Journalist
Lee Hugh
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Lee heads to Turkey for final leg of overseas trip SEOUL, November 24 (AJP) - President Lee Jae Myung on Sunday headed to Turkey, the final stop of his 10-day overseas trip after wrapping up his attendance at the Group of 20 (G20) summit in South Africa. While attending a series of sessions at the G20 in Johannesburg over the weekend after visiting the United Arab Emirates (UAE) and Egypt earlier in the week, Lee proposed easing debt burdens for developing countries and normalizing multilateral trade systems. He also emphasized international cooperation to address climate change and artificial intelligence-led technologies and challenges. On the sidelines of the multilateral gathering, Lee held a slew of bilateral talks with leaders from Brazil, France, Germany, and India. He also met with leaders of the cross-regional consultative group known as MIKTA, which includes Mexico, Indonesia, South Korea, Turkey and Australia to expand diplomatic ties. In Turkey, Lee is scheduled to meet with Turkish President Recep Tayyip Erdoğan to discuss various areas of cooperation with a focus on defense and nuclear energy. Lee is scheduled to return home on Wednesday. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-24 11:14:59 -
Victims of Belgian real estate fund mis-selling at brokerages will get compensation SEOUL, November 24 (AJP) - Korea Investment & Securities will compensate investors in more than 450 cases linked to the mis-selling of a Belgian real estate fund, industry sources said Monday. The brokerage concluded that 458 of 883 complaints constituted mis-selling, equivalent to 24.1 percent of the 1,897 total fund sales. The fund, launched in June 2019, was designed to invest in office leases for Belgian government agencies and generate profits after a five-year holding period. Instead, surging interest rates and a sharp downturn in Europe’s real estate market left investors with losses. Korea Investment & Securities has set a base compensation range of 30 to 60 percent, with payouts rising to as high as 80 percent for vulnerable investors. Of the confirmed cases, 232 will receive 30–35 percent and 172 will receive 40–45 percent. KB Kookmin Bank, another seller of the fund, is also offering 40–80 percent compensation. As of Nov. 17, the Financial Supervisory Service (FSS) had received 372 dispute cases tied to the two firms, with 90 resolved through voluntary settlements. The FSS is currently investigating three sales companies for potential mis-selling, a process that could push compensation rates even higher. “If internal control violations related to mis-selling are confirmed, we may readjust compensation standards for all disputes, including previously settled cases,” FSS Governor Lee Chan-jin said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-24 10:51:56 -
Record number of 30-somethings in Seoul unable to afford their own homes SEOUL, November 24 (AJP) - A triple whammy of soaring home prices, an increase in single-person households, and tighter loan regulations has pushed the number of households in their 30s without their own homes in Seoul to a record high. According to the Ministry of Data and Statistics, the figure rose by 17,215 from the previous year to 527,729, the highest since relevant statistics began in 2015. After a slight dip from 475,606 in 2015 to 456,461 in 2018, the number of households in their 30s without their own homes began climbing in 2019, rising by about 3,000 in 2021 and reaching 17,000 in 2023. Homeownership among 30-somethings has fallen for three consecutive years, with 193,456 households owning homes in 2024, down 7,893 from the previous year, and 2.9 times fewer than those in the same age group without homes. In Seoul, just 25.8 percent of people in their 30s owned homes in 2024, compared to 33.3 percent in 2015 and 30.9 percent in 2020. Across the country, the proportion fell to 36 percent for its sixth consecutive year, though it remains 10 percentage points higher than in Seoul, suggesting that soaring home prices in Seoul make it difficult for young people to afford their own homes. Delays in employment and marriage are also pushing back home purchases, while Seoul's high proportion of single-person households is seen as another factor lowering homeownership among young people. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-24 10:38:41 -
