Journalist

Kim Hee-su
  • S. Koreas new regional carrier SUM Air to take off next year
    S. Korea's new regional carrier SUM Air to take off next year SEOUL, December 24 (AJP) - SUM Air, South Korea's new regional air mobility (RAM) carrier, is set to take off from France to Seoul on the last day of this year. Founded in 2022, the carrier plans to operate domestic routes as well as short-haul international routes to nearby destinations such as Japan and China within two hours of flight time. SUM means "island" in Korean, and the carrier plans to connect cities and islands, including Ulleung, Heuksan, and Baengnyeong, once their airports open. "SUM Air aims to address mobility challenges in regions with limited air connectivity and grow into a core regional carrier linking communities across Korea by revitalizing regional airports," said Choi Yong-duck, CEO of SUM Air. The company said its first aircraft completed livery painting at an aircraft facility in Toulouse, France, last week and will undergo safety and airworthiness verification before departing Toulouse on Dec. 31. The aircraft is scheduled to arrive at Gimpo International Airport on Jan. 2 via a ferry flight, which is operated without passengers or cargo, with stops at Ankara Esenboga International Airport in Türkiye, Tashkent International Airport in Uzbekistan, and Lanzhou Zhongchuan International Airport in China. The ATR 72-600, the latest model from ATR, is being introduced by SUM Air for the first time in Korea. Equipped with turboprop engines, it is designed to operate safely under challenging runway conditions, especially at regional airports around the world. Since its launch, the aircraft has recorded no cases of engine damage or shutdown caused by bird strikes. Its high-wing design also allows passengers to enjoy expansive ground views and is expected to enhance safety and punctuality in a domestic aviation market where the average aircraft age exceeds 10 years. 2025-12-24 12:28:55
  • Millennials in Korea: No longer young, but unable to step into adulthood
    Millennials in Korea: No longer young, but unable to step into adulthood SEOUL, December 23 (AJP) - In South Korea, millennials are no longer young — yet many remain unable to move into what society defines as adulthood. Grouped together with Gen Z under the shorthand "MZ generation," millennials are aging out of youth by any demographic measure. The youngest, born in 1996, will turn 30 next year; the oldest will be 45. But for a large share of this cohort, milestones traditionally associated with adulthood — stable employment, marriage, homeownership and child-rearing — remain delayed, constrained or out of reach, often against their will. Their misfortune began early. As teenagers, older millennials lived through the 1997–98 Asian financial crisis, when the country that had embodied the "Miracle on the Han River" was forced into an IMF bailout. Just as the eldest entered the job market, the global financial crisis of 2008 struck, shrinking opportunities and resetting career ladders. Since then, the expected rewards of aging — dating, marriage, childbirth and owning a home — have been steadily pushed further down the timeline. What millennials learned instead was that salaried income alone would not be enough. They self-taught, speculated and became the driving force behind Korea's asset boom, often fueled by leverage. The term "youngkkeul" — roughly meaning "maxing out loans to the soul" — was coined to describe their panic-driven borrowing, taken on in fear of being permanently shut out of homeownership and asset accumulation. The numbers reflect that anxiety. According to borrower-level household loan data released by the Bank of Korea, the average amount per new mortgage loan in the third quarter of 2025 reached 220 to 230 million won, the highest level since the statistics were first compiled. By age group, mortgage growth was most pronounced among those in their 30s, with borrowing heavily concentrated in Seoul and the wider metropolitan area. Borrowers in their 30s and 40s now account for more than half of all new household loans. Yet ownership remains elusive. Only one in four households headed by people in their 30s lives in a home they own. The number of households without homes reached 527,729 last year in Seoul, an increase of 17,215 from the previous year and the highest figure since statistics began in 2015. "Korea has traditionally had a middle-class myth," said Kim Yong-jin, a professor at Sogang University School of Business. "The core requirement of being middle-class is owning a home. Even if you can live comfortably without one, in Korea, homeownership is treated as a measure of success. That creates fundamental demand." Behind the youngkkeul phenomenon lies a powerful fear of missing out. The belief that "if I don't buy now, I'll never own a home in Seoul" has hardened, pushing loan demand among people in their 30s toward high-priced areas with expensive housing and rents. But not everyone can play this game. "Youngkkeul is only possible for those in their early 30s with stable, well-paying