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South Korea's Samsung C&T teams up with Polish firm on small modular reactors SEOUL, December 15 (AJP) - Samsung C&T’s construction division said on Monday it has signed a partnership agreement with Poland’s Synthos Green Energy to jointly develop small modular reactor (SMR) projects in central and eastern Europe. The agreement provides for cooperation on SMR development in Europe, including feasibility studies, site selection and environmental impact assessments, starting with projects in Poland. The signing ceremony was attended by Michał Sołowow, president of Synthos Green Energy, and Oh Se-chul, chief executive of Samsung C&T’s construction division. Synthos Green Energy plans to deploy GE Hitachi’s BWRX-300 technology, with a goal of building up to 24 SMRs by the early 2030s and expanding deployment across central and eastern Europe. Under the partnership, Samsung C&T will leverage its global nuclear construction experience to support the Polish SMR program, while exploring opportunities to extend the collaboration to other European markets. The BWRX-300 is a 300-megawatt small modular reactor design that is currently under construction in Ontario, Canada, and has been selected by Sweden’s utility Vattenfall for the Ringhals nuclear power project. “This collaboration with Synthos Green Energy marks a milestone in our entry into the Polish and broader European SMR markets,” Oh said in a statement. Rafał Kasprów, president of Synthos Green Energy, said the partnership would strengthen the competitiveness of Poland’s SMR initiative and contribute to providing sustainable energy solutions across Europe. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-12-15 14:13:22
Fire at Paju elementary school leaves three injured, hundreds evacuated SEOUL, December 15 (AJP) - A fire broke out at an elementary school in Paju, Gyeonggi Province on Monday. According to fire authorities, the blaze started around noon in the school's second-floor science lab. Firefighters were immediately dispatched to the scene to extinguish the blaze, but three staff members inhaled smoke, with two being transported to the hospital. A total of 307 students and staff were evacuated. Authorities are investigating the exact cause of the fire. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-15 13:56:59
Asian stocks slide as AI bubble talk resurfaces SEOUL, December 15 (AJP) - Asian markets fell broadly on Monday following a retreat on Wall Street last Friday, as renewed concerns about an “AI bubble” weighed on sentiment after Broadcom shares tumbled 13 percent. South Korea’s benchmark KOSPI was down 1.5 percent at 4,104.44, while the tech-heavy KOSDAQ slipped 0.2 percent to 935.61 as of 10 a.m. Only seven of the 30 largest companies by market capitalization on the main board posted gains. Samsung Electronics fell 3.4 percent to 105,200 won ($71.2), and SK hynix slid 3.2 percent to 553,000 won. Hyundai Motor lost 1.8 percent to 296,000 won, while HD Hyundai Heavy Industries declined 3.1 percent to 555,000 won. Doosan Enerbility sank 3.4 percent to 77,000 won, Kia retreated 1.2 percent to 124,300 won, KB Financial slipped 0.8 percent to 125,100 won, and Hanwha Aerospace lost 3.8 percent to 925,000 won. Among gainers, LG Energy Solution edged up 0.2 percent to 446,500 won, while Samsung Biologics jumped 4.2 percent to 1,763,000 won. Korea Zinc, ranked 20th by market capitalization, was the biggest riser among the top 100 KOSPI stocks, surging 10.6 percent to 1,679,000 won. Local media attributed the rally to reports that the firm plans to build a 10 trillion-won ($6.77 billion) smelter in the United States, with more than 1 trillion won in combined investments from the U.S. government and private companies. Shares of the “Big Four” K-pop agencies all fell more than 1 percent. Hybe dropped 1.3 percent to 295,500 won, JYP Entertainment slid 1.3 percent to 67,300 won, SM Entertainment fell 2.1 percent to 101,600 won, and YG Entertainment declined 2.4 percent to 62,100 won. From Monday, the Korea Exchange (KRX) will temporarily lower its stock trading fees for two months, until Feb. 13 next year. The fee for limit orders will be set at 0.00134 percent and the fee for market orders at 0.00182 percent, representing a reduction of about 20 percent to 40 percent from current rates. The move is widely seen as an effort to align the KRX’s fee structure with that of Nextrade (NXT), which charges 0.00134 percent for limit orders and 0.00182 percent for market orders. Launched on March 4, Nextrade is South Korea’s first alternative trading system (ATS) and the only competitor to the Korea Exchange. Within three quarters of its launch, Nextrade posted its first cumulative operating profit. As of the end of October, its average daily trading volume over the previous six months reached 15.66 percent of the KRX’s average daily volume over the same period, surpassing the so-called “15 percent rule.” While the Korea Exchange can decide on short-term fee