopes that he'll relent on some of his tariffs. The Dow Jones Industrial Average dipped 0.3% to 41,249.38, while the Nasdaq composite edged up by less than 0.1% to 17,928.92. Apart from trade talks and other geopolitical factors, the flow of earnings reports for the start of the year from companies is slowing but still moving markets. In other dealings early Monday, U.S. benchmark crude oil gained 84 cents to $61.86 per barrel. Brent crude, the international standard, added 95 cents to $64.86 per barrel. The U.S. dollar advanced to 146.63 Japanese yen from 146.17 yen. The euro edged lower, to $1.1193 from $1.1209. © Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Korea Herald
04-04-2025
- Sport
- Korea Herald
KBO club's home games relocated in aftermath of stadium tragedy
The NC Dinos will play an upcoming series of home games at an opponent's stadium amid ongoing safety checks at their own ballpark in light of a fan's death. The Korea Baseball Organization (KBO) announced Friday that the three-game set between the Dinos and the Lotte Giants, scheduled to run April 11-13 at Changwon NC Park in Changwon, some 300 kilometers southeast of Seoul, will instead be played at the Giants' home, Sajik Baseball Stadium in Busan, just east of Changwon. The Dinos will still be the home team and bat last in those three games. Earlier this week, the Dinos had suspended sales of tickets for that series, as it was awaiting a decision by the league office on the status of those three games. The KBO canceled a three-game series between the Dinos and the SSG Landers from Tuesday to Thursday this week after a fan died Monday from a head injury she'd sustained two days earlier at Changwon NC Park. A piece of aluminum panel fell off a window of the Dinos' office above a concession stand and hit the roof of the snack bar before landing on the late fan and her younger sister, who suffered a broken collarbone. The KBO initially planned to have the Dinos-Landers series played without fans before scrapping all three games. The league canceled all the other games scheduled for Tuesday and designated Tuesday-Thursday as a leaguewide mourning period. Teams that returned to action Wednesday played their next two games without their usual cheering squads and players wore black ribbons on their jerseys in honor of the deceased fan. The Dinos and the city of Changwon conducted emergency safety inspections Tuesday. Separately, the Dinos began their own checks of stadium facilities Wednesday. The ball club, the municipal government and the city-run Changwon Infrastructure Corp. formed a joint task force Thursday to handle the aftermath of the tragic incident and to devise preventive measures. The ongoing safety inspections by the new task force could take up to two weeks. "The safety of our spectators takes precedence over everything else," Dinos CEO Lee Jin-man said. "In light of the recent incident, we are working with the city of Changwon to ensure a safer environment for our fans." The Dinos will resume their season Friday in a three-game series against the Kiwoom Heroes at Gocheok Sky Dome in Seoul. Even though the official mourning period ended Thursday, both the Heroes and the Dinos have agreed to play their series without cheerleading squads, out of respect for the victim. Dinos manager Lee Ho-joon offered his condolences to the late fan and her family in his pregame chat with reporters. "We are all shocked and devastated with this tragic loss," Lee said. "As you can see, we're going to be playing with a heavy heart." Lee's players went through a subdued pregame practice. Captain Park Min-woo said he has asked his teammates to tone down their celebrations of big plays. "I told the guys not to cross the line and do unnecessary things," Park said. "We're all saddened, but it's our job as professional athletes to play hard and make sure our mood doesn't affect our performance on the field." After the weekend, the Dinos will play three more road games, from next Tuesday to Thursday, against the KT Wiz in Suwon, some 30 kilometers south of Seoul. Following the Giants series, the Dinos are scheduled to play three more games at home against the Doosan Bears from April 15 to 17. If the KBO doesn't postpone those games, the Dinos may once again be forced to play them at their opponents' stadium or at a neutral venue. (Yonhap)
