Quiet flight from Coupang after data breach deepens pain for small vendors SEOUL, December 05 (AJP) - Fallout from Coupang’s massive data breach is widening beyond consumers to tens of thousands of small vendors across South Korea who rely on the e-commerce giant as a primary sales channel and livelihood. The National Assembly Science and ICT Committee has scheduled another hearing on Dec. 17 to examine a growing number of complaints against Coupang, including difficulties in canceling subscriptions or discontinuing platform use. Lawmakers say the scale and sensitivity of the data leak — which affected nearly all of Coupang’s 34 million users — warrant continued scrutiny. Market researcher IGAWorks showed that Coupang’s daily active users, which had hovered around 18 million before the breach, slipped to 17.8 million but have so far remained above the 17 million mark. Instead of a mass exodus, industry data suggest a “silent boycott”: customers reducing their use of Coupang for daily shopping or avoiding Coupang Eats for food delivery due to loss of trust. That shift has delivered a sharp blow to vendors and dining partners. A café owner in Gwangju said delivery orders via Coupang Eats “dropped to zero,” with daily sales falling more than 20 percent from a week earlier. A seafood company selling primarily through Coupang reported a more than 30 percent slide in revenue. According to Coupang’s internal “Impact Report 2025,” released in September, the company serviced around 230,000 small businesses as of 2023 — roughly 75 percent of all its vendors — generating a combined 12 trillion won ($8.2 billion) in annual transactions. The data leak now exposes them to a double shock: plunging sales and anxiety over potential compromise of business information. “I’m massively anxious. I changed all my business account passwords, but it feels like they’ve already been stolen,” said the owner of a Korean beef stew shop in downtown Seoul. “Coupang Eats accounts for a large proportion of my orders, so even if I want to quit, I can’t. It used to be about 50–50 between Baemin and Coupang Eats, but now it’s closer to 45–55 because more customers use Coupang Eats.” Holding up a text alert from the platform, she added, “Coupang said a delivery address was leaked. I panicked. I deleted my personal account, but I can’t delete my business account — how else can I run my shop?” A Coupang executive, speaking anonymously to AJP, said vendor information is stored in a separate system that “shows no abnormal signs,” and stressed that partner data remains protected. Other shop owners said Coupang Eats’ appeal makes it difficult to exit despite safety concerns. “Customers prefer Coupang. Baemin assigns riders through its system, which takes more time. Coupang uses individual drivers, so deliveries are faster,” said one operator. Coupang Eats has expanded rapidly this year, leveraging its ultra-fast delivery model and free deliveries for Coupang subscribers. It held a 37.6 percent market share in the food-delivery sector, trailing No. 1 Baemin’s 56.7 percent. “We live in a paradox,” said Lee Joong-seon, secretary-general of the National Franchise Owners Association. “Even when sales are high, small business owners make little profit because of the massive commission fees charged by platforms like Coupang and Baemin. When sales are low, life gets harder. Either way, we lose. And now, after the Coupang data leak, it feels like insult upon injury.” The Korean Federation of Micro Enterprises said it plans to collect vendor complaints and prepare for collective legal action if needed, according to member Ryu Pil-seon. Meanwhile, consumer frustrations continue to mount. On Coupang’s PC version, account deletion requires a six-step process, including personal-information verification and a mandatory survey — a design critics say reflects the broader difficulty of disengaging from the platform even amid a crisis of confidence. 2025-12-05 16:58:48

