Journalist
Lee Hugh
=
-
South Korea's MegazoneCloud expands US push amid AI, cloud services boom SEOUL, December 09 (AJP) - South Korea’s MegazoneCloud is accelerating its expansion in the United States, targeting $300 million in revenue next year as demand for artificial intelligence and cloud migration continues to rise. The company said it will deepen cooperation with Amazon Web Services (AWS) and expand its U.S. workforce and sales network to drive growth. U.S. revenue stood at $29 million last year. The expansion plan was unveiled at the annual AWS re:Invent conference in Las Vegas on Dec. 3. Chief Executive Officer Yeom Dong-hoon, newly appointed U.S. Chief Revenue Officer John Providence and Chief Technology Officer Scott Weber outlined plans to scale operations in major markets including New York, California and Texas. MegazoneCloud said its strategy centers on a close alliance with AWS. Yeom said his experience leading AWS’s global partner organization would help the company expand strategic partnerships and address gaps in AWS’s professional services capability. “We will fill demand that AWS cannot meet directly due to resource constraints,” Yeom said. The company plans to move beyond cloud infrastructure management into higher-value services such as generative AI, data modernization and quantum computing. It currently operates an in-house AI platform, “Air Studio,” and a security brand, “Halo." Initial target industries include automotive, manufacturing and financial services. The company said it plans to expand from its existing work with Hyundai Motor America to broader automotive supply chains and pursue large-scale projects with U.S. clients, including the PGA Tour. To improve efficiency, MegazoneCloud said it will establish a 24-hour operating model by integrating engineers in South Korea and Vietnam with U.S.-based teams, using time-zone differences to provide continuous development and support. Despite perceptions that the U.S. market is mature, Yeom said substantial growth opportunities remain. “We aim to deliver meaningful results in the U.S. by applying proven strategies from Korea and Vietnam,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-09 10:54:04 -
South Korean PM meets BOK chief amid KRW concerns SEOUL, December 09 (AJP) - South Korean Prime Minister Kim Min-seok and Bank of Korea Governor Rhee Chang-yong held an unusual closed-door meeting early Tuesday, signaling the government’s reinforced determination to arrest the prolonged weakness of the Korean won that is rippling through every corner of Asia’s fourth-largest economy — from inflation and purchasing power to investment sentiment and long-term growth potential. The meeting, held at the government complex in Seoul, was notable in itself. The central bank governor typically meets monthly with the finance minister and the Financial Services Commission chair; direct consultations with the prime minister are rare. Kim said “uncertainties remain despite back-to-back gains in GDP growth and an improvement in consumer sentiment,” pledging that the administration would “solidify the economic recovery and extend it to stabilizing people’s livelihoods.” He highlighted government efforts to ease food-price burdens, revitalize regional economies, and expand growth potential through artificial intelligence and innovation. Rhee said the Bank of Korea will continue research on structural reforms to strengthen long-term growth potential while maintaining close communication and cooperation with the government as foreign-exchange volatility persists. The meeting comes as the finance ministry prepares a sweeping package of measures — including tax incentives to increase dollar supply, expanded hedging tools for pension funds, and new liquidity-support mechanisms — to counter what policymakers increasingly see as a currency-driven threat to macro stability. The Korean won has hovered around 1,470–1,480 won per dollar for nearly a month. Separately, the government continues to operate a four-party FX consultative body — bringing together the finance ministry, the Bank of Korea, the National Pension Service and the welfare ministry — to coordinate market-smoothing efforts and prevent disorderly swings in the won. The dollar rose 0.50 won to 1,470 won as of 10:25 a.m. in Seoul Tuesday. The article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-09 10:23:36 -