jobs," said Lee Chang-min, a professor at Hanyang University School of Business. "It's creditworthy professionals who can secure loans. Those who enter the workforce late, even in their 30s, often can't." Despite high debt burdens, millennials remain deeply asset-oriented. In a real estate perception survey conducted last year by Woori Financial Group, 44.6 percent of Gen M respondents said real estate investment is essential to building wealth — the highest among generations. Gen Z recorded the lowest share at 36.8 percent. Unlike their younger counterparts, millennials favor asset and career stability over a carefree lifestyle. That preference extends to work. When data consulting firm PMI surveyed 1,000 office workers nationwide via GS&Panel, 45.9 percent said they would remain office workers until retirement unless something unexpected happened. The figure was especially high among respondents in their 30s and 40s. While those in their 20s most often defined success by "high income," respondents in their 30s, 40s and 50s overwhelmingly chose "work-life balance" as the top priority. Millennials also face an identity crisis unique to Korea's legal framework. Employment-related laws define youth as ages 15 to 29, while small business and employment insurance laws extend youth status to 34. In startups and agriculture, the cutoff stretches to 39 or even 40. As a result, many millennials remain administratively classified as "youth" long after society expects them to behave like adults. That contradiction is becoming more visible in the labor market. According to employment trends released last month by Ministry of Data and Statistics, the employment rate for people aged 15 to 29 fell to 44.3 percent in November, down 1.2 percentage points from a year earlier — the lowest November reading in five years. At the same time, unemployment among people in their 30s surged nearly 30 percent year-on-year, underscoring mounting pressure on the broader "2030 generation." Despite being labeled "youth," millions of millennials are not economically prepared to exit that category. No longer young, yet unable to arrive at adulthood, they occupy a prolonged in-between — carrying debt, delaying life decisions and redefining what growing up means in modern Korea. 2025-12-23 18:03:30
  • As won hovers at crisis-era levels, Seoul feels like the worlds most expensive city
    As won hovers at crisis-era levels, Seoul feels like the world's most expensive city SEOUL, December 22 (AJP) - Headline inflation in South Korea remains anchored around the mid-2 percent range, but many households say daily life feels increasingly unaffordable, as a weak won erodes purchasing power and amplifies price pressures across imported goods. Seoul now "feels like the most expensive city in the world," ahead of Tokyo and London, according to a recent British Time Out survey that asked residents in 100 global cities to assess their cost of living. Only 30 percent of respondents in Seoul said they could afford dining out, while just 43 percent said they could comfortably buy a cup of coffee. The ranking places Seoul above Istanbul, Türkiye, where annual inflation stood at 31 percent in November. Korea's consumer price index rose a far more modest 2.4 percent in the same month. The disconnect reflects currency effects rather than headline inflation. Prices feel higher when converted into won, which remains stuck near levels last seen during periods of crisis. The won ended last year at 1,472 per U.S. dollar, sharply weaker than 1,288 at the close of 2023 and 1,264.5 in 2022, amid political turmoil and capital outflows after a disgraceful martial-law stunt. Despite strong exports and a record current-account surplus, the currency still hovers around 1,480 per dollar and is set to average at its weakest ever for this year. Korea's real effective exchange rate (REER) — which measures currency strength against a basket of trading partners, adjusted for inflation — fell to 87.05 in November, approaching 85.47 in the wake of the global financial crisis and 86.63 recorded during the 1998 IMF bailout. The weak currency is feeding through to import costs. The import price index rose 2.6 percent in November, the fastest increase in 19 months, according to the Bank of Korea (BOK). While import prices fell 2.3 percent year on year in U.S. dollar terms, they rose 2.2 percent in won terms. This divergence is particularly visible in food and beverage items that Korea relies on imports for. Coffee import prices fell 1 percent in dollar terms from a year earlier, but rose 3.6 percent in won. Wine prices declined 0.2 percent in dollars but climbed 4.4 percent in won. Nut import prices rose 17.7 percent in dollars and an even steeper 23.1 percent in won. Such price pressures are weighing on already-fragile domestic demand. A survey by the Korea Chamber of Commerce and Industry of 300 retail companies nationwide projected retail sales growth of just 0.6 percent next year, which would mark the weakest performance in five years. The chamber cited shrinking consumer sentiment, high inflation, intensifying competition, and heavy household debt as the main drags. Nearly 68 percent of respondents pointed to weak consumer confidence, while 46.5 percent cited inflation. Spending data show early signs of strain. Family expenditure on education fell 0.7 percent in the third quarter, the first quarterly decline in five years. Education is typically one of the last areas that Korean households cut back on. "The foreign exchange market is still dominated by concerns about further depreciation rather than a reversal," said Park Sang-hyun, an analyst at iM Securities. The BOK last month raised its inflation forecast for next year from 2.0 percent to 2.1 percent, warning that if the exchange rate remains around 1,470 per dollar, inflation could reach 2.3 percent. 