Asian stocks mostly down early Friday ahead of FOMC week SEOUL, December 05 (AJP) - Asian stocks were mostly lower in early Friday trading as investors stayed on the sidelines ahead of next week’s Federal Open Market Committee meeting, which is expected to set the tone for U.S. rate policy in 2025. In Seoul, the benchmark KOSPI rose 0.5 percent to 4,047.41, while the KOSDAQ slipped 0.7 percent to 923.70 as of 10:05 a.m. Samsung Electronics gained 1.9 percent to 107,050 won ($72.8), whereas SK hynix fell 0.7 percent to 538,000 won. Large-caps were broadly higher. LG Energy Solution, the market’s third-largest stock, advanced 3.1 percent to 422,500 won, and Hyundai Motor jumped 6.4 percent to 301,750 won. Hyundai Motor surpassed its previous intraday record of 299,000 won set on January 11, 2021, extending a four-day rally after Washington confirmed a retroactive reduction in tariffs on Korean auto imports to 15 percent. Samsung Biologics, the fourth-largest by market value, declined 1.4 percent to 1,656,000 won. Japan’s Nikkei 225 fell 1.4 percent to 50,329.03. Among the country’s three largest firms by market capitalization, Toyota Motor declined 2.3 percent to 3,033 yen ($19.6); Mitsubishi UFJ Financial Group dropped 0.9 percent to 2,492 yen; and Sony Group slid 2 percent to 4,328 yen. As of 10:40 a.m., 39 of the top 40 large-cap stocks were down, with SoftBank Group the sole gainer, rising 1.7 percent to 18,510 yen. In China, the Shanghai Composite Index slipped 0.2 percent to 3,867.04, while Hong Kong’s Hang Seng Index fell 0.6 percent to 25,787.66. 2025-12-05 11:47:07

Asian market mostly flat early Thursday, KOSDAQ stands out SEOUL, December 04 (AJP) - Asian equities were mostly flat in early Thursday trading as investors stayed on the sidelines ahead of next week’s Federal Open Market Committee meeting in the United States. In Seoul, the benchmark KOSPI slipped 0.5 percent to 4,017.89, while the tech-heavy KOSDAQ surged 9.2 percent to 934.21 as of 9:01 a.m. The secondary market’s total capitalization topped the 500-trillion-won level for the first time, buoyed by reports that the government is preparing a stimulus package aimed at smaller-cap and growth stocks. Selling by both foreign and institutional investors weighed on the main board. Foreign investors unloaded 259 billion won ($176 million) worth of shares, and institutions sold a net 107.6 billion won. Retail investors stepped in as net buyers of 362.8 billion won. Samsung Electronics slipped 0.8 percent to 103,700 won and SK hynix fell 2.5 percent to 538,500 won. Large-cap names showed mixed performance: LG Energy Solution eased 0.1 percent to 417,500 won, KB Financial declined 1 percent to 130,400 won and HD Hyundai Heavy Industries lost 0.9 percent to 529,000 won. Hyundai Motor gained 3.8 percent to 276,500 won, Doosan Enerbility rose 1.8 percent to 79,800 won and Kia added 0.3 percent to 119,000 won. Entertainment shares were weaker across the sector. HYBE slipped 0.8 percent to 293,500 won, JYP Entertainment dipped 0.2 percent to 68,500 won, SM Entertainment fell 0.4 percent to 104,000 won and YG Entertainment eased 0.2 percent to 62,800 won. U.S. stocks closed higher Wednesday as fresh data pointed to cooling labor-market conditions. The Dow Jones Industrial Average rose 0.9 percent to 47,882.90, the S&P 500 gained 0.3 percent to 6,849.72 and the Nasdaq Composite added 0.2 percent to 23,454.09. Private-sector employment fell by 32,000 in November, according to ADP, sharply missing expectations for a 10,000 increase. Sentiment was dented somewhat by reports that Microsoft trimmed its revenue outlook for artificial-intelligence-related businesses. “Signs of weaker employment and easing inflation are reinforcing expectations for a Federal Reserve rate cut,” said Lee Sung-hoon, an analyst at Kiwoom Securities. He noted that growth shares, particularly in biosciences, typically benefit from lower interest rates, although the Korean market failed to reflect that trend at the open. Japan’s Nikkei 225 climbed 0.5 percent to 50,105.72. Toyota Motor rose 0.2 percent to 3,012 yen ($19.4), Honda Motor gained 0.9 percent to 1,516 yen and Nissan Motor added 0.5 percent to 364 yen, sending the country’s automakers modestly higher. SoftBank Group advanced 3 percent to 17,175 yen, Sony Group rose 0.4 percent to 4,407 yen and Nintendo gained 0.9 percent to 12,765 yen. In China, the Shanghai Composite Index edged up 0.1 percent to 3,881.55, while Hong Kong’s Hang Seng Index fell 0.1 percent to 25,728.64. 2025-12-04 11:40:56