K-leggings stretch across Asia as XEXYMIX, Andar accelerate regional expansion SEOUL, December 09 (AJP) - South Korean athleisure brands known for form-fitting designs tailored to Asian body types are gaining strong traction across Southeast Asia, riding the broader “K-everything” wave sweeping the region. XEXYMIX, led by Chief Executive Lee Soo-yeon, said Tuesday it recently wrapped up a three-day pop-up in Jakarta — a key step in deepening its presence in Indonesia, one of Southeast Asia’s fastest-growing fitness and wellness markets. The “XEXYMIX in the City” event, held Dec. 5–7 at About Us Brasserie, blended retail with experiential marketing, offering pilates sessions, wellness programs and collaborations with local studios including Gaon Pilates Studio. Indonesian influencers such as Namira Adzani and Jessy Kusno helped amplify the brand’s visibility, drawing both fitness enthusiasts and new customers. Industry analysts say Korean athleisure’s regional appeal stems from its meticulous, fit-driven approach — a contrast with many Western labels whose sizing and proportions often miss the mark for Asian consumers. “U.S. brands often struggle with sizing for Asian women,” said Ellen Suh, a Seoul-based consumer in her 40s. “XEXYMIX fits me the best. With a smaller lower body, I can barely find the right size in U.S. brands. Korean leggings are designed for Asian physiques, offer more size options, and pay close attention to areas like the waistline, belly pooch and lower body parts, making them more comfortable and less revealing.” XEXYMIX has been widening its Asian footprint through fitness-led partnerships and sporting events, including Indonesia’s Sundays Fest yoga event, the XEXY Braid Tennis Tournament and sponsorship of Garmin Run Indonesia. The brand already operates in Japan, Taiwan and China, and plans to enter additional Southeast Asian markets such as Thailand and the Philippines. Rival athleisure brand Andar is pursuing a similar strategy. After establishing footholds in Japan and the United States, Andar has been expanding across Asia, betting on rising demand for premium leggings that combine compression, stretch and everyday wearability. XEXYMIX said the Jakarta pop-up not only heightened brand awareness but also provided valuable insight into local preferences. “This project allowed us to engage directly with both current and potential customers,” a company spokesperson said. “We will continue to strengthen our presence by working closely with local partners and expanding our omnichannel strategy.” 2025-12-09 10:19:53 -
Ssangyong E&C secures hospital construction project in Singapore SEOUL, December 09 (AJP) - South Korea's Ssangyong Engineering & Construction has secured a major hospital construction contract from Singapore’s Ministry of Health. The company said on Tuesday it won a contract worth $580 million to build the outpatient building at Alexandria Hospital, as part of a joint venture in which it holds a 40 percent stake alongside Japan’s Shimizu and Singapore’s Kimly. The project includes a three-level basement and a 12-story superstructure housing outpatient clinics and office space, as well as a four-story parking facility. The contract was awarded following a competitive bidding process that included Chinese construction firms, the company said. A Ssangyong spokesperson said the award reflected confidence in the company’s hospital construction capabilities, citing its successful delivery of the Woodlands Health Campus project despite disruptions caused by the COVID-19 pandemic. “Our performance on the Woodlands Health Campus demonstrated our ability to execute complex healthcare projects to a high standard, which earned strong client trust and led directly to this latest contract,” the official said. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-12-09 10:18:57 -
Lee to visit Japanese PM's hometown next month SEOUL, December 9 (AJP) - President Lee Jae Myung is planning a visit to Japan's historic city of Nara next month for a summit with Japanese Prime Minister Sanae Takaichi. Nara, the ancient capital during the island country's early imperial era, is Takaichi's hometown. As part of shuttle diplomacy to strengthen bilateral ties, Lee previously said he had expressed his desire to visit Nara during a meeting with her in late October on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in the southeastern city of Gyeongju, and she had welcomed the idea. Lee is also considering a visit to Beijing to meet with Chinese President Xi Jinping after his trip to Japan. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-09 09:58:18 -
