President Lee calls for 'fair growth' and capital market reform in first parliamentary address SEOUL, June 26 (AJP) - President Lee Jae-myung called Wednesday on lawmakers to back his push to revive the economy and support struggling households, calling the effort "the most urgent task we must address today." Delivering his first policy speech at the National Assembly since taking office, Lee urged cooperation on a supplementary budget designed to stimulate growth and stabilize livelihoods. "On June 4, right here in the National Assembly, I took the presidential oath and pledged to build a country where the people are the true owners, a country that grows and develops with renewed strength, a society where everyone prospers together, where culture flourishes, and where safety and peace prevail," he said. Lee warned that if slow growth continues, opportunities will shrink and social tensions could intensify. "We must open the door to 'fair growth,' where we create new engines of growth and share both the opportunities and the outcomes," he said. "Only then can we ease polarization and inequality, and move toward a world where everyone thrives together." He also highlighted the need to restore credibility in South Korea's financial markets. "We need to normalize the capital markets," Lee said. "If we can recover transparency and fairness in the markets, we can revitalize the economy and allow companies to grow properly, leading us into an era where the KOSPI surpasses 5,000." His remarks came just two days after the benchmark KOSPI index crossed the 3,100 mark during intraday trading on June 24 for the first time in nearly four years. The index touched a session high of 3,101.83 before closing at 3,090.83, up 2.53 percent from the previous day. The rally was fueled by strong gains in semiconductor stocks and renewed optimism following news of a ceasefire agreement between Israel and Iran. 2025-06-26 11:22:24

Korean regulator claims Novo Nordisk cut needle supply to boost obesity drug sales SEOUL, June 26 (AJP) - South Korea’s antitrust regulator has issued a formal warning to Danish pharmaceutical giant Novo Nordisk for cutting off supplies of specialized insulin pen needles used by children with diabetes, in order to prioritize the production of its blockbuster obesity drug, Ozempic, government officials said on Thursday. The Korea Fair Trade Commission (KFTC) concluded that Novo Nordisk violated competition laws when it unilaterally terminated supply contracts for its NovoFine Plus needles without sufficient justification. The regulator stopped short of imposing financial penalties, citing the company’s global supply strategy and the relatively narrow scope of affected consumers. At the center of the dispute is NovoFine Plus, an ultra-thin 4-millimeter needle developed to reduce injection pain and the risk of improper delivery, especially in children requiring daily insulin. Introduced in 2020, the premium needle quickly became a critical tool for families managing Type 1 diabetes. In July 2022, Novo Nordisk notified its South Korean distributor that it would halt standalone sales of NovoFine Plus, citing surging global demand for Ozempic — a drug originally developed to treat Type 2 diabetes but widely used off-label for weight loss. The company said it needed to reserve limited needle inventory for bundling with Ozempic injector pens rather than distributing them separately. Supply to the South Korean market ceased entirely in September 2022, despite a supply contract that was scheduled to remain in effect through the end of that year. In place of NovoFine Plus, the company offered older models with larger diameters — alternatives that many patients and families found more painful and difficult to use. “Even if a product is being reallocated for global strategic reasons, firms must honor local agreements and consider the welfare of vulnerable populations,” a KFTC official said, speaking on background. Ozempic, a glucagon-like peptide-1 receptor agonist, has seen a meteoric rise in demand globally, fueled by its effectiveness in weight loss. The drug has frequently been the subject of controversy, with regulators and physicians raising concerns about supply imbalances, particularly when it comes at the expense of patients with critical medical needs. While the KFTC opted for a non-monetary sanction in this case, legal experts said the warning sends a signal that South Korea is prepared to challenge global pharmaceutical practices when they clash with local consumer rights. 2025-06-26 10:51:54

