BYD's entry raises data privacy concerns in South Korea SEOUL, February 11 (AJP) - The arrival of Chinese automaker BYD in South Korea has ignited concerns among experts over data security in connected vehicles, with warnings of potential privacy risks and information leakage. As of November last year, South Korea had 9.47 million connected vehicles on its roads, accounting for 36.04 percent of all registered automobiles in the country. Industry analysts estimate that when factoring in various wireless communication technologies, nearly 90 percent of newly manufactured vehicles worldwide qualify as connected cars. BYD Korea has sought to assuage concerns, stating that it “strictly complies with personal information protection laws” and that “personal information collected in Korea is not shared with headquarters in China.” However, the company’s use of Tencent Cloud, a Chinese IT firm, to store data on local servers has prompted renewed scrutiny from security experts. “Connected cars are capable of collecting highly sensitive personal information — not only a driver’s personal data but also driving routes, patterns, and visited locations,” said Yeom Heung-yeol, an honorary professor of information security at Soonchunhyang University. “Additionally, they can gather vast amounts of image data for autonomous driving functions.” Concerns extend beyond Chinese-brand vehicles to those utilizing Chinese-made connected car technology and components. While domestic automakers such as Hyundai Motor Group develop their own software, tracing the origins of hardware components remains a persistent challenge. The scrutiny follows a recent decision by the U.S. Commerce Department to ban the sale of vehicles incorporating Chinese or Russian software and parts in vehicle connectivity systems (VCS) and automated driving systems (ADS), citing national security risks. Amid these concerns, South Korea is preparing to strengthen its regulatory framework. A newly amended Automobile Management Act, aimed at bolstering software security requirements for automakers, is set to take effect in August. The legislation comes as calls grow for more comprehensive oversight of connected vehicle security in an increasingly digitized automotive landscape. 2025-02-11 10:43:00

Nuclear power becomes South Korea's top electricity source for first time in 18 years SEOUL, February 10 (AJP) - Nuclear power surpassed coal to become South Korea's largest source of electricity generation in 2024, accounting for 32.5 percent of total power trades, marking its highest share in 15 years, according to data from Korea Power Exchange on Monday. Nuclear power plants generated 178,749 gigawatt-hours (GWh) of electricity last year, followed by liquefied natural gas at 29.8 percent and coal at 29.4 percent of the total 549,387 GWh traded. Renewable energy sources contributed 6.9 percent to the power mix. The surge in nuclear power generation comes as the country moves away from its previous administration's nuclear phase-out policy. Nuclear's share had dropped to 23.7 percent in 2018 but has since recovered to its highest level since 2009, when it accounted for 34.8 percent of power generation. The shift marks a significant change in South Korea's power generation landscape, where coal had dominated for 17 years since 2007, typically accounting for around 40 percent of electricity production. Coal's share has steadily declined from its peak of over 45 percent, falling below 30 percent last year amid growing environmental concerns and decarbonization efforts. The increased nuclear power output was largely attributed to improved operational efficiency, with nuclear plant utilization reaching 83.8 percent, its highest in nine years. The commercial operation of Shin Hanul Unit 2, which began in April after a five-year delay, significantly contributed to the increase. "As a carbon-free power source capable of 24-hour generation, nuclear power will inevitably need to expand further to meet the surging demand from artificial intelligence applications," said Jung Dong-wook, a professor at Chung-Ang University. 2025-02-10 14:19:58