Korea must devise fundamental youth joblessness approach as AI worsens job market SEOUL, December 03 (AJP) - South Korea must map out a comprehensive youth career program and introduce structural flexibility in working conditions to address the deepening mismatch in its labor market, with AI poised to further worsen job prospects for highly educated young adults – nearly half of whom already unemployed, scholars at home and abroad warn. The share of university graduates among the unemployed reached 49.6 percent in September, up from 47.8 percent in 2024 and 37.7 percent in 2010, according to the Ministry of Data and Statistics. The jobless rate among college or higher-degree holders has continued to climb despite a shrinking youth population and stable headline employment. Last month, there were only 0.42 job openings per job seeker—the lowest October figure since the 1998 Asian financial crisis. Registrations on the government’s Work24 platform fell 6.6 percent from a year earlier, while new job postings declined 19.2 percent. Total employment in October increased slightly to 29 million, but the number of employed 15- to 29-year-olds plunged by 163,000, marking the 36th consecutive monthly fall. It now takes an average of 11.5 months for a young Korean to secure a first job—the longest delay on record. AJP spoke with labor and welfare scholars in Korea, the United States, and the United Kingdom to examine the causes behind the trend. Structural Mismatch in Economic Stagnation Professor Lee Byoung-hoon of Chung-Ang University points to a structural imbalance between educational attainment and labor demand, a pattern increasingly seen across advanced economies. “Most of today’s youth joblessness involves highly educated graduates,” he said. “Their numbers have surged, but labor market demand has not. Economic growth has become employment-poor; capital now flows into technology and automation rather than labor.” Lee recommends that Korea benchmark the European Union’s “Youth Guarantee,” which treats unemployment not as a simple shortage of vacancies but as a breakdown in the school-to-work transition—a passage now prolonged and painful for many young adults. “Policies that focus only on creating jobs, like temporary internships or short-term schemes, have limited impact,” he said. “The Youth Guarantee approach recognizes that this is a structural transition issue. Governments must support young people’s entire journey—housing, debt relief, mental health, and career counselling—so they can cross the bridge from education to work.” Labor Market Rigidity and Risk Aversion Kim Jin-young, economics professor at Korea University, blames Korea’s rigid, union-leaning labor laws for discouraging companies from hiring inexperienced workers. “Because dismissing staff is difficult, firms become extremely cautious when recruiting,” he said. “They prefer experienced employees because it’s hard to gauge the ability of newcomers,” making market entry especially harsh for young job seekers. Kim argues that greater flexibility—allowing easier movement for both employers and workers—would shorten the long and often hesitant job-matching process. “Workers should be able to move between roles until they find the right fit,” he said. “Right now, both sides feel locked in, leading to long, cautious job searches.” International Pressures and AI Disruption Nobel laureate David Card of UC Berkeley cited four global forces undermining Korea’s youth employment: “1) disruption caused by US tariffs and trade policy. 