Journalist
Lee Hugh
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Samsung Electronics begins manufacturing operations in Kazakhstan SEOUL, December 31 (AJP) - Samsung Electronics has officially launched the production of televisions and washing machines in Kazakhstan, marking the South Korean tech giant's first manufacturing presence in the Central Asian nation. The Embassy of Kazakhstan in South Korea said Wednesday that the new production lines are operating at the Silk Road Electronics plant in Saran, a city in the Karaganda Region. The facility currently employs more than 1,100 people. The project is a joint initiative involving the Kazakh government, private investors, and industry partners designed to expand the country's domestic machine-building capabilities. According to the embassy, the plant has an annual production capacity of 150,000 televisions and 200,000 washing machines. It is currently producing washing machines that support the SmartThings ecosystem, as well as Crystal UHD 4K, FHD, and HD television models. Since mass production began earlier this year, the facility has turned out more than 42,000 units. These include models featuring artificial intelligence technology and user interfaces localized in the Kazakh language. Officials plan to add QLED TV series to the production lines in the future. The plant has also started manufacturing 2026 model-year televisions, which the embassy noted meets Samsung's international production standards. 2025-12-31 13:35:25 -
Veteran actor Ahn Sung-ki in critical condition after collapsing at home SEOUL, December 31 (AJP) - Veteran actor Ahn Sung-ki was rushed to a hospital in Seoul after his health suddenly deteriorated, his agency said on Wednesday. According to his management agency Artist Company, he was taken to the hospital in cardiac arrest after collapsing at home from choking on food the previous day. He is reportedly in critical condition. Making his debut in 1957 with director Kim Ki-young's "Twilight Train," he has appeared in more than 150 films over a career spanning roughly 60 years. He has been receiving treatment for blood cancer since 2019. 2025-12-31 10:56:51 -
New year to bring box-office hope for domestic films SEOUL, December 31 (AJP) - As the Year of the Snake draws to a close, a slew of domestic films stands ready to usher in the new year, after Hollywood blockbusters dominated the year-end box office. With no single standout hit seen among domestic films, "Zootopia 2," Disney's sequel to the 2016 hit animated film, and "Fire and Ash," the third installment in director James Cameron's epic "Avatar" franchise, have dominated the holiday season, drawing cumulative attendances of 7 million and 4 million respectively since their releases in late November and mid-December. But expectations are building for the new year, as a slate of domestic films such as "Once We Were Us," "Heartman," and "Project Y" awaits moviegoers. Released on the eve of the Year of the Horse, "Once We Were Us" starring Koo Kyo-hwan and Moon Ga-young, tells a nostalgic love story of a couple who reunite by chance after 10 years, retracing their past memories. Set for release on Jan. 14, Romantic comedy "Heartman" starring Kwon Sang-woo and Moon Chae-won revolves around a man who bumps into his first love and tries to win her back until a life-altering secret throws him into unexpected chaos. Following their releases, heist flick "Project Y" is set to arrive on Jan. 21 to keep the momentum. Much anticipation has been building for the female buddy movie starring Han So-hee and Jeon Jong-seo, which was invited to the Toronto International Film Festival and the Busan International Film Festival last fall, and also won the top prize at the London Asian Film Festival last month. 2025-12-31 10:31:06 -
Korea's inflation holds near 2% target in 2025, but everyday prices stay close to 3% SEOUL, December 31 (AJP) - South Korea’s headline inflation remained broadly anchored near the central bank’s target in 2025, easing to a five-year low of 2.1 percent for the full year, even as households continued to face elevated price pressures in daily expenses hovering near 3 percent — a gap likely to widen further amid persistent weakness in the won. The consumer price index rose 2.3 percent in December from a year earlier, slowing slightly from the 2.4 percent pace recorded in the previous two months, according to data released Wednesday by the Ministry of Data and Statistics. For all of 2025, inflation averaged 2.1 percent, the lowest since 2020 and down from 2.3 percent in 2024, signaling a return to the government’s target range of “around 2 percent.” Everyday costs remain elevated Beneath the headline figure, pressures tied to daily living costs remained stubbornly high. Fuel prices rose 6.1 percent on year in December despite softer global oil prices, reflecting the impact of the sharply weaker won. Prices for private services — a category closely linked to household spending — hovered near 3 percent, driven largely by higher dining-out