Turbine shuts down again at Shin Hanul nuclear reactor, causing safety concern SEOUL, November 24 (AJP) - Korea Hydro & Nuclear Power (KHNP) said on Monday that the turbine generator at Shin Hanul Unit 1, a 1.4 million-kilowatt reactor, shut down automatically while the plant was ramping up output. At around 6:11 p.m., Sunday, the company reported that an “exciter” device had failed, cutting off the supply of current to the generator’s electromagnet — a component crucial for power generation. The exciter shutdown forced the turbine to stop, even though the reactor continued operating. The plant is currently running at about 50 percent capacity, KHNP said. Officials at the headquarters have launched an investigation into the cause of the exciter failure and are preparing remedial measures. Shin Hanul Unit 1 recently came back online on Nov. 21 after a scheduled maintenance period that began on Aug. 25. The reactor had experienced a similar turbine shutdown in August of the previous year. A KHNP spokesperson emphasized that, while the issue caused a shutdown of the turbine, it did not directly implicate safety-critical systems, and steps are being taken to prevent recurrence. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-24 10:15:55 -
Homegrown space rocket ready for nighttime launch this week SEOUL, November 24 (AJP) - South Korea's homegrown space rocket Nuri is set for liftoff later this week after completing final rehearsals and technical checks, the Korea Aerospace Research Institute (KARI) said on Monday. The rocket, dubbed KSLV-II, is scheduled for launch at the Naro Space Center in Goheung, South Jeolla Province on Thursday. If any unexpected issues arise, additional launch windows are available from Nov. 29 to Dec. 4. The rocket will be moved to the launch pad on Tuesday, with final preparations underway. The liftoff has been tentatively set for between 12:54 a.m. and 1:14 a.m., with the exact time to be decided the previous day. Hanwha Aerospace, which participated in the rocket's production from the beginning, oversaw Nuri's assembly, which started in early October, with the first- and second-stage engines completed over the following weeks without any hitches. The first civilian-led mission is to put a next-generation medium-sized satellite into orbit approximately 600 km above Earth's surface to observe the planet's magnetic field and auroras. Along with the main satellite, the launch vehicle will also carry 12 smaller satellites. 2025-11-24 09:40:55 -
K-beauty under pressure as Chinese, Japanese brands gain ground in Korea SEOUL, November 24 (AJP) - Chinese e-commerce platforms and beauty brands are rapidly expanding their presence in South Korea, intensifying competition in markets long dominated by domestic players. Platforms such as TEMU and AliExpress are leaning heavily on social media influencers to reach South Korean consumers, while Chinese cosmetics companies are capitalizing on TikTok-driven trends to grow both at home and abroad. TEMU recently hired an influencer marketing manager in South Korea to build a local promotional team, while AliExpress and SHEIN are ramping up affiliate marketing programs. The surge in activity has helped popularize phrases like “TEMU haul” among South Korean users. “Chinese platforms are moving beyond low-price competition to integrate sophisticated marketing strategies,” an industry source said on condition of anonymity. The strength of these e-commerce platforms is feeding momentum for Chinese beauty brands. Flower Knows drew more than 2,000 visitors on the opening day of its Seoul pop-up store last month, and Judydoll is preparing to launch on Coupang. YoYoSo — often described as “China’s Daiso” — opened its first South Korean store in Gunsan and plans to unveil a large beauty-focused outlet in Seoul next year. Much of the surge is tied to the “Douyin makeup” craze among Gen Z, characterized by bold colors and highly visible transformations. Chinese beauty brands have benefited from this shift, bolstered by low production costs that give them a significant price advantage. The competition is increasingly global. Data from the Korea International Trade Association shows China’s cosmetics exports rose 9.1 percent to roughly $5.4 billion between January and September, while South Korea’s exports to China fell 18.7 percent, slipping behind the United States in export rankings. In color cosmetics, South Korea’s lip product exports totaled $466.68 million — well below China’s $645.93 million — while its eye makeup exports were only one-third of China’s. Google search trends in September also showed C-beauty overtaking K-beauty. At home, the market is becoming more complicated. With anti-Japanese sentiment easing, Japanese beauty brands are returning to South Korea. Canmake has re-entered the market through retail chain Olive Young after a 2019 exit, while Chinese lifestyle brands are pushing low-cost beauty lines, intensifying pressure on domestic brands from both China and Japan. Experts say K-beauty needs to strengthen its color cosmetics capabilities, moving beyond the skincare-heavy structure that has defined its global success. With ODM technologies narrowing quality gaps, price, storytelling, and community-building are becoming decisive factors. “Being ‘Made in Korea’ is no longer enough,” said another industry source. “Brands need stronger narratives, experiential content, and loyal communities to sustain growth as C-beauty surges.” * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-24 09:37:06 -