2) AI. AI is heavily disrupting some sectors that use a lot of entry level software development engineers. 3) Competition from China. 4) Supply imbalances… supply outpaced the growth in demand for these workers.” A recent Bank of Korea report found that nearly all 211,000 youth job losses over the past three years occurred in industries most exposed to AI. Graduates with bachelor’s and master’s degrees face the highest automation risk, while doctorate holders and vocational-track workers have been less affected. Beyond Welfare: Building “Good Jobs” For Yoon Hong-sik, professor of social welfare at Inha University, the crisis reveals a deeper flaw in Korea’s welfare and industrial model. “We once believed AI would only replace low- or mid-skill work, but it’s now hollowing out high-skilled roles too,” he said. “University education must shift from functional training to cultivating creativity and critical thinking—skills machines cannot replicate.” Yoon argues that welfare states should not only compensate the jobless but actively foster quality employment. “In Nordic countries, 25–30 percent of all workers are employed in the public sector, providing universal social services. Korea’s share is barely 8 percent,” he said. “We need two pillars: robust public-sector jobs that deliver care, housing, and education, and a vibrant private sector that builds on this human capital to create advanced service industries.” Rethinking What Education Means Marcus Alexander, professor at London Business School, says the takeaway for students is increasingly clear. “Learning ‘facts’ is irrelevant; learning how to think effectively is more important than ever,” he said. “The critical issue is not about getting a degree but about what graduates actually learn from very different courses and institutions.” 2025-12-03 15:49:35

KOSPI bounces above 4,000 in broad mixed Asia markets SEOUL, December 03 (AJP) - South Korea’s benchmark KOSPI climbed back above the 4,000 level on Wednesday, supported by overnight gains on Wall Street. In Seoul, the KOSPI rose 1.1 percent to 4,039.21 as of 10:08 a.m., recovering the 4,000 mark for the first time in nine sessions. The tech-heavy KOSDAQ added 0.3 percent to 930.74. Among blue chips, Samsung Electronics advanced 1.9 percent to 105,350 won ($71), while SK hynix slipped 0.3 percent to 556,500 won. Except for SK hynix, all of the top 10 stocks by market capitalization traded higher. Samsung C&T jumped 10 percent to 247,000 won, the biggest gainer among the top 50 firms. The rally followed news that Hong Ra-hee, widow of the late Samsung Group Chairman Lee Kun-hee, will donate her entire 1.06 percent stake in Samsung C&T to her son, Samsung Electronics Chairman Lee Jae-yong. After the share transfer, Lee’s stake in Samsung C&T will rise from 19.93 percent to 20.99 percent, while Hong’s holdings will drop to zero. Hong had inherited the stake in 2021 after her husband’s death, with the shares valued at roughly 400 billion won ($272 million). Entertainment stocks were mixed: HYBE gained 0.2 percent to 298,500 won, YG Entertainment added 0.2 percent to 62,900 won, while JYP Entertainment edged down 0.2 percent to 68,500 won and SM Entertainment lost 1.1 percent to 105,700 won. Overnight, U.S. stocks advanced as buying in tech shares lifted all three major indexes. The Philadelphia Semiconductor Index gained 1.8 percent as Nvidia rose 0.9 percent. In Japan, the Nikkei 225 rose 0.7 percent to 49,664.16, though Toyota Motor shares fell 1.3 percent to 3,007 yen ($19). Honda declined 0.4 percent to 1,508 yen, Sony dropped 0.8 percent to 4,406 yen and Nintendo slid 1.2 percent to 12,705 yen. SoftBank gained 2.9 percent to 16,125 yen. China’s Shanghai Composite slipped 0.2 percent to 3,889.45, and Hong Kong’s Hang Seng Index fell 0.8 percent to 25,889.32. 2025-12-03 11:44:09