costs. Currency weakness is emerging as a key inflation risk heading into next year. The won has traded at crisis-era levels, pushing up import prices and raising the likelihood of further pass-through to consumer prices with a time lag. The U.S. dollar averaged 1,421.97 won in 2025 based on weekly closing rates, marking the first time the annual average has exceeded the 1,400-won threshold. Previous record lows were 1,394.97 won in 1998 during the Asian financial crisis and 1,364.38 won in 2024 amid domestic political turmoil following the martial-law episode. The exchange rate hovered near 1,480 won for much of December. Economists note that higher import costs typically take three to six months to feed through to consumer prices, suggesting upward pressure could intensify in the first half of 2026 even as headline inflation currently appears stable. Reflecting this trend, the living expenditures index climbed 2.8 percent on year, its highest reading of 2025, driven in particular by a 3.3 percent rise in food prices. Weak won lifts fuel prices despite falling oil Despite an 8.6 percent drop in Dubai crude prices — from $63.8 to $58.3 per barrel in December — domestic petroleum prices continued to rise as currency depreciation pushed up import costs. Diesel and gasoline prices jumped 10.8 percent and 5.7 percent, respectively, marking the steepest increases among manufactured goods. As of Tuesday, gasoline in Seoul stood at 1,791 won per liter, while diesel was priced at 1,697 won. By contrast, prices for automotive liquefied petroleum gas fell 6 percent on year, reflecting a more than 20 percent decline in global LPG prices as U.S. production surged in 2025. Cooking oil prices also dropped 15.5 percent, supported by a sharp increase in soybean supplies from major exporters such as the United States and Brazil. Food prices continue to weigh on households Prices for agricultural, livestock and fishery products rose 4.1 percent on year, maintaining a strong upward trend. The increase was driven by higher fertilizer import costs linked to the weak won, as well as supply disruptions from heavy rainfall and wildfires. Rice prices surged 18.2 percent due to weather-related damage, while apple prices jumped 19.6 percent after wildfires significantly reduced cultivation areas. Livestock prices also continued to climb. Imported beef prices rose 8 percent on year, while domestic beef increased 4.9 percent. On a monthly basis, imported and domestic beef prices advanced 2.7 percent and 1.7 percent, respectively, reflecting higher import costs for U.S. beef and rising feed prices. By contrast, prices for vegetables less affected by weather conditions posted broad declines, with radish prices plunging more than 30 percent on year in December. The fresh food index rose 1.8 percent from a year earlier, a marked slowdown from November, although fish and shellfish prices remained elevated, up 6.9 percent. Spending categories also reflected persistent pressure on household budgets. Prices for food and non-alcoholic beverages rose 3.6 percent, while dining and lodging costs increased 3 percent. Dining-out prices continued to climb, with raw fish prices up 4.2 percent and coffee prices rising 4.3 percent, following year-end increases in seasonal fish and coffee bean costs. 2025-12-31 09:59:25 -
KAIST nuclear engineering professor named head of Korean Nuclear Society SEOUL, December 31 (AJP) - Choi Sung-min, a professor of the Department of Nuclear and Quantum Engineering at the Korea Advanced Institute of Science and Technology (KAIST), will assume office as new president the prestigious Korean Nuclear Society, effective Jan. 1. Choi earned his bachelor’s and master’s degrees in nuclear engineering from Seoul National University, before completing a master’s degree and a doctorate at the Massachusetts Institute of Technology (MIT). He later served as a visiting researcher at the U.S. National Institute of Standards and Technology (NIST) and is currently a professor at KAIST. He has held a number of senior roles in the nuclear field, including chair of the board of the Korea Institute of Nuclear Safety, president of the Asia-Oceania Neutron Scattering Association, president of the Korean Neutron Beam Users Association, head of the Center for Advanced Nuclear Technology Research, and director of the Nuclear Basic Joint Research Institute. In a statement marking his appointment, Choi described nuclear power as “a key national asset” capable of meeting rising electricity demand in the era of artificial intelligence while supporting carbon neutrality goals and energy security. He added that the society would present future energy solutions grounded in scientific evidence and objective data. 2025-12-31 09:26:34 -
