Coupang interim head repeats apology at hearing, founder and key C-suite stay away SEOUL, December 17 (AJP) -Coupang Corp.’s interim chief executive officer Harold Rogers apologized Wednesday for a massive data breach affecting more than 33 million South Korean customers, while telling lawmakers that the incident did not trigger mandatory disclosure requirements under U.S. privacy and securities regulations. "I am deeply sorry for the concern that we have created for the Korean people,” Rogers said at a National Assembly hearing, pledging full cooperation with regulators and lawmakers. “We take this matter very seriously, and are working diligently to respond to your questions, the concerns of our regulators and those of our customers.” Rogers said the breach did not require reporting under U.S. law, explaining that under U.S. Securities and Exchange Commission (SEC) rules the incident was not deemed material enough to mandate disclosure. He added, however, that Coupang chose to disclose the incident due to public interest considerations. The hearing followed Coupang’s late-November disclosure that personal data of more than 33 million customers had been compromised in a breach believed to have begun on June 24 through overseas servers. The company said it became aware of the incident on Nov. 18. Rogers also addressed concerns over insider threats, noting that cybersecurity risks linked to internal access are challenges faced by many global companies, and said Coupang is working to strengthen safeguards. Rogers, formerly Coupang’s chief administrative officer, was appointed interim head of Coupang’s South Korea unit after former CEO Park Dae-jun resigned earlier this month, taking responsibility for the incident. On Dec. 10, Park said he was stepping down from all positions, citing “a strong sense of responsibility” for both the breach and the company’s handling of the matter. Rogers is regarded as a close confidant of Coupang founder and chairman Bom Kim. A Harvard Law School graduate specializing in compliance and risk management, Rogers played a key role in ensuring Coupang met SEC disclosure requirements during its 2021 New York Stock Exchange listing. This marks the first time since Coupang’s founding that an executive from its U.S. headquarters has been appointed CEO of the Korean subsidiary. Chairman Kim did not attend the hearing, citing overseas business commitments as CEO of the global company. His absence prompted sharp criticism from lawmakers. Rep. Choi Hyung-du of the ruling People Power Party said Kim’s failure to appear “mocks the public and delivers despair to global investors,” adding that even the heads of larger global firms such as Meta and Amazon have appeared before congressional hearings. Lawmakers said they are preparing to file a complaint against Kim for allegedly violating a law that compels witnesses to attend parliamentary hearings, which carries penalties including fines or imprisonment for refusal to testify. Opposition and minor-party lawmakers also took issue with Rogers’ responses. Reform Party lawmaker Lee Jun-seok criticized what he described as formulaic answers, noting that when asked why Kim did not attend, Rogers replied, “Happy to be here,” before reiterating his apology and willingness to answer questions as Coupang Korea’s representative. Rep. Choi Hyung-du criticized what he called an attempt to “avoid responsibility” by presenting a foreign executive despite the chairman’s ability to explain matters in Korean. As questioning continued, delays caused by cross-interpretation and repeated formal responses led some lawmakers to complain that interrogating foreign witnesses was inefficient. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-17 13:34:05

