Journalist
Lee Hugh
=
-
South Korea's Innospace to develop space data center with UAE firm SEOUL, November 19 (AJP) - South Korea’s Innospace, a private rocket developer, is deepening its ties with the Middle East as it seeks new footholds in the global space economy. The company said Wednesday that it had signed a memorandum of understanding with Madari Space, a United Arab Emirates start-up, to jointly develop and commercialize a space-based data center. The agreement was announced during the Dubai Airshow. Under the partnership, the two companies will explore the creation of an orbital data center, expand launch and satellite operations services, and pursue additional commercial opportunities in both South Korea and the UAE. Madari Space, based in Abu Dhabi’s Masdar City, is working to develop data infrastructure in low-earth orbit that combines large-scale storage with satellite-enabled high-performance computing. The effort is supported by the Mohammed Bin Rashid Innovation Fund, a government-backed financing program. A pilot mission is planned for 2026 in cooperation with the Mohammed Bin Rashid Space Centre and the United Nations Office for Outer Space Affairs. “Our partnership with Innospace reflects a shared commitment to opening new horizons in protecting and managing critical national data,” Sharif Al Romaithi, Madari’s chief executive, said in a press release. “We look forward to active collaboration with South Korea in related business fields.” Kim Soo-jong, Innospace’s chief executive, called the agreement a strategic step toward creating new technologies and business models. “Our partnership will lay a crucial foundation for global leadership in the emerging space data center sector,” he said. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-19 13:45:47 -
Seoul tweaks rules on artisanal spirits but disappoints brewers hoping to ride the K-wave SEOUL, November 19 (AJP) - South Korea is home to the world's best-selling liquor — soju, a clear distilled spirit often dubbed Korean vodka — and the globally rediscovered rice wine, makgeolli. Authorities have finally moved to loosen regulations on traditional liquor tastings and wholesale licensing, but artisanal brewers find them fall short of their expectations on addressing the deeper structural barriers that prevent them from riding the rising K-food wave. The National Tax Service (NTS), which oversees liquor policy, announced Tuesday that the annual tasting-sample quota for traditional liquor will increase to 11,000 liters from the current 9,000 liters starting January. Limits for makgeolli and fruit wines will also rise to 10,000 liters. Under Korea's liquor tax law, "traditional liquor" refers to artisanal drinks made by designated holders of national intangible heritage or by using agricultural products sourced from local or adjacent regions. Korea's liquor categories broadly include makgeolli, rice wine, refined rice wine (cheongju), and soju. The NTS will also allow retail sellers to offer tastings at government-sponsored festivals and events, expanding beyond the current restriction that confines tastings to state-run promotional centers. Officials say the revised wholesale-license rules better reflect the consumption patterns of tourism-heavy regions, where demand for alcohol far exceeds population-based quotas. Under the old standards, popular tourist destinations struggled to secure new licenses despite thriving markets. "The National Tax Service will continue listening to industry voices and boldly improve regulations that do not match reality, becoming a strong supporter of revitalizing the domestic and international liquor industry," the agency said in a statement. Demand for tasting-sample approvals has surged — 5,190 cases in 2024, up from 1,018 in 2021 — prompting the quota increase. Product variety has also expanded nearly sixfold during the same period to 10,463 types of liquor in 2024. Other changes include doubling tax-label exemption thresholds to 1,000 kiloliters for fermented liquors and 500 kiloliters for distilled spirits. Small-scale brewers can also skip the requirement until the quarter following their initial licensing date. Policymakers say the easing mirrors earlier deregulation that fueled the craft-beer boom. The government approvals in 2014 for small breweries to sell at external venues and in 2017 to supply convenience stores were widely credited for igniting rapid market growth. But artisanal brewers argue the small tweaks in tasting quotas do little to strengthen their presence at promotional events. "At exhibition halls and trade shows, people mostly taste and rarely make offline purchases," said Lee Ye-ryeong, CEO of Joeunsoul