Journalist
Candice Kim, Lim Jaeho
candicekim1121@ajupress.com, ajupresswogh@ajupress.com
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SK Telecom reports slight dip in profit, reaffirms customer data safeguards SEOUL, May 12 (AJP) - South Korea’s largest wireless carrier SK Telecom reported a marginal decline in net profit for the first quarter of 2025, as increased corporate taxes offset gains from its expanding artificial intelligence businesses. The company said Monday that net income for the three months ending in March fell 0.1 percent to 361.6 billion won ($258.3 million), compared with 361.9 billion won during the same period a year earlier. The decrease was attributed to higher tax expenses following the expiration of special depreciation provisions. Despite the dip in profit, operating income rose 13.8 percent to 567.4 billion won, buoyed by robust demand in the company’s artificial intelligence divisions — including AI data centers and enterprise-focused AI transformation services — as well as continued strength in its fixed-line segment. Revenue for the quarter edged down 0.5 percent to 4.45 trillion won, from 4.47 trillion won a year earlier. Separately, the company addressed ongoing fallout from a major data breach disclosed in April, which compromised universal subscriber identity module (USIM) data for its entire user base. SK Telecom, which serves roughly 25 million subscribers — about half of South Korea’s mobile market — has been under scrutiny as it works to rebuild customer trust. In response, the company has intensified its fraud detection efforts, raising its monitoring system to the highest alert level. It also began automatically enrolling eligible users in its USIM card protection program and is offering free USIM replacements. As of May 11, 1.47 million users had completed the replacement process. 2025-05-12 16:42:28 -
Lee Jae-myung wraps up rural tour ahead of campaign kickoff SEOUL, May 11 (AJP) - Lee Jae-myung, the presidential candidate of the main opposition Democratic Party, spent Sunday campaigning across South Jeolla Province, making a final appeal to voters in rural strongholds ahead of the official start of the election period. Lee toured the southwestern counties of Hwasun, Gangjin, Haenam and Yeongam, engaging with local residents as part of his last regional push before the campaign formally begins on Tuesday. The visits were part of a broader tour of small towns and provincial areas that are often overlooked during the frenetic pace of the official election period. Beginning earlier this month, Lee traveled through border areas of northern Gyeonggi and Gangwon provinces, continued along the so-called East Coast Belt through eastern Gangwon and northern North Gyeongsang, and visited towns across the Chungcheong region, North Jeolla, and the conservative stronghold of the Gyeongsang region. In Hwasun on Sunday, Lee vowed to confront what he described as “anti-historical and anti-democratic forces.” “We must build a country where the people are truly respected as sovereign,” he said, invoking the memory of Dec. 3, when martial law was declared by then-President Yoon Suk Yeol. “We won then, and we are still fighting and winning against rebellion today,” he added. “Let your overwhelming vote build an overwhelming future.” Lee remains the front-runner in the presidential race, according to recent polling. A Realmeter survey released on Sunday showed him leading in a three-way contest with 52.1 percent of the vote. Kim Moon-soo of the conservative People Power Party trailed with 31.1 percent, while Lee Jun-seok of the newly formed Reform Party garnered 6.3 percent. 2025-05-11 15:19:54 -
Han Duck-soo concedes in party vote, backs Kim Moon-soo for presidency SEOUL, May 11 (AJP) - Former Prime Minister Han Duck-soo on Sunday accepted the results of a party-wide vote that rejected a proposal to replace the People Power Party’s presidential nominee with himself, pledging to support the party’s official candidate, Kim Moon-soo. Speaking at a press conference at his campaign office in Yeouido, Han said he would “humbly accept” the outcome and return to private life. “I take seriously both the encouragement and criticism I have received before and after my decision to run for president,” Han said. “I accept the results with humility and will do my part to help Kim secure victory in the upcoming election.” Han added that he would “step away from all political roles and return to being an ordinary citizen,” taking full responsibility for the decisions he had made. The remarks came hours after the party’s interim leadership, led by Rep. Kwon Young-se, held a vote among its full membership to determine whether to replace Kim with Han as its presidential nominee. The proposal was rejected, reaffirming Kim’s candidacy. 2025-05-11 10:21:46 -