adjustments or exemptions of up to three months on its own, extending such measures beyond that period requires a review by the Financial Services Commission. In Japan, the Nikkei 225 fell 1.3 percent to 50,183.19. Toyota Motor rose 1.9 percent to 3,321 yen ($21.4), while Mitsubishi UFJ Financial Group gained 1.2 percent to 2,528.5 yen. SoftBank Group, the fourth-largest stock by market value, tumbled 7.2 percent to 16,600 yen. The Nikkei newspaper reported on Sunday that in the Kansai region, where economic ties with China are strong, bus tours and hotel reservations have been canceled in succession, hurting department store sales. It added that concerns are also spreading to the Tohoku and Hokkaido tourism sectors as the situation appears likely to drag on. The ongoing Japan-China spat has led to fewer Chinese tourists, though some analysts say the disruption could benefit Japan’s tourism industry in the long run. Teikoku Databank said the impact of travel advisories remains limited and could present an opportunity to tap alternative sources of demand. In China, the Shanghai Composite Index edged down 0.2 percent to 3,881.72, while Hong Kong’s Hang Seng Index fell 0.9 percent to 25,754.06. 2025-12-15 13:50:37
[[UPDATE]] Police Sweep Kakao building following bomb threat; No explosives found SEOUL, December 15 (AJP) - Authorities in South Korea on Monday conducted a large-scale search operation at tech giant Kakao's office building in Pangyo, south of Seoul, following a bomb threat report, but no explosive devices were discovered. Police said a joint team of approximately 70 officials — including police officers, firefighters, and military personnel — was deployed to the site, but no unusual or suspicious findings were reported during the operation. Access restrictions to the Kakao building were subsequently lifted, police said. Kakao said it alerted police early on Monday after the threat appeared on its customer service website. In response, the company instructed all employees at the Pangyo office to work remotely as a precaution. The facility houses Kakao’s headquarters staff as well as employees from key subsidiaries, including Kakao Pay and Kakao Healthcare. “After receiving a bomb threat through our customer service center, we prioritized employee safety and shifted all staff to remote work while taking necessary safety measures,” Kakao said in a statement. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-15 13:47:05
Korea's ex-president brooded on martial law scheme more than a year before acting out SEOUL, December 15 (AJP) -Former South Korean President Yoon Suk Yeol brooded over a scheme to invoke martial law to “eliminate political opponents and consolidate power” before October 2023, more than a year before the stunning decree was declared in December 2024, a special counsel investigation claimed Monday. The finding was detailed by Special Counsel Cho Eun-suk, who led a 180-day probe into allegations of insurrection and foreign collusion surrounding the December 3, 2024, martial law episode. Cho’s team concluded that Yoon sought to use military force to remove political opponents and monopolize power, contradicting the former president’s reasoning that the move was aimed at defending the nation from so-called “anti-state forces.” “Yoon Suk Yeol and others intended to suspend political activity and the National Assembly’s functions through military force, and to seize legislative and judicial authority via an emergency legislative body,” Cho said at a press briefing in southern Seoul. “They framed normal parliamentary activity as anti-state conduct to justify the declaration.” According to the investigation, Yoon repeatedly referred to his “emergency powers” from the early days of his presidency, which began in May 2022 and ended in April 2025 after the Constitutional Court upheld his impeachment. At a dinner with senior figures of the then-ruling People Power Party in November 2022, Yoon said he possessed emergency authority and would “wipe them all out,” even at the risk of being shot, investigators said, citing testimonies. Former senior officials from investigative agencies also told the team they had heard as early as mid-2022 that Yoon was considering imposing martial law after the next general election. Preparations accelerated ahead of a military leadership reshuffle in October 2023, when Yoon and his aides discussed whether to impose martial law before or after the personnel changes, the team said. Several officers later implicated in the case — including former Defense Security Commander Yeo In-hyung and former Army Chief of Staff Park An-su — were promoted to key posts at the time. Notes recovered from a notebook belonging to Noh Sang-won, a former intelligence commander described by investigators as one of the “designers” of the plan, mirrored those personnel arrangements, according to the findings. The investigation concluded that Yoon and his allies aimed to establish what prosecutors described as an unchecked authoritarian