Samsung Fire & Marine launches English, Chinese support for insurance claims SEOUL, November 24 (AJP) - Samsung Fire & Marine Insurance has introduced new English and Chinese-language services to help foreign customers file insurance claims, the company said on Monday. The services are now available on the insurer’s mobile app and website. The company said an internal analysis showed that 58.3 percent of its foreign customers used the claims function most frequently, followed by premium payments at 14 percent and certificate issuance at 9.5 percent. Chinese speakers accounted for 68.6 percent of foreign users, while English speakers made up 8.4 percent. Samsung Fire & Marine said it conducted usability tests with both groups to improve the interface and streamline procedures ahead of the launch. “Foreign customers can now access insurance services more accurately and conveniently,” the company said in a press release. “We plan to gradually expand language options and service coverage to strengthen our digital offerings for global clients.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-24 09:25:53 -
Lee meets Japanese and Chinese leaders at G20 in South Africa SEOUL, November 24 (AJP) - President Lee Jae-myung held a marathon round of meetings with global leaders on the sidelines of the Group of 20 (G20) in South Africa over the weekend. According to the presidential office on Monday, Lee on Sunday met with Japanese Prime Minister Sanae Takaichi again after their previous meeting at the Asia-Pacific Economic Cooperation (APEC) summit in the southeastern city of Gyeongju late last month. The two leaders emphasized the importance of their bilateral relationship amid rising global tensions and reaffirmed their commitment to future-oriented cooperation. Lee stressed the shared responsibility to manage bilateral relations in a stable manner and called for tangible progress in key areas of cooperation. The two leaders also agreed to continue their shuttle diplomacy and strengthen communication on major economic and security issues. In his subsequent meeting with Chinese Premier Li Qiang, Lee proposed further consolidating the recently restored relations between Seoul and Beijing, building on the momentum from Chinese President Xi Jinping's visit to South Korea for the APEC summit. Li expressed hope for deeper cooperation and the long-term development of bilateral ties. Lee extended his regards to Xi and expressed his desire to meet him in Beijing soon, with Li promising to pass the message. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-24 09:06:16 -
OPINION: Rising drunk-driving incidents spark calls for tougher laws in South Korea SEOUL, November 24 (AJP) - Recent incidents involving drunk driving in South Korea have drawn international attention, particularly after a Japanese tourist died in a crash. This tragedy, along with a similar incident involving a Canadian a week earlier, has highlighted the country's lenient penalties for drunk driving. Despite the 2018 law allowing life sentences for fatal drunk driving cases, actual sentences range from two to eight years, much lower than Japan's 20-year sentences. South Korea, with less than half Japan's population, reports six times more drunk driving accidents, with a recidivism rate over 40 percent. Criticism also targets the lack of penalties for passengers and alcohol providers. Another growing concern is accidents involving elderly drivers. A recent crash in Bucheon caused by an elderly driver killed four people. According to the Korea Road Traffic Authority, accidents involving drivers aged 65 and older rose 36.4 percent from 2020 to last year, with their accident rate increasing from 14.8 percent to 21.6 percent. This issue is not unique to South Korea; Japan reported a record 17 percent of traffic accidents involving elderly drivers in 2022. While aging affects cognitive and motor skills, the effectiveness of driving aptitude tests is questioned. Additionally, lenient sentences for traffic offenses remain problematic, as seen in a case where an elderly driver received a maximum five-year sentence for a fatal wrong-way crash. From 2020 to last year, South Korea recorded 71,279 drunk driving accidents, resulting in 1,004 deaths. Elderly drivers caused 3,678 fatalities, the highest among all age groups. These issues have become serious social problems, creating widespread anxiety about road safety. As South Korea advances globally with its culture and industry, it must also modernize its traffic laws to address these challenges effectively. * This article, published by Aju Business Daily, was translated by AI. 2025-11-24 08:41:16 -
