Asian cosmetics brand ends partnership with actor Kim Soo-hyun Actor Kim Soo-hyun sheds tears at a press conference in Seoul to address allegations that he dated the late actress Kim Sae-ron when she was a minor, March 31, 2025. Yonhap SEOUL, April 3 (AJP) - Global cosmetics brand Y.O.U BEAUTY has severed ties with South Korean actor Kim Soo-hyun and signaled potential legal action following allegations concerning his relationship with the late actress Kim Sae-ron. In a statement posted on its official Instagram account, Y.O.U BEAUTY reaffirmed its commitment to values that support and empower women. "We believe every woman deserves to live with confidence, dignity, and strength," the company said. The brand also announced that it would immediately remove all promotional materials featuring Kim, 37, and warned that it would take "all necessary actions to maintain the trust of the women we serve," including potential legal measures. The announcement followed a press conference in which Kim denied accusations that he had been in a relationship with Kim Sae-ron while she was a minor. The allegations emerged after the late actress’s family claimed that Kim had been involved with her when she was underage. During an emotional media appearance, Kim stated that his relationship with Kim Sae-ron began only after she reached adulthood. Y.O.U BEAUTY, founded in 2018 by the HEBE Beauty Group, operates primarily in Southeast Asian markets, including Singapore, Indonesia, Malaysia, and Thailand. 2025-04-03 15:59:02

Hanwha Aerospace partners with US drone firm to enter lucrative unmanned aircraft market General Atomics Aeronautical Systems' unmanned aerial vehicle Mojave/ Courtesy of GA-ASI SEOUL, April 3 (AJP) - Hanwha Aerospace, a leading South Korean defense firm, has announced a strategic partnership with General Atomics Aeronautical Systems of the United States to jointly develop and produce advanced unmanned aircraft. The collaboration positions Hanwha to tap into the rapidly growing global drone market, projected to reach 50 trillion won (approximately $34 billion) by 2040. The partnership will center on the development of the Gray Eagle-STOL (GE-STOL) unmanned aerial vehicle, an evolution of General Atomics’ Mojave demonstrator, which was tested in South Korean naval combat exercises last November. The companies disclosed the agreement on Thursday, emphasizing its potential to enhance South Korea’s defense capabilities. “Securing unmanned aircraft capabilities is essential for expanding South Korea’s self-reliant defense posture and the future growth of the K-defense industry,” said Kim Dong-kwan, vice chairman of Hanwha Group, highlighting the strategic significance of the collaboration. The agreement covers the full spectrum of the aircraft’s development, from planning and design to system integration, production, and sales. Hanwha has committed more than 750 billion won to establish research and manufacturing infrastructure in South Korea. General Atomics, which supplies high-performance unmanned aircraft to NATO members as well as to the United Kingdom, Japan, Australia, and other allied nations, anticipates selling more than 600 GE-STOL units over the next decade. The company projects sales exceeding 15 trillion won across markets in the United States, the Middle East, Asia, and Europe. The companies expect the GE-STOL to take its maiden flight in early 2027. 2025-04-03 10:45:51