Neople workers launch Korea's first game industry strike SEOUL, June 26 (AJP) - Employees at Neople, a key subsidiary of gaming giant Nexon and the developer of the popular Dungeon & Fighter franchise, have begun a strike, marking the nation’s first labor walkout in the gaming sector. The strike, which began on Wednesday, June 25, involves unionized workers from Neople’s Seoul office, who stopped reporting to work immediately. Employees at the company’s Jeju headquarters are joining on a staggered schedule — June 26, 27, and 30 — as part of a phased escalation. At the heart of the dispute is the company’s decision to significantly reduce its “GI” bonus, a performance-based incentive historically tied to the success of new game launches. The labor union contends that Neople cut this bonus without worker consultation, despite reporting a record 1.3783 trillion won (about $990 million) in revenue in 2024. Much of that revenue came from the strong performance of Dungeon & Fighter Mobile in China. Under longstanding practice, GI bonuses were calculated based on two years of post-launch performance. However, the most recent bonus was roughly two-thirds of the typical payout, prompting the union to demand the reinstatement of full bonuses and greater transparency. Specifically, workers are asking for a profit-sharing bonus equal to 4 percent of Neople’s 2023 operating profit — approximately 39.3 billion won — to be equitably distributed among employees. The strike follows weeks of stalled dialogue between the union and management. Initially, workers pursued a legal protest in order to avoid disrupting live game operations. But after receiving no formal response from company leadership, the union moved forward with a full-scale walkout. Neople was reported to have offered the highest average annual salary in the Korean game industry last year, at 220 million won (about $158,000). But the union pushed back on that figure, noting that many workers have base salaries closer to 60 million won, and that the company’s headline figures were inflated by irregular bonuses awarded to a small segment of staff. In a statement, Neople said the bonus adjustments were a one-time decision reflecting delays in overseas game launches. The company emphasized that Dungeon & Fighter Mobile was the only Nexon title to qualify for the GI bonus in 2024, and that total performance-based pay amounted to 15 percent of its operating profit. Neople also cited its proposal during this year’s wage negotiations of a one-time “spot bonus” of up to 33 million won per employee, which the union ultimately rejected. Union representatives said the offer failed to address what they described as deeper, structural issues surrounding compensation equity and workload distribution. 2025-06-26 10:44:32

China's Tencent expands global reach with gaming, AI, fintech at its core Editor's Note: This article is the 24th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, June 26 (AJP) - Tencent Holdings is one of China’s most powerful technology companies. It reported revenue of 180.02 billion yuan ($25.1 billion) in the first quarter of 2025, marking a 13 percent increase from a year earlier. The company’s financial performance underscores its transformation from a messaging startup into a digital conglomerate with sprawling influence in entertainment, finance, artificial intelligence and cloud computing. Founded in 1998 by Ma Huateng and four others, Tencent began with QQ, a desktop instant messaging service that captured the early Chinese internet audience. Over the next two decades, the Shenzhen-based firm evolved into a dominant player across China’s digital landscape. As of June 2025, Tencent holds a market capitalization of approximately $585 billion, ranking it the 16th most valuable company in the world and the largest internet company in China by market value. Gaming remains Tencent’s largest and most profitable business. The company generated 42.9 billion yuan in gaming revenue in the first quarter, fueled by marquee titles such as Honor of Kings, Peacekeeper Elite, and the global hit PUBG Mobile. Tencent has further cemented its global gaming presence through high-profile investments and acquisitions, including full ownership of Riot Games and substantial stakes in Epic Games and Supercell. Its newest success, Delta Force, reached 12 million daily active users in April, making it the sixth most popular mobile game worldwide and the most successful new release in the past three years. The title’s breakout performance illustrates Tencent’s continued dominance in the mobile gaming market, particularly in China, where smartphones are the primary gaming device for hundreds of millions. No product better exemplifies Tencent’s hold on everyday life in China than WeChat. Launched in 2011, this app has grown far beyond messaging to become a platform for social networking, payments, e-commerce, business services, and more. With more than 1.3 billion monthly active users, WeChat is often described as a “super app,” and it has become nearly indispensable in China, used for everything from chatting with friends to paying utility bills and accessing government services. The app’s payment function, WeChat Pay, has grown into one of China’s two dominant mobile payment systems, rivaling Alibaba’s Alipay. The seamless integration of social and financial services has enabled Tencent to expand its footprint into wealth management, insurance, and small-scale lending. As global tech giants race to build artificial intelligence capabilities, Tencent is positioning itself as a serious contender. The company increased capital expenditures to 27.5 billion yuan in the first quarter, a 91 percent jump from a year earlier, with much of the funding directed toward AI infrastructure and development. Its proprietary large language model, Hunyuan, powers applications ranging from chatbots like Yuanbao to targeted advertising systems and in-game personalization. “AI is already contributing meaningfully to revenue,” Martin Lau, Tencent’s president, said during a recent earnings call. “We are seeing real improvements in engagement and monetization.” Unlike some rivals that treat AI as a standalone venture, Tencent has opted to integrate it directly into core business units — a strategy designed to enhance, rather than disrupt, existing services. Despite its deep roots in China, Tencent has quietly built an international presence — particularly in gaming — by investing in or partnering with Western companies rather than launching its own branded services in foreign markets. The approach has enabled it to navigate complex regulatory landscapes and geopolitical scrutiny while maintaining influence in some of the world’s most competitive tech sectors. Rather than attempting to export WeChat to markets dominated by platforms like WhatsApp and Facebook, Tencent has focused on sectors where its technical prowess and capital provide clear advantages. That includes gaming, as well as cloud computing and enterprise services. With a foundation built on domestic ubiquity and a growing portfolio of global assets, Tencent is poised to benefit from multiple long-term trends: the expansion of mobile gaming, the proliferation of AI applications, and the increasing digitization of business services. Its integrated approach — using existing platforms to scale into adjacent markets — has proven resilient in the face of shifting regulation and geopolitical headwinds. As Tencent deepens its investments in artificial intelligence and continues to diversify its revenue streams, it may well shape the next era of global digital innovation — not only as a Chinese titan, but as a truly international tech powerhouse. 2025-06-26 10:36:40