Brewery, whose Cheonbihyang Yakju refined rice wine won this year's presidential award. "For small breweries like ours, providing tasting samples alone incurs significant cost. Sometimes we use more bottles for tastings than we sell on-site." What would help instead is to "limit the number of tasting glasses included with admission tickets, or allow separate fees for premium tastings," she said noting international wine companies often charge tasting fees, and customers who pay are more likely to make actual purchases. Brewers call for broader tax reform. Makgeolli is taxed at 44,400 won per kiloliter, while cheongju and soju are taxed ad valorem at 30 percent and 72 percent respectively — rates that weigh heavily on small distilleries. Confusion also persists over ambiguous classification rules. Some celebrity-backed distilled spirits qualify as "traditional liquor" simply by meeting regional-ingredient requirements, while many popular makgeolli brands fall outside the legal definition altogether. What are needed are practical steps, not gestures, said one brewer. 2025-11-19 13:45:11 -
Tax delinquents named and shamed online SEOUL, November 19 (AJP) - The identities and personal details of some 1,577 individuals and companies caught dodging taxes have been posted online, the Seoul Metropolitan Government said on Wednesday. The list includes those with outstanding taxes of over 10 million Korean won (about US$6,800) as of January this year and other perpetual delinquents who have failed to pay for more than a year. They are 1,078 individuals with a combined 73.6 billion won in unpaid taxes and 499 companies with 49.6 billion won in outstanding liabilities. Most delinquents have outstanding taxes between 10 million and 30 million won, while 201 failed to pay over 100 million won. The decision to disclose the list, which contains personal details such as names, ages, and addresses, came after a panel of city officials reviewed some 1,823 cases last April. The delinquents were given about six months to explain themselves and were encouraged to pay their taxes. During that period, about 39 billion won in overdue taxes were collected. The city government is also taking measures such as travel bans and asset seizures to enforce payment. "The disclosure of the list is intended to raise awareness among tax delinquents who failed to fulfill their obligations," said Lee Sang-hoon, a city official. "We are committed to collecting all outstanding taxes to ensure fairness for diligent taxpayers." 2025-11-19 11:09:57 -
Asian markets hold breath ahead of Nvidia earnings release for cue on AI-bubble theory SEOUL, November 19 (AJP) - Asian shares were mixed on Wednesday morning as investors across the region braced for Nvidia’s earnings release — a crucial test for the burgeoning “AI bubble” narrative — while Korean markets continued to reel from heavy foreign profit-taking and a weakening won. South Korea’s KOSPI slipped 0.3 percent to 3,942.1 as of 11 a.m., with investors sidelining ahead of Nvidia’s results due at 6 a.m. Thursday Korea time. Foreign investors sold 530 billion won ($361 million) worth of shares, extending their recent offloading streak. Institutions bought 304.3 billion won, while retail investors picked up 237.1 billion won, maintaining dip-buying patterns. The won weakened further, with the dollar rising to 1,464.8 won as of 10 a.m. Analysts attribute the currency’s undervaluation to Korea’s expansionary fiscal stance and the Bank of Korea’s limited room for rate hikes amid high household debt — a combination seen pressuring equities and prompting foreign outflows. Market heavyweights Samsung Electronics and SK hynix extended declines. SK hynix — a key supplier to Nvidia — fell 2.11 percent to 558,000 won, hovering near the psychologically important 550,000-won line. Samsung Electronics slid 1.75 percent to 96,000 won. In contrast, Hyundai Motor–related stocks rose after Hyundai Motor Group announced 125 trillion won in five-year investments for AI and software-defined vehicles (SDVs). Software arm Hyundai Autoever jumped 3.5 percent to 188,000 won. Japan’s Nikkei 225 recovered from early losses to gain 0.6 percent to 49,000. Semiconductor suppliers with Nvidia exposure extended their slide for a second day: Advantest fell 2.05 percent to 18,865 yen ($121.35), while Ibiden edged down 0.66 percent to 12,040 yen. SoftBank — which fully exited its Nvidia holdings — climbed 2.8 percent to 19,355 yen. Taiwan’s TAIEX gained 0.32 percent to 26,841, with chip sentiment notably more resilient than in Korea or Japan. TSMC rose 0.36 percent to 1,410 Taiwan dollars ($45.2), while MediaTek added 1.28 percent to 1,185 Taiwan dollars. China’s Shanghai Composite opened 0.2 percent higher at 3,948, while the Shenzhen Composite gained 0.4 percent to 13,140. Hong Kong’s Hang Seng Index also opened firmer, rising 0.2 percent to 25,980. 2025-11-19 11:05:04 -
