Journalist
Lee Hugh
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UNESCO official expresses regret over redevelopment project near Jongmyo Shrine SEOUL, November 27 (AJP) - Lazare Eloundou Assomo, head of the UNESCO World Heritage Centre, reiterated the need for a Heritage Impact Assessment (HIA) amid controversy over a redevelopment project near Jongmyo Shrine. During a meeting in Paris, France on Wednesday with Huh Min, head of the Korea Heritage Service (KHS), Assomo expressed strong regret over the project. The controversy began after the Seoul Metropolitan Government abruptly decided late last month to raise the height limit for the area, which is slated for redevelopment into an urban complex. The KHS worries that raising the height limit from 71.9 meters to 145 meters could diminish the historical and cultural value of the UNESCO World Heritage site, designated in 1995 for its unique architectural landscape and historical significance as a royal ancestral ritual space. Assomo had previously sent a letter on Nov. 15, urging the South Korean government to conduct a survey to assess potential impacts on the values of the World Heritage site before proceeding with the project. Huh explained the country's efforts and commitment to preserving the ancient shrine’s values in line with UNESCO's recommendations. Huh also met with Khaled El-Enany, the new UNESCO Secretary-General the previous day, to discuss preparations for next year's World Heritage Committee meeting in Busan, outlining the plans and seeking UNESCO's support. Promising his attendance at the meeting, El-Enany praised South Korea's efforts to preserve its national heritage and cultural assets and pledged UNESCO's full support. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 11:10:16 -
Naver Financial, Dunamu vow to seize global market with AI-Web3 synergy SEOUL, November 27 (AJP) - Naver Financial and cryptocurrency exchange operator Dunamu on Thursday declared their intent to dominate the global digital finance landscape by fusing artificial intelligence with blockchain technology, as the two Korean tech powerhouses formalize their corporate alliance. Top executives from Naver, Naver Financial and Dunamu gathered at Naver's second headquarters in Seongnam to unveil their vision a day after approving a merger that brings Upbit operator Dunamu into the Naver group. The three firms pledged to invest about 10 trillion won ($6.82 billion) over five years to cultivate domestic AI and Web3 ecosystems. "Naver's AI capabilities must create synergy with Web3 to capture the next-generation market," Naver founder Lee Hae-jin said. "We must pursue ventures that global players have yet to attempt if we are to survive the competition." Naver CEO Choi Soo-yeon said the convergence of mainstream blockchain adoption and the emergence of agentic AI — systems capable of autonomous decision-making — presents a critical technological inflection point. She emphasized that the combined entity would build a "full lineup" of users, data, technology, services and capital to mount an aggressive push into the global Web3 arena. Web3 is an umbrella term for technologies like blockchain, decentralizing data ownership to give users more control over their data and online interactions. Dunamu Chairman Song Chi-hyung said the three companies aim to architect next-generation financial infrastructure that bonds AI with blockchain, spanning payments, broader financial services and everyday life. Vice President Kim Hyung-nyun added that the partnership would position South Korea at the forefront of the borderless digital asset market as tokenization gains traction worldwide. Following the integration, the firms plan to prioritize overseas expansion and improved capital market access. The companies said they would forge a collaborative culture centered on global growth rather than pursue further governance restructuring. Dunamu CEO Oh Kyoung-suk said the deal's core objective lies in leveraging the global technology inflection point as an opportunity rather than a threat, enabling both companies to achieve a greater leap forward together. 2025-11-27 10:40:37 -
PHOTOS: South Korea's homegrown rocket successfully puts satellites into orbit SEOUL, November 27 (AJP) - South Korea's homegrown Nuri rocket was successfully launched overnight, carrying its main satellite along with a dozen smaller satellites into their planned orbit, the Ministry of Science and ICT said on Thursday. Speaking at a press briefing at the Naro Space Center in Goheung, South Jeolla Province, Science Minister Baek Jeong-hoon said the rocket, dubbed KSLV-II, received a signal from its next-generation medium-sized satellite about 40 minutes after liftoff at 1:13 a.m. Thursday's launch, the fourth of its kind, is considered to have special significance, as it marks the first civilian-led mission, with Hanwha Aerospace taking the lead in the rocket's production and assembly in collaboration with the state-run Korea Aerospace Research Institute (KARI). It was also the first nighttime launch to observe the planet's magnetic field and auroras. A minor glitch with the rocket's umbilical pressure sensor delayed the launch by about 18 minutes from the originally scheduled 12:55 a.m., but liftoff and other procedures proceeded smoothly. The rocket followed its planned trajectory, beginning with the successful separation of the first-stage engine about 122.3 seconds after liftoff, followed by the ignition and separation of the second-stage engine. After reaching the target altitude of 600 km, Nuri deployed its main satellite along with 12 microsatellites for their respective missions. 2025-11-27 10:35:29 -
