South Korea's Shinhan Card reports leak of data on 190,000 merchants Shinhan Card headquarters in Seoul/ Courtesy of Shinhan Card SEOUL, December 23 (AJP) - Shinhan Card said on Tuesday information on about 190,000 merchants, including store owners’ mobile phone numbers, was leaked in an incident caused by an employee rather than a cyberattack. According to financial industry sources, Shinhan Card confirmed the data leak through an internal investigation and reported the case to the country's Personal Information Protection Commission (PIPC). The company said the incident was not the result of hacking or an external system breach, but involved an employee. Most of the leaked information consisted of mobile phone numbers belonging to merchants, Shinhan Card said. Cases in which a phone number, name and date of birth were exposed together were limited. The company said it has so far found no evidence that the employee sold the data or committed additional crimes, adding that the information appears to have been used to boost sales performance. Shinhan Card said it launched an internal probe after the privacy watchdog contacted the company last month. Following about three weeks of data analysis, the company concluded that between March 2022 and May this year, an employee leaked information on roughly 190,000 merchants, including business registration numbers, store names and merchant-owner mobile phone numbers. Shinhan Card has posted an apology and notice on its website and will allow merchants to check whether their information was affected. The company also plans to notify affected merchants individually. A Shinhan Card official said further investigation is under way to determine whether the incident involved improper use of personal information beyond its intended purpose. The official said the company will move swiftly to provide compensation and other remedial measures if customer harm is confirmed. 2025-12-23 14:53:53

LIG Nex1 to develop core technologies for Korea's combat unmanned surface vessel SEOUL, December 23 (AJP) - South Korean defense company LIG Nex1 has begun developing core technologies for a combat unmanned surface vessel (USV), in a move aimed at advancing the Navy’s manned-unmanned combined maritime combat capability. LIG Nex1 said on Tuesday it signed an agreement on Dec. 19 with the Korea Institute for Advancement of Technology (KIAT) to develop an integrated control system and an autonomous mission system for a combat USV under a packaged weapon-system technology program. The program was planned by the Defense Acquisition Program Administration (DAPA) in cooperation with KIAT to secure key technologies ahead of the Batch-II system development phase of the combat USV, the company said. LIG Nex1 will act as the lead research and development contractor, overseeing the overall project. About 49 billion won in government funding will be invested over 60 months through December 2030 to develop an integrated control system, a weapon operation and launch-control system, and an autonomous mission system for the combat USV. The technologies are described as essential to the Navy’s Sea GHOST manned-unmanned maritime combat concept. The plan calls, for the first time in South Korea, for mounting a 20-millimeter-class remote-controlled weapon station (RCWS) on a USV and applying launch and operation technologies for the Bigung guided rocket and loitering munitions. The aim is to significantly enhance long-range precision-strike capabilities for unmanned maritime platforms. LIG Nex1 said the integrated control system will link sensors, weapons and onboard systems to improve operational efficiency and survivability. The company plans to combine its control technologies with artificial-intelligence-based systems to enable real-time data processing and decision-making and command functions. An LIG Nex1 official said the project represents an important opportunity to help the South Korean Navy secure future combat capabilities and to strengthen the company’s competitiveness in the global USV market. LIG Nex1 aims to develop derivative models tailored to country-specific requirements to boost the international appeal of South Korean unmanned naval systems. 2025-12-23 14:12:56