2025-12-22 16:54:37
  • S. Koreas consumer watchdog orders compensation for SK Telecom data breach victims
    S. Korea's consumer watchdog orders compensation for SK Telecom data breach victims SEOUL, December 21 (AJP) - The Korea Consumer Agency has ordered SK Telecom to compensate victims of a data breach earlier this year with 100,000 won ($67.5) per person, a move that could result in total payouts of up to 2.3 trillion won if applied to all affected users. The Consumer Dispute Settlement Commission under the Korea Consumer Agency said Sunday that it reached the decision at a dispute meeting held on Dec. 18. "Based on the findings of a joint public-private investigation released in July and the Personal Information Protection Commission (PIPC)'s actions in August, it has been confirmed that the SK Telecom hacking incident resulted in the leakage of personal data and consumer harm," the committee said, adding that it had also confirmed the company's responsibility to compensate affected consumers. Under the decision, each applicant is to receive a 50,000-won discount on phone bills and 50,000 T-Plus points, which can be used like cash at affiliated stores. The decision followed a request filed in May by 58 consumers, who said their personal information had been exposed in a data breach involving SK Telecom's Home Subscriber Server and sought compensation and measures to prevent a recurrence. If SK Telecom accepts it, the committee plans to require the company to extend compensation to victims who did not participate in the mediation process. The total number of affected users is estimated at about 23 million, which would bring the overall compensation amount to approximately 2.3 trillion won if all victims receive the same payment. SK Telecom must inform the panel within 15 days of receipt whether it accepts the ruling. The commission's chairman said the compensation plan was designed to ensure swift recovery for a large number of consumers while taking into account the company's efforts to restore trust through voluntary compensation. He added that recent data breaches underscore the need for stronger technical and institutional safeguards to prevent similar incidents. SK Telecom said it will "carefully review the details and make a prudent decision" regarding the mediation proposal. The company declined a separate PIPC proposal last month that called for 300,000 won per person, citing its voluntary compensation and information security spending totaling more than 1 trillion won. 2025-12-21 17:11:00
  • Shinsegae Chairman Chung steps up US outreach, meets Trump Jr., AI and media leaders
    Shinsegae Chairman Chung steps up US outreach, meets Trump Jr., AI and media leaders SEOUL, December 21 (AJP) - Chung Yong-jin, chairman of Shinsegae Group, has met with a series of high-profile political and business figures in the U.S. as part of efforts to strengthen the group's overseas network and explore new growth opportunities. According to Shinsegae Group on Sunday, Chung attended a Christmas dinner hosted by U.S. Vice President J.D. Vance and went on to meet key figures in Florida and Los Angeles from Dec. 16 to 18, including Donald Trump Jr., Misha Laskin, and David Ellison. Chung met Trump Jr. at the Mar-a-Lago resort in Florida, along with 1789 Capital co-founders Omeed Malik and Christopher Buskirk, and discussed the possibility of Shinsegae Group participating in the development of Palm Beach led by 1789 Capital. Shinsegae said it plans to begin a feasibility review of the project. He also met Misha Laskin, founder of Reflection AI, a company established by former core researchers at Google DeepMind. Reflection AI has recently drawn attention after securing about $2 billion in investment from backers including NVIDIA. Reflection AI is developing autonomous AI agents, and the two sides discussed potential applications of the technology across Shinsegae's core businesses, including retail operations and supply chain management. After his Florida meetings, Chung traveled to Los Angeles on Dec. 18 to meet David Ellison, founder of Skydance Media and son of Oracle Corp. co-founder Larry Ellison. Ellison became chief executive of the merged company after Skydance acquired Paramount Global last year and has recently been linked to a bid for Warner Bros. Chung and Ellison discussed ways to enhance synergies between Shinsegae Group and Skydance, reviewed the status of investment cooperation for the construction of Asia's largest international theme park in Hwaseong, Gyeonggi Province, and explored opportunities to develop products using Paramount's intellectual property. Shinsegae Group selected Paramount last year as a global brand partner for the theme park development. "Chung's recent U.S. trip reflects his focus on strengthening global networks and identifying future growth engines through a wide range of business partnerships," a Shingsegae Group official said. 2025-12-21 15:00:02