KORUS FTA now a blank sheet as Trump imposes 'reciprocal' tariffs on Korean imports U.S. President Donald Trump shows an executive order on reciprocal tariffs at the Rose Garden of the White House, April 2, 2025. Xinhua-Yonhap SEOUL, April 3 (AJP) - The United States announced on Thursday that it will impose a 25 percent "reciprocal" tariff on all imports from South Korea, effectively nullifying the Korea-U.S. Free Trade Agreement. The sweeping measure marks a dramatic shift in economic relations between the two longtime allies. President Donald Trump signed an executive order enacting the tariff policy, which targets several major U.S. trading partners. China faces the highest levy at 34 percent, followed by Japan at 24 percent and the European Union at 20 percent. “This is our declaration of economic independence,” Trump said in a Rose Garden address, asserting that the United States had been “looted, pillaged, raped and plundered by nations near and far, both friend and foe alike” for more than five decades. The tariffs, implemented under the International Emergency Economic Powers Act (IEEPA), will take effect in two phases: a baseline tariff beginning Saturday, followed by additional country-specific tariffs on April 9. South Korea, which exported $127.8 billion worth of goods to the United States last year and recorded a trade surplus of $55.7 billion, now faces mounting economic uncertainty. Key South Korean exports — including automobiles, semiconductors, petroleum products, and batteries — will be directly impacted by the tariffs, potentially undermining the competitiveness of Korean firms in the U.S. market. The 25 percent tariff rate on South Korean goods exceeds the levies imposed on Japan and the European Union, raising concerns about the country’s ability to maintain its foothold in American trade. The timing of the announcement is particularly precarious for South Korea, which is navigating a leadership transition while confronting rising global trade tensions. According to a chart presented during Trump's remarks, the U.S. government calculated that South Korea effectively imposes the equivalent of a 50 percent tariff on American goods when factoring in currency manipulation and non-tariff barriers. The 25 percent U.S. tariff, the administration argued, represents a “discount” to correct perceived trade imbalances. The move has triggered swift international backlash. The European Union is preparing counter-tariffs, while Canada has stated that it will “exclude no options” in its response to the escalating trade dispute. In Seoul, Minister of Trade, Industry and Energy Ahn Duk-geun convened an emergency meeting Thursday morning to assess the crisis, and to negotiate a new trade framework with Washington. 2025-04-03 09:51:58

Mirae Asset expands global reach with strategic investments, innovation Mirae Asset Securities branch in Seoul/ AJP Kim Dong-young Editor's Note: This article is the 13th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, April 2 (AJP) - South Korea’s largest financial services conglomerate, Mirae Asset Financial Group, is further solidifying its international presence, and its continued expansion underscores its ambitions to become a dominant force in global finance. Long before Tesla CEO Elon Musk became a close advisor to U.S. President Donald Trump, Mirae Asset had already demonstrated remarkable foresight by investing 740 billion won (approximately $504 million) in Musk’s ventures, including SpaceX and X (formerly Twitter), between 2022 and 2023. This bet has proven prescient. As of late 2024, SpaceX’s valuation soared to approximately $350 billion, up from $140 billion in December 2022, according to Bloomberg. Mirae Asset’s strategic investments extend well beyond the technology sector. The firm has reaped significant returns from its alternative assets, particularly luxury hotels. The value of the Four Seasons Hotel Sydney appreciated by 79.3 percent as of September 2024, marking a significant increase from its initial investment in 2013. Likewise, the firm’s acquisition of the Fairmont Orchid in Hawaii in 2015 for 240 billion won has seen a 68.9 percent appreciation, further diversifying Mirae Asset’s global portfolio. At the helm of these strategic moves is Chairman Park Hyeon-joo, who founded Mirae Asset in 1997 and has remained a driving force in its evolution. He pioneered South Korea’s first investment advisory system and introduced the country’s first mutual fund in December 1998. By launching open-end funds, Mirae Asset led a fundamental shift from savings-based financial products to investment-driven wealth management. The firm has faced its share of challenges, including the 2008 Lehman Brothers bankruptcy, but has consistently responded with bold expansion strategies. It acquired key domestic firms, including KDB Daewoo Securities and KDB Asset Management, strengthening its position in South Korea. Internationally, Mirae Asset has aggressively pursued acquisitions, purchasing Canada’s Horizons ETFs in 2011, Prevoir Vietnam Life Insurance in 2017, and New York-based Global X ETFs in 2018. This trajectory continued with the 2023 acquisition of England-based GHCO, a European ETF specialist, and the 2024 purchase of ShareKhan, one of India’s top 10 securities firms, further cementing its foothold in key growth markets. These acquisitions have bolstered Mirae Asset’s financial performance. Its flagship entity, Mirae Asset Securities, reported a 217 percent surge in pre-tax profit to 1.18 trillion won ($802 million) in 2024, following a downturn in 2023. Net profit rose by 168 percent to 893.7 billion won, while revenue increased by 9 percent to 22.27 trillion won. The firm’s consolidated equity capital reached 12.2 trillion won in 2024, a one-trillion-won increase from the previous year. The firm has also seen record-breaking gains from overseas stock investments. In 2024, clients’ capital gains from international investments soared to 3.1 trillion won, tripling from 2023’s 1 trillion won. The number of clients subject to capital gains tax reporting surged by approximately 130 percent, exceeding 108,000 in 2025. Mirae Asset attributes this performance to improvements in recurring income from its wealth management and trading divisions, as well as 340 billion won in non-recurring gains from foreign exchange profits related to capital reallocation for its Indian expansion. Mirae Asset Securities building in Seongnam, Gyeonggi Province/ Courtesy of Mirae Asset Financial Group As the firm looks to the future, innovation remains at the core of its strategy. On March 25, Mirae Asset Global Investments launched the world’s first passive target-date ETF, the TIGER TDF2045 ETF, in collaboration with S&P 500. The move underscores the firm’s commitment to pioneering new financial products on the global stage. Chairman Park’s leadership has earned him international recognition. On July 3, 2024, he received the prestigious “International Executive of the Year” award from the Academy of International Business. In his keynote speech, he emphasized the transformative role of artificial intelligence in financial markets, stating, “Our goal is to implement an intelligent, organization-wide AI platform while ensuring transparent and responsible adoption of this powerful technology.” Mirae Asset has already integrated AI into its operations, launching robo-advisors for pension services in 2022. In late 2024, it announced plans to establish WealthSpot, a dedicated AI business unit in New York City. The robo-advisory market is expected to reach $2.06 trillion in assets under management by 2025, with an annual growth rate of 3.66 percent through 2029, according to Statista. In a March 20, 2025, interview, Park reaffirmed his conviction that AI will drive the future of investment and financial services. He also highlighted the undervalued potential of the Chinese market, signaling Mirae Asset’s continued interest in global expansion. 2025-04-03 09:17:05