Korea's bio-health exports eye bumper year in 2026 on global growth Editor's Note: This is the fourth installment in AJP's 2026 outlook series on South Korea's key industries. SEOUL, December 23 (AJP) - South Korea’s bio-health industry — spanning pharmaceuticals, medical devices and cosmetics — is set for a record year in 2026, with total exports expected to surpass the $30 billion mark, powered by the country’s strength in contract manufacturing and the global expansion of K-beauty. According to the Korea Health Industry Development Institute (KHIDI), bio-health exports are estimated to have risen 10.6 percent to $27.9 billion in 2025, and are forecast to grow a further 9 percent to $30.4 billion in 2026. Biopharmaceuticals remain the key growth engine. Products in the category — accounting for 65.7 percent of total exports — are estimated to have jumped 25.7 percent this year, driven by rising demand in the United States and Europe. Cumulative biopharmaceutical exports from January to October climbed 17.1 percent year on year to $5.39 billion, up from $4.6 billion in 2024. The growth streak is expected to accelerate in 2026, with biopharmaceutical exports projected to reach $8.5 billion, taking up 81.1 percent of shipments within the category. The Korea Chamber of Commerce and Industry (KCCI) also struck an upbeat tone, citing the ramp-up of large-scale CDMO facilities in Korea and the likelihood of major outsourcing contracts, particularly in the wake of tightening U.S. biosecurity rules. The White House said President Donald Trump has signed the National Defense Authorization Act (NDAA) for fiscal 2026, which incorporates the Biosecurity Act. The law restricts transactions with Chinese companies involved in genome analysis, CDMO operations and bio-related materials. “The U.S. Department of Defense regularly updates its ‘1260H list,’ and foreign media have reported that China’s Wuxi could be added in January,” said Oh Gi-hwan, executive director at KoreaBio. “Competition among Korean, Indian, Japanese and European firms to fill the market gaps left by Chinese companies is expected to intensify.” The Biotechnology Innovation Organization (BIO) noted that the 1260H list already includes Forensic Genomics International, a subsidiary of China’s BGI Group, and OriginCell Technology, a Shanghai-based cell-storage company. As Washington tightens scrutiny of Chinese biotechnology firms, analysts expect Korean companies — including Samsung Biologics, ST Pharm, Binex, 3billion and Macrogen — to benefit from shifting supply chains. Still, risks remain. KCCI warned that U.S. drug-price controls and “America First” supply-chain policies could weigh on profitability. “The outlook for next year is positive, and a rebound in investment is overdue after two weak years,” said Lee Seung-Kyou, vice president of KoreaBio. “Government efforts to promote venture investment are beginning to show results. In 2025, Korea demonstrated its competitiveness through technology transfers and successes such as SK Biopharm. In 2026, more Korean firms are expected to establish a global presence.” Lee cautioned, however, that tariffs, U.S.-China relations and U.S. biotechnology policy remain key uncertainties requiring close coordination between government and industry. KHIDI echoed the optimism. “In 2025, the bio-health industry posted record exports as recognition of major products increased, especially in the U.S. and Europe,” said Lee Byung-kwan, head of KHIDI’s Bio-health Innovation Planning Division. “In 2026, exports are again expected to break records, driven by market diversification, pharmaceutical growth and a recovery in medical-device shipments.” Cosmetics exports surged in 2025, particularly in advanced markets. As of October, exports to North America rose 19.5 percent to $2.01 billion, while shipments to Europe jumped 41.1 percent to $1.87 billion. Growth in the Asia-Pacific region, by contrast, was muted amid competition from low-cost Chinese products, with exports edging up 1.2 percent to $4.98 billion. Looking ahead, pharmaceutical exports are expected to benefit from stronger biopharmaceutical demand in the U.S. and Europe, expanded CDMO capacity and wider overseas approvals. Medical-device exports are also seen rising, supported by aging populations, chronic-disease prevalence and growing demand for diagnostic equipment, including ultrasound and X-ray systems, as well as aesthetic laser devices tied to K-beauty trends. South Korea currently ranks around 10th globally in biopharmaceutical exports, at about $5.8 billion, and aims to double shipments within five years. To accelerate market entry, the government plans to shorten biosimilar review times from 406 days to 295 days, and cut reimbursement listing periods under the national health-insurance program from 330 days to 150 days. The global pharmaceutical market reached $1.74 trillion last year — roughly three times the size of the semiconductor market — and is growing at an average annual rate of 4.7 percent, according to government data. Biopharmaceuticals are expanding even faster, at 11.9 percent a year. 2025-12-23 14:03:07