Aju Media Group and Vision Culture sign partnership for WAIFF Seoul 2026 SEOUL, December 02 (AJP) - Aju Media Group and Vision Culture signed a memorandum of understanding (MOU) on Tuesday to form a strategic partnership for the successful hosting of the “World AI Film Festival (WAIFF) Seoul 2026.” The signing ceremony was held at Aju Media Group’s headquarters in Jongno-gu, central Seoul. The event was attended by Aju Media Group Chairman Kwak Young-gil, President Lim Kwu-jin, Vision Culture Chairman Byun Jun-yeon, and WAIFF Seoul Chair Lee Catalina. Under the agreement, Aju Media Group will serve as the official media partner for “WAIFF Seoul 2026,” which is scheduled to take place in March next year. The two sides will cooperate across several areas, including production and coverage of WAIFF Seoul-related content, media support for the opening and awards ceremonies, promotion and reporting through domestic and international media channels, joint planning of programs, interviews, and on-site documentation. WAIFF is an international, network-based film festival that explores the artistic fusion of film and artificial intelligence. It was established by Institut EuropIA in Nice, France, and has expanded into a global event hosted in France, Brazil, Japan, China, and South Korea. The first edition of WAIFF took place in April this year in Nice, near Cannes. It received more than 1,500 film submissions from 85 countries, drawing around 200 festival officials and over 1,000 attendees. 2025-12-02 17:10:50

Asian markets open mixed SEOUL, December 2 (AJP) - Asian markets opened mixed on Tuesday, with South Korea's benchmark KOSPI up 1 percent at 3,960.75 and the junior KOSDAQ down 0.8 percent at 915.37. Shares of Samsung Electronics rose 0.8 percent to 101,600 won (US$69), and SK hynix gained 2.7 percent to 552,500 won. Among the top 10 companies in terms of market capitalization, all were trading higher except for LG Energy Solution, which edged down 0.2 percent to 412,000 won. Automakers led the gains. Hyundai Motor jumped 4.4 percent to 267,500 won, and Kia added 2.7 percent to 115,300 won. Major U.S. stock indexes closed lower as comments from the Bank of Japan signaling a possible rate hike sparked concerns, weighing on equities. The Dow Jones Industrial Average fell 0.9 percent to 47,289.33, the S&P 500 slipped 0.5 percent to 6,812.63, and the Nasdaq Composite declined 0.4 percent to 23,275.92. Japan's Nikkei 225 climbed 0.4 percent to 49,513.34. In China, the Shanghai Composite Index slipped 0.3 percent to 3,902.83 while Hong Kong's Hang Seng gained 0.7 percent to 26,220.88. 2025-12-02 12:06:25

Asian markets mixed as BOJ rate-hike fears hit Tokyo shares SEOUL, December 01 (AJP) - Asian stock markets closed mixed on Monday, with Japanese shares tumbling on renewed speculation that the Bank of Japan may soon raise interest rates. In Seoul, the benchmark KOSPI slipped 0.2 percent to 3,920.37, while the tech-heavy KOSDAQ rose 1.1 percent to 922.38. Institutional investors offloaded a net 233 billion won ($158 million) worth of shares, outweighing net purchases of 53 billion won by retail investors and 216 billion won by foreigners. The KOSPI opened 1.1 percent higher at 3,967.92 and climbed to 3,977.31 early in the session, but momentum faded after BOJ Governor Kazuo Ueda signaled the possibility of a rate increase. The index fluctuated between gains and losses before ending slightly lower. Large-cap chipmakers were mixed. Samsung Electronics edged up 0.3 percent to 100,800 won ($69), and SK hynix gained 1.5 percent to 538,000 won. Battery maker LG Energy Solution advanced 1.2 percent, while Samsung Biologics rose 2.6 percent. Automakers underperformed: Hyundai Motor fell 2.7 percent to 254,500 won, and Kia dropped 1.6 percent to 112,300 won. Shares of e-commerce giant Coupang, hit by the largest-ever consumer data leak, tumbled in New York pre-market trading, falling about 9 percent to $25.60 as of 3:30 a.m. EST. Japan’s Nikkei 225 dropped 1.9 percent to 49,303.28, pressured by broad declines in major blue chips. Toyota fell 1.6 percent, Sony lost 3.5 percent, SoftBank slipped 1.7 percent, Nintendo dropped 1.6 percent, and Honda slid 2.4 percent. Market expectations for a BOJ policy shift intensified after Ueda said he would “make an appropriate judgment” on a rate hike. The central bank meets on Dec. 18–19. Local media reported that a move from the current 0.5 percent benchmark to 0.75 percent is under consideration. Ueda’s remarks pushed bond yields higher, strengthened the yen and weighed on equity markets. China’s Shanghai Composite Index bucked the regional trend, rising 0.7 percent to 3,914.01. 2025-12-01 17:28:24