MASGA shipbuilding push lifts outlook for Korean yards SEOUL, December 31 (AJP) - South Korea’s shipbuilding industry is expected to gain momentum next year as a bilateral initiative with the United States aimed at revitalizing American shipbuilding moves toward full implementation, industry officials said on Wednesday. The project, dubbed MASGA, short for “Make American Shipbuilding Great Again,” is designed to support Washington’s efforts to rebuild domestic shipbuilding capacity. South Korean yards are widely seen as key beneficiaries, given their global competitiveness in both commercial and specialized vessels. MASGA refers to a framework under which the South Korean government, through trade negotiations with the United States, would establish a shipbuilding cooperation fund worth up to $150 billion (around 209 trillion won). Hanwha Group, HD Hyundai Group and Samsung Heavy have been cited as core industry participants. Observers say South Korea’s three major shipbuilders — HD Korea Shipbuilding & Offshore Engineering, Hanwha Ocean and Samsung Heavy Industries — will begin to see tangible benefits from the initiative in the new year. U.S. President Donald Trump recently unveiled what he described as a next-generation U.S. Navy strategy known as the “Golden Fleet,” and named Hanwha as a key partner. Speaking at a news conference on Dec. 22 at his Mar-a-Lago residence in Florida, Trump said that the Navy would work with the South Korean company as part of a planned new frigate program. HD Hyundai Heavy has also been mentioned by industry sources as a potential partner under the Golden Fleet framework, citing its close technical cooperation with Huntington Ingalls Industries, the prime contractor selected for the U.S. Navy’s new frigate program. In October, the two companies signed a memorandum of agreement covering cooperation in the design and construction of commercial ships and naval vessels, including joint efforts on next-generation logistics support ships and the potential establishment of shipbuilding facilities in the United States. Samsung Heavy, meanwhile, is expanding its maintenance, repair and overhaul (MRO) business and pursuing joint-building projects with U.S. shipbuilders, including Vigor Marine and General Dynamics NASSCO. The MASGA initiative is also expected to create opportunities for smaller South Korean shipbuilders. HJ Shipbuilding & Construction and K Shipbuilding, both known for specialized vessels, were cited as potential beneficiaries. HJ Shipbuilding & Construction recently secured its first MRO contract involving a 40,000-ton U.S. Navy logistics support ship, leveraging its experience in naval shipbuilding and maintenance work. Separately from MASGA, industry prospects are also supported by expectations of rising global demand for high-value vessels, particularly liquefied natural gas (LNG) carriers, driven by increased LNG exports from the United States and Europe. Clarkson Research, a London-based shipping and shipbuilding consultancy, forecasts 115 LNG carrier orders next year, up 24 percent from this year. Oh Hyun-seok, a professor of international trade at Keimyung University, said the initiative could benefit not only shipbuilders but also suppliers of components and equipment. “Given the limited shipbuilding infrastructure in the United States, how South Korean companies deploy skilled workers and structure supply strategies will be critical to the success of the project,” Oh said. 2025-12-31 08:30:21 -
Korea's Digital Asset Basic Act faces delay amid dispute over stablecoin rules SEOUL, December 31 (AJP) -South Korea’s government is preparing a Digital Asset Basic Act that would introduce stronger investor protections, including no-fault liability for damages and safeguards to prevent losses stemming from stablecoin issuers’ failures, but the legislation is stalemated by disagreements over stablecoin guidelines. According to financial authorities and National Assembly officials on Tuesday, the Financial Services Commission (FSC) is drafting the government’s proposal for the second phase of crypto-market regulation. Discussions are centering on tougher investor protections, enhanced governance standards for exchanges and clearer rules for digital-asset issuance. Under the draft, stablecoin issuers may be required to manage reserve assets in the form of bank deposits or government bonds and to place assets equal to or exceeding the outstanding amount in custody or trust accounts at banks or other authorized institutions. The aim is to prevent issuer failures from directly harming investors. The bill is also expected to introduce a no-fault liability rule, holding digital-asset operators responsible for damages caused by incidents such as hacking or system failures regardless of intent or negligence. Provisions similar to those applied in the traditional financial sector — including disclosure obligations, oversight of contract terms and restrictions on misleading advertising — are also under consideration. The government plan would additionally allow domestic initial coin offerings, provided disclosure requirements are met. Since ICOs were effectively banned in 2017, many Korean projects have issued tokens overseas before listing them domestically, a practice regulators now seek to correct. Governance reforms for major