Bank of Korea flags growing investor preference for overseas stocks SEOUL, December 23 (AJP) - South Korean retail investors have been taking profits when local share prices rise while continuing to buy overseas stocks, a shift the central bank linked to differences in long-term return expectations. In its Financial Stability Report released on Tuesday, the Bank of Korea (BOK) said that from July to October — when both South Korean and U.S. equity markets were rising — individual investors were net sellers of 23 trillion won in domestic stocks and net buyers of $10.3 billion, or about 15.28 trillion won, in overseas shares. The central bank said retail investment in domestic and overseas stocks previously tended to move in tandem, but since 2020 the relationship has increasingly become one of substitution, with buying in one market accompanied by selling in the other. During 2020–2021, when overseas stock investment surged, individual investors also made large net purchases of South Korean shares, seeking diversification benefits. More recently, however, the bank said the tendency has strengthened, with overseas stock purchases increasingly accompanied by sales of domestic shares. The report said that when short-term returns rise both at home and abroad, retail investors often lock in gains in South Korean stocks while chasing overseas investments. This pattern became more pronounced in September and October, when the KOSPI outperformed the U.S. S&P 500, rising 28.9 percent compared with 5.9 percent. The BOK said the growing substitution reflects low expectations for long-term returns in South Korea’s stock market. “Because the long-term return gap between the South Korean and U.S. markets has fixed investors’ expectations at low for South Korea and high for the United States, a pattern has emerged of selling domestic stocks and buying overseas stocks when short-term returns rise,” the bank said in the report. It added expectations of foreign-exchange gains amid a recent rise in the won-dollar rate appeared to reinforce the preference for overseas stocks. The bank said that because the return-expectation gap has formed over a long period, temporary improvements in returns are unlikely to alter investor behavior. The bank called for policy efforts such as improving corporate governance and expanding shareholder returns to strengthen the long-term performance and stability of South Korea’s capital markets. Jang Yong-seong, a member of the bank’s Monetary Policy Board who led the report, said easier financial conditions have boosted risk-taking and pushed asset prices up rapidly, warning that vulnerabilities could increase if a shock triggers a sharp market adjustment. 2025-12-23 13:58:02

PHOTOS: Seoul's iconic ice rink offers affordable winter fun The Seoul Plaza Ice Rink, Dec. 19, 2025/ AJP Yoo Na-hyun SEOUL, December 22 (AJP) – The outdoor ice rink at Seoul Plaza officially opened its doors to the public last week, marking the return of one of the city’s most beloved winter traditions. The rink is scheduled to operate for a total of 52 days, welcoming skaters through February 8. According to city officials, the facility is open from 10 a.m. to 9:30 p.m., Sunday through Friday. On Saturdays and public holidays, operating hours are extended until 11 p.m. to accommodate larger weekend crowds. In an effort to keep the activity accessible, admission remains priced at only 1,000 won (approximately $0.75) per one-hour session. This entry fee includes the rental of both ice skates and a helmet. While essential safety gear, including helmets and knee pads, is provided free of charge, visitors should note that personal winter accessories and on-site storage lockers are available for an additional fee. 2025-12-23 13:43:23

US nuclear-powered submarine docks in Busan to replenish supplies SEOUL, December 23 (AJP) - The USS Greenville arrived on Tuesday in South Korea's southern port city of Busan to replenish supplies and provide rest for crew members. The Los Angeles-class nuclear-powered attack submarine Greeneville, named after Greeneville, Tennessee, will engage in activities to strengthen cooperation between the two allies, according to the South Korean Navy. The submarine, which is 110 meters long and 10 meters wide, is equipped with Tomahawk cruise missiles launched from approximately 12 vertical launching systems (VLS), as well as torpedoes fired from four launch tubes. The USS Greenville last docked in Busan in 2016, with the latest visit marking its fourth trip to South Korea. Its arrival comes about 10 months after the USS Alexandria visited the same naval base for similar activities in February. 2025-12-23 11:15:16

