Journalist
Lee Hugh
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Support bills for steel, petrochemical sectors set for parliamentary vote in South Korea SEOUL, November 21 (AJP) - Special legislation designed to bolster South Korea’s steel and petrochemical industries cleared a key parliamentary committee on Friday, paving the way for final approval next week. The National Assembly's Industry, Trade and Energy Committee passed the so-called K-Steel Act and the Petrochemical Support Act with bipartisan backing. The measures, which advanced through a subcommittee on Nov. 19, are expected to win passage in a full National Assembly vote on Nov. 27. The K-Steel Act aims to strengthen the sector’s competitiveness as it confronts steep U.S. tariffs, cheaper Chinese imports and mounting pressure to cut emissions. The bill, introduced in August by 106 lawmakers, also includes provisions supporting South Korea’s carbon-neutrality goals. The Petrochemical Support Act would provide financial assistance to domestic petrochemical companies struggling to maintain profitability amid intensifying global competition. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 14:34:03 -
Defense Ministry forms task force to investigate those involved in martial law debacle SEOUL, November 21 (AJP) - A task force has been formed to investigate any illegal activities by military personnel and officials during disgraced former President Yoon Suk Yeol's martial law debacle late last year, the Ministry of Defense said on Friday. Minister Ahn Kyu-back will lead the task force consisting of some 50 members from various military branches and civilian advisers, in coordination with a separate task force headed by Prime Minister Kim Min-seok to conduct relevant investigations. "The task force will review all internal and externally-obtained data including those currently under investigation by independent prosecutors, and also accept tipoffs," the ministry said. Since August, the ministry has been conducting an internal audit to identify those involved in the Dec. 3 declaration of martial law. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 14:31:42 -
Trump Burger and Silla gold crown in Gyeongju APEC-themed travel package SEOUL, November 21 (AJP) - A “Trump” hamburger named after the U.S. president who enjoyed it during his visit to South Korea for the Asia Pacific Economic Cooperation (APEC) event — along with a chance to view authentic Silla dynasty crowns instead of the replica that pleased the VIPs — are among the highlights of a new tourism package launched to capitalize on APEC summit week in late October. Gyeongsangbuk-do Culture & Tourism Corporation (GCTO) will be offering a two-day “Gyeongju APEC Trail” tour through domestic travel agencies. The program reproduces the key sites, meals, and cultural stops experienced by world leaders and their spouses during the APEC Summit held in Gyeongju. The tour begins at Gyeongju Expo Park inside the Bomun Tourist Complex, where travelers can enter a full-scale reproduction of the APEC summit venue — the same setting where leaders from 21 economies gathered to negotiate agendas ranging from supply-chain resilience to digital governance. Visitors then move to the Hilton Gyeongju, where the “Trump Cheeseburger Set,” specially ordered by the U.S. president during summit week, will be served. Inside the hotel’s Wooyang Museum of Art, travelers can explore the exact venue where the joint Foreign and Trade Ministers’ Meeting was held. In the afternoon, the group visits Bulguksa Temple, which hosted the program for leaders’ spouses and daughters during the summit, offering a hands-on encounter with Silla Buddhist heritage. After dinner, travelers enjoy night-time attractions newly installed at Bomun Lake Square, including the APEC symbolic sculpture, immersive media art at Yukbuchon, and a lakefront 3D light show. The itinerary also includes premium Korean dishes featured during summit week — including the seafood pancake from Kolon Hotel that appeared on Xi Jinping’s dinner table for two consecutive nights. On day two, breakfast is served at Gyeongju Jungang Market, where Hong Kong Chief Executive John Lee and his wife famously praised the local “sundae gomtang” and “somerigukbap.” Travelers then tour major heritage sites, including Daereungwon, Cheomseongdae, and the National Museum of Gyeongju, where six Silla gold crowns — including one shown only as a replica during the APEC spouses’ program — are now on special display. The tour closes with a visit to Hwangnidan-gil that hosted K-Beauty Pavilion, to which