South Korea's HMM to create joint venture with UAE firm to re-enter LNG market SEOUL, November 19 (AJP) - South Korea’s largest container carrier, HMM, is reentering the liquefied petroleum gas market after nearly a decade. The company said Friday it has partnered with B International Shipping & Logistics, a subsidiary of the United Arab Emirates–based BGN Group, to create a Singapore-based venture called HMMB INT Shipping Pte. Ltd. Each partner will hold a 50 percent stake. The new company plans to operate two very large gas carriers, each capable of transporting 88,000 cubic meters of LPG. The ships have already secured a 15-year transport contract with BGN’s trading arm, BGN INT DMCC — a deal that HMM described as providing a reliable commercial footing for its return to the sector. The vessels are being built by HD Hyundai Heavy Industries and are expected to be delivered in the first half of 2027. BGN Group, which handles roughly 14 million tons of LPG each year, operates a fleet of more than 40 LPG carriers. HMM once operated five such ships but exited the business in 2016 as part of a broader restructuring. The joint venture is a pillar of HMM’s broader efforts to expand its bulk shipping business and strengthen its foothold in low-carbon energy transport, including LPG and ammonia, under its 2030 mid- to long-term strategy. Earlier this year, the company acquired three medium-size LPG carriers in a bid to rebuild its gas portfolio. “This joint venture marks a strategic partnership with BGN Group to meet growing gas transport demand and expand cooperation in low-carbon, eco-friendly energy transport,” Jung Joon, head of HMM’s bulk division, said in a statement. BGN’s chief executive, Ozan Turgut, said the collaboration would enable both companies to pursue “a shared vision for decarbonizing the shipping industry,” adding that the new vessels would support the sustainable growth of BGN’s LPG operations. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-19 10:52:03 -
South Korea's Hanjin expands support for US veterans SEOUL, November 19 (AJP) - South Korea's Hanjin Group marked Veterans Day this year by reaffirming its support for Semper Fi & America’s Fund, a nonprofit that assists wounded and ill service members and their families. The company said Wednesday it hosted a ceremony on Nov. 12 to pledge continued backing for the organization. The event drew Hanjin President Cho Hyun-min, Chief Executive Noh Sam-seok, senior leaders from the fund and a group of Vietnam War veterans. The company said the gathering is an effort to honor its decades-long connection with the U.S. military, dating to the 1960s when Hanjin’s predecessor handled logistics operations for American forces during the Vietnam War. This year’s donation will go toward foldable electric tricycles intended to improve mobility for elderly veterans. Hanjin and the fund plan to work together to identify recipients for future aid programs. This follows a similar outreach effort in September, when Hanjin donated computers, books and scholarships to a school in Quy Nhon, Vietnam, to support students from low-income families. “As we celebrate our 80th anniversary, we are reflecting on our origins and trying to build bridges between the past, present and future,” the company said in a press release. “As a global logistics provider, we remain committed to supporting communities and advancing human welfare wherever we operate.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-19 10:18:20 -
North Korean leader makes rare visits to security and judicial agencies SEOUL, November 19 (AJP) - North Korean leader Kim Jong-un visited several key security and judicial agencies, emphasizing their role in defending the regime, state media reported on Wednesday. According to the state-run on the occasion of the 80th founding anniversary of the state security organ," KCNA said. The department is a key agency responsible for eliminating threats to the regime. KCNA described it as a "strong fortress for defending the socialist system and the people." Welcomed with "loud cheers," Kim delivered a congratulatory message, praising the dedication of the security personnel and their achievements. It is rare for a North Korean leader to make such a public appearance there, since he made a similar visit in 2012. In separate visits later in the day, Kim also met with officials at the judicial and prosecution organs, instructing them to "further strengthen the socialist legal system," based on the country's "juche" or self-reliance ideology. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-19 10:11:32 -
