Coupang shares jump 6% in New York after company releases probe findings on data leak SEOUL, December 27 (AJP) - Coupang shares rose on the New York Stock Exchange (NYSE) on Friday (local time), the first trading day after the company released its own findings on a major personal data leak. Coupang Inc., the parent company of the e-commerce firm, closed up 6.45 percent at $24.27 on the NYSE. U.S. markets were closed the previous day for Christmas, making Friday the first session after the announcement. Coupang said in a news release on Thursday that it had identified a former employee who leaked customer information using forensic evidence. The company said it recovered and secured all devices and hard disk drives used to access and steal the data, and its review found no external transmission. Coupang also said the leaker deleted all stored information and that no customer data were sent to third parties, according to its findings. The rebound was seen as reflecting investor expectations that the situation could stabilize after the company's announcement. The government, however, dismissed Coupang's statement, saying that what Coupang claims has not been confirmed by the joint public-private investigation team and is a one-sided claim. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-27 09:32:23

LG Energy Solution hit by $9 bn deal loss this month as FBPS scraps $3 bn contract SEOUL, December 26 (AJP) -LG Energy Solution (LGES) has terminated a 3.9 trillion won ($2.7 billion) battery supply contract with Freudenberg Battery Power Systems (FBPS), marking a second major cancellation in quick succession as the Korean battery maker grapples with a slowdown in the global electric-vehicle market. In a regulatory filing Friday, the South Korean battery maker said it mutually agreed with FBPS to end the contract after the U.S.-based company decided to withdraw from the battery business. The deal, signed in April last year, was originally valued at about $2.8 billion and was scheduled to run through the end of 2031. LG Energy Solution said about $110 million worth of supplies had already been delivered under the contract, and that the final termination amount may change depending on due diligence results and exchange-rate fluctuations. FBPS, a unit of Germany’s Freudenberg Group, operates a battery-pack assembly plant in Midland, Michigan, and had planned to source battery modules from LG Energy Solution for electric buses and commercial trucks in North America. The company has since been reported to be reviewing a broader exit from the battery sector. The latest cancellation follows LG Energy Solution’s disclosure earlier this month that it had terminated a separate 9.6 trillion won battery supply contract with Ford Motor Co., after the U.S. automaker revised its electric-vehicle strategy amid weaker-than-expected demand and shifting policy conditions. Taken together, the two cancellations bring the total value of contracts terminated by LG Energy Solution this month to 13.5 trillion won — equivalent to more than half of the company’s annual revenue of 25.6 trillion won recorded in 2024. Despite the scale of the cancellations, LG Energy Solution said the financial impact would be limited. “We have not made investments in specialized production facilities or incurred research and development expenses tied to these contracts, so there are no additional costs arising from the terminations,” the company said in its filing. It added that the move would allow the company to “streamline relationships with uncertain customers and secure a more stable source of demand.” Regarding the Ford contract, LG Energy Solution said the termination followed formal notice from the automaker, which has been reassessing its EV production plans amid slower demand growth, rising costs and changes in U.S. subsidy policies. Ford has recently canceled or delayed several EV models and shifted its strategy toward hybrids and internal-combustion vehicles. The battery maker said the disclosed termination amounts were calculated by applying battery prices at the time of contract signing to the originally agreed supply volumes, meaning the figures do not represent realized losses. Industry analysts say the back-to-back cancellations highlight the deepening “EV demand chasm,” as automakers recalibrate investment plans following years of aggressive expansion, while battery suppliers face growing pressure to adjust capacity and customer portfolios. LG Energy Solution said it will focus on strengthening its order book with more stable customers and maintaining financial flexibility amid uncertainty in the global electric-vehicle market. 2025-12-26 21:36:32