BYD's compact SUVs top imported EV sales, but why are they hardly seen on the streets? SEOUL, May 9 (AJP) - Chinese automaker BYD's Atto 3 has overtaken Tesla to become the best-selling model in the domestic imported electric vehicle market, according to data released by the Korea Automobile Importers and Distributors Association earlier this week. Some 543 units of the compact SUV were sold last month, narrowly surpassing the Tesla Model Y Long Range, which sold 533 units, followed by other Tesla models. Despite the feat, many motorists are baffled, as the vehicle is rarely seen on the roads. "Deliveries to consumers just started in mid-April, so it will take time for the figures to reflect and for the change to be felt," a BYD spokesman told AJP on Friday. He added that purchases made by individual customers outnumbered corporate purchases. Launched here in January, the Atto 3 quickly racked up over 1,000 pre-orders within a week, causing delays in delivery. Equipped with BYD's lithium iron phosphate (LFP) Blade Battery, the eco-friendly car can travel as far as 321 kilometers on a single charge. The base trim is priced at 31 million won, which can be purchased for under 30 million won after applying government and local subsidies. In contrast to industry observers who were initially skeptical about BYD's entry into a market known for South Koreans' penchant for ostentatious vehicles, its competitive prices might have enticed many consumers. BYD has been accelerating its promotional strategy to attract more customers here. The Chinese automaker set up a booth right next to the country's auto giant Hyundai Motor at last month's Seoul Mobility Show, actively targeting domestic consumers here. 2025-05-09 17:50:11 -
Korea to launch QR-based cross-border payment system, starting with Indonesia SEOUL, May 08 (AJP) - The Korea Financial Telecommunications and Clearings Institute (KFTC) will establish a digital hub for cross-border retail payments using QR codes, with a pilot launch slated for Indonesia by year’s end. Speaking at the annual meeting of the Asian Development Bank in Milan, KFTC President Park Jong-seok said the new system is designed to facilitate mobile-based transactions across borders, allowing consumers to make payments or withdraw local currency abroad using their smartphones. The platform, described as an open hub, will serve as a conduit connecting foreign payment institutions, Korean financial companies, and fintech providers. It is expected to support services such as QR code payments at overseas merchants and cardless ATM withdrawals — all without the need for physical credit or debit cards. The system will enable both outbound payments by Korean travelers and inbound transactions by foreign visitors to Korea. “We aim to provide financial companies and fintechs with infrastructure that reduces costs and simplifies service delivery,” Park said. The hub will bypass traditional international card networks, which often charge fees of around 1 percent per transaction. By routing payments through its own infrastructure, KFTC expects to significantly lower transaction costs. Indonesia is the first market targeted for rollout, followed by other members of the Asian Payment Network, a 12-nation consortium that includes Malaysia, Singapore, Vietnam, Japan, and the Philippines. Expansion into additional member countries is expected in subsequent phases. Park emphasized the system’s open-access model, noting that licensed payment providers — regardless of size — will be able to join. “This will help level the playing field and foster competition in cross-border financial services,” he said. “We believe it will strengthen both Korea’s global competitiveness and the fintech ecosystem.” 2025-05-08 17:07:56 -
KEPCO, KHNP head to international arbitration over UAE nuclear project SEOUL, May 08 (AJP) - Korea Hydro & Nuclear Power (KHNP) has filed for international arbitration against its parent company, Korea Electric Power Corporation (KEPCO), over a protracted dispute involving more than $1 billion in unsettled construction costs tied to South Korea’s landmark nuclear power project in the United Arab Emirates. According to the KHNP, it has brought the case to the London Court of International Arbitration, citing unresolved payments related to the Barakah nuclear power plant. The dispute stems from cost overruns during the decade-long construction of the facility, which marked South Korea’s first foray into exporting nuclear reactor technology. The Barakah project, valued at approximately 20 trillion won (roughly $15 billion), was initiated in 2009 after KEPCO signed a contract with the Emirates Nuclear Energy Corporation. KEPCO later subcontracted much of the work to KHNP and other domestic partners. But as costs ballooned — due in part to the COVID-19 pandemic and global supply chain disruptions linked to the war in Ukraine — KHNP began seeking reimbursement from KEPCO for the overruns. KHNP formally initiated negotiations in late 2023, though industry officials say the company had been raising concerns over the extra costs since at least 2020. The dispute escalated after Barakah Unit 4, the last of the four reactors, began commercial operations in September of last year. KEPCO, which is grappling with debt exceeding 200 trillion won (around $145 billion), has rejected KHNP’s claims, arguing that it cannot make any additional payments