Asian markets mixed as investors weigh U.S. jobs data, await ECB and BOJ decisions SEOUL, December 17 (AJP) - Asian equity markets traded mixed in early Tuesday session, digesting overnight U.S. employment data while bracing for imminent rate decisions in Europe and Japan. In the United States, nonfarm payrolls rose more than expected, but the unemployment rate also came in higher than forecasts, adding uncertainty over the strength and trajectory of the U.S. economy. Investors are now focused on the European Central Bank’s policy decision on Thursday and the Bank of Japan’s meeting on Friday, where a rate hike is widely anticipated. South Korea’s currency remained fragile, with the won weakening 3 won to 1,477.6 per dollar as of 11 a.m. The KOSPI rebounded 0.65 percent to 4,025 as of 11 a.m., staging a technical recovery after plunging more than 2 percent in the previous session. Retail investors led the rebound with net purchases of 143.5 billion won ($97.2 million), joined by institutions buying 104.2 billion won. Foreign investors, however, continued to sell, unloading 253 billion won worth of shares. Samsung Electronics rose 2.14 percent to 105,000 won, while SK hynix gained 1.5 percent to 538,000 won. The market’s two largest stocks benefited from a technical rebound in AI-related semiconductor shares on Wall Street, including Broadcom. Investor attention is also building ahead of Micron Technology’s earnings release after the Nasdaq close on Tuesday. Micron is the world’s third-largest DRAM producer. Vehicle software-related stocks remained under pressure. Hyundai AutoEver slid 3.9 percent to 270,000 won following reports of Tesla’s progress in Robotaxi development. Hyundai Motor lagged the broader market rebound, rising just 0.2 percent to 286,000 won. Nuclear energy stocks showed mixed performance despite news of a 5.6 trillion won contract to supply a nuclear steam supply system for the Dukovany nuclear power plant in the Czech Republic. Korea Electric Power Corp., the project’s lead contractor, jumped 3.2 percent to 52,000 won. In contrast, equipment supplier Doosan Enerbility fell 2.2 percent to 75,600 won after being designated an “investment warning stock.” The tech-heavy KOSDAQ traded nearly flat, edging up 0.2 percent to 918. Despite a steady stream of new IPOs, their impact on lifting the overall index has remained limited. Nara Space Technology, a satellite manufacturer and data solutions provider, surged 164 percent from its IPO price of 16,500 won to 43,300 won on its debut. The sharp rise reflects growing investor interest in the private space industry. In Japan, the Nikkei 225 was little changed at 49,400. Semiconductor-related stocks tracked gains in U.S. peers, with Advantest rising 1.7 percent to 19,500 yen ($126.1) and Ibiden up 1.8 percent to 11,600 yen. Export-oriented stocks were largely subdued ahead of the BOJ’s expected rate hike. Toyota was flat at 3,330 yen, while Honda slipped 0.75 percent to 1,573 yen. Taiwan’s TAIEX climbed 0.56 percent to 27,691.5. TSMC rose 0.35 percent to 1,440 Taiwan dollars ($45.7), while MediaTek advanced 1.75 percent to 1,445. MediaTek has extended its rally this week on rising smartphone sales in China and positive benchmark reviews of its latest chipset. Chinese markets remained cautious. Indices tied to traditional industries hovered near previous closing levels, with the Shanghai Composite at 3,823 and Hong Kong’s Hang Seng at 25,245. The tech-heavy Shenzhen Component outperformed, rising 0.4 percent to 12,968. 2025-12-17 11:23:45

Health supplements, wellness foods emerging as growth driver in food industry: report SEOUL, December 17 (AJP) - South Korea’s wellness food market is expanding rapidly, with rising competition as more companies enter segments ranging from health supplements to protein foods and low-calorie products, KPMG Samjong Accounting Corp. said in a report, Wednesday. In the report titled “Wellness Food Trends and Business Opportunities,” KPMG Samjong said the market is broadly divided into health supplements, protein foods and so-called “low-spec” foods, which are formulated to reduce calories, sugar, sodium or alcohol content. Health supplement exports rose about 45 percent between 2020 and 2024, the report said, driven by strong demand from China, Southeast Asia, the United States and Europe. Manufacturers are increasingly focusing on developing “individually recognized ingredients,” which grant up to six years of market exclusivity under South Korean regulations, offering higher margins and stronger growth prospects. Sales channels for health supplements are also diversifying, expanding beyond online platforms and pharmacies to health and beauty stores, discount retailers and convenience stores, improving accessibility for consumers. KPMG Samjong said demand for personalized health supplements is expected to grow further, supported by regulatory changes and the adoption of AI-based subscription services that provide tailored nutrition solutions. The protein food market, once dominated by products aimed at athletes, is broadening to target general consumers. Companies are introducing offerings tailored to lifestyle, age group and specific health goals, capitalizing on trends such as “healthy pleasure” and “slow aging.” Convenient formats, including ready-to-drink protein beverages, are gaining popularity as meal replacements and snacks, the report said. Low-spec foods are also gaining traction among health-conscious consumers. The alternative sweetener market is expanding rapidly, led by allulose, while low-sugar products are becoming the “new normal” across categories, ranging from zero-calorie soft drinks to desserts and sauces. 2025-12-17 10:57:50

