Hyundai Motor Group drops buyback option for Russian plant SEOUL, February 02 (AJP) - Hyundai Motor Group has decided not to exercise an option to repurchase its former manufacturing plant in Russia, effectively confirming its exit from the Russian market. It will only maintain support services for existing customers, according to industry sources on Monday. The group allowed the buyback option for the St. Petersburg facility to expire at the end of last month, choosing not to reacquire the plant. Hyundai Motor Group sold its entire Russian business, including the factory, to local firm Art-Finance in December 2023 for 10,000 rubles (about 140,000 won) after operations were disrupted by parts shortages and logistical challenges following Russia’s invasion of Ukraine. Given its strong market position in Russia at the time, Hyundai included a clause allowing it to repurchase the plant within two years. The expiration of that option now marks a formal decision not to return under current conditions. Instead of pursuing re-entry into a market still facing geopolitical uncertainty, the group plans to focus on after-sales service for vehicles already sold in Russia to protect brand reputation, the sources said. The company still could review a possible return if geopolitical risks, including the conflict in Ukraine, ease. Warranty repairs and customer service for existing Hyundai and Kia vehicles in Russia will continue. Hyundai Motor Group began expanding in Russia in 2007, completed its sixth overseas production base in St. Petersburg in 2010 and started local vehicle production in 2011. Operations were suspended in March 2022 following Western sanctions imposed after Russia’s invasion of Ukraine. Roughly one year and nine months later, the group divested its Russian operations, including the plant, to Art-Finance. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-02 15:47:03

Actor Kim Seon-ho denies alleged tax evasion SEOUL, February 2 (AJP) - Actor Kim Seon-ho has denied allegations of tax evasion after claims that he set up a corporation with family members as executives, paid fabricated wages, and used a corporate credit card for personal expenses. In a press statement through his management agency Fantagio on Sunday, the actor said he is fully complying with all required legal and tax procedures. The allegations come amid his regaining popularity recently with his Netflix hit series "Can This Love Be Translated?" after a break he took several years ago due to a controversy involving his ex-girlfriend. But Kim explained that the family-run company was established for his theater-related activities with no intention of "tax reduction or tax evasion." Since the business has been inactive for about a year, he is now closing it in accordance with relevant regulations. He then vowed to continue complying with all relevant laws and procedures so he can continue his work without "unnecessary misunderstandings. Separately, it was previously revealed that singer-turned-actor Cha Eun-woo, who also belongs to the same agency, allegedly evaded taxes worth 20 billion won (US$13.6 million) by diverting taxable earnings through a company established by his mother, which reportedly had little to no actual business activity. Fantagio said it is cooperating with an investigation by tax authorities and will take necessary action. 2026-02-02 15:44:37

