Coupang CEO resigns over data breach; US parent firm names interim chief

SEOUL, December 10 (AJP) - Coupang said on Thursday that CEO Park Dae-jun has resigned following a major data breach, taking responsibility for the incident and its fallout. The e-commerce firm said Park apologized for disappointing customers and the public, and cited a sense of accountability in stepping down. The company’s U.S.-based parent, Coupang Inc., appointed Harold Rogers as interim CEO. Rogers, a legal and compliance specialist, has he

December 10, 2025

Year-end IPO buzz in Seoul preludes brisk H1 2026

SEOUL, December 10 (AJP) - South Korea’s IPO market, dormant for much of the year, is ending 2025 in a surprising burst of activity, with 10 companies going public in December alone. The pattern runs counter to the usual cycle, where listings cluster in the first half and taper off as investors and bankers wind down for the holidays. Instead, this December has emerged as the busiest in recent years, up from six IPOs in both 2023 and 2024. The reason is simple: demand is hot. O

December 10, 2025

Korean bio names expand footprint in Japan after cracking open the toughest market in Asia

SEOUL, December 10 (AJP) - South Korea's biotechnology leaders are rapidly expanding their footprint in Japan, cashing in on bold pushes into a market long viewed as one of the world's most impenetrable pharmaceutical strongholds. A series of multibillion-won deals and soaring biosimilar penetration rates now signal that Korean firms are reshaping competitive dynamics in Asia's largest and most defensive drug market. Samsung Biologics, the world's largest CDMO by

December 10, 2025

Mortgage lending loses momentum in South Korea after tighter rules

SEOUL, December 10 (AJP) - Growth in South Korea’s mortgage lending slowed to its weakest pace in 20 months in November, as tighter bank lending standards and easing demand for rental deposit loans weighed on household borrowing, central bank data showed on Wednesday. According to the Bank of Korea’s financial market trends report, outstanding household loans at deposit-taking banks, including policy mortgages, rose by 1.9 trillion won in November to 1,175.6 tr

December 10, 2025

South Korea weighs fines of up to 10 percent of revenue for major data breaches

SEOUL, December 10 (AJP) - South Korea’s National Assembly is considering legislation that would allow regulators to fine companies up to 10 percent of their revenue for serious data breaches, as lawmakers seek tougher penalties following a series of large-scale leaks. The proposed amendment to the Personal Information Protection Act, introduced by Park Beom-kye of the ruling Democratic Party and Kim Sang-hoon of the main opposition People Power Party, would raise the cu

December 10, 2025

Korea's job strength mostly led by temp hires in services, youth jobless deepens

SEOUL, December 10 (AJP) - South Korea’s labor market continued to show an increasingly asymmetric pattern in November, with headline employment gains masking a deepening slump among young adults and a widening pool of NEET (not in education, employment or training) youth. The number of people on payroll reached 29.05 million, up 225,000 from a year earlier, yet employment among those aged 15 to 29 fell by 177,000 over the same period, according to the Ministry of Data and S

December 10, 2025

SK Gas, POSCO form alliance to lead push for hydrogen ecosystem

SEOUL, December 10 (AJP) - SK Gas and POSCO Holdings have launched a new industry alliance aimed at building a domestic blue hydrogen ecosystem in South Korea, as companies and public institutions move to accelerate the transition to lower-carbon energy. The “K-Blue Hydrogen Alliance” was inaugurated on Wednesday at the POSCO Center in Seoul, bringing together 15 organizations including SK Ecoengineering, POSCO, the Korea Agency for Infrastructure Technology Advancem

December 10, 2025

Busan subway to ban e-scooters, high-capacity lithium batteries over fire risk

SEOUL, December 10 (AJP) - Busan plans to ban personal mobility devices and large-capacity backup batteries equipped with high-capacity lithium batteries from its subway system, citing growing fire safety concerns. The Busan Transportation Corporation said on Wednesday it is revising its passenger transport regulations to introduce the ban. The restrictions will apply to personal mobility devices that use lithium batteries and to backup batteries with capacities exceeding 160 wa

December 10, 2025

Samsung SDI secures $1.36 billion U.S. deal, marking foray into LFP battery market

SEOUL, December 10 (AJP) - Samsung SDI announced Wednesday its U.S. subsidiary has clinched a deal worth more than 2 trillion won ($1.36 billion) to supply lithium iron phosphate (LFP) batteries to an American energy infrastructure company, Samsung SDI America signed the multi-year contract with an undisclosed U.S. energy infrastructure developer and operator to supply LFP batteries for energy storage systems over three years starting in 2027. The deal represents about 15 percent of

December 10, 2025

ChatGPT unrivalled 2025 app winner in Korea

SEOUL, December 10 (AJP) - OpenAI's generative artificial intelligence ChatGPT was the standout app winner in South Korea this year, expanding user base nearly threefold between January and November, according to analytics firm WiseApp/Retail Wednesday. The AI assistance recorded a 196.6-percent surge in users from January to November, far outpacing growth across Korea's most competitive sectors from ecommerce to beauty and fintech. Other fast risers included bargai

December 10, 2025