U.S. White House spokesperson Karoline Leavitt visited immediately after the Korea–U.S. summit and posted the unpacking of her shopping of Korean beauty products. Souvenir recommendations include APEC’s official dinner liquor, Gyo-dong Beopju, and Hwangnam-ppang, to which Chinese President Xi showed liking. The package, priced in the 100,000-won (around $70) range per person, includes round-trip chartered bus service from the Seoul metropolitan area, one night of lodging, three meals, admission fees, a guide, and insurance. “By transforming APEC’s most memorable moments into a travel experience, we aim to elevate Gyeongju’s cultural brand value,” said Kim Nam-il, CEO of GCTO. The city has already seen a measurable boost. According to Hana Card data, foreign visitors spent 3.22 billion won in Gyeongju between Oct. 27 and Nov. 2 — more than triple last year’s level. Beauty-sector transactions surged more than fourfold, while hotel spending tripled. Even after the summit ended, foreign visitor spending remained nearly 50 percent higher than a year earlier, suggesting that the APEC spotlight is delivering a lasting tourism windfall. 2025-11-21 14:10:54 -
Man arrested after knife attack on woman in southern Seoul SEOUL, November 21 (AJP) - A man was arrested after attacking a woman in her 20s with a knife at a crammer in Seoul's affluent district of Gangnam on Friday. According to police, the man fled the scene shortly after the incident, which occurred around 11:50 a.m. in Sinsa-dong, but was later apprehended in Mapo, western Seoul, after authorities tracked him using CCTV footage. The victim was taken to a nearby hospital with minor injuries, and police are investigating the details of the incident. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 14:06:43 -
National Museum of Korea set to open new gallery showcasing Islamic art SEOUL, November 21 (AJP) - The National Museum of Korea is set to open a new gallery featuring Islamic-themed art on its third floor starting Saturday. The exhibition is divided into three themes: religious art, cultural expansion, and court culture and manuscripts, covering Islamic art from the 7th to the 19th century. The first section showcases the essence of Islamic calligraphy, from early Quran manuscripts on parchment to large manuscripts from the Timurid Empire. Architectural elements like mihrab panels, mosque lamps, and prayer carpets are adorned with arabesque and geometric patterns, creating a sacred atmosphere. The gallery's dome and octagonal design are expected to enhance the immersive experience. The second section features astrolabes and celestial globes, highlighting Islamic curiosity about new worlds. Glass, ceramics, and metalwork crafted by Islamic artisans demonstrate the fusion of diverse artistic traditions. The third section focuses on the artistic and scholarly achievements of the Ottoman, Safavid, and Mughal empires. Luxurious carpets, textiles, and jewelry reflect imperial authority and sophistication. Manuscripts, supported by royal patronage, are celebrated as comprehensive cultural heritage, blending religion, literature, history, and science. An online preview of the gallery, led by curator Kwon Hye-eun, is scheduled for streaming on the museum's YouTube channel Friday evening. On Saturday at 1:00 p.m., Dr. Munia Sheikhab Abudaya, assistant curator at the museum will give a lecture on Islamic art. Visitors can attend on a first-come, first-served basis, and no reservations are necessary. Yoo Hong-jun, director of the museum, expressed hope that visitors will gain a deeper understanding of Islamic culture and appreciate the diversity and coexistence of human cultures. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 13:55:08 -
South Korea's biggest lenders move to curb home purchase loans SEOUL, November 21 (AJP) - KB Kookmin Bank and Hana Bank, two of South Korea’s largest lenders, said they will suspend new home purchase loans through the end of the year, a move that is expected to be followed by other major banks and could create a year-end “loan cliff” for prospective buyers. According to industry officials, KB Kookmin Bank will stop accepting new mortgage applications for home purchases beginning Nov. 22 on its online platforms and Nov. 24 at branches. The bank will also halt refinancing products from other lenders and suspend online credit loans starting Nov. 22. Hana Bank had already announced plans to curb new applications for mortgages and lease loans beginning Nov. 25, citing the need to control lending volumes amid heightened regulatory scrutiny. A KB Kookmin Bank spokesperson said the measures were intended to “maintain the soundness of our year-end household loan portfolio,” emphasizing that loans for living expenses — including home equity and lease loans — will continue to be available through December. The restrictions come as the government is making an all-out effort to rein in home prices in Seoul and surrounding areas. Banks also face pressure to manage rapidly expanding household debt, long considered one of the most persistent risks to South Korea’s financial stability. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 13:30:00 -