ASML's ambitious revenue target raise capacity upgrade room for memory chipmakers in AI heyday SEOUL, February 02 (AJP) - ASML’s ambitious revenue target signals greater room for scaling and production ramp-ups among chipmakers including Samsung Electronics and SK hynix, which together supply roughly 80 percent of the memory used in AI accelerators and hyperscale data centers. The outlook follows stronger-than-expected 2025 earnings from ASML, which reported total net sales of €32.7 billion ($38.8 billion), while fourth-quarter net bookings surged to €13.16 billion ($15.6 billion), more than double market expectations. The increase was driven largely by demand for extreme ultraviolet (EUV) lithography systems, which are essential for manufacturing advanced chips used in artificial intelligence workloads. EUV tools accounted for about 56 percent of new bookings in the fourth quarter. ASML holds a de facto monopoly on EUV lithography, making its production capacity a structural constraint for the global semiconductor industry. Unlike conventional chipmaking equipment, EUV systems remain a tightly rationed resource due to their complexity and precision requirements. Annual EUV shipments have risen only gradually, from 26 units in 2019 to 42 units in 2021, 53 units in 2023 and an estimated 60–62 units in 2025. For 2026, ASML is targeting output of 70–80 units, its highest level to date, according to industry estimates. Even at that level, supply remains well below demand. Global chipmakers — including Taiwan Semiconductor Manufacturing Co., Micron Technology and Intel — are competing aggressively for limited allocations, as capacity upgrades and technology transitions increasingly hinge on securing additional EUV machines. “Lithography tools are the most critical equipment in semiconductor manufacturing, regardless of whether the chips are for memory or logic,” said Lee Jong-hwan, a professor of system semiconductor engineering at Sangmyung University. “Because EUV systems are ultra-precision machines, only a limited number can be produced each year, which is why ASML’s annual output is measured in just several dozen units.” “In AI semiconductors, both memory and non-memory chips are essential,” he added. “The surge in EUV demand reflects how AI workloads are expanding across both segments. Given that advanced DRAM, including high-bandwidth memory, is now produced at around the 10-nanometer class in Korea, it is highly likely that Samsung Electronics and SK hynix have already secured reservations for sub-10nm EUV tools.” ASML’s decision to raise its 2026 revenue guidance to €34 billion–€39 billion is therefore widely interpreted as a sign that a substantial portion of next year’s EUV output has already been committed to leading customers, including Korean memory makers ramping up production of high-bandwidth memory and advanced DRAM for AI accelerators. The company has also doubled its long-term revenue target for 2030 to €60 billion ($71 billion), supported by the successful delivery of its first commercial-grade high–numerical aperture (High-NA) EUV system, the TWINSCAN EXE:5200B. Compared with standard EUV tools using a 0.33 numerical aperture, the High-NA system operates at 0.55NA, enabling nearly three times the transistor density — a critical advantage for next-generation AI processors. The first systems were delivered to SK hynix and Intel. With EUV tools costing well over $150 million each and available in limited numbers, competitiveness is increasingly determined not only by access, but by how efficiently chipmakers convert those investments into higher yields and faster production ramps. SK hynix, the world’s leading supplier of high-bandwidth memory for AI data centers, has already moved early. The company said it installed a production-ready High-NA EUV system at its M16 fab in Icheon in 2025. ASML also expects its exposure to China to decline as export controls tighten, with China’s revenue share projected to fall from about 33 percent in 2025 to around 20 percent in 2026. Rising demand from South Korea, Taiwan and the United States is expected to more than offset the decline. As global investment in AI infrastructure accelerates, ASML’s constrained EUV output is set to remain a key gatekeeper — turning access, execution and yield management into decisive variables for Korea’s memory chipmakers in the next phase of the semiconductor cycle. 2026-02-02 14:39:16

Samsung SDI swings to operating loss in 2025 on weak EV demand SEOUL, February 02 (AJP) - Samsung SDI swung to an operating loss in 2025 as a prolonged slowdown in electric-vehicle demand and shifting policy conditions in the United States and Europe weighed on performance, the battery maker said on Monday. In a regulatory filing, the company reported an operating loss of 1.72 trillion won for the year, reversing an operating profit of 363.3 billion won in 2024. Revenue fell 20 percent to 13.27 trillion won from 16.6 trillion won a year earlier. Fourth-quarter revenue reached 3.86 trillion won, up 26.4 percent from the previous quarter and 2.8 percent from a year earlier, while the operating loss narrowed to 299.2 billion won, roughly half the level recorded in the third quarter. Battery sales totaled 3.6 trillion won in the quarter, rising 28.4 percent quarter on quarter and 1.6 percent year on year. The battery division posted an operating loss of 338.5 billion won. Samsung SDI forecast that the global EV battery market excluding China will grow about 6 percent this year, citing looser green policies in North America and Europe and automakers’ adjustments to electrification strategies. Demand for ESS batteries is expected to continue rising for power-grid applications and backup systems, supported by expanding investment in artificial intelligence data centers. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-02 14:37:35

Tighter loans fuel demand for smaller apartments SEOUL, February 2 (AJP) - Strong demand for homes along the Han River in Seoul has driven up prices of small or midsize apartments, as they are relatively affordable and eligible for larger loans. According to transaction data of real estate compiled by KB Kookmin Bank and released on Monday, the average price of apartments measuring 60 to 85 square meters in about a dozen districts south of the Han River stood at 1.83 billion won (about US$1.3 million) in January, up 0.96 percent from the previous month, surpassing 1.8 billion won for the first time. These districts include Dongjak, Gangnam, Gangdong, Gangseo, Geumcheon, Gwanak, Guro, Seocho, Songpa, Yangcheon, and Yeongdeungpo. In about 14 districts north of the river, prices averaged 1.14 billion won in January, up 0.83 percent from December. The increase comes after the government introduced a series of stringent measures in June and October last year to curb real estate speculation, limiting loans to 600 million won for apartments priced at 1.5 billion won or below. Separately, President Lee Jae Myung recently posted a series of messages on social media, signaling a strong resolve to rein in the overheating housing market, though it remains to be seen whether his efforts will succeed. 2026-02-02 14:36:53