Korea's No.2 retailer Shinsegae loses data on 80,000 employees and subcontractors SEOUL, December 26 (AJP) -Shinsegae Group has become another South Korean major retailer to report data breach involving 80,000 employees and workers at partner companies, although no customer data was compromised. Shinsegae I&C, the group’s information technology arm, said Friday it had detected signs of unauthorized access to its internal intranet and confirmed that employee-related data had been leaked. The exposed information includes corporate ID numbers, names, departmental affiliations and IP addresses of Shinsegae Group employees as well as staff working for subcontractors, the company said. “No customer information was leaked,” Shinsegae I&C said in a statement. The company said it first detected the breach on Wednesday and reported the incident to the Korea Internet & Security Agency on Friday afternoon. Upon discovery, it conducted an emergency inspection, blocked affected systems and accounts, and took protective measures to prevent further damage. A malware infection is suspected to be behind the breach, although the exact cause has yet to be determined, according to the company. “We are currently investigating the precise cause and the full scope of the incident,” a Shinsegae official said, adding that the firm will actively cooperate with authorities. In an internal notice, Shinsegae I&C advised employees to immediately change their work-system passwords and remain vigilant against suspicious emails or phishing attempts. The company also said it plans to strengthen its security management systems to prevent a recurrence. Shinsegae Group is one of South Korea’s largest retail conglomerates, operating department stores, duty-free shops, the E-Mart discount chain and the Starbucks franchise in Korea. Its department store unit ranked second nationwide in 2024, operating 13 outlets and posting sales of 12.3 trillion won, accounting for 31.3 percent of the market. The incident comes amid heightened scrutiny over data security, following a major breach at e-commerce giant Coupang that exposed personal information of nearly 34 million customers and remains under investigation. 2025-12-26 21:17:49

Mirae Asset Securities prepares to launch omnibus accounts for foreign investors SEOUL, December 26 (AJP) - Mirae Asset Securities is preparing to introduce omnibus accounts that would allow foreign investors to trade South Korean stocks without opening local brokerage accounts, according to industry sources. The securities firm is developing systems and updating contract documents while working with overseas affiliates in the United States and Europe to prepare for account openings and service launches, industry officials said Friday. Omnibus accounts enable foreigners to trade South Korean stocks through their home-country brokerages without opening separate accounts at South Korean securities firms. Nonresident foreigners currently face complex procedures to invest in South Korean stocks, including requirements to visit domestic securities firms in person to open accounts—barriers that have drawn persistent criticism. The Financial Services Commission eased adoption requirements on Nov. 27 by eliminating restrictions on which entities can open omnibus accounts. The system previously required designation as an innovative financial service. The regulatory shift is widely viewed as an effort to attract dollar inflows and improve foreign investor convenience amid a rising won-dollar exchange rate. Securities firms must secure foreign brokerage partners before launching the service, meaning adoption timelines will likely vary by company. Samsung Securities and Yuanta Securities are currently preparing to implement the system. Samsung Securities is in talks with a Hong Kong brokerage, while Yuanta Securities is targeting a first-quarter 2026 launch. Hana Securities, which became the first South Korean firm to introduce omnibus accounts, plans to expand the service while continuing discussions with brokerages in Japan and Taiwan beyond its existing partnership with Hong Kong's Emperor Securities. Market analysts say expanded use of omnibus accounts could improve dollar liquidity and benefit South Korea's stock market. The complexity of foreign investment and account structures has been cited as a factor in South Korea's repeated failure to join MSCI's (Morgan Stanley Capital International Index) developed markets index. Some analysts suggest broader omnibus account adoption could improve South Korea's market-accessibility scores and strengthen its case for developed market status. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-26 17:39:16