  • Coupang hit with shareholder class action in US over data breach response
    Coupang hit with shareholder class action in US over data breach response SEOUL, December 21 (AJP) - U.S.-listed Coupang Inc. is facing a shareholder class action lawsuit in California over its handling of disclosures related to a massive data breach. According to the U.S. District Court for the Northern District of California on Friday, Coupang shareholder Joseph Berry filed a class action suit against the company, its Executive Chairman Bom Kim, and Chief Financial Officer Gaurav Anand. In the complaint, plaintiffs' attorney Lawrence Rosen alleged that Coupang made "false or misleading public statements, or failed to make timely disclosures," after experiencing what he described as the largest data breach in South Korean history, causing investors to suffer losses. The lawsuit claims that inadequate cybersecurity protocols at Coupang allowed a former employee to access sensitive customer information for approximately six months without detection, significantly increasing the company's exposure to regulatory scrutiny and legal risks. The complaint further alleges that despite being aware of the data breach, Coupang failed to file required reports with the U.S. Securities and Exchange Commission, rendering the company's periodic filings materially false. The shareholder lawsuit is separate from consumer class actions seeking damages over the data breach itself, and centers on alleged violations of U.S. federal securities laws. Several domestic and international law firms are reportedly preparing additional class actions in U.S. courts, including claims for punitive damages, and are in the process of recruiting plaintiffs. Coupang's share price declined following reports of the data breach, falling about 18 percent from $28.16 on Nov. 28 to $23.20 on Dec. 19. Separately, the U.S. Senate showed that Coupang spent a total of $10.75 million on lobbying activities targeting the U.S. Congress, the Department of Commerce, the Trade Representative and the White House from August 2021 through the third quarter of this year. Meanwhile, Coupang also drew criticism after sending only two foreign executives who do not speak Korean to a parliamentary hearing on Dec. 17, prompting objections from both ruling and opposition lawmakers. The executives were criticized for offering perfunctory responses and failing to directly address lawmakers' questions. 2025-12-21 13:40:17
  • G-Dragon sweeps three grand prizes at Melon Music Awards 2025
    G-Dragon sweeps three grand prizes at Melon Music Awards 2025 SEOUL, December 21 (AJP) - K-pop singer G-Dragon dominated the Melon Music Awards 2025 on Saturday, winning three grand prizes and a total of seven awards to emerge as the biggest winner of the night. The artist claimed the top honors of Album of the Year, Artist of the Year, and Song of the Year at the 17th annual awards ceremony, held at Gocheok Sky Dome in Seoul. He also took home trophies for Top 10, Millions Top 10, Best Male Solo Artist and Best Songwriter. His third full-length album, "Übermensch," released in February, surpassed one million streams within four hours of its release and was inducted into Melon's Hall of Fame. Its title track, "Home Sweet Home," recorded the highest number of listeners on Melon in the first half of the year, demonstrating its commercial success. In his acceptance speech for Album of the Year, G-Dragon said the past year would remain personally meaningful, describing "Übermensch" as a title reflecting his desire to transcend his former self. He also expressed gratitude to his fans, known as VIPs, and shared his affection for his fellow members of BIGBANG. Accepting Artist of the Year, he pledged to continue striving to become an artist worthy of the moment. Upon winning Song of the Year, he said that "Home Sweet Home" felt warmer because it was created together with his members. Meanwhile, Jennie of BLACKPINK won Record of the Year for her first solo studio album, "Ruby," released in March. The album’s title track "like JENNIE" entered Melon's Top 100 chart immediately after release and has remained on the chart for an extended period. The New Artist of the Year was jointly presented to co-ed group ALLDAY PROJECT and girl group Hearts2Hearts, both of whom pledged to continue growing as artists. The ceremony also featured a special performance by EXO, who unveiled their new song "Back It Up" for the first time alongside a medley of hit tracks. Additional special stages by aespa, RIIZE and IVE heightened the year-end awards buzz. 2025-12-21 10:50:48
