Journalist
Lee Hugh
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South Korean Prime Minister Kim Min-seok pledges people-driven policies, growth and stability in New Year address SEOUL, January 01 (AJP) - South Korean Prime Minister Kim Min-seok vowed on Thursday to steer national policy based on the will of the people, outlining a government agenda centered on growth, stability and peace in his New Year’s address. Kim said the administration, launched last year “with a heavy heart” amid concerns about a crisis in democracy, is beginning 2026 with renewed confidence in economic recovery. “This year will mark the first step toward a greater leap forward for South Korea,” he said. He emphasized easing public anxiety and stabilizing state affairs, calling for “a complete clearing out of insurrection” and measures to prevent similar events by reinforcing democratic foundations. Kim said South Korea is at a critical moment as global interest in the “K-brand” accelerates, adding that the country must use the momentum to modernize its industrial structure and strengthen competitiveness. The government, he said, will pursue growth through an “ABCDE” strategy encompassing AI, biotech, cultural content, the defense industry and energy — while ensuring that the gains are shared broadly across society. He also pledged stronger safety measures to reduce industrial accidents and suicide, and support for vulnerable groups, including economically struggling youth and neighbors in need. On inter-Korean affairs, Kim said South Korea’s “bigger leap” is possible only on a foundation of peace, adding that the government will “walk steadily on the path toward peace” on the Korean Peninsula. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-01-01 10:25:55 -
PHOTOS: South Korea greets 2025 with the first sunrise SEOUL, January 1 (AJP) — The Year of Byeongo (the Year of the Red Horse) has begun, marking the start of 2026. On the first day of the new year, most regions across the country are expecting clear skies and weather, which makes watching the sunrise more enjoyable. However, the morning temperature in Seoul is forecast to plunge to minus 11 degrees Celsius, bringing frigid weather. 2026-01-01 10:08:48 -
Gangnam Media winter festa illuminates Seoul streets SEOUL, December 31 (AJP) - The "2025 Gangnam Media Winter Festa" opened on December 19 in the G20 Square and K-POP Square near exits 5 and 6 of Samseong Station in Gangnam District, Seoul. Gangnam District describes the event as "an urban festival combining spectacular media technology with warm winter sentiments." The festival features immersive media shows utilizing 17 large LED displays across seven locations in four buildings, incorporating light, sound, and interactive elements. The festival runs for 16 days through January 3, 2026. 2025-12-31 17:45:12 -
SK Group recruits former vice industry minister to head Chinese operations SEOUL, December 31 (AJP) -South Korea's second-largest conglomerate SK Group has appointed Park Sung-taek, former vice minister of Trade, Industry and Energy, to head its Chinese operations. Park, a career bureaucrat with more than 30 years of experience at the, stepped down in June following the launch of the new government under President Lee Jae Myung. Over his career, he held a series of senior posts, including director of the power industry division, chief of staff to the minister, head of the trade policy division, and posts overseeing investment policy, energy industry policy, industrial policy and trade security policy. He led tariff talks since the launch of the Trump administration, giving him firsthand experience navigating trade disputes. The recruitment is seen as SK's strategic choice amid deepening U.S.-China tensions. SK hynix has DRAM and NAND flash production plants in Wuxi and Dalian, making semiconductors the group’s core business in China. The sector sits at the center of U.S.-China technology competition and is highly sensitive to shifts in the global trade environment. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-31 17:21:37 -
Actor Ahn Hyo-seop to appear on US talk show SEOUL, December 31 (AJP) - Actor Ahn Hyo-seop will ring in the new year with an appearance on a popular U.S. talk show. He is set to appear on NBC's "The Tonight Show Starring Jimmy Fallon" on Jan. 12, riding the wave of popularity from Netflix's hit South Korean anime "KPop Demon Hunters," in which he lent his voice. The 100-minute K-pop-themed anime became one of Netflix's most popular films, accumulating 500 million views worldwide within about 27 weeks of its June release, and also earned multiple nominations from the prestigious Golden Globes and Critics' Choice Awards, which are set to be presented early next month in the U.S. The soundtrack from the anime he participated in is also up for prizes at the annual Grammy Awards, slated to be held in February next year. Ahn is also gaining global recognition with the release of his latest film "Omniscient Reader: The Prophecy," which has been sold to some 113 countries around the world. 2025-12-31 17:10:12 -