Milano Cortina 2026 brings Olympic message to Seoul with focus on sustainability and inclusion SEOUL, June 25 (AJP) - The Olympic spirit made a stop in Seoul on Wednesday as Italy's organizing team for the Milano Cortina 2026 Winter Games hosted a media day in Gangnam. With just over a year and a half to go, the event offered a preview of what is being billed as the most geographically expansive and environmentally conscious Winter Olympics in history. Covering 22,000 square kilometers across northern Italy, the Games will blend modern urban energy with the beauty of the Alps, aiming to deliver not just competition but a celebration of diversity, sustainability, and accessibility. The Seoul event featured remarks from Italian Ambassador to South Korea Emilia Gatto, Milano Cortina 2026 Organizing Committee CEO Andrea Varnier, and Olympic champion Kim Yuna. Popular TV personality Alberto Mondi served as an emcee. "Milano Cortina 2026 is no longer just about sports," said Ambassador Gatto. "It's an event that celebrates universal values." She described the contrast between the host cities, "Milano and Cortina are very different. Milano is a major European city and the center of fashion and design," as a strength that reflects the Games' broad appeal. Andrea Varnier, leading the Olympic organizing effort, outlined the vision behind Italy's approach. "It's a 22,000 square kilometer project. The largest and widest Olympic Games ever offered," he said. "As the ambassador said, we will showcase so many different things in just one edition of the Games." He explained that sustainability has shaped every step of the planning process. "From the beginning, we chose not to adapt the territory to the Games, but to adapt the Games to the territory," he said. Instead of building new facilities, organizers are upgrading existing ones, many of which already host international events year-round. "That's sustainability," Varnier said. "You find knowledge, experience, and passion for the sport. It's not artificial." Accessibility has also been a top priority. Varnier noted that the Olympic closing and Paralympic opening ceremonies will take place in a Roman amphitheater nearly 2,000 years old. "We are making it fully accessible," he said. "If we can do that in a first-century monument, it proves it can be done anywhere." The Italian public has embraced the Games, he added. "We will use around 18,000 volunteers and have received more than 120,000 applications. That's a powerful signal of national enthusiasm." Kim Yuna, one of South Korea's most celebrated athletes and a gold medalist at the Vancouver 2010 Games, reflected on what the Olympics meant to her and why they still matter. "Of course, throughout the years, I have experienced the Olympic Games three times. two as a player and one as an ambassador," she said. "One of my most memorable memories was my first Olympics in Vancouver in 2010. That was my dream as a player, and I won a gold medal. Even now, I feel the impact of that moment." She also spoke about the growing visibility of women in sport. "More and more female players are joining sports," she said. "In recent Olympic Games, the ratio of male and female athletes was the same for the first time. I believe we'll see even more participation and leadership from women going forward." For Kim, the Olympics are about more than medals. "The Olympics involve many roles. Athletes, doctors, referees, and technicians. It's like a drama of human life. I hope our players can share the experience of respect and cultural understanding," she said. "The Olympics are a dream stage. I hope the athletes bring their best and create the most meaningful moment of their lives." 2025-06-25 19:11:22