KAI to deepen defense collaboration with UAE's Edge Group SEOUL, November 19 (AJP) - Korea Aerospace Industries said on Wednesday that it had signed an agreement with the United Arab Emirates’ Edge Group to explore joint marketing and development of weapons systems. The partnership will link KAI with Edge’s Platforms & Systems division, opening the door to cooperation across air, land and maritime platforms. Company officials said the arrangement is expected to strengthen KAI’s competitiveness in a region where demand for advanced defense technologies has grown sharply in recent years. Edge, a state-owned conglomerate created by the UAE government, has rapidly become one of the Middle East’s most formidable defense players. The group maintains more than 35 subsidiaries and focuses on technologies such as autonomous drones, precision munitions and cyberwarfare tools. It employs roughly 17,000 people and reports annual revenue of about $5 billion. KAI said the two sides will study potential projects involving drones, armored vehicles and maintenance operations, as well as fixed- and rotary-wing aircraft and other unmanned systems. “This agreement brings together the aerospace capabilities of both companies to create new opportunities for growth,” Cha Jae-byeong, KAI’s chief executive, said in a statement. “We aim to strengthen our technological and industrial ecosystems and deliver concrete results in the global aerospace market.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-19 09:59:12 -
South Korea, UAE agree to deepen partnership in AI and nuclear energy SEOUL, November 19 (AJP) - President Lee Jae-myung agreed with United Arab Emirates (UAE) President Mohamed bin Zayed Al Nahyan to expand bilateral cooperation with a focus on artificial intelligence (AI) and healthcare, while deepening collaboration in the defense and energy sectors during their talks in Abu Dhabi on Tuesday, according to the presidential office. In a joint declaration after the summit, they pledged to pursue a "new leap forward for another 100 years of partnership." Cooperation in nuclear energy was among the key topics, building on the success of the UAE's first nuclear power plant in Barakah, which is now fully operational after 12 years of construction by South Korea's state-run Korea Electric Power Corporation (KEPCO). The two leaders agreed to enhance nuclear efficiency through AI, establish a joint data center to carry out comprehensive strategic projects, and expand cooperation across various sectors through joint development and local production. They also pledged to deepen their strategic partnership through regular visits, while enhancing cultural and educational exchanges including plans for youth internship programs and other initiatives. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-19 09:25:58 -
Seoul finally puts Lone Star saga behind after ICSID declares complete win SEOUL, November 19 (AJP) -South Korea has finally put to rest its years-long investment dispute with U.S. private equity firm Lone Star, after the International Centre for Settlement of Investment Disputes (ICSID) overturned its earlier ruling that ordered Seoul to pay $216.5 million in compensation plus interest over the fund’s 2012 sale of a Korean bank. “The government's compensation liability — about 400 billion won at today’s exchange rate — has been retroactively cancelled,” Prime Minister Kim Min-seok said late Tuesday, announcing the final ruling by the Washington-based tribunal. Instead, Lone Star has been ordered to cover South Korea's legal expenses of 7.3 billion won ($5 million) within 30 days. The nullification marks a rare reversal by ICSID: only eight such cases have been overturned out of 503 settlements since the tribunal’s establishment in 1972. Seoul appealed the arbitral court’s 2022 decision, which had partially sided with Lone Star’s claim that it incurred losses of $4.67 billion due to alleged government interference in the sale of Korea Exchange Bank (KEB). The presidential office welcomed the ruling as a “correction” of the earlier interpretation. Lone Star purchased KEB in 2003 for 1.38 trillion won during the banking failures that followed South Korea’s Asian financial crisis and 1998 International Monetary Fund bailout. After multiple failed attempts to offload the lender, the fund sold KEB to Hana Financial Group in 2012 for 3.92 trillion won. The two sides have been locked in legal battles ever since, with Lone Star alleging that Seoul’s heavy involvement in the sale process depressed the bank’s value. 2025-11-19 07:25:39