Japan tops most popular international routes as China sees sharp rise in passengers SEOUL, December 31 (AJP) - Japan-bound flights emerged as the most popular international routes this year, while passenger traffic on China routes posted the strongest growth, according to travel data released by South Korean low-cost carrier Eastar Jet. Based on an analysis of customer usage data for its 2025 travel trends, Eastar Jet said on Wednesday that it carried approximately 5.6 million passengers this year, up 23 percent from the previous year, bringing its cumulative passenger total to 12 million. The airline expanded its fleet to 20 aircraft after introducing five new Boeing 737-8 jets, logging more than 34.2 million kilometers of flights—equivalent to circling the globe 853 times. Eastar Jet also added 12 new routes, including services to Almaty in Kazakhstan, Manado in Indonesia, and new international departures from Busan, expanding its network to more than 30 routes. The most frequently used international routes were Incheon–Osaka, Incheon–Tokyo and Incheon–Fukuoka, while the domestic Gimpo–Jeju route accounted for more than 70 percent of all domestic passengers. China routes stood out this year, with passenger numbers rising by more than 128 percent year on year. Average load factors on China flights also climbed by over 28 percent per flight. Foreign nationals accounted for about 30 percent of Eastar Jet's passengers. Among them, Taiwanese travelers made up the largest share at 38 percent, followed by Japanese (32 percent), Chinese (18 percent) and other nationalities (12 percent). Taipei emerged as the most popular overseas destination, reflecting Eastar Jet's extensive service to the city from Gimpo, Incheon, Busan, Cheongju and Jeju. The airline data aligns with broader tourism trends. According to Korea Tourism Organization statistics released on Tuesday, the number of foreign visitors to South Korea from January to November reached 17.42 million, up 15.4 percent from a year earlier and equivalent to 108.6 percent of pre-pandemic levels in 2019. By country, China led with 5.09 million visitors, followed by Japan (3.35 million), Taiwan (1.73 million), the United States (1.38 million) and the Philippines (560,000). Outbound travel by South Koreans also continued to recover. From January to November, the number of overseas trips by Korean nationals totaled 26.8 million, up 3.2 percent from the same period last year and reaching 101.6 percent of 2019 levels. By age group, travelers in their 30s recorded the highest monthly average at around 460,000, followed by those in their 40s and 50s, with roughly 410,000 and 380,000 travelers, respectively. Eastar Jet said its youngest passenger this year was under one year old, while the oldest was 103. Eastar Jet also observed distinct booking patterns depending on departure timing. About 42 percent of passengers purchased tickets between two weeks and two months before departure, while 21 percent booked more than two months in advance and around 20 percent bought tickets within a week of travel. 2025-12-31 16:54:46 -
Policymakers scramble to rescue Korea's fast-sinking film industry SEOUL, December 31 (AJP) - Moviegoing is quickly going out of fashion in South Korea, with the only films able to stay in theaters for more than a month being foreign, fandom-driven animation franchises this year. As audiences remain glued to YouTube and Netflix, visits to cinemas have dwindled, prompting the government and film policymakers to roll out a series of measures to rescue a struggling industry. “The biggest challenge is that audiences now draw a very clear line between what they are willing to watch in theaters and what they prefer to stream at home,” said Kim Bo-yeon, director of the Policy R&D Department at the Korean Film Council (KOFIC). “Viewers go to theaters only for blockbusters, while everything else is pushed to OTT platforms,” Kim told AJP. “As attendance declines, production companies are reluctant to invest in large-scale films because there is no guarantee they can recoup costs. Naturally, the market has shifted toward mid- and small-budget projects.” To counter the downturn, KOFIC plans three major initiatives starting in 2026. The first is expanded support for project development, or what Kim calls “lineup development,” which allows production companies to receive funding for multiple projects rather than on a title-by-title basis. The goal is to strengthen studios’ long-term planning capacity and reduce risk concentration. Second, the agency plans to double support for mid-budget commercial films, raising funding from 10 billion won this year to 20 billion won next year, in an effort to