BOK holds year-end key rate at 2.5%, ups growth forecast to 1.0% SEOUL, November 27 (AJP) - As widely expected, the Bank of Korea kept its base rate unchanged at 2.5 percent on Thursday in its final policy meeting of 2025, reflecting policy bind amid waning appeal of Korean debt and assets with the Korean won at crisis-level weakest. The freeze signals the Korean central bank's decision to stay on the sidelines while hoping for greater policy maneuvering room should the U.S. Federal Reserve cut its benchmark rate again in December. Monetary authorities trimmed the Korean policy rate twice in the first half of the year, lowering it a combined 50 basis points from 3.00 percent to 2.50 percent, but have held steady since May. The pause came as housing demand roared back ahead of a hawkish incoming administration and as the frenzy for U.S. tech stocks fueled structural weakness in both the won and Korean bonds. Those dynamics sharply limited fiscal and monetary options as authorities attempted to stabilize markets. The BOK’s easing cycle effectively stalled under the weight of renewed leveraged investment in property and equities. Korea’s household credit reached a record 1,918 trillion won ($1.3 trillion), with household loans alone totaling 1,845 trillion won — a staggering 96.2 percent of all household credit. Volatility in the foreign-exchange market added another layer of constraint. The central bank’s data shows the volume-weighted average dollar–won rate at 1,417 won as of Tuesday — exceeding the previous record of 1,398.88 won set in 1998 during the IMF bailout. For comparison, the annual average was 1,276.4 won in 2009 following the global financial crisis. The Bank of Korea separately raised this year's economic estimate to 1.0 percent from previous 0.9 percent and for next year's to 1.8 percent from 1.6 percent upon identifying stronger-than-expected exports led by AI chip boom. 2025-11-27 10:00:25 -
The hidden engine of Nuri's success: HD Hyundai Heavy's ground launch system SEOUL, November 27 (AJP) - When South Korea’s Nuri rocket lifted off before dawn on Thursday, attention naturally turned to the spacecraft streaking into the sky. But the success of the launch was rooted firmly on the ground — specifically, in the complex launch system engineered and operated by HD Hyundai Heavy Industries. For the fourth mission in a row, the country’s largest shipbuilder played a pivotal but largely unseen role in enabling one of South Korea’s most advanced technological achievements. Since completing the second launch pad at the Naro Space Center in 2020, Hyundai Heavy has overseen every element of Nuri’s launch system. The company independently designed, manufactured and installed the ground mechanical structures, fuel-supply lines and control equipment that power the rocket from the final seconds of the countdown through liftoff. Engineers also execute pre-launch checks, coordinating hundreds of components that must operate flawlessly to send the rocket safely skyward. What makes the system particularly significant is its 100 percent domestic technology rate — a benchmark that marks a clear departure from past reliance on foreign equipment. The fully homegrown infrastructure is now viewed as a core national asset, strengthening South Korea’s ability to conduct launch operations independently as its space program expands. Hyundai Heavy began venturing into space infrastructure in 2007 during the Naro rocket era. The company leveraged its deep engineering background — traditionally applied to ship hulls, offshore platforms and industrial systems — to develop new expertise in cryogenic fueling, high-pressure operations and launch safety. Over nearly two decades, this foundation has evolved into a sophisticated capability validated by each of Nuri’s successful flights. The Nuri program is expected to serve as a bridge to next-generation launch vehicles aimed at lunar exploration, satellite deployment and broader participation in global space supply chains. Hyundai Heavy’s proven launch operations are likely to anchor many of those projects, positioning the company as a key contributor to South Korea’s increasingly ambitious space agenda. A spokesperson for HD Hyundai Heavy Industries said Thursday’s launch underscored the maturity of the company’s infrastructure. “The success of the fourth launch confirms the stability of our domestically developed launch system,” the official said, asking not to be named. “We will continue supporting the fifth and sixth Nuri missions and actively participate in next-generation launch vehicle projects to help advance South Korea’s aerospace industry.” For a company best known for supertankers and shipyards, the reliability of Nuri’s launch system has become a new point of pride — quiet work that ensures the rocket’s flame rises cleanly into the sky, mission after mission. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 09:57:41 -