Defense and unification ministries hold joint session on potential inter-Korean military talks SEOUL, December 26 (AJP) - South Korea’s Ministry of National Defense (MND) and Ministry of Unification (MOU) held a joint workshop on Friday to prepare for potential military dialogue with North Korea, despite the lack of a response from Pyongyang regarding recent proposals. The session, held at the Office of Inter-Korean Dialogue in central Seoul, focused on inter-agency coordination and reviewing readiness measures for future negotiations. During the workshop, defense officials announced plans to form a preparatory task force comprised of personnel with prior experience in inter-Korean negotiations. The ministry also stated it will rename its "North Korea Strategy Division" to the "North Korea Policy Division," a move intended to bolster the unit's administrative legitimacy and shift its focus toward sustainable engagement. The preparations come as Seoul awaits a response from the North. On November 17, the Defense Ministry proposed holding military talks to discuss the baseline for the Military Demarcation Line (MDL) within the Demilitarized Zone (DMZ). Pyongyang has not yet replied to the offer. "We hope a forum for dialogue to ease military tensions between the two Koreas will be arranged soon," the ministry said in a statement. "We will continue strengthening preparations through close coordination with relevant agencies to help establish peace on the Korean Peninsula." The choice of venue for the workshop carries symbolic significance for the current administration’s policy direction. The Office of Inter-Korean Dialogue, located in Samcheong-dong, was originally established in the 1970s but was abolished during the administration of former President Yoon Suk-yeol. The current administration under President Lee Jae-myung reinstated the office on November 4 following a reorganization, reviving the body after a two-year hiatus. The office is responsible for formulating negotiation strategies, maintaining communication channels, and managing logistics for talks between the two Koreas. 2025-12-26 17:27:43

Animation pioneer Nelson Shin, VFX leader Daniel Son to lead jury at WAIFF Seoul 2026 SEOUL, December 26 (AJP) - The World AI Film Festival Seoul 2026 (WAIFF Seoul 2026) has appointed animation pioneer Nelson Shin as a jury member and named Daniel Son, founder and chief executive of visual effects studio Westworld, as president of the jury, reinforcing Korea’s growing role in shaping the future of AI-driven filmmaking. The appointments bring together two figures representing different generations of global visual storytelling — from the foundations of modern animation to today’s large-scale, AI-enabled production ecosystem. Shin, a legendary animator and producer, began his career in the late 1950s and helped create Korea’s earliest animated television commercials before moving to the United States in 1971. He later joined DePatie–Freleng Enterprises, contributing to iconic franchises such as Pink Panther, Bugs Bunny and Daffy Duck. In 1974, Shin played a pivotal role in developing the original lightsaber effects for Star Wars, helping define the visual language of modern science fiction through animation-based techniques. He later became a senior producer at Marvel Productions, overseeing animation for The Transformers and other major titles. After returning to Korea in 1985, Shin founded AKOM Production, which grew into one of the world’s leading animation studios and helped establish animation as a major export industry for the country. Under his leadership, AKOM became a key production partner for The Simpsons, the longest-running television series in history, as well as numerous Emmy Award–winning animated programs. At WAIFF Seoul 2026, Shin will contribute to jury deliberations with a focus on creative integrity, professional standards and responsible innovation, drawing on decades of experience navigating the transition from hand-drawn animation to digital and AI-assisted production. Leading the jury as president, Daniel Son represents the forefront of Korea’s visual effects industry. A first-generation Korean VFX supervisor, Son has played a foundational role in building the country’s global competitiveness in high-end visual effects since beginning his career in 1998 with The Soul Guardians. As founder and CEO of Westworld — one of Korea’s leading VFX studios and a member of the Netflix Academy — Son has supervised visual effects for more than 200 films and series. His portfolio includes Exhuma, All of Us Are Dead, Sweet Home (Season 1), The Silent Sea, Extraordinary Attorney Woo, The Battleship Island and The Age of Shadows. His work has earned major industry recognition, including Best Visual Effects at the 18th Asian Film Awards for Exhuma and the Special Award for Advanced Technology at the 52nd Grand Bell Awards for Ode to My Father. Exhuma surpassed 10 million admissions in South Korea within about a month of release and was exported to 133 countries, while Sweet Home became the first Korean series to enter Netflix’s U.S. Top 10. As president of the jury, Son will oversee the evaluation process and help shape standards for works at the intersection of artificial intelligence, cinema and storytelling, with an emphasis on balancing creative freedom, technological innovation and ethical responsibility. Founded by former Apple chief operating officer Marco Landi, the World AI Film Festival positions itself as a global platform dedicated to exploring the future of cinema through artificial intelligence. The 2026 Seoul edition will be held as an official program commemorating the 140th anniversary of diplomatic relations between France and Korea, underscoring its cultural and institutional significance. WAIFF Seoul 2026 will take place on March 6–7, 2026, bringing together filmmakers, technologists, artists and industry leaders from around the world to explore the future of storytelling in the age of artificial intelligence. The festival also counts Oscar-winning director Claude Lelouch and internationally renowned actress Gong Li among its honorary members. With Nelson Shin and Daniel Son at the center of its jury leadership, WAIFF Seoul 2026 underscores Korea’s position not only as a global content powerhouse, but also as a key agenda-setter shaping the creative, ethical and industrial standards of AI-driven cinema. 2025-12-26 16:52:05