Santa rally in Asia kicks off on wobbly note SEOUL, December 23 (AJP) - Asian equity markets opened Tuesday on a fragmented footing, as the first session of the traditional five-day “Santa rally” window failed to deliver a uniform year-end surge. With momentum cooling after recent gains, investors across the region adopted a wait-and-see stance. In Seoul, the benchmark KOSPI rose 0.57 percent to 4,129 as of 10:45 a.m., extending gains for a second day after Monday’s 2 percent rally. Foreign and institutional investors led the advance, with overseas funds net buying 227.4 billion won ($153.2 million) and institutions adding 302.0 billion won. Retail investors, meanwhile, locked in profits, selling a net 497.0 billion won. Despite solid equity inflows and a mild retreat in the dollar index, the Korean won weakened to 1,484 per dollar, down 3.2 won, breaching the 1,480-level that many traders view as a key psychological support level. Markets remained focused on the timing of potential currency-hedging operations by the National Pension Service and further foreign-exchange stabilization signals from authorities. Blue-chip technology stocks tracked higher. Samsung Electronics gained 1.5 percent to 112,000 won, while SK hynix rose 1.6 percent to 590,000 won, supported by strong earnings from U.S. peer Micron Technology and continued optimism over HBM4 development. Shipbuilding and defense stocks outperformed. Hanwha Ocean surged 9 percent to 119,700 won after reports that Donald Trump announced plans to collaborate with the company on U.S. domestic frigate construction. Defense-linked Hanwha Systems climbed 3.5 percent to 58,800 won. In contrast, the tech-heavy KOSDAQ slipped 0.7 percent to 922, pressured by a 157.0 billion won net sell-off by foreign investors. Aerospace stocks were hit hard, reversing gains driven by earlier SpaceX-related speculation. InnoSpace plunged 27 percent to 11,000 won after its HANBIT-Nano launch vehicle failed its mission, while satellite firm Nara Space Technology tumbled 23 percent to 35,500 won. In Japan, the Nikkei 225 was little changed at 50,376, as investors paused after recent advances. Automakers edged lower, with Toyota Motor down 0.3 percent and Honda Motor slipping 0.2 percent, weighed by lingering rate-hike effects and a lack of fresh catalysts. Japanese semiconductor stocks saw profit-taking, with Advantest down 2.2 percent and Tokyo Electron off 0.9 percent. Financials, however, extended gains on higher-rate expectations, as Mitsubishi UFJ Financial Group rose 0.9 percent and Mizuho Financial Group added 1.3 percent. Taiwan’s TAIEX advanced 0.5 percent to 28,290, led by a 1 percent gain in TSMC and a 0.65 percent rise in Foxconn. Mainland China markets were flat, with the Shanghai Composite at 3,922 and the Shenzhen Component at 13,356. Hong Kong’s Hang Seng Index was also little changed at 25,829, reflecting the region’s cautious tone. 2025-12-23 11:11:40

Korean won nears annual trough despite all-out defense SEOUL, December 23 (AJP) - The Korean won is nearing its annual trough of 1,487.6 per dollar last seen on April 9, when global markets reeled from renewed risk aversion triggered by Donald Trump’s tariff barrage, despite all-out defensive efforts by South Korean authorities. The dollar closed Tuesday in Seoul at 1,483.6 won, up 3.5 won even as the dollar index eased 0.23 percent to 98.072 and the greenback softened against the Japanese yen — underscoring idiosyncratic weakness in the won rather than broad dollar strength. The dollar is down 0.96 yen at 156.12 yen. The won’s slide through the psychologically critical 1,480 “defense line” came against the tide of foreign equity inflows, with overseas investors buying 955 billion won worth of KOSPI shares amid a global technology-stock shopping spree. The breach has raised questions over the effectiveness and limits of authorities’ FX-defense capabilities, particularly as equity inflows failed to translate into currency support. Ha Joon-kyung, senior presidential secretary for economic growth, became the latest official to join the chorus of intervention, warning in a local media interview on Monday that “one-sided market behavior has become pronounced since November,” and that speculative bets on further won weakness are intensifying. “It would be a misjudgment to think the government will stand by in the face of excessive market concentration,” Ha said — a pointed signal that authorities are prepared to act. Authorities have hinted all possible actions to defend the won, including dollar-selling and hedging operations by the National Pension Service, heightened real-time monitoring of FX flows, and repeated assurances that disorderly, speculative moves will not be tolerated. The Bank of Korea has supplemented with liquidity incentives, including interest payments on banks’ FX reserve deposits and a temporary waiver of the FX stability levy, while signaling readiness for additional liquidity support and market-smoothing operations to counter disorderly won moves. 2025-12-23 11:11:21