North Korean leader visits father's mausoleum SEOUL, December 17 (AJP) - North Korean leader Kim Jong-un visited his father's mausoleum in Pyongyang on Wednesday, state media reported. According to the state-run by opening up a new glorious history of comprehensive national rejuvenation," it added. Kim has visited the mausoleum every year, except in 2022. 2025-12-17 10:54:51

OPINION: Hyundai Motor and Chung Euisun at the autonomous crossroads The crisis Hyundai Motor faces in autonomous driving is not, at its core, a technological one. Nor is it a matter of insufficient capital or a shortage of talent. The problem is simpler—and more troubling: decisive leadership is being smothered by institutional hesitation. Hyundai’s real competitors today are no longer other carmakers. They are Tesla, Google’s Waymo and Apple—companies that do not merely manufacture vehicles but accumulate data, write software and continuously evolve. They have redefined the automobile not as a machine, but as a moving platform. The moment a company misunderstands that shift, the contest is already over. Masayoshi Son, the founder of SoftBank, once described the most dangerous posture in corporate management as “talking about ten years from now while refusing to move today.” Son always thought in 30-year horizons. And once he could see the future, he did not negotiate with organizational doubt or internal compromise. What mattered more than a perfect plan was recognizing the wave—and knowing that if you didn’t get on it immediately, it would pass you by. Elon Musk’s approach is no different. Tesla’s autonomous driving system is still far from complete. Yet Musk never allowed imperfection to become an excuse for paralysis. He chose to deploy, to gather real-world data, to convert failure into learning—and, in doing so, to widen the gap with rivals. For him, perfection was not a prerequisite for departure; it was the product of accumulation. Steve Jobs, too, was no apostle of consensus. Apple’s defining decisions were made amid fierce internal resistance. Committees did not provide direction, and collective agreement did not produce innovation. Jobs chose imposition over compromise, and that choice transformed Apple from a follower into a rule-maker. These leaders shared one defining trait: they listened to advice, but they did not outsource decisions. Inside Hyundai today, the dominant vocabulary is different: “risk management,” “brand protection,” “safety first.” None of these concepts are wrong. But in the current phase of the autonomous-driving race, they have become rationalizations for delay. Autonomous driving is not a competition over polish or completeness. It is a race measured in data volume, real-world driving hours and who captures the platform first. Fall even a step behind, and the gap cannot be closed by engineering excellence alone. Yet many senior executives at Hyundai continue to treat autonomous driving as a future research-and-development project. This is not prudence. It is closer to a quiet abdication of responsibility. Korean corporate history offers a clear lesson. Samsung’s leap in smartphones did not begin with executive consensus, but with Lee Kun-hee’s uncompromising decision-making and relentless speed. LG Electronics’ failure, by contrast, began with the collective caution of “let’s wait and see.” Today, Hyundai resembles the latter more than the former. What Chairman Chung Euisun needs now is not persuasion but proclamation; not coordination but decision; not consensus but accountable resolve. The autonomous-driving organization must be structurally separated from the logic of existing business units. Partnerships with external technologies should be pursued without hesitation. Failure should be tolerated; delay should not. If “safety” is invoked, then speed must be demanded in equal measure. Most of all, Chung must beware the comfort of agreeable advisers. Those most deeply embedded in organizational inertia are often the first to say, “This is for the chairman’s own good.” The decline of large corporations has often begun quietly, wrapped in precisely such assurances. Tesla will not wait for Hyundai. Google does not calibrate its ambitions to Korean-style decision-making timelines. Apple has never shown respect for the logic of incumbent industries. This is not a battle of technology. It is a contest of speed, resolve and the lonely burden of leadership. In the age of autonomous driving, the survivors will not be the best-prepared companies—but the ones that move first. And the responsibility for making that move, here and now, rests squarely on Chairman Chung’s shoulders. *The author is the President of Global Economic and Financial Research Institute (GEFRI) 2025-12-17 10:47:14

Canola flowers in full bloom in Jeju SEOUL, December 17 (AJP) - While the mainland is a world of snow and ice with freezing temperatures, a park in Seogwipo, Jeju Island, is blanketed in yellow with canola flowers in full bloom. 2025-12-17 10:34:29