Korean, Japanese stocks and currencies hold ground on foreign buying in chip shares SEOUL, December 26 (AJP) - South Korean and Japanese markets held ground Friday, supported by foreign inflows into semiconductor stocks and a recovery in currencies that had been among the year’s weakest performers. In Seoul, the benchmark KOSPI closed at 4,129.68, up 0.5 percent, while the tech-heavy KOSDAQ also edged up 0.5 percent to 919.67. Chip heavyweights led the market. Samsung Electronics surged 5.3 percent to 117,000 won ($81), while SK hynix rose 1.9 percent to 599,000 won, supported by continued strengthening in DRAM prices. Elsewhere market breadth remained weak, with decliners outnumbering advancers 643 to 246, as foreign and institutional buying was concentrated largely in semiconductor shares. LG Energy Solution fell 1.8 percent to 383,500 won, Hyundai Motor slipped 1 percent to 286,000 won, and HD Hyundai Heavy Industries declined 1.4 percent to 512,000 won. KB Financial Group lost 1.2 percent to 124,600 won, while Doosan Enerbility dropped 3 percent to 73,600 won. Kia fell 1 percent to 119,800 won, and Hanwha Aerospace eased 0.9 percent to 870,000 won. Entertainment stocks moved broadly lower, with Hybe down 2.6 percent to 314,500 won, JYP Entertainment off 1.5 percent to 71,100 won, SM Entertainment sliding 3.5 percent to 124,400 won, and YG Entertainment falling 2.4 percent to 64,500 won. The Korean won strengthened amid broad strengthening of East Asian peers led by the Chinese yuan. The dollar ended Seoul session at 1,440.3 won, down 9.5 won from Wednesday. The greenback also weakened against the yen, slipping 0.65 yen to 155.74, even as the dollar index edged slightly higher to 97.68. In Tokyo, the Nikkei 225 held firm, up 0.5 percent at 50,662.22 as of 3:41 p.m., supported by chip-related shares. China’s Shanghai Composite Index edged down 1.09 points to 3,958.53. 2025-12-26 16:23:13

OPINION: Illegal crypto operators on the rise in Korea More operators are running virtual-asset businesses without reporting to South Korea’s Financial Intelligence Unit, in violation of the Act on Reporting and Using Specified Financial Transaction Information, commonly known as the Specified Financial Information Act. Despite the FIU’s hard-line enforcement through ongoing monitoring, user tips and cooperation with related agencies, information encouraging use of unreported operators — including false or exaggerated claims such as guaranteed high returns — continues to spread through blogs, open chat rooms and social media. In a news release issued earlier this month, the FIU detailed the risks posed by illegal operators, common types of crypto-related illegal activity and its planned actions. It also said any virtual-asset operator not reported to the FIU is an illegal business. Specified Financial Information Act requires FIU reporting by virtual-asset businesses Under the Specified Financial Information Act, a virtual-asset business operator — including anyone seeking to operate such a business — must report to the FIU chief: information about the filer; the representative and registered executives; major shareholders; the types of activities to be conducted; information on real-name verified deposit and withdrawal accounts; the organization, staffing, IT systems and internal controls for complying with virtual-asset laws; and information on information-security management system certification (Article 7(1) and Enforcement Decree Article 10-11(1) and (2)). Under the Act on the Protection of Virtual Asset Users, a “virtual-asset business operator” means a person who, as a business, buys, sells, exchanges, transfers, stores or manages virtual assets, or brokers, arranges or acts as an agent for those activities (Article 2(2)). The reporting duty also applies when an overseas operator does business targeting users in South Korea (Article 6(2)). If an operator violates the duty and conducts virtual-asset transactions as a business without reporting, it may face up to five years in prison or a fine of up to 50 million won (Article 17(1)). FIU identifies illegal operators and notifies investigative authorities The FIU news release listed 27 virtual-asset business operators reported to the agency and confirmed that all other unreported operators are illegal