POSCO invests $3 million in US humanoid robot startup in push for 'physical AI' SEOUL, December 23 (AJP) - POSCO DX is making a strategic investment in a U.S.-based industrial humanoid robot startup as it seeks to accelerate automation and improve safety at heavy industrial sites such as steel mills. POSCO DX, led by Chief Executive Shim Min-seok, said on Tuesday it will invest $2 million in Persona AI and collaborate with the company on joint robot development. Including a separate $1 million investment from a fund backed by POSCO Technology Investment, the total investment at the group level amounts to $3 million. The move is part of POSCO DX’s strategy to combine POSCO Group’s artificial intelligence capabilities with advanced robotics to develop so-called “physical AI,” which integrates intelligence directly into machines operating in real-world environments. Persona AI, founded in June last year, is a U.S. startup focused on humanoid robots for labor-intensive industrial workplaces. The company was co-founded by Chief Executive Nicholas Radford, a former NASA robotics engineer, and Jerry Pratt, who previously served as chief technology officer at humanoid robot maker Figure AI. POSCO DX said Persona AI’s technology enables precise manipulation across a wide range of tasks, from assembling small components to handling heavy objects. According to the company, the robots are equipped with multi-axis tactile sensors in their hands that process data in real time, allowing simultaneous control of force and position through compliant control, which supports stable operation in industrial environments. Persona AI also applies artificial intelligence algorithms based on a robot foundation model, enabling autonomous interaction and task execution, POSCO DX said. POSCO DX said it plans to integrate its industrial AI software with Persona AI’s humanoid robot hardware to develop robots capable of replacing high-risk manual processes at POSCO facilities. The company has previously introduced technologies that allow remote operation of ultra-large equipment, including steel-mill cranes and unloading machines. A POSCO DX official said humanoid robots tailored to heavy industrial environments could simultaneously improve productivity and workplace safety. 2025-12-23 10:45:26

Nearly 90% of North Korean defectors satisfied with life in South Korea, survey finds SEOUL, December 23 (AJP) - About eight in 10 North Korean defectors say they are satisfied with their new life in South Korea, a survey reveals. The Korea Hana Foundation on Tuesday released its survey of around 2,500 North Korean defectors who arrived in Seoul between January 1997 and December last year. This year's survey, conducted through face-to-face interviews by about 76 specialized counselors, with a response rate of 86.4 percent or around 2,160 respondents, found that 81.2 percent were content with life in South Korea, up 1.6 percentage points from a year earlier and the highest level since the survey began in 2011. "Freedom" was the most common reason for satisfaction, cited by 41.5 percent, while 24.3 percent pointed to "separation from family" as the main reason for dissatisfaction. Some 14 percent said they experienced discrimination or were looked down on in the past year for being defectors, down 2.3 percentage points from the previous year and the lowest on record. Some 61.6 percent expressed satisfaction with their social and economic achievements, and 72.2 percent believed they could improve the social and economic status of themselves and their children. Wage gaps, however, still remain, with their average monthly income at 2.61 million won, compared to 3.20 million won for ordinary South Koreans. About 61.3 percent were employed, slightly lower than their compatriots in the South. 2025-12-23 10:38:43