S. Korea and Türkiye deepen energy ties with focus on renewables SEOUL, June 25 (AJP) - South Korea and Türkiye took a step toward closer cooperation in clean energy with a joint seminar held on Tuesday at the National Assembly in Seoul. The event brought together lawmakers, diplomats, business leaders, and energy experts to explore how both countries can work together to tackle the global energy transition and enhance energy security. The "Korea–Türkiye Renewable Energy Seminar" was co-hosted by National Assembly member Baek Hye-ryun, the Turkish Embassy in Seoul, the Republic of Türkiye Investment Office, the Korea New and Renewable Energy Association, and Deloitte Anjin LLC. The focus was on building connections between public and private sector leaders and identifying opportunities for joint investment in renewables and climate-related industries. "Clean energy transition will dominate the global agenda in the period ahead," said Tolga Şimşir, Deputy Head of Mission at the Turkish Embassy. "For Türkiye, diversifying our energy sources and supply routes is a key priority. Our goal is to secure an uninterrupted, affordable, and sustainable energy supply that supports both the well-being of our people and the resilience of our economy." Şimşir pointed to Türkiye's "Renewable Energy Road Map 2035," unveiled in October last year, as a cornerstone of its energy strategy. "We plan to quadruple our solar and wind capacity from 30 gigawatts to 120 gigawatts by 2035, with 108 billion dollars of planned investments," he said. "This seminar is timely and offers valuable insight into the Turkish renewable energy market and the opportunities it presents." Zeynel Kılınç, Vice President of the Republic of Türkiye Investment Office, noted that while South Korean companies are already active in Türkiye's automotive, steel, and electronics sectors, energy remains relatively untapped. "The energy industry has great potential for collaboration," he said. "Both countries are heavily dependent on imports and need to diversify their energy sources." Türkiye has made significant headway in expanding its renewable energy portfolio. "The installed capacity for renewables now makes up nearly 60 percent of our total capacity of 116 gigawatts," Kılınç said. "In 2024 alone, more than 45 percent of our electricity came from renewable sources." He outlined Türkiye's energy policies, which include the YEKDEM feed-in tariff program, the YEKA large-scale auction model, incentives for self-consumption-based solar systems, and intergovernmental agreements with long-term power purchase guarantees. "These mechanisms have provided a stable foundation for growth and continue to drive our transition to renewables," he said. Kılınç called on South Korean companies to take part in Türkiye's clean energy expansion, particularly in areas like battery storage, power plant development, and equipment manufacturing. "Together, we can create solutions that not only benefit our two countries, but also help advance the global shift to green energy," he said. "Türkiye is open for business, and our Investment Office is here to support you every step of the way." 2025-06-25 17:05:36

Korea, Saudi Arabia launch joint initiative to help small companies SEOUL, June 25 (AJP) - South Korea’s Ministry of SMEs and Startups (MSS) announced on Wednesday a new initiative aimed at helping small and medium-sized enterprises break into the rapidly evolving Saudi Arabian market. Starting July 7, the ministry will begin accepting applications from Korean companies interested in launching operations in Saudi Arabia under a government-backed program designed to overcome longstanding regulatory, cultural, and religious barriers. Despite Saudi Arabia’s emergence as a high-potential market under its Vision 2030 economic diversification plan, Korean SMEs have struggled to establish a foothold due to complex administrative systems and deep-rooted differences in business norms. In response, the ministry and the South Korean Embassy in Riyadh have partnered with Saudi authorities to craft a demand-driven entry model. Under the program, Saudi government institutions will take the lead in selecting Korean companies they wish to support — ensuring alignment with local priorities and minimizing friction. Four strategic sectors have been targeted: artificial intelligence, bio-health, tourism and entertainment, and smart cities and construction. A total of 27 companies will be selected, with eligibility for the AI category limited to startups founded within the past decade. SMEs in other sectors may apply regardless of their age. Applications will be accepted through July 24, followed by document screening later in the month. In-person evaluations — featuring Saudi experts — are scheduled for August, with final selections expected soon after. Chosen companies will travel to Saudi Arabia at the end of September for a series of business meetings, investment presentations, and networking sessions with local stakeholders. 2025-06-25 16:55:04