under the Specified Financial Information Act. It said the FIU notified investigative authorities about 27 unreported operators, and warned that any operator not reported to the FIU may be in violation. The FIU said illegal operators are not subject to financial regulators’ management and supervision and may lack adequate anti-money laundering and user-protection systems. As a result, users who trade through illegal operators may have difficulty obtaining relief for financial losses. Common types of crypto-related illegal activity The FIU grouped recent illegal activity by unreported operators into three categories and provided examples. First, anonymous stablecoin exchanges through Telegram or open chat rooms. Promoting stablecoin trading in KakaoTalk open chat rooms and similar channels violates the Specified Financial Information Act. Second, promoting or brokering unreported operators through blogs or social media, including referrals. The FIU said providing referral links on internet blogs while promoting a specific crypto exchange — where users receive fee discounts by entering a referral code and the referrer receives a portion of fees — violates the law. Third, using currency-exchange shops to conduct “hwan-chigi,” an informal remittance scheme using virtual assets. The FIU said if a remitter sends fiat currency to an overseas accomplice, the accomplice sends an equivalent amount of stablecoins to a domestic exchange operator, and the domestic operator deposits the stablecoins, the conduct may violate the Specified Financial Information Act and the Foreign Exchange Transactions Act. What virtual-asset users should know By presenting the three categories, the FIU warned that such conduct can amount to transactions with a virtual-asset business operator committing a Specified Financial Information Act violation. However, the offense applies when a “virtual-asset business operator” violates Article 7(1) by failing to report and conducts virtual-asset transactions “as a business,” meaning the threshold question is whether the party qualifies as a virtual-asset business operator. The Supreme Court has said that determining whether someone is a virtual-asset business operator conducting transactions “as a business” requires examining whether the person repeatedly and continuously conducts virtual-asset transactions for profit. It said the assessment should reasonably consider, under social norms, the purpose, type, scale, frequency, duration and manner of the transactions, in light of the amendment’s intent to bring virtual-asset operators into anti-money laundering and counter-terror financing systems. The court also held that ordinary users who repeatedly buy or exchange virtual assets only through an exchange for their own benefit are generally unlikely to be considered virtual-asset business operators absent special circumstances, while those who repeatedly conduct transactions for the convenience of an unspecified number of customers or users and receive compensation in return can, in principle, be considered operators (Supreme Court ruling dated 2024. 12. 12, 2024Do10710). Whether an operator has “business” characteristics is likely to be the key test, but users may find it hard to know that in advance. In peer-to-peer transactions, prices change in real time, making it difficult to determine whether one side obtained “compensation.” Some also argue that strict regulation may not help establish fair and transparent trading order while the operator definition remains unclear. Anyone handling or trading virtual assets should closely watch financial authorities’ policy direction and proactively review, in advance, whether FIU reporting is required. About the author: ▲ Visiting professor, Institute for Far Eastern Studies, Kyungnam University ▲ Former visiting scholar, Woodrow Wilson Center ▲ Former expert adviser, National Assembly Defense Committee ▲ Former senior expert adviser, Science, ICT, Broadcasting and Communications Committee ▲ Former senior expert adviser, Foreign Affairs and Unification Committee ▲ Adviser to Ajou Economy Law & P ▲ Director of the Legislation Office at Daeryuk Ajou (D&A) LLC ▲ Visiting professor, Department of Parliamentary Studies, Chung-Ang University * This article, published by Aju Business Daily, was translated by AI. 2025-12-26 15:50:48