Korea's Hanwha and Emirati defense group EDGE upgrade air defense partnership Hanwha Aerospace signs MOU with UAE’s EDGE Group to expand defense AI cooperation SEOUL, November 21 (AJP) - South Korea's defense firm Hanwha Aerospace and Emirati state-owned defense conglomerate EDGE Group on Friday announced they have signed a memorandum of understanding (MoU) to expand joint develpment across advanced air and missile defense, long-range precision strike, unmanned systems, and defense AI. Under the agreement signed during the Dubai Airshow 2025 this week, the two defense majors will enter a range of cooperative programs such as advanced air-defense technologies that could enable integrated, multi-layered defense architectures tailored to the UAE’s future needs. The agreement follows recent high-level talks between South Korean and Emirati leaders during a state visit by President Lee Jae Myung and is intended to deepen bilateral cooperation in advanced defense and industrial technologies through public-private collaboration. Under the MOU, the companies will prioritize co-developing an AI platform for smart radar and unmanned ground vehicles (UGVs). The program will integrate environmental data collected in the UAE’s desert terrain with Hanwha’s AI models to build a Middle East-optimized smart-radar AI solution. EDGE’s Milrem Robotics — the Estonian-founded firm acquired by EDGE and developer of the tracked UGV THeMIS — will work with Hanwha on an autonomous-driving AI platform for next-generation UGVs. The THeMIS platform has accumulated extensive operational data from deployments in Ukraine, which the companies expect will enhance autonomous-mobility capabilities in Middle Eastern environments. Hanwha will also assist in upgrading the UAE’s layered air-defense architecture and support the establishment of an integrated maintenance, repair and overhaul (MRO) center for air-defense systems. The initiative includes enhancing existing medium- and short-range systems to improve interoperability. Additionally, Hanwha plans to broaden cooperation with Abu Dhabi Ship Building (ADSB), a subsidiary of EDGE, across ship repair, unmanned-surface-vessel development, and large-vessel design and construction. Sung Il, president of Hanwha Aerospace Middle East & Africa, said the Korea–UAE partnership in AI defense technology “can propel South Korea into the ranks of the world’s top three defense-AI powers,” adding that a joint venture could be considered to accelerate cooperation if needed. Khaled Al Zaabi, President – Platforms & Systems, EDGE, said, "This understanding reflects a shared ambition to advance the next generation of defence capabilities. Hanwha’s strengths across key domains, combined with our growing industrial base, create momentum for systems that strengthen national resilience and expand the UAE’s role as a leader in advanced technology. We see real potential to shape programmes that deliver lasting value for both nations.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 13:26:19 -
Polestar CEO touts Busan plant as key export hub for North America SEOUL, November 21 (AJP) - Michael Loscheller, chief executive of Polestar, stressed the strategic value of the company’s new production base in Busan, describing it as a critical link between Asian manufacturing and North American demand. Speaking to reporters in Seoul on Nov. 20, Loscheller said the plant has begun trial production of the Polestar 4 destined for North American markets. The facility, operated by Renault Korea, underwent a major upgrade this year to prepare for electric-vehicle assembly. Production was halted for five weeks while workers installed 68 new pieces of equipment. Loscheller said he recently saw the first Busan-built Polestar 4 vehicles arrive in Canada, a milestone he said highlights the plant’s growing importance to the company’s global supply chain. Polestar has no immediate plans to sell Busan-produced Polestar 4s in South Korea, but Loscheller suggested that could