China's Temu intensifies e-commerce war with direct entry into Korean market SEOUL, February 10 (AJP) - Temu, the Chinese e-commerce platform owned by PDD Holdings, is preparing for a direct market entry into South Korea, a move that could further shake up the country’s already competitive online retail sector. The company has begun recruiting local staff and reviewing logistics contracts, according to retail industry officials on Monday. Since late last year, Temu has been hiring South Korean employees for key positions in human resources, administration, marketing, and logistics, with several roles already filled. Currently, the company’s last-mile delivery operations rely on multiple customs clearance partners, primarily CJ Logistics and Hanjin. However, Temu is now working to establish an integrated logistics system through an open bidding process involving major logistics providers. Temu launched its Korean-language site in July 2023 and formalized its presence in February 2024 with the creation of its local entity, Whaleco Korea LLC. The platform has experienced rapid growth, with its monthly active users reaching 8.23 million in January - placing it third in the market behind Coupang (33.02 million) and AliExpress (9.12 million). Industry analysts note that Temu’s approach echoes AliExpress’s successful expansion strategy in South Korea, which began with the launch of a localized website in 2019, followed by local incorporation and staff recruitment. The timing of Temu’s expansion also coincides with political uncertainties in the United States. Some observers speculate that Temu may be looking to solidify its position in South Korea’s 242 trillion won ($181 billion) e-commerce market as a hedge against potentially tougher regulatory conditions in the U.S. 2025-02-10 13:58:53

South Korea wins 7 golds on first day of medal race in Asian Winter Games SEOUL, February 08 (AJP) - South Korean athletes made a strong showing on the first day of the medal race in the 2025 Harbin Asian Winter Games on Saturday. The country won seven gold, five silver and seven bronze medals, taking second place in the medal standings after China, which captured eight gold, eight silver, and four bronze medals. Park Ji-won claimed silver in the men's 500m behind China's Rin Xiaojun, while Jang Sung-woo took bronze. Park had earlier won gold in both the mixed relay and men's 1,500m. In other events, Lee Seung-hoon secured South Korea's first-ever freestyle skiing gold in the men's halfpipe, while Lee Na-hyun edged out Kim Min-sun in the women's 100m speed skating. Lee Chae-woon added another gold in the men's snowboard slopestyle with a score of 90 points, with Kang Dong-hun taking bronze. Kim So-hui earned silver in the women's alpine skiing slalom, and Kim Kyeong-ae and Sung Ji-hoon claimed silver in mixed doubles curling. Jung Yu-jin won bronze in the women's freestyle skiing halfpipe, marking South Korea's first medal in the discipline by a female athlete. 2025-02-08 17:48:30

North Korea says nuclear arsenal for warfare, not negotiation SEOUL, February 08 (AJP) - North Korea declared on Saturday that its nuclear weapons are intended for actual warfare rather than negotiation leverage, rebuffing calls for denuclearization from the international community. In a commentary released through the Korean Central News Agency, North Korea dismissed recent statements by NATO and European Union spokespersons refusing to recognize it as a nuclear state, calling their positions "nonsensical sophistry." "Our nuclear force is not an 'advertisement' seeking recognition from anyone, nor is it a 'bargaining chip' to be exchanged for money," the commentary said. It emphasized that the country's nuclear capabilities are "invariably for actual combat" to eliminate any invasion attempts threatening national sovereignty and regional peace. The statement appears to draw a line against potential future negotiations with the United States, suggesting that denuclearization is now an outdated agenda item for any diplomatic talks. The commentary also criticized Western powers led by the United States for "wreaking havoc on peace," accusing NATO and the EU of "desperately trying to create another peace-destroying scenario" by interfering in Korean Peninsula affairs despite their geographical distance. The statement comes amid renewed attention to North Korea following recent comments by U.S. President Donald Trump about rebuilding relations with North Korean leader Kim Jong Un. 2025-02-08 13:57:19