South Korea's LS Eco Energy to expand rare earth metals business in Vietnam SEOUL, December 17 (AJP) - LS Eco Energy said on Wednesday its board has approved an investment plan to expand its rare earth metals business in Vietnam, as the South Korean firm seeks long-term growth in strategic materials. The investment, valued at about 28.5 billion won ($21 million), will be funded in part through the sale of treasury shares. LS Eco Energy plans to raise approximately 10.7 billion won by selling 297,303 treasury shares to its largest shareholder, LS Cable & System, the company said. The move is aimed at building an integrated value chain spanning raw materials, rare earth oxides, and refined metals. Under the plan, rare earth oxides supplied by global mining companies will be processed into metals at LS Eco Energy’s facilities in Vietnam, with downstream applications including permanent magnets produced through LS Cable & System’s overseas operations. LS Eco Energy said it will install rare earth metal production facilities at its plant in Ho Chi Minh City, enabling the refinement of oxides into metals. The company is currently in talks with several global mining firms on raw material supply and potential joint ventures. Final investment may change depending on equity participation and project progress. Rare earth metals are a key input for permanent magnets used in electric vehicle motors, wind turbines, and robotics. The metallization process is technically complex and is currently commercialized primarily in China, Japan, and the United States. “This investment marks a shift from planning to actual production in the rare earth sector,” Chief Executive Lee Sang-ho said in a press release. “We aim to expand beyond our cable-centered business and position ourselves in strategic materials.” 2025-12-17 10:27:43

South Korea 'considers separate agreement with US for nuclear submarines' SEOUL, December 17 (AJP) - South Korea is considering a separate agreement with the U.S. for the construction of nuclear submarines, National Security Adviser Wi Sung-lak said on Tuesday. Upon arriving at Dulles International Airport near Washington, D.C., Wi said that such an agreement would be needed, separately from the comprehensive joint fact sheet signed between the two countries last month, which outlines agreements on bilateral trade and security. Wi then added that he is looking into the case of Australia, which was granted an exception for the use of atomic energy through a separate agreement. In late October when U.S. President Donald Trump visited the southeastern city of Gyeongju, Seoul and Washington reached a broader agreement that included a U.S. commitment to support the construction of nuclear submarines using U.S.-supplied fuel, along with the reprocessing of spent nuclear fuel and uranium enrichment. However, to proceed with the construction of nuclear submarines, revisions would be needed to the current bilateral nuclear energy pact, first signed in 1974, which prohibits South Korea from reprocessing spent nuclear fuel and enriching uranium for power generation. During his stay in Washington, D.C., until Thursday, Wi is scheduled to meet with Secretary of State Marco Rubio and Energy Secretary Chris Wright for follow-up talks to implement agreements outlined in the joint fact sheet and related discussions. 2025-12-17 10:19:32