South Korean central bank warns of stablecoin risks to financial stability SEOUL, June 25 (AJP) - South Korea’s central bank and the Bank for International Settlements (BIS) have raised fresh alarms over the systemic risks posed by the rapid rise of stablecoins, warning that widespread adoption could trigger destabilizing financial shocks and threaten monetary sovereignty. In its financial stability report released Wednesday, the Bank of Korea cautioned that stablecoins — cryptocurrencies pegged to traditional currencies — are vulnerable to abrupt mass redemptions or “coin runs” if public confidence in their reserve assets or price stability erodes. Such loss of trust could lead to "de-pegging" events, in which stablecoins detach from their fiat anchors, with potentially cascading effects on short-term funding markets and liquidity conditions at banks. The central bank emphasized that unlike traditional financial institutions, stablecoin issuers lack safeguards such as deposit insurance or access to lender-of-last-resort functions. The warning comes as South Korea presses forward with legislative reforms aimed at modernizing digital asset oversight — a key campaign pledge of President Lee Jae Myung. BOK Governor Rhee Chang-yong has repeatedly expressed concern that a premature or poorly regulated rollout could undermine monetary stability. The report also cited operational vulnerabilities, pointing to the absence of robust blockchain infrastructure and comprehensive regulation, which increase the risk of technical failures and illicit activity. For emerging markets and non-reserve currency countries such as South Korea, the growing use of dollar-pegged stablecoins could exacerbate exchange rate volatility and complicate capital flow management, the report said. The central bank warned that the mass adoption of such assets could weaken the effectiveness of domestic monetary policy by undermining currency credibility and reducing banks’ capacity for credit creation. The BIS echoed these concerns in a draft of its upcoming annual report, set to be released June 29, stating that stablecoins could dilute monetary sovereignty and introduce new transparency and capital flight challenges — especially in emerging economies. 2025-06-25 16:49:49

Chinese ambassador urges Korea to reject protectionism, stresses value of China ties SEOUL, June 25 (AJP) - Chinese Ambassador to South Korea Dai Bing on Wednesday warned that the world is facing a period of historic upheaval and urged South Korea to stand firm against rising protectionism by maintaining close economic ties with China. Dai made the remarks during the Korea Economic Design Forum (KEDF), held at the CCMM Building in Seoul's Yeouido district. The event marked the seventh anniversary of Economic Daily and was co-sponsored by Aju News Corporation, the Ministry of Trade, Industry and Energy, the Ministry of SMEs and Startups, the Korea Chamber of Commerce and Industry, the Federation of Korean Industries, the Korea Employers Federation, and the Korea International Trade Association. "In the midst of this turmoil, economic globalization and international cooperation are facing strong headwinds," Dai said, referring to ongoing wars in Ukraine and the Middle East, as well as the United States' involvement that has, in his view, rattled the global order. "Unilateralism and protectionism are reemerging, and the momentum for global growth is weakening, leaving many economies grappling with serious challenges." He criticized Washington's trade policy for imposing sweeping tariffs on all trading partners, calling it harmful to the global economy and multilateral trade norms. "This approach has inflicted significant damage on the global economic order and has heightened uncertainty in global politics and the economy," he said. Dai emphasized that Beijing had taken firm countermeasures, aimed not only at defending China's legitimate interests but also at "safeguarding international fairness and justice." He added, "Objectively, this has also provided other countries with more time and space for negotiation." Although China and the U.S. have reached some tentative agreements, Dai cautioned that follow-through was essential. "The U.S. must act with credibility and sincerity in carrying out those results," he said. "Threats and pressure against China will not work." On South Korea–China relations, Dai said the two countries' economies are deeply connected through supply and industrial chains. He called both nations "important global economic players" and urged them to work together to defend free trade and stable supply networks. "Both sides should uphold principles and firmly oppose protectionism," he said. Dai also made a direct appeal to South Korean companies, framing China not as a competitor to avoid but as a market full of opportunity. "China's massive market, complete industrial system, and continued push for openness are powerful engines for bilateral cooperation," he said. "Investing in China means investing in the future. If you lose the Chinese market, you lose the foundation to talk about global strategy." 2025-06-25 15:55:25

PHOTOS: Korean War anniversary SEOUL, June 25 (AJP) - June 25 marks the 75th anniversary of the Korean War, which erupted in 1950. The conflict inflicted profound damage and enduring trauma upon the Korean populace, and its legacies — including the division of the peninsula and the lingering aftereffects of the Cold War — continue to shape the region. Below, we present a collection of photographs from the commemorative events held around this solemn anniversary. 2025-06-25 15:50:29