domestic exchanges — including Upbit, Bithumb, Coinone and Korbit — are also being reviewed. The FSC is reportedly considering introducing a major-shareholder fitness review and capping controlling shareholders’ stakes at around 15 percent, amid criticism that profits and decision-making power are overly concentrated among founders or small shareholder groups. The FSC cautioned that details have yet to be finalized, noting that submission of the bill is likely to be pushed into next year due to disagreements with the Bank of Korea over stablecoin issuance. The central bank argues that only consortia in which banks hold a majority stake of at least 51 percent should be allowed to issue stablecoins, citing financial stability and regulatory compliance. The FSC opposes this approach, saying it would unduly restrict participation by technology companies. The two sides also differ on inter-agency coordination. The central bank favors creating a separate consultative body that would require unanimous agreement among relevant authorities, while the FSC maintains that no additional body is necessary because the commission already operates on a consensus-based system. Other unresolved issues include where to set minimum capital requirements for issuers — currently under discussion within a range of 500 million won to 25 billion won — and whether exchanges should be allowed to engage in both issuance and distribution of stablecoins. An FSC official said the agency is coordinating with related institutions and reviewing all options as discussions continue. With the government bill delayed, the ruling party’s digital asset task force is reportedly preparing an alternative proposal based on bills already submitted to the National Assembly. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-31 07:58:22 -
New physician shortage forecast shows Korea's medical standoff remains unresolved SEOUL, December 31 (AJP) -South Korea could face a shortage of up to about 11,000 doctors by 2040, according to a new government-backed projection, underscoring brewing healthcare crisis rooted in delayed medical reform after a year-long fallout from mass walkouts by doctors. The estimate was released Tuesday by the physician workforce supply-and-demand projection committee, an independent body under the Ministry of Health and Welfare. The panel projected that physician demand will continue to outpace supply even under multiple scenarios that factor in productivity gains from artificial intelligence and policy efforts to curb excessive medical use. Under its baseline model, the committee forecast demand of 144,688 to 149,273 doctors by 2040, compared with a projected supply of 138,137 to 138,984 — leaving a shortfall of 5,700 to 11,100 physicians. In 2035, the gap is estimated at 1,500 to 4,900 doctors. The findings will be submitted to the Health and Medical Policy Deliberation Committee, which is preparing to review medical school enrollment quotas for the 2027 academic year and beyond. Intensive discussions are expected to begin in January. The projection revives a politically sensitive issue that triggered one of the most serious healthcare disruptions in recent years. In February 2024, the government announced plans to raise annual medical school admissions by 2,000 students — a 67 percent increase — beginning in 2025, citing long-term shortages linked to population aging. The move prompted strong opposition from doctors’ groups, leading to mass resignations by residents and interns. At the peak of the protest in March 2024, more than 11,000 doctors had left their posts, forcing hospitals to scale back surgeries and emergency services. Beyond overall headcount, the data point to deep imbalances in how medical labor is distributed. An increasing number of newly licensed doctors are opening private clinics in highly profitable, low-risk fields such as dermatology and plastic surgery, while essential specialties continue to face shortages. From January to July 2025, 176 new clinics were opened by general practitioners, up 36.4 percent from a year earlier. Dermatology accounted for more than 80 percent of those openings. By contrast, the number of pediatric specialists declined to 6,438 in July 2025, down from the previous year. Regional disparities remain pronounced. About 70 percent of new clinics are concentrated in the Seoul metropolitan area, leaving many rural regions struggling to secure emergency, obstetric and surgical services. Health officials acknowledge that expanding medical school enrollment alone cannot resolve these imbalances. High litigation risks, long working hours and relatively low compensation continue to deter young doctors from entering essential fields. The government has pledged to invest 10 trillion won by 2028 to raise fees for critical specialties, but experts say financial incentives alone are unlikely to be sufficient without broader reforms to training, liability rules and regional deployment. As deliberations resume over future enrollment quotas, the new forecast highlights why physician supply remains one of the country’s most politically sensitive policy challenges — a problem temporarily contained but far from resolved. Medical school enrollment quotas are politically sensitive in Korea because they sit at the crossroads of healthcare policy and elite education. Expanding quotas affects not only the long-term supply of doctors but also the country’s highly competitive university hierarchy, as top-performing students overwhelmingly prefer medical schools for their income stability and social status. Any change reshapes entrance exam dynamics, private education demand and the allocation of elite talent away from science and engineering. 2025-12-31 07:44:51 -