Trump pledges renewed ties with North Korea in first summit with Japan's Ishiba SEOUL, February 08 (AJP) - U.S. President Donald Trump vowed to reestablish relations with North Korean leader Kim Jong Un and affirmed commitment to Korean Peninsula security during his first summit with Japanese Prime Minister Shigeru Ishiba at the White House on Friday. "We will have relations with North Korea, with Kim Jong Un. I got along with him very well," Trump said at a joint press conference, describing their relationship as "a very big asset for everybody" and claiming he had prevented war during his first term. The remarks added to growing expectations for potential resumption of personal diplomacy with Kim, whom Trump called "a smart guy" in a Fox News interview last month. Ishiba said the leaders affirmed their commitment to addressing North Korea's nuclear and missile program and working toward complete denuclearization. The Japanese premier raised concerns about Japanese citizens abducted by North Korea decades ago, expressing urgency as families age. "I remain committed to the effort I began in my first term to ensure safety and stability on the Korean Peninsula," Trump said, emphasizing the importance of "peace through strength" in the Indo-Pacific region. The leaders agreed to strengthen Indo-Pacific security cooperation, including trilateral partnerships with South Korea and the Quad alliance comprising the U.S., Japan, Australia, and India. They pledged to oppose unilateral attempts to change the status quo by force in the East and South China Seas and emphasized peace across the Taiwan Strait. On trade issues, Trump highlighted the $100 billion U.S. trade deficit with Japan, announcing plans to implement reciprocal tariffs next week. He also revealed a new agreement involving Japanese investment in U.S. Steel, replacing a previously rejected acquisition plan. The White House later clarified Trump's reference to "Nissan" should have been "Nippon Steel" regarding the U.S. Steel investment. Ishiba committed to increasing Japanese investment in the U.S. to $1 trillion and expanding imports of U.S. liquefied natural gas "in a mutually beneficial way." The leaders also agreed to cooperate on advanced technologies including AI and semiconductors, while treasury officials will maintain close dialogue on currency matters. Japan pledged to double its defense spending by 2027 compared to Trump's first term, with Ishiba emphasizing this was Japan's independent decision rather than U.S. pressure. "We are ready to share responsibilities and play our own role as an ally," Ishiba said, expressing hope for a "new golden age" in U.S.-Japan relations. 2025-02-08 13:47:44

One in five Korean listed firms unable to pay interest with profit The Korea Exchange in Yeouido, Seoul/ Yonhap SEOUL, February 07 (AJP) - Nearly one in five listed companies in South Korea is classified as a “marginal firm,” unable to cover interest payments with operating profits, according to a report from the Korea Enterprises Federation. As of the third quarter of 2024, 19.5 percent of the country’s 2,260 listed firms - equivalent to 440 companies - fell into this category. Marginal firms are defined as those with an interest coverage ratio below 1 for three consecutive years, meaning they consistently fail to generate enough profit to meet debt obligations. The number of such firms has surged 2.7 times since 2016, when 163 companies met the criteria. The growth of struggling firms has been particularly pronounced among KOSDAQ-listed companies, which tend to be smaller and more technology-driven. The share of marginal firms in this sector climbed 17.1 percentage points to 23.7 percent between 2016 and 2024. By contrast, KOSPI-listed companies experienced a comparatively modest increase of 2.5 percentage points, reaching 10.9 percent. Among industries, the real estate sector recorded the highest proportion of marginal firms, at 33.3 percent. The report also highlighted the broader financial vulnerability of South Korean firms. Some 36.4 percent of listed companies were classified as “temporary marginal firms,” meaning they recorded an interest coverage ratio below 1 for the most recent year. 2025-02-07 16:31:42

Financial firms target wealthy seniors with expanded services SEOUL, February 06 (AJP) - South Korean financial institutions are increasingly catering to the so-called "young-old" generation - affluent, healthy seniors in their 60s and 70s - by offering a range of specialized services, from estate planning to pet care management. Leading the trend in Asia, Mitsui Sumitomo Trust Group, the region’s largest trust bank, provides comprehensive services tailored to single elderly households, including funeral arrangements, digital data deletion, and pet relocation after death. Taniguchi Yoshimitsu, a special director at the bank, emphasized the company’s trustworthiness as a key driver of steady subscription rates for these offerings. South Korean banks are following suit, introducing trust products designed to address aging-related concerns. Major financial institutions have launched dementia trusts for medical and caregiving expenses, funeral preparation trusts, and event-specific inheritance trusts aimed at funding grandchildren’s education or weddings. Hana Financial Group has partnered with Mitsui Sumitomo Trust Group to bolster its trust business expertise. Meanwhile, the aging tech sector is expanding rapidly. In the United States, healthcare startup Casana is developing smart toilet covers that monitor vital signs, while Japan’s Sompo Care has introduced advanced bathing devices for wheelchair users and sleep monitoring systems to prevent falls. According to the Korea International Trade Association, South Korea’s silver economy - centered on senior living facilities and services - is projected to grow from 72 trillion won in 2020 to 168 trillion won by 2030, reflecting the rising demand for aging-related financial and technological solutions. 2025-02-07 14:01:56