Household debt per borrower hits record high A supermarket/ Yonhap SEOUL, April 2 (AJP) - South Korea's household debt burden has reached a record high, with the average per capita debt climbing to nearly 96 million won ($65,500). According to data released Wednesday by the Bank of Korea, the average household debt per borrower stood at 95.5 million won at the end of the fourth quarter of last year, the highest level since records began in 2012. While the total number of borrowers declined by 110,000 to 19.68 million — its lowest level in four years — aggregate household debt expanded by 27.1 trillion won, reaching 1,880.4 trillion won. The rise in average debt per borrower reflects an intensifying concentration of financial burdens among a shrinking pool of individuals. The figure has now increased for six consecutive quarters since the second quarter of 2023, when it stood at 93.32 million won. South Korea's total household debt first surpassed the 1,700 trillion won mark in the third quarter of 2020, later breaching 1,800 trillion won in the second quarter of 2021. The debt load has continued its upward trajectory, marking three consecutive quarters of growth since early 2024. 2025-04-02 15:30:23

Energy storage setback deepens woes for South Korean battery makers ESS facility in Gyeongsan, North Gyeongsang Province/ Courtesy of the Korea Electric Power Corporation SEOUL, April 2 (AJP) - South Korean battery manufacturers are confronting a sharp downturn in their energy storage system (ESS) divisions, compounding the challenges of an electric vehicle market slowdown, industry analysts said Wednesday. LG Energy Solution is projected to see ESS revenue fall by more than 40 percent from the previous quarter, with estimates placing the figure between 353 billion and 363 billion won ($240 million to $247 million), according to multiple securities firms. “The ESS sector anticipates a significant revenue decline and a shift to operating losses due to seasonal factors,” said Lee Jin-myung, an analyst at Shinhan Securities. Samsung SDI, another major manufacturer, is facing similar headwinds. Analysts forecast a roughly 31 percent decline in its ESS division revenue quarter-on-quarter, bringing it to approximately 500 billion won. Once considered a stabilizing force amid the volatile electric vehicle battery market, ESS sales are now under pressure. High battery costs, inadequate charging infrastructure, and diminishing government subsidies have tempered consumer enthusiasm for electric vehicles, exacerbating financial strains across the industry. The convergence of these struggles has cast a shadow over the first-quarter earnings outlook. LG Energy Solution’s operating profit is projected to plunge 75 percent year-on-year to 39.5 billion won, while Samsung SDI is expected to post an operating loss of 328.7 billion won. In response, battery makers are shifting their focus to large-scale projects with steadier demand and accelerating production in North America, where energy storage needs are surging. LG Energy Solution plans to begin production of lithium iron phosphate (LFP) batteries for ESS applications at its Holland, Michigan, facility this year. Samsung SDI, meanwhile, is exploring U.S. manufacturing options to expand its presence. SK On, another South Korean battery maker, is also moving into the ESS market. Company President Lee Seok-hee recently told shareholders that SK On aims to secure business results in the ESS market by the end of the year and pursue U.S. market entry opportunities. 2025-04-02 14:47:22