until it receives compensation from its Emirati counterpart. “Settlement cannot be made without receiving additional funds from the client,” the company said in a statement. KHNP has countered that failure to resolve the issue risks undermining trust and jeopardizing future cooperation between the firms. Despite a high-level meeting between the two companies’ presidents in January, the standoff deepened in February when KEPCO’s chief, Kim Dong-chul, told lawmakers he “cannot accept” KHNP’s demands. The clash has drawn attention to long-simmering structural tensions within South Korea’s power sector. Though KHNP is a wholly owned subsidiary of KEPCO, the two have increasingly jostled for leadership in nuclear exports, particularly since the 2001 restructuring that divided the country’s power industry into separate generation entities. Observers say the conflict highlights governance gaps and poor coordination within the state energy apparatus. Critics have also pointed fingers at the Ministry of Trade, Industry and Energy, accusing it of failing to step in as a mediator. “The ministry, which oversees public corporations, should have intervened earlier,” said one former senior official, who spoke on condition of anonymity. “This situation was allowed to fester because no one wanted to take responsibility during the government transition period.” 2025-05-08 14:14:10 -
SK On accelerates U.S. battery joint venture preparations amid localization push SEOUL, May 07 (AJP) - South Korean battery maker SK On is accelerating its battery joint venture projects in the United States, aligning with the growing emphasis on localization spurred by the United States' trade policies and new tariffs, according to industry officials on Wednesday. SK On, which is collaborating with global automakers on multiple large-scale ventures, is now focusing on expanding its footprint in the North American electric vehicle (EV) market. BlueOval SK, its joint venture with Ford Motor Company, recently completed the installation of exterior signage at its Kentucky Plant 1, bearing the slogan "Electrifying the Future of Mobility." The joint venture is building three factories in total, two in Kentucky and one in Tennessee. The first Kentucky plant is expected to become operational later this year, followed by the Tennessee facility in 2026. In the lead-up to production, groundwork is well underway. BlueOval SK has hired over 1,200 employees, including a team of 350 staff that is recently been deployed to the Tennessee plant. The team is currently preparing for mass production, conducting equipment checks, and operational readiness drills. Town hall meetings are also being held regularly to align employees with the company’s mission and production targets. Meanwhile, SK On’s partnership with Hyundai Motor Group in Bartow County, Georgia, is progressing toward a scheduled launch in the first half of next year. That facility, with an annual production capacity of 35 gigawatt-hours (GWh), is expected to supply batteries for approximately 300,000 electric vehicles. The project represents a $5 billion investment. The joint venture, known as HSAGP Energy, is actively recruiting and training future staff. In April, the company signed a partnership agreement with Georgia Quick Start and Chattahoochee Technical College at the Quick Start Training Complex in Cartersville. Under the program, new hires will receive hands-on and classroom training in production, maintenance, and key areas such as quality control and workplace safety. “SK On’s growing role in these joint ventures, especially after gaining operational experience with SK Battery America, has created strong local expectations,” said one industry official. “As tariffs make localization more urgent, these U.S. factories are set to become critical links in the North American EV supply chain.” 2025-05-07 14:13:02 -
Coupang posts record Q1 revenue, unveils major share buyback plan SEOUL, May 07 (AJP) - Coupang Inc. reported its strongest-ever first-quarter earnings on Wednesday, pulled by favorable exchange rates and strong customer engagement despite sluggish consumer spending and growing competition in the ecommerce sector. The South Korean e-commerce giant, listed on the New York Stock Exchange, posted 11.5 trillion won ($7.9 billion) in revenue for the January–March period, alongside a 340 percent jump in operating profit to 233.7 billion won. Net income reached 165.6 billion won, swinging back into the black from a 31.8 billion won loss in the same quarter last year. Operating margin improved to two percent from 0.6 percent a year ago, with earnings per share standing at $0.06. In an earnings call, Coupang founder and chairman Kim Bom attributed the performance to long-term investment and operational discipline. “This consistent trend of achieving both solid growth and margin expansion is the result of years of investment and effort to provide the best customer experience by minimizing costs,” he said. He also highlighted a shift in customer behavior, noting that the number of users purchasing from more than nine different product categories