Public bike stations close ahead of New Year's Eve bell-ringing ceremony SEOUL, December 30 (AJP) - The Seoul Metropolitan Government will temporarily close 16 public bike rental stations near Bosingak Pavilion from 7 p.m. on December 30 to 8 a.m. on January 1 in preparation for large crowds expected at the New Year's Eve bell-ringing ceremony. The measure aims to ensure public safety and prevent accidents as thousands gather for the traditional event. The bell-ringing ceremony, held at midnight on January 1, marks the end of the year and welcomes the new year with 33 strikes of the Bosingak bell. 2025-12-30 17:55:25 -
IPO pipeline packed for KOSDAQ, KOSPI candidates stay on hold 2025 SEOUL, December 30 (AJP) - South Korea’s initial public offering market staged a belated rebound in the second half of the year, as the KOSPI’s surge past the 4,000 mark revived investor appetite and unleashed a rush of new listings — particularly on the tech-heavy KOSDAQ. A total of 77 companies went public this year, including seven on the KOSPI and 70 on the KOSDAQ. Companies raised a combined 4.56 trillion won ($3.15 billion), up 14.9 percent from a year earlier. The number of listings was broadly unchanged from 2024, when 78 firms debuted. Nearly nine out of 10 newly listed companies — 89 percent — traded above their IPO prices, marking the strongest post-listing performance since 2021. Market capitalization at IPO prices reached 15.32 trillion won, up 1.49 trillion won from the previous year and the highest level in seven years excluding the 2021 boom. The KOSDAQ led the revival. Five companies debuted with market capitalizations exceeding 500 billion won, the largest such group since 2021: Reevesmed (1.36 trillion won), Semifive (809.1 billion won), AimedBio (705.7 billion won), CMTX (561 billion won) and The Pinkfong Company (545.3 billion won). The Pinkfong Company, which listed on Nov. 18, is best known globally for producing “Baby Shark Dance,” the most-watched video in YouTube history with more than 16.5 billion views. On the KOSPI, cosmetics maker d’Alba Global stood out as the year’s most successful listing. Since its May debut, the company — known for its “flight attendant mist” — has seen its share price jump 122.5 percent as of Tuesday’s close. Among KOSDAQ listings, the strongest performer was Proteina, a drug development company whose shares surged nearly 700 percent between its July debut and year-end. Kim Dae-jong, a professor of business administration at Sejong University, said Korea’s IPO market in 2025 reflected growing polarization under high interest rates and cautious investor sentiment. “Institutional investors are increasingly demanding conservative valuations and clearer earnings visibility,” Kim said. “This has strengthened the trend toward lower IPO pricing.” He added that the market is “transitioning from a short-term, profit-driven structure toward one that places greater weight on mid- to long-term corporate value.” Looking ahead, a number of heavyweight candidates are waiting in the wings for next year’s IPO market, including K Bank, Musinsa, Olive Young, SK Ecoplant, Essex Solutions, Sono International and AI chipmaker Rebellion. The outlook for new listings will be closely tied to the trajectory of the broader stock market. President Lee Jae Myung has repeatedly pledged to push the KOSPI toward 5,000 through structural reforms aimed at narrowing the so-called “Korea discount.” “The ruling party will promote capital market advancement, strengthen shareholder value and eradicate unfair trading practices,” Park Hong-bae, a lawmaker from the Democratic Party, told AJP. “At the same time, we will enhance disclosure systems to support investor decision-making and encourage sound capital flows.” A senior official at the Ministry of Economy and Finance also said the government remains optimistic about the KOSPI 5,000 goal, citing planned incentives for long-term shareholding. Still, economists caution against overconfidence. Kim Yong-jin, a professor of business administration at Sogang University, said reaching the 5,000 mark would require several favorable conditions to align. “Given the global economic environment and Korea’s own outlook, it does not appear very likely in the near term,” he said. “High market volatility makes the challenge even greater.” 2025-12-30 17:43:42