Coupang's meteoric rise meets its most serious stress test yet SEOUL, December 01 (AJP) - Coupang’s latest data leak has renewed scrutiny of the South Korean e-commerce giant, underscoring concerns that its operational systems have not kept pace with its rapid expansion. The company said on Monday that 33.7 million user accounts were affected — an extraordinary figure showing the breach could have affected nearly the country's entire population. The disclosure comes as Coupang remains under pressure over workplace safety following a string of deaths among night-shift workers at its logistics facilities. On Nov. 26, a man in his 50s was found dead during an overnight shift at a center in Gwangju, Gyeonggi Province. Five days earlier, a worker in his 30s suffered cardiac arrest at a facility in Hwaseong and later died in hospital. They were the third and fourth night-shift fatalities at Coupang this year. Since 2020, at least 27 deaths among the company’s warehouse and delivery workers have been reported by South Korean media. Despite the mounting operational controversies, Coupang has grown into one of the most valuable companies in Asia. The company’s market capitalization reached $51.4 billion as of Monday, far outpacing the $35 billion valuation of Hyundai Motor Group. If listed domestically, Coupang would rank as South Korea’s fourth most valuable firm, behind Samsung Electronics, SK hynix and LG Energy Solution. Coupang reported record third-quarter revenue of 13.6 trillion won ($9.2 billion) in 2025, along with operating profit of 238 billion won. Active customers — defined as those making at least one purchase — rose 10 percent from a year earlier to 24.7 million, driven by increased spending in its core Rocket Delivery service. Founded in 2010 by Korean-American entrepreneur Bom Kim, Coupang began as a social commerce startup selling discounted attraction tickets before pivoting to full e-commerce. The launch of Rocket Delivery in 2014 — backed by massive investments in proprietary logistics centers — reshaped Korea’s retail landscape with next-day and overnight fulfillment. The model initially generated widening losses but delivered exponential growth, helping the company build an 80-percent nationwide coverage footprint and a logistics network spanning 55 million square feet. Rocket Delivery and its offshoots — Dawn Delivery and Rocket Fresh, launched in 2018 — have driven sharp increases in customer loyalty and order volume. Coupang posted its first annual profit in 2023 after 13 consecutive years of losses. Revenue reached an all-time high of 41.3 trillion won ($28.1 billion) in 2024 — more than 86 times its 2013 disclosure of 477.8 billion won. Active customers grew from 14.85 million in 2020 to 22.8 million in 2024. Coupang entered the Fortune 200 in 2023 and 2024 and advanced into the Fortune 150 in 2025 — cementing its status among the world’s largest companies even as it confronts intensifying scrutiny over data security and labor practices. 2025-12-01 17:23:00

Asian Culture Calendar SEOUL, November 28 (AJP) - South Korea Dec. 11 – 14 Busan International Children’s Book Fair Dec. 12 – Jan. 4 Seoul Lantern Festival Japan Dec. 6 – 7 Tokyo Whisky Festival Dec. 13 – 14 Ishigaki Island Pottery Festival Dec. 11 – 21 Tokyo Art Book Fair Dec. 1 - 25 Shibuya Christmas Market Dec. 12 - 25 Nagano Christmas Market Dec. 20 - Jan. 31 Okinawa Zoo & Museum Christmas Fantasy Thailand Dec. 1 – 7 Chiang Mai Street Jazz Festival Dec. 5 – 7 808 Festival India Dec. 12 -21 Serendipity Arts Festival 2025-11-28 15:41:04