jumped by over 25 percent during the quarter. Coupang’s core Product Commerce Division -- which includes its signature Rocket Delivery, Rocket Fresh, Rocket Grocery, and Marketplace services -- continued to drive the business. Revenue from this segment rose 16 percent to 9.98 trillion won, while the number of active customers grew nine percent year-on-year to 23.4 million. Revenue per customer also climbed six percent to 427,080 won. Rocket Delivery and Rocket Fresh, which became household names during the pandemic, remain a staple for busy young professionals and families seeking next-day delivery for groceries and everyday essentials. The company’s growth businesses, including operations in Taiwan, Farfetch, and food delivery service Coupang Eats, saw a 78 percent year-on-year revenue increase to 1.51 trillion won. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortisation) losses in that segment narrowed slightly to 244 billion won. Kim pointed to notable progress in Taiwan, where product variety expanded nearly fivefold following the launch of the premium WOW membership program in March and the rollout of “Coupang Friends,” a local delivery workforce, in April. Coupang also announced a share repurchase program worth up to 1.4 trillion won, nearly six times the size of its buyback initiative last year. “The share buyback is one of several tools we can use,” said CFO Gaurav Anand. “We believe it will allow us to create meaningful returns for shareholders by leveraging current market conditions.” Anand added that the company has not been significantly impacted by newly announced tariffs on U.S. imports and has seen no major shifts in consumer behavior due to global geopolitical developments. 2025-05-07 13:57:32 -
Kim Moon-soo wins People Power Party presidential nomination with 56.53 percent of vote Kim Moon-soo (right), selected as the People Power Party's presidential candidate, greets the audience at the party's national convention at KINTEX in Goyang, Gyeonggi Province, May 3/ Yonhap SEOUL, May 03 (AJP) - Kim Moon-soo has been selected as the People Power Party's candidate for the upcoming presidential election, securing 56.53 percent of the final vote. The conservative party confirmed its nominee for the 21st presidential election during a national convention held at KINTEX in Goyang, Gyeonggi Province, on Saturday. Han Dong-hoon, who advanced to the final round of the primary, received 43.47 percent of the votes. Kim defeated Han in both party member voting and public opinion polls, receiving 208,525 votes from party members compared to Han's 159,561 votes. In the public opinion survey component of the nomination process, Kim garnered 51.81 percent support while Han received 43.47 percent. The presidential election is scheduled for June 3, following the parliamentary impeachment of former President Yoon Suk Yeol in December 2024. 2025-05-03 16:01:34 -
SK Telecom employees volunteer for frontline support amid SIM card hacking crisis SEOUL, May 03 (AJP) - Hundreds of SK Telecom employees have voluntarily joined frontline customer service operations to help manage the fallout from the company's recent SIM card information hack, industry sources said on Saturday. Staff from various departments, including those unrelated to mobile communications, developers, and new employees, have been deployed to airports, SK Telecom retail stores, and authorized dealers as more than 3 million overseas travelers are expected during the golden week holiday. Following the hack disclosure on April 22, employees have been sharing their volunteering experiences, tips, and insights on the company's internal bulletin board and the anonymous workplace community platform "Blind." One employee wrote in a post titled "Field support review and mindset tips," explaining that "T World managers have been in business in their neighborhoods for several years, sometimes decades, with many familiar customers and regulars," adding, "We should think of ourselves as 'day laborers' helping the managers." The same employee advised colleagues to let managers and visitors communicate first unless there's a significant customer rush, while volunteers should assist with more labor-intensive tasks. "It's better for people who come in anxious to see a familiar face and talk to them," the post noted, adding that "customers were anxious and angry" about the situation. Another employee who worked at an airport shared that "6-8 a.m. is the busiest time, and the SIM replacement itself doesn't take long, about 2 minutes." An SK Telecom official said, "Many members are voluntarily stepping up to the frontlines as this is a time when we need to mobilize all the company's strength," adding, "We will do our best to restore customer confidence." Some employees have expressed remorse in their posts, with one writing, "I felt too sorry and ashamed seeing long-time loyal customers upset," while another noted that "customers' vague anxiety is the biggest problem regardless of whether they've been affected, and I will go to the field to reassure them with the humblest attitude possible." 2025-05-03 14:25:21