KAI signs $69 million deal to upgrade Philippines' FA-50PH jets SEOUL, December 26 (AJP) - Korea Aerospace Industries (KAI) signed a contract with the Philippines on Friday to upgrade 11 FA-50PH fighter jets for about 93 billion won ($65 million). The deal includes aircraft performance upgrades and follow-on logistics support for jets delivered between 2015 and 2017, with work to be completed by 2029, the South Korean aircraft manufacturer said. The upgrade will strengthen the FA-50PH's ability to operate precision-guided weapons, extend its range and sustained-operations capability, and improve network-based joint-operations performance, according to KAI. A total of 23 FA-50PH aircraft, including additional jets contracted in June, are expected to contribute to the Philippine Air Force's airspace defense and modernization efforts. The upgrade reflects requirements drawn from the Philippine Air Force's operational experience and is aimed at improving aircraft performance and operational efficiency. The project reflects ongoing cooperation based on aircraft capability, stable follow-on support and long-term partnership, KAI said. The company said the program demonstrates its ability to serve as a "total solution provider," covering the full life cycle from development and production to follow-on support. Follow-on support and upgrade capabilities over an aircraft's 30- to 40-year service life are increasingly seen as key to export competitiveness, with such costs reaching two to five times the acquisition cost, KAI noted. The company has operated performance-based logistics programs for about 15 years, from the South Korean Air Force's KT/A-1 to the T-50 and Surion aircraft families, demonstrating improvements in availability and reductions in operating and maintenance costs. KAI has expanded its global support operations through Iraq's T-50IQ contractor logistics support program in 2022, a performance-based logistics contract for the Philippines' FA-50PH last year, and Indonesia's KT-1B service-life extension program this year. "This contract once again confirms the trust and cooperative relationship between the Philippine Air Force and KAI," CEO Cha Jae Byung said in a statement. "We will continue to expand our presence in the global defense market through tailored upgrades and systematic follow-on support." * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-26 15:50:48

Seoul's presidential office returns to Cheong Wa Dae Monday SEOUL, December 25 (AJP) - South Korean President Lee Jae Myung will formerly begin work at the Cheong Wa Dae on Monday, making the end of the presidential office's temporary operation in Yongsan-gu. The official name of the president’s office will change from the Office of the President to Cheong Wa Dae on the same day. At midnight, the phoenix flag symbolizing the head of state will be lowered at the Yongsan presidential office to be raised at Cheong Wa Dae. Former President Yoon Suk Yeol, who took office on May 10, 2022, relocated the presidential office to the former Ministry of National Defense compound in Yongsan and opened Cheong Wa Dae to the public as a tourist site. The experiment with relocating a presidential office outside the traditional Cheong Wa Dae ended with his removal from office. On Dec. 3, 2024, Yoon declared martial law, and on Apr. 4, 2025, the Constitutional Court upheld Yoon’s impeachment with a unanimous ruling by all eight justices. A snap election followed on Jun. 3. President Lee Jae Myung upon declared victor began term the following day. In Korean, Cheong Wa in Cheong Wa Dae means “blue tiles,” while dae means “building.” The name comes from the main building’s distinctive blue-tiled roof. The complex was officially renamed Cheong Wa Dae on Dec. 30, 1960, during the administration of President Yun Po-sun. According to the Cheong Wa Dae website, roughly 150,000 blue tiles were used in the roof, each individually fired. Their durability is said to exceed 100 years. The current main building of Cheong Wa Dae, where the president conducts official duties and receives foreign guests, was completed on Sept. 4, 1991. Its construction followed mounting criticism that it was inappropriate for the president of the Republic of Korea to operate from the former office of the Japanese Governor-General, a remnant of the colonial era. Designed in the style of a traditional royal palace, the building was intended to symbolize state authority and represent the Republic of Korea. The president’s main office is located on the second floor. President Lee Jae Myung’s primary office is reportedly planned to be located on the third floor of Yeomin Building 1, part of the Cheong Wa Dae office complex where senior presidential aides work. According to a presidential aide, the arrangement is intended to minimize movement between the president and top staff to enhance communication efficiency. Historically, the site of Cheong Wa Dae has served multiple roles. During the Japanese colonial period, it housed the residence of the Governor-General. Under the U.S. military government, Lt. Gen. John R. Hodge used the residence as his official quarters. South Korea’s first president, Rhee Syngman, later used the same building as both his office and residence. Earlier still, during the Goryeo Dynasty (918–1392), the site contained a royal villa, and during the Joseon Dynasty (1392–1897), it formed part of the rear garden of Gyeongbokgung Palace. Cheong Wa Dae has also hosted moments of modern diplomatic symbolism. In July 1993, during an official visit to South Korea, then-U.S. President Bill Clinton jogged for 15 minutes and 20 seconds along the Nokjiwon trail with then-President Kim Young-sam. 2025-12-26 14:57:58