system, using the military to control the judiciary and an emergency legislative body to replace the National Assembly. As evidence, the team cited written directives ordering the cutoff of National Assembly funding and budgeting for an emergency legislative body, power and water shutdowns at media outlets, the blockade of opposition party headquarters, lists of politicians to be arrested found in military commanders’ notes, and handwritten entries calling for the collapse of “all left-wing forces” ahead of the next presidential election. The special counsel also concluded that Yoon sought to manufacture conditions justifying martial law by provoking a military response from North Korea through what investigators described as “abnormal military operations.” Internal military notes referred to the need for a situation “beyond police control” and for “offensive measures to create enemy conditions,” the team said. South Korean forces subsequently deployed drones carrying leaflets over Pyongyang, but the plan failed when North Korea did not respond militarily. The probe further found that Yoon attempted to portray the ruling party’s defeat in the April 2024 general election as the result of electoral fraud orchestrated by “anti-state forces,” using that narrative to justify suspending parliamentary functions. Former intelligence officials assigned dozens of agents to detain election commission staff under martial law, investigators said. Equipment including cable ties, blindfolds, clubs and hammers was prepared, and military personnel briefly occupied the commission’s server room. No arrests were carried out after parliament swiftly voted to lift the decree. The special counsel team — comprising 238 prosecutors, investigators and support staff — indicted 27 people in total, including Yoon, former Prime Minister Han Duck-soo, former National Intelligence Service Director Cho Tae-yong, and former Defense Minister Kim Yong-hyun. At least 24 were indicted on insurrection-related charges, according to the team.Yoon was indicted three times by the special counsel on charges including obstruction of justice, aiding an enemy and perjury, in addition to earlier indictments for leading an insurrection and abuse of power. On conviction, insurrection carries a possible sentence of life imprisonment or death under South Korean law. Several senior officials were re-arrested or had detention periods extended, while arrest warrants for others were denied by the courts. A separate special counsel investigation into corruption allegations involving Yoon’s wife, Kim Keon Hee, is ongoing. Investigators said there was no evidence linking her to the martial law conspiracy. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-15 13:46:51
HOT STOCK: Korea Zinc soars on reports of $6.8 bn US smelter investment SEOUL, December 15 (AJP) - Shares of Korea Zinc Co., currently under a hostile takeover bid, jumped more than 11 percent Monday amid reports that the company is considering a 10 trillion won ($6.77 billion) investment to build a smelter in the United States. Korea Zinc shares rose as high as 1,914,000 won and closed at 1,592,000 won, up 4.9 percent from previous finish. Korea Zinc, the world's largest non-ferrous smelting company, is holding a board meeting and is expected to announce its decision later Monday following a vote by directors. According to industry sources, the company is pursuing a joint venture in the United States, inviting the U.S. government and local companies as partners. Washington reportedly approached Korea Zinc as part of its efforts to secure strategic mineral supplies following China's move in October to weaponize rare-earth exports. The plan has drawn strong opposition from Young Poong Group and MBK Partners, which are pursuing a hostile takeover of Korea Zinc. The two investors criticized the U.S. investment plan, arguing that it "goes against national interests by compromising the zinc business to defend Chairman Choi Yun Birm's personal management rights." They warned that the project could hollow out South Korea's domestic smelting industry and heighten the risk of leaks involving core technologies. Under the proposed structure, the U.S. Commerce and Defense Departments, along with American defense contractors, would invest about $690 million in the joint venture. If Korea Zinc issues new shares to the JV, the U.S. partners are expected to acquire roughly a 10 percent stake. The remaining 7 trillion won ($4.74 billion) would be financed equally by the U.S. government and JPMorgan, through loans guaranteed by Korea Zinc, according to the sources. If approved, the deal would position Korea Zinc as a key partner in Washington's push to build a rare-earth supply chain independent of China. Direct equity participation by the U.S. government in a Korean private company would mark the formal launch of a "strategic resources alliance" between Seoul and Washington aimed at countering China’s dominance in global rare-earth production. Korea Zinc Chairman Choi Yun Birm was included in the business delegation accompanying President Lee Jae Myung during his state visit to the United States in August. 2025-12-15 11:29:25