South Korea's Hyundai Glovis secures $720 million LNG transport contract SEOUL, November 27 (AJP) - Hyundai Glovis said on Thursday it has signed a long-term liquefied natural gas (LNG) shipping contract worth about 960 billion won ($720 million) with a major global trading company, marking one of the largest gas-transport deals in the company’s portfolio. The contract, which runs for up to 15 years, will be serviced by a newly built 174,000-cubic-meter LNG carrier — a vessel large enough to transport more than half of South Korea’s daily LNG consumption in a single voyage. The ship will be equipped with advanced cryogenic storage systems capable of maintaining LNG at –162 degrees Celsius. Beginning in 2029, the carrier will ship LNG from the U.S. Gulf Coast to major global markets. Hyundai Glovis said the deal will help strengthen its position in the expanding global gas shipping sector and support stable international energy supply chains. The LNG shipping industry relies on sophisticated cryogenic technology and strict safety management. The International Energy Agency’s Gas 2025 report projects global LNG trade to grow by 300 billion cubic meters by 2030, a roughly 40 percent increase from 2023, driven by the diversification of energy supply chains and rising maritime transport demand. Hyundai Glovis is seeking to diversify beyond its core automobile transport business into LNG, LPG, and ammonia shipping. Since 2024, it has operated one LPG and one LNG carrier, and it plans to introduce four additional LNG vessels by 2027 to service Middle Eastern clients. “We will continue expanding our fleet to strengthen competitiveness in the LNG shipping market and broaden our global customer network,” a company spokesperson said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 09:45:07 -
Fire at Hallym University forces hundreds of students to evacuate in Chuncheon SEOUL, November 27 (AJP) - Hundreds of students were evacuated overnight after a fire broke out at a university in Chuncheon, Gangwon Province, in the early hours of Thursday. The fire occurred at around 1:27 a.m. on the fourth floor of a dormitory at Hallym University. Fire alarms sounded, prompting 346 students to evacuate, and no injuries were reported. The blaze damaged part of the building including two electrical panels before being extinguished in about 20 minutes. Police and fire authorities are investigating the exact cause of the fire. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 09:23:11 -
National Assembly set to vote on arrest motion for PPP's former floor leader SEOUL, November 27 (AJP) - The National Assembly is set to decide on whether to pass the arrest motion for Choo Kyung-ho, the main opposition People Power Party (PPP)'s former floor leader over his alleged involvement in former President Yoon Suk Yeol's martial law debacle in December last year. Choo has been accused of interfering with parliamentary efforts to lift the martial law declared by Yoon on Dec. 3. The motion, initiated by independent prosecutors investigating the debacle, requires a majority of lawmakers present to pass. With the Democratic Party holding a majority, it is likely to be passed. If passed, a court will proceed with a hearing to determine whether to issue an arrest warrant for him. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 09:06:03 -
Homeplus sale stalls as main auction draws no bidders SEOUL, November 27 (AJP) - The planned sale of Homeplus has stalled after the main auction attracted no bidders, deepening uncertainty over the future of the South Korean hypermarket chain. Two companies had taken part in the preliminary bidding but both withdrew ahead of the final auction. The main auction closed at 3 p.m. on Wednesday with no proposals submitted. Sources from Homeplus said on Thursday it will continue to accept offers until Dec. 29, the deadline for filing a rehabilitation plan. The company added that if a qualified buyer emerges, the court may consider extending both the sale timetable and the plan-submission deadline. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-27 08:54:42 -
Delinquencies on Korea's mom-and-pop business loans hit highest level since 2015 SEOUL, November 27 (AJP) - Delinquencies on loans to South Korea’s mom-and-pop businesses rose to their highest level in more than nine years in the third quarter, even as the banking sector’s overall nonperforming loan (NPL) ratio edged down, the Financial Supervisory Service (FSS) said on Thursday. The NPL rate for personal business loans climbed 0.02 percentage points from the previous quarter to 0.61 percent, the highest since June 2015. The FSS attributed the rise to a weak economic environment and higher borrowing costs, which have placed growing pressure on small self-employed borrowers. Across the banking sector, the overall NPL ratio stood at 0.57 percent in September, down 0.02 percentage points from the previous quarter but up 0.04 percentage points from a year earlier. Total NPLs amounted to 16.4 trillion won, a decline of 2 trillion won from June. Corporate loans made up 13.1 trillion won of the total, household loans 3 trillion won, and credit card loans 300 billion won. Banks generated 5.5 trillion won in new NPLs during the July–September period, down 900 billion won from the previous quarter but up 400 billion won from a year earlier. Household loan defaults remained at 1.4 trillion won, while corporate loan defaults fell by 1 trillion won to 3.9 trillion won. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 08:43:38