Uzbekistan and Türkiye partner to modernize workforce and combat poverty SEOUL, February 02 (AJP) - Uzbekistan and Türkiye have established a new model of institutional cooperation to enhance human capital and improve public administration in the labor market. The partnership focuses on professional development for government officials to accelerate poverty reduction and ensure sustainable employment in both nations. The Embassy of Uzbekistan in the Republic of Korea said Monday that a Memorandum of Understanding (MoU) was signed by A.X. Rakhmonov, Director of the Center for the Professional Development of Employees under the Uzbek Ministry of Poverty Reduction and Employment, and Dr. Elif Gökçearslan, President of the Center for Labour and Social Security Training and Research (ÇASGEM) under the Turkish Ministry of Labour and Social Security. The agreement serves as a strategic framework for sharing expertise in occupational safety, human resource management, and labor market regulation. Under the document, the two countries will jointly design training programs, methodological materials, and master classes to build professional competencies. The cooperation also includes the involvement of specialists in scientific research and the preparation of expert evaluations for sectoral policies. This initiative follows the Fourth Meeting of the Türkiye-Uzbekistan High-Level Strategic Cooperation Council held in Ankara on January 29, where President Shavkat Mirziyoyev and President Recep Tayyip Erdoğan pledged to deepen bilateral ties. During that summit, the two leaders set a target to increase trade volume to 5 billion dollars and signed multiple agreements covering healthcare, education, and social protection. The labor partnership is specifically designed to align Uzbekistan’s professional qualification system with international benchmarks. Practical efforts are already underway to translate Turkish professional standards for 22 high-demand occupations into the Uzbek language. This alignment is expected to eventually lead to the mutual recognition of qualification certificates, expanding opportunities for citizens to work legally and safely in both countries. Officials stated that the cooperation will be conducted with full transparency, with project updates regularly published on official platforms. While the MoU establishes general principles and does not impose immediate financial obligations, it allows for the future involvement of international funds and third-party institutions to scale up joint workforce projects. 2026-02-02 14:23:21

K-pop acts walk away without trophies but leave mark on Grammy stage SEOUL, February 02 (AJP) — K-pop artists left the 68th Grammy Awards without major wins on Sunday, but delivered high-profile performances and historic nominations that underscored the genre’s expanding presence on the global music stage. The awards ceremony was held at the Crypto.com Arena in Los Angeles, bringing together leading figures from the international music industry. BLACKPINK member ROSÉ became the first K-pop female solo artist to receive a Grammy nomination, earning a nod for Song of the Year for her collaborative track “APT.” with Bruno Mars. The award went to Billie Eilish for “Wildflower.” Despite missing out on the trophy, ROSÉ performed “APT.” with Mars during the ceremony, marking her Grammy stage debut and the first main-stage performance by a K-pop female soloist at the event. Released in October 2024, “APT.” is a pre-release single from ROSÉ’s first full-length album rosie. The song drew global attention upon release, debuting at No. 1 on Spotify’s Global chart and entering the UK Official Singles Chart Top 100 at No. 4 — the highest ranking achieved by a K-pop female solo artist. According to Spotify, the track surpassed 1 billion streams within 100 days of release and has since reached 2.2 billion cumulative streams. Rookie girl group KATSEYE also appeared on the Grammy stage as part of the Best New Artist showcase, performing “Gnarly.” The group, formed through K-pop-style training by HYBE and Geffen Records, received nominations for Best New Artist and Best Pop Duo/Group Performance for “Gabriela.” The Best New Artist award went to Olivia Dean, while Best Pop Duo/Group Performance was awarded to Cynthia Erivo and Ariana Grande for “Defying Gravity.” 2026-02-02 14:16:52