rebuild the industry’s hollowed-out middle tier. The third pillar focuses on independent filmmaking, which Kim described as “the foundation of Korean cinema.” “We will actively support independent filmmakers so their creative work and distribution channels can recover,” she said. Subscription theaters and shrinking output Separately, the Ministry of Culture, Sports and Tourism is considering a subscription-style program for cinemas starting in 2027, modeled loosely on streaming services. Under the proposal, moviegoers would pay 15,000 won ($10.40) to watch four films — roughly a quarter of the current per-ticket price. Whether such incentives can lure audiences back remains uncertain, as viewers increasingly complain that recent theatrical offerings are not compelling enough to justify a trip to the cinema. Industry data underscore the severity of the downturn. Only around 20 Korean commercial films were produced in the first half of 2025, barely above the pandemic low of 2021 and far below the roughly 60 titles released in 2019. There was also no domestic film this year that surpassed the symbolic 10 million admissions mark. For the first time, a Japanese animation — Demon Slayer: Kimetsu no Yaiba – Infinity Castle — topped the Korean box office, drawing 5.65 million viewers. Today, nearly 40 percent of Koreans subscribe to three or four streaming platforms, reflecting how deeply on-demand viewing has reshaped consumption habits. The global success of Netflix’s K-pop Demon Hunters, which surpassed 314 million views by September, has reinforced the sense that cultural gravity is shifting decisively toward streaming platforms. Reports of a potential acquisition of Warner Bros. Discovery by Netflix have further heightened concerns about an emerging OTT monopoly — anxieties now acutely felt in South Korea’s once-dominant film sector. Even established auteurs are increasingly opting for streaming-first releases. Veteran director Lee Chang-dong is reportedly preparing his next film, Possible Love, for Netflix rather than for theatrical release. “I was shocked to hear that even Lee Chang-dong’s film may not be shown in cinemas,” said a film director who requested anonymity. “If his work moves online, what future is left for theaters? It’s a frightening thought.” 2025-12-31 16:52:08 -
Stock boom, currency bust: Korea's uneven market rally may spill into 2026 SEOUL, December 31 (AJP) - Roaring stock prices and a tumbling currency defined South Korea’s financial markets in 2025 — a divergence that may persist well into next year. The benchmark KOSPI closed the year Tuesday at 4,214.17, up 75.6 percent from a year earlier, while the tech-heavy KOSDAQ jumped 37 percent to 925.47. Both far outperformed regional peers, powered by surging demand for semiconductors, shipbuilding and defense-related stocks. Chipmakers were the undisputed champions. Samsung Electronics surged 125 percent to close at 119,900 won ($82.9), while SK hynix soared 250 percent to 651,000 won. Together, the two now account for more than one-third of the KOSPI’s total market capitalization, underscoring the market’s heavy concentration in artificial intelligence–linked plays. Shipbuilders also enjoyed a banner year. Hanwha Ocean jumped 204 percent to 113,600 won, driven by its strategic alignment with U.S. industrial policy, including the acquisition of Philly Shipyard. The move has positioned the company to secure lucrative U.S. naval maintenance, repair and overhaul (MRO) contracts, alongside a strong backlog of LNG carrier orders. Defense stocks delivered similarly robust gains. Hanwha Systems rose 140.7 percent, while LIG Nex1 climbed 90.9 percent, defying earlier expectations that easing tensions in the Middle East would dampen demand. Instead, the prolonged war in Ukraine and an intensifying global arms race continued to provide strong tailwinds. “Semiconductor stocks are expected to account for more than half of the KOSPI’s projected 14 percent return in 2026,” said Lee Jae-man, a researcher at Hana Securities, adding that defense companies are also poised for further upside as the government earmarks a record share of its research and development budget for military technologies. Lee singled out Hanwha Ocean for its strengthening pricing power and expanding profit margins. Bullish outlook — with caveats Market sentiment remains broadly optimistic. Daishin Securities and NH Investment & Securities project the KOSPI could peak between 5,300 and 5,500, supported by synchronized monetary easing and fiscal stimulus across major economies. Lee Kyung-min, a strategist at Daishin, said the rally reflects a coordinated global shift toward rate cuts, suggesting the cyclical bull market could extend at least through the first half of 2026. Government-led “value-up” initiatives have also helped narrow the so-called Korea discount. Measures such as tax incentives for higher dividend