Leadership void leaves Korea vulnerable to Trump's tariff offensive U.S. President Donald Trump disembarks Air Force One in Florida, March 28, 2025. Reuters-Yonhap SEOUL, April 2 (AJP) - U.S. President Donald Trump is poised to unveil a sweeping set of reciprocal tariffs on Thursday in a White House ceremony he has branded "Liberation Day," a move that could have profound economic repercussions for export-driven nations like South Korea. The policy, scheduled for announcement at 3 a.m. in the Rose Garden, would impose duties on foreign imports equivalent to those levied by other nations on American goods. The measure could deliver a significant economic shock to South Korea, which recorded a $55.7 billion trade surplus with the United States last year. The new tariffs come on top of the 25 percent duties already imposed on steel and aluminum products, as well as an additional 25 percent tariff on automobiles set to take effect early Thursday. South Korea, already grappling with a leadership vacuum, may find itself particularly vulnerable to the administration’s aggressive trade stance. White House officials have presented the president with several policy options, including a universal 20 percent tariff on all imports or a country-specific approach. Press Secretary Karoline Leavitt confirmed on Tuesday that any measures adopted would take effect immediately upon announcement. In Seoul, Acting President and Prime Minister Han Duck-soo convened an emergency economic security task force meeting with the leaders of the country’s four largest conglomerates, pledging government support for affected businesses. "The government will work to mitigate the impact from all directions and support businesses," Han said. "A trade crisis can never be overcome by the government or individual companies alone." The tariffs threaten to upend the Korea-U.S. Free Trade Agreement (KORUS), potentially forcing a renegotiation of trade terms between the two allies. On Tuesday, the Office of the U.S. Trade Representative released its annual National Trade Estimate (NTE) report, citing a series of non-tariff barriers in South Korea, including restrictions on market access for pet food containing ruminant ingredients, offset requirements in defense procurement, and regulatory hurdles for imported vehicles. While Trump has previously asserted that South Korea’s tariff rates are "four times higher" than those of the United States, the USTR report acknowledged that, under the terms of KORUS, South Korea effectively imposes no tariffs on U.S. goods. Beyond the reciprocal tariffs, Trump has signaled his intent to target additional sectors, including pharmaceuticals and semiconductors, further raising the stakes for South Korean exporters. 2025-04-02 11:17:25

Korea's top financial regulator signals resignation over commercial law dispute Financial Supervisory Service Governor Lee Bok-hyun/ Yonhap SEOUL, April 2 (AJP) - Financial Supervisory Service chief Lee Bok-hyun said Wednesday that he had expressed his intention to resign following a dispute over a proposed amendment to the country’s commercial law. Lee’s announcement, made during a radio interview, follows his previous vow to stake his position on opposing the presidential veto of the controversial amendments to the Commercial Act. That veto was exercised on Tuesday by Acting President Han Duck-soo during a cabinet meeting. “I conveyed my position regarding my resignation to the chairman of the Financial Services Commission yesterday,” Lee said during the broadcast. Kim Byoung-hwan, the commission's chairman, has reportedly urged Lee to reconsider, proposing a discussion on the matter Thursday morning during a meeting focused on macroeconomic and financial issues. Lee also indicated that he intended to seek a direct conversation with President Yoon Suk Yeol. “Given that the president is the appointing authority, it would be most prudent to address him directly if possible, particularly in light of the Constitutional Court’s upcoming ruling on Friday regarding the president’s impeachment,” he said. Lee’s resignation offer adds another layer of uncertainty as South Korea awaits the court’s decision on whether to uphold President Yoon’s impeachment. 2025-04-02 09:19:27