'Golden' takes home one grammy out of four nominations SEOUL, February 02 (AJP) - Expectations were high, but the climb proved steep for “Golden,” the original soundtrack from Netflix’s animated hit K-Pop Demon Hunters, at this year’s Grammy Awards. Despite entering the ceremony with four nominations, “Golden” secured just one trophy — Best Song Written for Visual Media — during the Grammys’ Premiere Ceremony. The track was also nominated for Song of the Year, Best Pop Duo/Group Performance, and Best Remixed Recording (Non-Classical). The coveted Song of the Year, one of the Grammys’ top General Field honors recognizing songwriting excellence regardless of commercial success, ultimately went to Billie Eilish for “Wildflower.” Released on June 20, 2025, “Golden” had drawn significant attention ahead of the ceremony following its strong global reception. Powered by the popularity of K-Pop Demon Hunters, the track became the first K-pop song to top both the Billboard Hot 100 and the UK Official Singles Chart, a rare crossover achievement for the genre. K-Pop Demon Hunters ranked among Netflix’s most-watched films of 2025 and emerged as a notable piece of global pop culture. With “Golden’s” Grammy win — in addition to its Golden Globe victory and an Academy Award nomination for Best Original Song — the film has already delivered a landmark moment for K-pop on the global awards stage. The Best Song Written for Visual Media award is presented to songwriters rather than performers, making all contributors to the track official Grammy Award winners. The song was co-written and produced by EJAE (Lee Jae), Teddy, 24, and producer collective IDO, comprising Lee Yu-han, Kwak Jung-kyu and Nam Hee-dong. The win marked the first Grammy Award for K-pop songwriters or producers for their creative work — a milestone widely noted within the global music industry. The Song of the Year category featured a particularly competitive lineup, including “Manchild” by Sabrina Carpenter, “luther” by Kendrick Lamar and SZA, “APT.” by Rosé and Bruno Mars, “DtMF” by Bad Bunny, “Anxiety” by Doechii, and “Abracadabra” by Lady Gaga. While “Golden” did not take home the night’s top songwriting honor, its nomination — coupled with its historic win — underscored the expanding presence of K-pop creators in the Grammys’ most competitive categories, long dominated by Western artists. 2026-02-02 14:16:36

Hanwha Ocean hosts Canadian officials as submarine bid advances SEOUL, February 02 (AJP) - A Canadian business and government delegation led by Stephen Fuhr, Canada’s minister of state for defense procurement, visited Hanwha Ocean’s shipyard in Geoje on Monday as Ottawa advances plans for its Canadian Patrol Submarine Project (CPSP). Fuhr, who oversees procurement for the program estimated at about 60 trillion won, toured Hanwha Ocean’s assembly facilities with roughly 30 Canadian government and industry representatives, reviewing automated production systems including robotic welding lines. Executives from major Canadian shipbuilders — Ontario Shipyard, Irving Shipbuilding, Davie and Seaspan Shipyard — also joined the visit. The delegation later boarded the submarine Jang Young-sil, currently undergoing sea trials, to review its operational capabilities. Hanwha Ocean CEO Kim Hee-cheol and company executives, along with South Korea’s Vice Defense Minister Lee Doo-hee and other officials, guided the tour. The minister also visited construction areas where follow-on submarines are being built, showing interest in the yard’s production capacity and advanced manufacturing systems. Fuhr coordinates Canada’s defense procurement policy and represents the government on major projects including CPSP, overseeing strategic requirements, industrial participation and cooperation with allies. He also supervises the Defense Investment Agency, launched last year as part of efforts to streamline and accelerate military procurement. Hanwha Ocean and affiliate Hanwha Systems signed memorandums of understanding on Jan. 26 in Canada with five local firms in sectors including steel, artificial intelligence and space, outlining cooperation and investment plans to support a CPSP bid. Kim described Fuhr’s visit as an on-site review of Hanwha Ocean’s proposal, adding the company aims to provide the Royal Canadian Navy with an optimal solution while building long-term partnerships with Canadian industry. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-02 14:15:27

Samsung mandates English for documents between overseas and Korean units SEOUL, February 02 (AJP) - Samsung’s major overseas units will adopt English as the sole language for documents exchanged both internally and with South Korea-based operations, part of a push to reduce inefficiencies from using multiple languages, the group said on Monday. According to an internal notice, Samsung will require documents shared between domestic and overseas operations at three key affiliates — Samsung Electronics, Samsung Display and Samsung Biologics — to be written exclusively in English. The shift replaces the current practice of using both Korean and English. The policy will take effect next month and is expected to be gradually expanded to other affiliates. Samsung has already promoted English as the standard language for internal reports and meeting materials at overseas units since 2023. Some business divisions have moved ahead of the broader policy. Samsung Electronics’ Device Solutions division, including its foundry business, along with Samsung Biologics and Samsung Bioepis, have reportedly been conducting meetings and preparing documents in English since last year. The move reflects the growing weight of Samsung’s overseas operations. As of the end of 2024, Samsung Electronics employed 137,350 staff outside South Korea, exceeding the 125,297 employees based domestically. The policy aims to streamline communication across Samsung’s global network as its workforce and operations become increasingly international, Samsung officials said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-02 14:02:18