INTERVIEW: Korea's weak won reflects structural dollar imbalance, not crisis conditions South Korea’s won has weakened past 1,470 per dollar, a level that evokes memories of past currency crises. But strong external fundamentals suggest the current situation differs sharply from previous episodes of financial turmoil, according to Jeon Kwang-woo, chairman of the World Economic Research Institute and a former head of the Financial Services Commission (FSC) and the National Pension Service (NPS). Despite record current account surpluses and a stock market rally that has pushed the KOSPI above 4,000 points, the won has remained under pressure for months. Foreign exchange authorities have stepped in through verbal intervention and coordination with the NPS on currency hedging, but the exchange rate has shown little sustained improvement. “The won's weakness is unlikely to reverse quickly,” Jeon said in an interview, attributing the situation primarily to a structural imbalance in dollar supply and demand rather than financial instability. Jeon said demand for dollars has surged as individuals, corporations, and institutional investors increase overseas investments, particularly in the United States following bilateral economic agreements. Bank of Korea data underscore the imbalance. In October, South Korea recorded a current account surplus of $6.81 billion, while overseas investment by South Koreans jumped $17.27 billion — more than two-and-a-half times the surplus. In contrast, foreign investment inflows into South Korea totaled $5.2 billion, less than one-third of the outflow. As a result, the won has weakened steadily for seven months, rising 7.6 percent against the dollar since June to reach around 1,470 in December. Jeon stressed that the current environment bears little resemblance to the 1997 Asian financial crisis or the 2008 global financial crisis. “Back then, instability was systemic,” he said. “Today, the pressure is concentrated in the foreign exchange market. Without resolving the underlying supply-demand structure, policy measures alone cannot change the trend.” Authorities recently extended a $65 billion currency swap arrangement with the National Pension Service as part of stabilization efforts. Still, the won opened at 1,469 per dollar and later weakened to as much as 1,477, highlighting the limits of intervention. While acknowledging the government’s efforts, Jeon said policymakers have limited control over the growing scale of overseas investment, which continues to fuel dollar demand. A “four-party consultative body” comprising the Ministry of Economy and Finance, the Ministry of Health and Welfare, the National Pension Service, and the Bank of Korea has been discussing measures to stabilize the exchange rate. The central bank has suggested strengthening the domestic stock market and encouraging pension funds to allocate more assets at home to curb capital outflows. Jeon, who was the longest-serving chairman in NPS history, strongly criticized efforts to enlist the pension fund as a policy tool. “The National Pension is the people’s asset,” he said. “It should not be mobilized for political or short-term policy objectives.” He argued that while exchange rate stability and a buoyant stock market are legitimate government goals, the overriding mandate of the pension fund must remain maximizing long-term returns for beneficiaries — citing Canada’s pension system as a model of institutional independence. Jeon did not entirely rule out a limited role for the NPS, noting that given the size and strong performance of its overseas portfolio, some dollar inflows could occur naturally as profits are realized. However, he emphasized that any such moves must be based on autonomous investment decisions, not government pressure. For longer-term solutions, Jeon called for structural reforms to raise South Korea’s potential growth rate. In the short term, he suggested temporary tax incentives, expanded currency swap lines by the Bank of Korea, and independently issued foreign-currency bonds by the NPS. He cautioned that short-term measures carry inherent risks. “Every quick fix has two sides,” Jeon said. “If policymakers move too fast, they risk unsettling the market. Preserving trust is ultimately the most important factor.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-17 08:46:39

"No Other Choice" , "Golden" enter Oscar shortlists for 98th Academy awards SEOUL, December 17 (AJP) -South Korea has secured two high-profile spots on the Academy Awards shortlists, with “No Other Choice” advancing in the International Feature Film category and “Golden,” from animated feature K-Pop Demon Hunters, shortlisted for Best Original Song, according to the Academy of Motion Picture Arts and Sciences. No Other Choice — a darkly comic thriller that examines moral compromise and social pressure through an ordinary man pushed to extremes — is among 15 non-English films shortlisted from submissions by 86 countries and regions, marking Korea’s sole entry in the international feature race at this stage. The shortlist features a geographically diverse lineup, including Argentina’s Belén, Brazil’s The Secret Agent, France’s It Was Just an Accident, Germany’s Sound of Falling, India’s Homebound, Iraq’s The President’s Cake, Japan’s Kokuho, Jordan’s All That’s Left of You, Norway’s Sentimental Value, Palestine’s Palestine 36, Spain’s Sirât, Switzerland’s Late Shift, Taiwan’s Left-Handed Girl and Tunisia’s The Voice of Hind Rajab. In the Original Song category, “Golden” advanced as one of 15 shortlisted tracks, selected from 65 eligible submissions. Featured in K-Pop Demon Hunters, the song blends K-pop production with an animated action narrative and has gained strong global traction. It has also earned a Grammy nomination, underscoring its crossover appeal beyond film and into the global music industry. Earlier, No Other Choice earned three Golden Globe nominations, including Best Motion Picture – Musical or Comedy, Best Non-English Language Film and Best Actor for Lee Byung-hun. K-Pop Demon Hunters was also nominated at the Golden Globes for Best Animated Feature, Best Original Song and Box Office Achievement. At the Critics Choice Awards, No Other Choice received nominations for Best Adapted Screenplay and Best Foreign Language Film, while K-Pop Demon Hunters was shortlisted for Best Animated Feature and Best Original Song for “Golden.” Academy members will vote on nominations from Jan. 12 to Jan. 16, 2026, with the final list of nominees to be announced on Jan. 22. The 98th Academy Awards ceremony will take place on March 15, 2026, at the Dolby Theatre in Hollywood and will be broadcast live on ABC. While only five nominees will ultimately be selected in most categories, placement on the shortlist marks a critical milestone — keeping Korean cinema and pop culture firmly in the global awards conversation as the Oscars race enters its decisive phase. 2025-12-17 08:04:21