South Korea weighs stockpiling as copper prices break records SEOUL, December 09 (AJP) - Copper prices have surged to record highs as supply disruptions and rising demand from emerging technologies tighten the global market. The South Korean government plans to secure a 60-day stockpile of key minerals by next year. Lawmaker An Do-geol of the Democratic Party has called for an additional 39,000 tons of copper reserves over the next five years to support expanding power grids and data center infrastructure. According to the London Metal Exchange, copper prices peaked at $11,645 per metric ton on Dec. 5, surpassing the previous record of $11,104 set in May 2024. Prices are up around 34 percent so far this year. Demand for the metal, a critical input for semiconductors, electric vehicles and power infrastructure, is accelerating as growth in artificial intelligence data centers and electrification expands. Meritz Securities of South Korea estimates that so-called non-traditional copper demand will rise from 6.55 million tons this year to 14.15 million tons by 2030. Supply has been constrained by disruptions at major mines, including the closure of Panama’s Cobre Panama mine last year and a landslide at Indonesia’s Grasberg mine. Analysts say these disruptions are unlikely to be resolved quickly, heightening concerns over structural shortages. Major investment banks have warned of rising risks, with Goldman Sachs forecasting that copper prices could climb to $15,000 per ton next year, accompanied by increased price volatility. Experts say a long-term strategy is needed to reduce supply risks. Oh Jung-seok, a specialist at the International Finance Center, said the strategic importance of copper is increasing rapidly amid intensifying global competition, underscoring the need for diversified supply chains and stronger stockpiling policies. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-09 09:49:11 -
All 12 CubeSats aboard Nuri rocket establish communication with ground stations SEOUL, December 09 (AJP) - All 12 CubeSats launched aboard South Korea’s fourth Nuri rocket mission have successfully established communication with ground stations, confirming the full success of the launch, the Korea Aerospace Research Institute said on Monday. Previously unresponsive satellites — including EEE Tester-1 developed by the Korea Aerospace Research Institute, SpaceInTech’s B-1000 and Quaternion’s PERSAT — have now made contact. The Nuri rocket was launched on Nov. 27 carrying the next-generation medium satellite No. 3 along with 12 CubeSats. All payloads were successfully placed into a 600-kilometer earth orbit. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-09 09:27:17 -
Park Chan-wook's film earns multiple Golden Globe nominations SEOUL, December 9 (AJP) - Award-winning director Park Chan-wook's latest film "No Other Choice" has been nominated for the annual Golden Globe Awards. According to nominations for the prestigious awards unveiled on Monday with winners to be revealed next month, Park's 12th feature will compete against "Blue Moon," "Bugonia," "Marty Supreme," "Nouvelle Vague," and "One Battle After Another" in the category of "Best Motion Picture – Musical or Comedy." The film is also up for an award given to the best non-English language film, while lead actor Lee Byung-hoon is vying for "Best Performance by a Male Actor in a Motion Picture – Musical or Comedy." Lee will compete with Ethan Hawke ("Blue Moon"), George Clooney ("Jay Kelly"), Jesse Plemons ("Bugonia"), Leonardo DiCaprio ("One Battle After Another"), and Timothée Chalamet ("Marty Supreme"). Netflix's hit anime "KPop Demon Hunters" also earned three nominations – "Best Motion Picture – Animated," "Best Original Song -Motion Picture," and "Cinematic and Box Office Achievement." The Hollywood remake "Bugonia," based on the 2003 South Korean film "Save the Green Planet!," received nominations for "Best Motion Picture – Musical or Comedy," "Best Performance by a Male Actor in a Motion Picture – Musical or Comedy" (Jesse Plemons) and "Best Performance by a Female Actor in a Motion Picture – Musical or Comedy" (Emma Stone). The 83rd Golden Globe Awards will take place in Los Angeles on Jan. 11 next year. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-09 09:11:22 -
INTERVIEW: Data centers, nuclear power to drive next wave of overseas construction SEOUL, December 09 (AJP) - South Korean construction companies must move beyond traditional building roles and reposition themselves as comprehensive value creators to remain competitive globally, said Han Man-hee, chairman of the International Contractors Association of Korea (ICAK). In an interview, Han said international clients are increasingly seeking partners capable of improving quality of life through integrated urban and infrastructure solutions, rather than firms focused solely on construction. “Clients now want partners who can deliver long-term value, not just physical structures,” Han said. “Korean companies should fully leverage their strengths in engineering, procurement and construction (EPC) and expand into development, operation and investment.” Han said global construction demand is being reshaped by carbon-neutral policies, digitalization and the rapid adoption of artificial intelligence, creating new opportunities in data centers, power infrastructure and nuclear power plants. He called on the South Korean government to expand policy-based financial support, strengthen