  • S. Korea, US to begin talks next year on nuclear submarines, other nuclear issues
    S. Korea, US to begin talks next year on nuclear submarines, other nuclear issues SEOUL, December 21 (AJP) - South Korea and the U.S. have agreed to begin talks next year on nuclear submarines and other nuclear-related issues to implement agreements reached at summits between the two countries. "From next year, we agreed to begin discussions in all areas, including nuclear submarines, along with the reprocessing of spent nuclear fuel and uranium enrichment," National Security Adviser Wi Sung-lac said on Saturday after visiting Canada following a trip to Washington. The agreements follow Wi's visit to Washington last week, where he met with Secretary of State Marco Rubio and Energy Secretary Chris Wright, among other senior officials. In preparation for the talks, Seoul has established a task force on nuclear submarines and another on uranium enrichment under the National Security Office, and plans to begin working-level negotiations as soon as Washington designates its official counterparts. Wi said bilateral discussions were progressing smoothly overall, adding that the U.S. has described the alliance as a "model" alliance. He added that Seoul intends to move swiftly to follow up on the agreements under the current favorable atmosphere. Regarding nuclear submarines, Wi said the two sides agreed to pursue a separate bilateral arrangement based on Section 91 of the U.S. Atomic Energy Act, which allows the U.S. president to authorize the transfer of nuclear material for military purposes. The move is intended to bypass restrictions limiting the transfer of nuclear materials, similar to the approach taken by Australia under the AUKUS partnership. The move follows comprehensive joint fact sheets released last month after summits between President Lee Jae Myung and U.S. President Donald Trump in August and October. 2025-12-21 10:13:00
  • Korean digital platforms under threat and underprepared
    Korean digital platforms under threat and underprepared SEOUL, December 19 (AJP) - Global content platform TikTok announced more than $2 billion in annual safety investments on Thursday — a stark contrast to South Korea's major digital platforms, which are struggling to fend off both cyberattacks and real-world security threats. TikTok said the platform, which surpassed 1 billion monthly active users globally in 2021, continues to expand its reach, with more than 100 million videos uploaded each day. According to TikTok's second-quarter data, over 99 percent of content removed for policy violations was detected proactively, before users reported it. "We have strengthened our technology development, content moderation workforce and security infrastructure," said Yang Soo-young, a TikTok manager, speaking at the company's media day in Seoul. Beyond safety, TikTok has also emerged as a key conduit for the global spread of Korean culture. An analysis of data from more than 70 countries, including Korea, shows that roughly half of all K-culture hashtag posts created over the past three years were generated in just the past 12 months. Survey results indicate that 86 percent of U.S. consumers and 76 percent of Southeast Asian consumers say they learned more about Korean culture through TikTok, with Korean dramas and music driving interest in Korean products and brands. That proactive posture stands in sharp contrast to the mounting security crisis facing Korea's homegrown platforms. Coupang recently suffered a large-scale personal data breach affecting millions of users, while Naver and Kakao have become targets of bomb-threat posts this week, triggering police investigations. What began as online harassment has escalated into physical terror warnings, fueling public outrage and raising questions about the resilience of Korea's digital infrastructure. The gap in preparedness is reflected in spending. According to CEO Score's analysis of security investments by 585 companies from 2022 to 2024, Korean firms allocated just 0.1 to 0.13 percent of revenue to information protection. More critically, security spending accounted for only 6 to 6.2 percent of IT budgets — roughly half the U.S. benchmark of 13.2 percent. In Coupang's case, a former employee of Chinese nationality has been identified as a suspect, underscoring China's complex role in the global cybersecurity landscape. China ranks second worldwide in cybersecurity market size after the U.S., according to Statista's 2026 projections, while also harboring the world's second-largest hacker population — about 22 percent — trailing only North Korea at 33 percent. Despite being prime targets, Korean companies remain reluctant to invest meaningfully in security. The underlying calculus is economic. Since the launch of the Personal Information Protection Commission in August 2020 through September this year, 109.16 million cases of personal data leaks have been recorded, resulting in cumulative fines of 367.1 billion won ($249 million). That equates to roughly 3,300 won per breach — a trivial cost compared with the punitive damages imposed in Europe or the U.S., where data-protection penalties can be severe. "Investment alone won't solve everything, but investment has to come first," said Park Choon-sik, a professor in the Division of Information Security at Seoul Women's University. "Companies need to allocate at least 10 percent of their IT budgets to security. Only then can they hire specialists, build dedicated teams and meaningfully reduce damage." China has already moved in that direction. In 2023, it introduced its first cybersecurity insurance framework, offering tax breaks and insurance subsidies to encourage voluntary enrollment. The system establishes quantitative risk-assessment standards for key industries, standardizes cyber-risk evaluation and encourages insurers to diversify coverage, including liability protection. 2025-12-19 15:50:58
  • Korea ramps up inbound marketing to boost regional tourism
    Korea ramps up inbound marketing to boost regional tourism SEOUL, December 19 (AJP) - As countries intensify competition for foreign visitors, the Korea Tourism Organization (KTO) has turned to a comprehensive inbound marketing strategy as its key solution. Moving beyond conventional promotion, the approach offers end-to-end support — from product development and overseas distribution to global network linkage — with the aim of bringing regional tourism content onto the global stage. According to the KTO's October inbound tourism statistics, approximately 15.82 million foreign visitors entered Korea during the first 10 months of this year, marking a 15.2 percent increase from the same period last year. With November and December figures yet to be finalized, the total is expected to surpass the pre-pandemic record of 17.5 million visitors set in 2019. Despite the rapid recovery in inbound arrivals, concerns remain over the continued concentration of tourist visits and spending in the Seoul metropolitan area. More than 80 percent of foreign visitors currently travel to the capital region, while visits to non-metropolitan areas remain limited to around 20 percent, constraining the broader economic impact on regional tourism industries. To address this imbalance, the Ministry of Culture, Sports and Tourism plans to allocate roughly 3.5 trillion won ($237 million) of its 14.9 trillion won tourism budget for next year toward revitalizing regional tourism. The policy focus is shifting from a Seoul-centric model to longer-stay, region-based travel, with the government aiming to establish "regional inbound tourism hubs." The program is designed to address the challenges faced by domestic tourism operators seeking to attract foreign visitors, particularly those with strong content but limited overseas exposure. Support includes connections to international distribution channels, familiarization tours, product listings on global online travel agencies (OTAs), and local networking through overseas offices — with an emphasis on converting visibility into sales and longer regional stays. To strengthen the service, the KTO launched Touraz, a Korea-specific inbound support platform, in May. It is a self-diagnostic tool that allows companies to evaluate their marketing capabilities and market readiness through a short questionnaire. Based on the results, participants are guided toward tailored support options, including on-site marketing, digital marketing, partner linkage, capacity building and information services. From August to September, the KTO also hosted a series of on-site inbound marketing briefings across six regions — Jeju, Gyeongsang, Gangwon, Chungcheong, Jeolla and the Seoul metropolitan area — drawing 463 participants from 307 organizations. The sessions combined practical guidance, expert lectures and one-on-one consultations with KTO divisions and industry experts from Trip.com, Tripbtoz and Creatrip. Satisfaction surveys recorded an average score of 4.43 out of 5, with 89.2 percent positive responses. Tangible outcomes followed. Wondertour launched new tour packages linked to the APEC summit in Gyeongju after consultations with global online travel agency KKday, while Jeju Special Self-Governing Province worked with KTO overseas offices to map out entry into European markets. Additional partnerships involving familiarization tours and OTAs are also underway. Seo Se-jin, an official with the Tourism Policy Division of Jeju Province, said participation in a KTO-led familiarization tour targeting global luxury travel network members — featuring haenyeo (women divers) as a central theme — provided meaningful networking opportunities. "Follow-up meetings were held with travel agencies from Italy and Switzerland that joined the tour, allowing us to discuss concrete plans for market entry," Seo said. "By leveraging overseas offices and expanding global OTA partnerships, the KTO will continue to support the global promotion of Korea's tourism industry," said Kim Jong-hoon, acting director of the KTO's International Tourism Division. 2025-12-19 10:12:03