South Korea's Strategic Edge in AI Amid Potential Bubble Nvidia announced record earnings on Nov. 19, with third-quarter revenue reaching $57 billion, a 62% increase from the previous year. Despite a net profit margin of 53% and net income of $31.9 billion, its stock fell 6.8% the next day. Wall Street attributes this to extended collection periods for big tech companies like Google, Meta, Microsoft, and Amazon, indicating uncertain returns on AI investments. OpenAI faces more severe challenges. Microsoft, its parent company, has invested $13 billion since 2023, with $11.6 billion already spent. OpenAI's quarterly losses are estimated at $11.5 billion, based on Microsoft's third-quarter report. Nvidia's $100 billion investment in OpenAI involves building data centers and purchasing GPUs, creating a cycle that inflates revenue. Wall Street labels this an 'AI Ponzi Scheme.' Experts warn of a potential collapse if OpenAI fails to monetize. The bubble is expected to burst between 2026 and 2027. Companies that survive will be those integrating AI into manufacturing, healthcare, energy, and defense, not those boasting about large language model parameters. High Bandwidth Memory (HBM) is crucial for AI infrastructure. Jensen Huang, Nvidia's CEO, stated in October 2025, "Without HBM, there is no AI." A single Blackwell B200 GPU requires 192GB of HBM3e, costing $20,000. Over 50% of Nvidia's data center revenue costs are HBM-related, proving its importance. South Korea's SK Hynix and Samsung Electronics control 80% of the global HBM market. SK Hynix's stable yield of HBM3e and exclusive supply to Nvidia drive this dominance. Micron lags in technology, and China is still developing. Yole Group predicts the HBM market will grow from $34 billion in 2025 to $100 billion by 2030. If South Korea maintains its 80% market share for five years, annual exports could reach $80 billion by 2030, doubling the country's 2024 semiconductor exports. A drop to 40% market share would cut exports to $40 billion, with a $200 billion cumulative profit difference. HBM is not just an economic asset but a strategic resource in the AI era, enhancing South Korea's geopolitical standing. The U.S. is investing $52.7 billion through the CHIPS Act, with Intel receiving $8.5 billion, TSMC $6.6 billion, Samsung $4.7 billion, and Micron $6.2 billion. China is investing $48.4 billion in semiconductors. South Korea's control of 80% of the HBM market is akin to the Middle East's hold on oil during the manufacturing era. However, this lead is not permanent. Samsung's HBM3e approval from Nvidia was delayed by eight months, affecting its market share. China's CXMT aims to mass-produce HBM3 by 2026 and HBM3e by 2027, with state funding. Micron plans to catch up with HBM4 by 2026. A single misstep could be costly, as seen with Japan's reliance on rare earths from China. TrendForce warns of potential HBM oversupply and price drops post-2026, advising South Korea to maintain market dominance through production expansion. The solution is simple: elevate HBM to a national strategic asset and legislate an 'HBM Sovereignty Act' to secure South Korea's lead. This support should be viewed as 'defense spending' in the AI race, not corporate welfare. Five steps are needed: establish six HBM4 and HBM5 plants in the Yongin Semiconductor Cluster under a separate entity, with 49% state ownership and 51% Samsung and SK technology. Half the profits would be distributed as national dividends. This approach mirrors U.S. and Chinese strategies, doubling factory output through government and societal participation. Second, invest 50 trillion won in 'HBM defense spending' from 2026 to 2030, offering 60% investment tax credits and 100% R&D tax credits. Yole's forecast suggests this could yield a 400 trillion won profit over five years. Third, designate HBM as a controlled export item, similar to the U.S.'s control over ASML's EUV technology. This would allow South Korea to adjust supply as needed, positioning HBM as an 'AI weapon' and maintaining a neutral advantage in U.S.-China tech conflicts. Fourth, achieve 100% domestic production of key materials and equipment within five years, reducing reliance on Japanese materials and American equipment through focused investment in materials and components. Fifth, address the talent shortage, the greatest risk to maintaining a lead. Secure 10,000 domestic and international Ph.D. holders, offer immediate permanent residency to foreign talent, expand semiconductor department enrollment at universities like KAIST fivefold, and provide government-funded tuition support. During the California Gold Rush, it was the jeans sellers who profited, regardless of who found gold. Similarly, HBM guarantees stable demand, regardless of who strikes gold in AI. To avoid future regret, South Korea must pass bold semiconductor support laws and an 'HBM Sovereignty Act.' This is a once-in-a-century opportunity, and the decision lies with political leaders. South Korea's choice will determine whether it becomes a 'memory empire' in the AI era or remains a parts supplier. About the author Master's from Tsinghua University, Ph.D. from Fudan University, Senior Researcher at Daewoo Economic Research Institute, Semiconductor IT Analyst, Adjunct Professor at Sungkyunkwan University's Graduate School of China, Director of the China Economic and Finance Research Institute * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-24 07:16:55