training for public-private partnership (PPP) specialists and reinforce so-called “sales diplomacy” to help domestic firms secure overseas contracts. According to Han, the global construction market is shifting toward low-carbon development, digital construction and diversified supply chains. “Korean builders must incorporate eco-friendly technologies from the earliest project stages,” he said, pointing to the growing importance of smart construction tools such as building information modeling (BIM), artificial intelligence, drones and big data. He also stressed the need to reduce reliance on single-country supply chains and to work more closely with technology-driven partners to improve competitiveness in international bids. Han identified data centers, power grids and nuclear power as key growth engines, driven by surging global demand for AI-related infrastructure. Global electricity consumption by data centers is expected to reach about 1,000 terawatt-hours as early as next year, he said. Korean firms are increasingly exporting domestic experience in cooling efficiency, modular construction and eco-friendly digital infrastructure that combines renewable energy with data center development. Han also said a global “nuclear renaissance” could open doors to Korean nuclear technology in North America and Europe. To support overseas expansion, ICAK has launched the “Convergence K-City Platform,” a framework designed to promote joint international projects across construction, engineering, culture, healthcare, logistics, information technology and energy. Urbanization and infrastructure demand are rising sharply in the Middle East and Southeast Asia, creating opportunities for Korean companies to export integrated city development models, Han said. Han said smaller construction companies face growing barriers due to the increasing size and complexity of overseas projects, particularly in financing. ICAK provides market research support, invites potential foreign clients to Korea and subsidizes feasibility analysis costs. It also offers legal and tax advisory services through partnerships with law and accounting firms and supports on-site training programs to ease labor shortages. The association additionally provides training subsidies to small and medium-sized firms to lower hiring costs. Han said the industry must move toward high-value PPP projects for sustainable growth, which requires stronger institutional support. He called for expanded capital injections into policy finance institutions, higher credit limits and enhanced tax incentives to reduce early-stage investment risks. He also urged faster guarantee approvals for urgent international bids and expanded tax benefits for overseas workers to prevent talent outflows. Support for small and mid-sized companies in recruiting global talent should also be strengthened, he added. During his term, Han said ICAK plans to institutionalize the Convergence K-City Platform and expand it into sectors such as railways and airports through proposed “K-Rail” and “K-Airport” initiatives. He also said the association is strengthening global networks by signing memoranda of understanding with construction associations worldwide and expanding ties with foreign officials trained in South Korea. “We aim to restore overseas construction as a core engine of Korea’s economic growth,” Han said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-09 08:52:24 -
South Korea's fixated weak won calls for a long-term policy reset SEOUL, December 09 (AJP) - South Korea is running out of quick fixes. With the local currency stuck in the band of 1,470 won per dollar for nearly a month and inflation pressures reawakening, economists say the country can no longer rely on ad-hoc tools, verbal interventions, or temporary tax cuts to stabilize forex. Instead, the entrenched weakness of the won is exposing the need for a fundamental, long-term overhaul of the nation’s macroeconomic, energy-import, and capital-flow policies. The won slipped below 1,470 won on Monday, presumably through interventionist hands. The currency has risen for five straight months—from an average of 1,366.95 won in June to 1,469.48 won in December, a 7.5 percent jump—enough to unsettle inflation that had only recently begun to stabilize. Already, the import price index spiked 1.9 percent in October, the fastest pace since January, pushing domestic supply prices up 0.9 percent. Consumer inflation, at 2.4 percent, risks drifting higher as companies face steeper dollar-denominated input costs and begin passing them on. The Bank of Korea and global investment banks now expect inflation to hover near or slightly above 2 percent next year. When a Weak Won Stops Being a “Phase” The deeper concern is that the weak-won environment may no longer be a passing cycle but the country’s new