change, calling North American shipments “just the beginning.” He said quality considerations and U.S. tariffs on Chinese-made electric vehicles played a key role in choosing Busan as a manufacturing base. The company is enjoying strong momentum in South Korea, where sales climbed to 2,513 vehicles between January and October, up 484 percent from a year earlier. The Polestar 4, launched in August 2024, accounted for 2,167 of those deliveries. Loscheller credited the model’s design, sustainability features and performance for driving the surge, adding that Polestar intends to build on those strengths. Looking ahead, Polestar plans to introduce two higher-end models—the Polestar 3, a large electric SUV, and the Polestar 5, a grand tourer — positioned above the Polestar 4. Loscheller said he expects the new vehicles to further accelerate the brand’s growth both globally and in South Korea. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 13:22:24 -
Asian shares tumble on renewed U.S. tech rout, exposing regional market fragility SEOUL, November 21 (AJP) - Asian markets slid on Friday as a fresh selloff in U.S. tech reignited “AI bubble” fears and laid bare how deeply regional sentiment is tethered to Wall Street’s semiconductor cycle. Overnight, all three major U.S. indexes fell. Nvidia cooled 3.15 percent to $180.64, reversing its brief rebound. AMD plunged 7.84 percent to $206.02, while Micron Technology tumbled 10.87 percent to $201.37, clinging just above the psychologically important $200 line. South Korea’s KOSPI skidded 3.4 percent to 3,866 as of 10:30 a.m., slipping back below 3,900 after a brief recovery above 4,000 level on the previous day. Foreign investors dumped 1.58 trillion won ($1.1 billion) of Korean equities — the steepest net selling among major Asian markets — as concerns mounted over an AI-driven correction, a rapidly weakening won, and the index’s heavy concentration in a handful of mega-cap tech names. Retail investors scooped up 1.37 trillion won in dip-buying, while institutions added 243 billion won. SK hynix plunged 7.71 percent to 527,000 won, posting the sharpest loss on the main board. Samsung Electronics fell 4.57 percent to 96,000 won. The AI selloff spilled over into Korea’s power-equipment and nuclear-related names: Doosan Enerbility slid 5.7 percent to 73,300 won, and Hyosung Heavy Industries extended losses to 1,915,000 won. Still, pockets of resilience emerged. Lotte Energy Materials — which supplies copper foil used in Nvidia GPU substrates — gained 3.6 percent to 40,400 won. Naver rose 1.6 percent to 261,000 won on reports that it is making progress toward a merger with Dunamu, operator of Korea's largest virtual-asset exchange. Japan’s Nikkei 225 fell 1.8 percent to 48,928, a softer decline than Seoul’s but still burdened by the tech rout. Nvidia-linked suppliers were slammed: Advantest sank 10.3 percent to 18,695 yen, while Ibiden slid 8.3 percent to 11,495 yen. Some stocks, however, provided upside. Olympus jumped 5.24 percent to 2,098 yen after strong second-quarter results and a deeper push into medical devices. M3 added 7 percent to 2,637 yen. Mitsubishi Estate climbed 4.3 percent to 3,496 yen despite renewed chatter about yen carry-trade unwinding as the Bank of Japan inches closer to rate hikes. Taiwan’s TAIEX slid 2.9 percent to 26,638. TSMC dropped 3.44 percent to 1,405 Taiwan dollars, and MediaTek lost 3.4 percent to 1,145 Taiwan dollars. Chinese markets also softened. The Shanghai Composite dipped 1.1 percent to 3,887, while Hong Kong’s Hang Seng Index lost 1.58 percent to 25,428, tracking the broader tech downturn across the region. 2025-11-21 11:23:48 -
Coupang reports data breach affecting 4,500 customers SEOUL, November 21 (AJP) - Coupang, South Korea's leading e-commerce giant, said Friday it has detected a data breach affecting 4,500 customers. It informed customers the previous day that unauthorized access to personal information including names, email addresses, and order and delivery details was detected on Tuesday. After discovering the breach, Coupang blocked the access route used by the unknown third party. The company added that there is currently no evidence the stolen data has been misused but is monitoring for any potential harm. Coupang reassured customers that their payment information is secure, but advised them to remain cautious for suspicious messages or calls pretending to be from the company. The incident has been reported to relevant government agencies including the Ministry of Science and ICT. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-21 11:22:10