Korean won falls to 15-year low amid political uncertainty Getty Images Bank SEOUL, April 1 (AJP) - The South Korean won fell to its lowest level against the U.S. dollar in more than 15 years, closing at 1,472.90 won per dollar, Monday as political uncertainty weighed on investor sentiment. The currency showed a modest recovery in early Tuesday trading. As of 1:30 p.m. on Tuesday, the won was trading at 1,470.60 per dollar, down 0.16 percent from Monday’s close but still 0.8 percent above the monthly average of 1,457.60. “The won’s recent weakness is being driven primarily by domestic political instability and internal market volatility,” said Park Sang-hyun, an analyst at iM Securities. He cited the political crisis triggered by the martial law declaration by President Yoon Suk Yeol as a key factor eroding investor confidence. “Beyond the legal uncertainty, there are growing concerns about potential divisions or unrest following the court’s decision, which is exacerbating the won’s depreciation,” Park added. While some market analysts have pointed to external pressures, including the risk of U.S. tariffs on South Korean exports, many suggest these factors had already been priced in and do not fully explain the currency’s recent slide. 2025-04-01 13:43:53

Finance minister's US treasury investments raise questions over integrity South Korea's Minister of Economy and Finance Choi Sang-mok/ Yonhap SEOUL, April 1 (AJP) - South Korea's Minister of Economy and Finance, Choi Sang-mok, invested approximately 200 million won (US$135,771) in U.S. treasury bonds last year, while the Korean won was weakening sharply against the dollar. The disclosure has prompted criticism over potential conflicts of interest, given his role in stabilizing the nation's currency. According to official asset disclosure documents released on March 27, Choi purchased 30-year U.S. treasury bonds maturing in 2050 while overseeing government efforts to defend the won. The revelation has fueled controversy, as the finance minister stood to personally benefit from the very currency depreciation his ministry was seeking to mitigate. Among the 18 high-ranking finance ministry officials, Choi was the only one to report holdings in U.S. Treasuries. When questioned about the timing of his investments, Choi declined to specify purchase dates. Critics argue that any acquisitions made around the currency fluctuations triggered by the December 3 martial law declaration by President Yoon Suk Yeol would raise serious ethical concerns. “How can the economic minister responsible for defending the won's value invest in U.S. Treasury bonds that yield higher returns as the won depreciates?” the opposition Democratic Party said in a statement. The Korean won, which began 2024 at approximately 1,310 per dollar, weakened significantly over the course of the year, hitting 1,380 by mid-year before briefly stabilizing. The currency depreciated further in late October, surpassing 1,400 in November and nearing 1,480 by year-end. As of Tuesday at 9 a.m., it remained elevated at 1,473 per dollar. In November, Choi assured lawmakers that South Korea had sufficient foreign exchange reserves to stabilize currency markets. However, his asset disclosures indicate that he was simultaneously investing a substantial sum in financial instruments that would gain from further won depreciation. During a July 8 National Assembly committee meeting, Choi emphasized the government's commitment to limiting exchange rate fluctuations. “The government recognizes that excessive currency volatility is problematic. We are making efforts to minimize such volatility,” he said at the time. Choi's representatives have defended his investments, asserting that they do not violate ethics laws for public officials. Nonetheless, critics point to a pattern of purchasing U.S. Treasuries during periods of dollar strength throughout his tenure as finance minister, raising questions about potential conflicts of interest. 2025-04-01 10:40:36