Nearly 90% of South Koreans use streaming services SEOUL, December 15 (AJP) - Nearly 90 percent of South Koreans use online streaming services and platforms, with an average of 2.1 subscriptions per person, according to a survey by the Ministry of Culture, Sports and Tourism and the Korea Creative Content Agency. The survey, based on face-to-face interviews with 6,554 people conducted over three months starting in July, found that 54.2 percent of subscribers were paid users. YouTube led with 85.4 percent of users, followed by Netflix at 47.6 percent, Coupang Play at 18.9 percent, and TVING at 13.1 percent. Smartphones were the most popular devices for accessing the services (91.7 percent), followed by TVs (31.5 percent) and PCs (10.6 percent). Average viewing times were 101 minutes on weekdays and 128 minutes on weekends. Users spent an average of 10,909 Korean won (about US$7.60) per month on paid services and were willing to pay up to 14,076 won. But their preferred subscription price was 7,939 won, reflecting a cost-saving trend, with 64.7 percent of users taking advantage of discount offers. Among Netflix and TVING users, 34.8 percent said they could tolerate ad-supported options in exchange for lower subscription fees, and 87.3 percent of them were willing to continue using such plans. But users of YouTube Premium for ad-free viewing rose to 20.6 percent, up 6 percentage points from a year earlier. About 58.6 percent of respondents said they watch shorts and other brief videos because they don't take up much time and allow them to focus on the most engaging parts. Among these viewers, 33.3 percent clicked on in-video shopping links, and 31.4 percent went on to make purchases. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-15 11:05:41
Korea Zinc weighs US strategic mineral smelter: reports SEOUL, December 15 (AJP) - Korea Zinc is considering building a strategic mineral smelter in the southeastern United States, according to media reports, on Monday. The world’s largest non-ferrous metal smelting company convened an emergency board meeting at its Seoul headquarters to discuss the potential project, which could involve investment from the U.S. Department of Defense and local defense-related investors, according to industry sources. The proposed smelter would position Korea Zinc as a key partner in the U.S.-led push to diversify rare earth and critical mineral supplies, following China’s tightening of export controls on key materials. Shares of Korea Zinc rose more than 10 percent to 1,672,000 won as of 10:55 a.m. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-15 10:57:10
PHOTOS: Korean-born diplomat represents Ghana SEOUL, December 15 (AJP) - Ghana's newly appointed Ambassador to the Republic of Korea, Kojo Choi, officially commenced his diplomatic mission on Dec. 11, presenting his credentials to President Lee Jae Myung. Ambassador Choi, whose birth name is reported as Choi Seung Eub, is a naturalized Ghanaian citizen and a successful businessman, marking a significant first as the first Korean-born diplomat to serve as an African nation's ambassador to South Korea. The ambassador moved to Ghana as a middle school student with his missionary father. He subsequently completed his education and settled there, where he built a successful career in business before his appointment. 2025-12-15 10:44:22
Doosan Enerbility signs steam turbine supply deal for Qatar plant SEOUL, December 15 (AJP) - Doosan Enerbility said on Monday it has signed a contract with Samsung C&T to supply key equipment for a power plant in Qatar, in a deal valued at about 1 trillion won ($730 million). The project involves the construction of a 2,400-megawatt gas-fired power plant located around 10 kilometers southeast of Doha. Under the agreement, Doosan Enerbility will supply two 430-megawatt steam turbines, generators and related auxiliary equipment, with deliveries scheduled to be completed by 2029. The contract marks Doosan Enerbility’s second project win in Qatar this year. In March, the company secured a 290 billion won peaking unit project in the country. It has also won additional gas power contracts in Saudi Arabia, including the Ghazlan 2 and Hajar expansion projects, with a combined value of about 340 billion won. Doosan Enerbility said it is strengthening its presence in the Middle East by expanding deliveries of steam turbines and generators as regional demand for gas-fired power generation grows. “Our continued success in Qatar, along with expanding contracts across the Middle East, reinforces our position in the global gas-fired power market,” said Son Seung-woo, head of Doosan Enerbility’s Power Service business group. “We aim to further enhance our competitiveness by offering optimized solutions based on the reliability of our products.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-15 10:23:22