structural baseline. A Bank of Korea study estimates that if a 10 percentage-point depreciation persists for more than three months, annual inflation rises 1.61 percentage points—a hit that could dull any nascent recovery in private consumption. That emerging pattern is already visible at the small-business level. Even after government-backed spending coupons lifted third-quarter sales by 5.3 percent year-on-year, profits still fell 4.63 percent from the previous quarter because of elevated costs, according to KB Securities. “Domestic demand is improving, but inflation pressure is strengthening in parallel, weakening the elasticity of the recovery,” said economist Ryu Jin-i. She expects consumer prices to peak in the third quarter of next year, pushing the central bank into a difficult trade-off between growth and inflation. Policy Ambiguity Is Becoming Its Own Risk Markets say they cannot tell whether the government sees the won’s weakness as structural or temporary—and that uncertainty is beginning to carry its own costs. Standard verbal warnings about “excessive one-sided moves” have had virtually no effect, largely because foreign inflows remain tepid and dollar demand remains firm. A brief episode involving the National Pension Service’s (NPS) hedging strategy fueled further confusion. Officials suggested higher hedging ratios could stabilize the won by increasing demand for the currency, only to backtrack after public pushback over using pension assets for currency management. Deputy Prime Minister Koo Yun-cheol later stressed that the government had no intention of “mobilizing the pension fund as a temporary tool”—a clarification that left markets questioning the strategic coherence of the policy framework. Other inflation-containment tools—fuel tax cuts, emergency tariffs, and public-fee restraint—have been stretched to their limits. The country’s longest-standing fuel-tax reduction is still in effect. Tariff relief for grains and raw materials has been repeated so often its impact is fading. And public-utility price controls are hard to sustain if the weak-won trend continues. At a recent policy briefing, Presidential Policy Chief Kim Yong-beom outlined three priorities: encouraging the repatriation of Korean companies’ overseas profits, examining retail investors’ overseas investment risks, and reassessing the NPS’s hedging framework. Yet each carries structural tension—tax architecture, capital-market liberalization principles, and pension-fund fiduciary duty—that makes them difficult to execute swiftly. Structural Pressures Mount Behind the Scenes Economists warn that the country’s 40-month run of Korea–U.S. interest-rate inversion continues to siphon funds into higher-yielding foreign assets. “Intervening with ten billion dollars stabilizes the market for a day or two at most,” said Hansung University’s Kim Sang-bong. “These are not fundamental solutions.” Corporate hedging behavior also reflects the shift: currency-risk insurance purchases fell 32.7 percent in the first 11 months of the year, and plunged 45.8 percent in October alone—evidence that companies now see the high exchange rate as the new normal. Meanwhile, Korea’s heavy dependence on imported energy and food magnifies its exposure. A government plan to import 100 billion dollars of U.S. energy over four years diversifies away from the Middle East but raises transportation and logistics costs. Japan and China have aggressively pursued food-supply diversification; Korea’s efforts remain tentative by comparison. Even raw-material reserves are feeling the squeeze. The Public Procurement Service raised its nonferrous metal stockpiling budget to 80 billion won, but the same money now buys less because of rising global prices and the weaker currency. A Moment to Rebuild Fundamentals Although Korea’s current-account surplus—bolstered by a rebound in semiconductor exports—helps cushion capital outflows, economists emphasize that a long-term remedy lies not in patchwork interventions but in reinforcing macroeconomic fundamentals and improving the domestic investment environment. “Instead of relying on short-lived measures, it is time to redesign the policy framework from the ground up,” said Seoul National University economist Ahn Dong-hyun. “Korean companies are investing more abroad than they are reshoring. Regulatory improvements and a stronger domestic base are essential to reversing that trend.” For now, the won remains pinned near 1,470 won per dollar—an indicator not just of currency markets but of a broader strategic question: whether Korea’s policymakers can shift from crisis response to a durable, forward-looking policy architecture that prevents the weak-won, high-inflation cycle from becoming a structural feature of the economy. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-09 07:36:00