payouts, tighter fiduciary duties for corporate directors, and plans to expand pension fund investment into the KOSDAQ have bolstered investor confidence. Still, risks are mounting. Analysts warn of renewed talk of an AI bubble and the possibility of a sharper-than-expected policy pivot if inflation reaccelerates. “A liquidity squeeze following the end of the global easing cycle could trigger a market correction,” Hana Securities cautioned, noting that renewed inflation pressure in the United States could quickly sour risk sentiment. Won weakness clouds the rally In stark contrast to soaring equities, the Korean won remained among the weakest major currencies. It closed the year at 1,445.4 per dollar, down nearly 9 percent from its high earlier in May. The divergence between stocks and the currency is highly unusual. “It is unprecedented for the KOSPI to break above 4,000 while the exchange rate stays entrenched above the 1,400-won level,” said Kim Hak-kyun, managing director at Shinyoung Securities. A key driver has been the surge in overseas investment by Korean residents. From January to October, net outbound investment reached a record $117.1 billion, with $17.3 billion flowing out in October alone — the largest monthly outflow on record. The wide interest-rate gap between South Korea and the United States continues to weigh on the won. While the Federal Reserve has begun easing, its policy rate of 3.75 percent still far exceeds the Bank of Korea’s 2.5 percent, limiting Seoul’s room to maneuver. The central bank remains constrained by household debt exceeding 1,000 trillion won, making rate hikes politically and economically untenable. “Unless the U.S. economy deteriorates sharply, downward pressure on the won is likely to persist,” said Moon Jung-hee, an economist at KB Kookmin Bank. Some relief may come from policy and structural developments. The government’s foreign-exchange stabilization measures and South Korea’s inclusion in the World Government Bond Index (WGBI) next April could provide a floor for the currency. “The WGBI inclusion alone could attract stable long-term inflows, potentially pulling the exchange rate back toward the low-1,400 range,” said Seo Jeong-hoon, a researcher at Hana Bank. He added that a possible policy shift at the U.S. Federal Reserve under a Trump administration more inclined toward monetary easing could give the won additional breathing room by late 2026. 2025-12-31 16:43:44 -
PHOTOS: Seoul's DDP prepares for high-octane New Year countdown with media art SEOUL, December 31 (AJP) - The Dongdaemun Design Plaza (DDP), Seoul’s landmark cultural hub, is currently serving as a massive digital canvas for the “Seoul Light: Winter” media art festival. The event, which illuminates the iconic silver curves of the Zaha Hadid-designed structure, is part of the city’s broader “Seoul Winter Festa” celebrations. Running for 14 days from Dec. 18 through Dec. 31, the exhibition uses the building’s 222-meter-long outer facade to project high-tech visuals, transforming the architectural landmark into a vibrant "Christmas Town." The festivities will culminate on New Year’s Eve, with a grand countdown event scheduled to begin at 11 p.m. on Dec. 31. The celebration is set to feature a synchronized media art show, live performances, and a DJ set, alongside a rooftop fireworks display to welcome the start of 2026. 2025-12-31 16:41:47 -
South Korean crypto exchange Korbit fined over anti-money laundering breaches SEOUL, December 31 (AJP) - South Korea’s Financial Intelligence Unit (FIU) has fined cryptocurrency exchange Korbit 2.73 billion won ($2 million) for violations of anti-money laundering (AML) obligations, issuing an institutional warning against the company. The Financial Services Commission (FSC) said on Wednesday a comprehensive FIU inspection found Korbit had breached legal requirements, including prohibitions on transactions with unreported virtual asset service providers (VASPs) and obligations related to customer due diligence and transaction restrictions. The FIU held a sanctions review committee meeting on Tuesday and finalized follow-up measures after considering past sanction precedents, Korbit’s voluntary corrective actions and relevant legal standards, the commission said. The FIU conducted an on-site inspection of Korbit from Oct. 16 to 29, uncovering around 22,000 violations related to customer due diligence and transaction-restriction requirements. Korbit was also found to have supported 19 virtual asset transfer transactions involving three overseas VASPs that had not met reporting requirements under South Korean law, violating the ban on dealing with unreported providers. In addition, inspectors identified 655 cases in which Korbit failed to conduct required money-laundering risk assessments when supporting new transactions, including those involving non-fungible tokens. 2025-12-31 16:28:44