South Korean shipbuilders post first profits in 13 years SEOUL, February 07 (AJP) - For the first time in over a decade, South Korea’s three major shipbuilders turned a collective operating profit in 2024, buoyed by a surge in high-value liquefied natural gas (LNG) carrier orders and a global ship-replacement cycle. Their combined operating profit reached 2.17 trillion won ($1.63 billion), marking a significant turnaround from years of losses. HD Korea Shipbuilding & Offshore Engineering led the resurgence, reporting an operating profit of 1.43 trillion won - an increase of 408 percent from the previous year. Revenue climbed 19.9 percent to 25.5 trillion won. Samsung Heavy Industries followed, posting revenue of 9.9 trillion won and an operating profit of 502.7 billion won. Hanwha Ocean, after years in the red, returned to profitability with 237.9 billion won in operating income on revenue of 10.77 trillion won, a 45.5 percent jump. The industry’s recovery reflects the successful delivery of orders placed during the previous downturn, bolstered by favorable exchange rates and stabilized raw material costs, particularly for steel plates. Profit margins have improved, aided by steady demand for high-value vessels such as LNG carriers and eco-friendly ships. Despite these gains, South Korea’s shipbuilders continue to face stiff competition from China. Chinese shipyards dominated new orders in 2024, securing a 70.6 percent global market share, while South Korea claimed just 16.7 percent, according to data from Clarksons Research. South Korea’s order backlog shrank 4.8 percent to 37.87 million compensated gross tons (CGT), marking its first decline since 2020. China’s shipbuilders have leveraged competitive pricing to win contracts for bulk carriers and conventional vessels. The country’s largest state-owned shipbuilder has also announced substantial investments in facilities to expand its capabilities in high-value ship segments, intensifying the rivalry with South Korean firms. Looking ahead, industry analysts expect South Korea to retain its lead in high-end shipbuilding, particularly in LNG carriers and eco-friendly vessels. Potential increased cooperation with the U.S. maritime sector under the Trump administration and tightening environmental regulations from the International Maritime Organization could further sustain demand for advanced ship technologies. 2025-02-07 13:54:59

Samsung Electronics launches global sale of Galaxy S25 SEOUL, February 07 (AJP) - Samsung Electronics began global rollout of its Galaxy S25 series smartphones across 120 countries Friday, following record-breaking domestic pre-orders of 1.3 million units in South Korea. The new flagship devices, featuring the company's latest AI platform One UI 7, will be released sequentially in major markets including the United States, United Kingdom, India, and Thailand. Google's Gemini AI support will expand to 46 languages with the launch. The series incorporates Snapdragon 8 Elite for Galaxy processor, which includes new ProScaler technology claiming to improve image quality by over 40 percent. The devices also feature enhanced Circle to Search functionality, now supporting sound search alongside existing image and text capabilities. Camera improvements include a Virtual Aperture feature for professional-style depth control and Samsung Log for content creation. The company has also implemented Content Credentials technology to track AI-generated image editing history. "The Galaxy S25 series will revolutionize users' daily lives by providing the most natural and personalized mobile experience through advanced Galaxy AI," said TM Roh, President of Samsung's Mobile Experience Business. 2025-02-07 11:08:36