24/7 hotline for transnational crimes available, spy agency says SEOUL, December 16 (AJP) - Victims of transnational crimes such as online scams and phishing schemes, as well as those who encounter or are aware of misinformation threatening national security and public safety, can dial 111 to report them, the National Intelligence Service (NIS) said on Tuesday. They also can text to #0111 or leave messages on the NIS' website around the clock. These crimes involve multiple countries or foreign nationals, including voice phishing, overseas employment fraud, online scams, and international drug-related offenses targeting South Koreans. The spy agency urged citizens to immediately report any such incidents, warning that the recent surge in these crimes "poses a threat to national security." * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-16 17:41:13

South Korea deploys new tactical missiles capable of countering North Korean long-range artillery SEOUL, December 16 (AJP) - South Korea's new tactical surface-to-surface missiles have been deployed and are combat-ready, the Defense Acquisition Program Administration (DAPA) said on Tuesday. The missiles, known as KTSSM, are a crucial part of the country's defense strategy designed to precisely counter North Korean artillery and strike command facilities including underground bunkers in the event of conflict. A ceremony marking the deployment was held at a military command in Wonju, Gangwon Province, with officials from DAPA and the Joint Chiefs of Staff in attendance. Also called "Thunder" or "artillery killer," the homegrown precision-guided missiles are capable of destroying an enemy's long-range artillery positions. DAPA also announced plans to complete the development of an improved version with enhanced range and penetration capabilities by 2027. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-16 17:13:20

Foreign arrivals hit records, but Korea's duty-free shops face deepest slump in a decade SEOUL, December 16 (AJP) - Korea has waived visas for Chinese group tourists, the won is about 4 percent weaker than a year ago, and inbound foreign arrivals are on track to hit a record high in 2025. Yet duty-free sales are shrinking to levels last seen a decade ago. Once the backbone of tourist retail — and a near-mandatory stop for Chinese and Japanese visitors — duty-free shops are shuttering outlets, downsizing operations and renegotiating rents as foot traffic thins. The downturn reflects not a collapse in tourism, but a fundamental shift in who is visiting Korea and how they shop. From January to October, domestic duty-free sales totaled $7.3 billion, down 16.6 percent from a year earlier, according to the Korea Duty Free Shops Association. Even allowing for year-end seasonality, the full-year market is expected to fall to its lowest level since 2015, when sales stood at about $8.1 billion. The slump stands in stark contrast to tourism numbers. Foreign arrivals reached 15.82 million over the same period, up 15 percent year on year. At the current pace, Korea is likely to surpass its pre-pandemic record of 17.5 million visitors set in 2019 and meet the government’s full-year target of 18.5 million. Retailers had hoped the return of Chinese group tours — credited with driving pre-pandemic duty-free sales above $20 billion annually — would provide relief. Chinese tourists are back, but their shopping itineraries have changed. Instead of duty-free counters, visitors are flocking to health-and-beauty chains such as Olive Young, discount retailers like Daiso and fashion platforms including Musinsa. These outlets offer lower prices, faster transactions and products perceived as more closely tied to Korean lifestyle trends. "Visitors are buying more items, but spending less per product," said a Korea Tourism Organization (KTO) official, noting that budget-friendly shopping is crowding out luxury spending. KTO data released Tuesday underscore how sharply consumption patterns have shifted. Compared with 2019, average spending per purchase by foreign visitors fell from 150,000 won ($102) to 120,000 won in 2025. At the same time, average spending per visitor rose 83 percent year on year, while the number of purchases surged 124 percent — pointing to more frequent transactions across a wider range of lower- to mid-priced goods. Foreign card payment data show particularly strong growth in capsule-toy "gacha" shops, where transactions jumped 142 percent from January to September. Spending also rose sharply at stationery stores (up 48.7 percent) and bookstores (up 39.9 percent). Cosmetics, daily necessities, character goods and small lifestyle items are emerging as key growth categories. As profitability deteriorates, even conglomerate-run operators are retreating. Hotel Shilla and Shinsegae Duty Free have both returned their Incheon International Airport concessions early, opting to absorb termination penalties of more than 190 billion won each rather than continue operating at a loss. City-based stores are also scaling back. Lotte Duty Free downsized its flagship store at Seoul's Lotte World Tower, while Hyundai Duty Free closed its Dongdaemun branch and reduced the size of its COEX location. Korea's five major duty-free operators recorded combined losses exceeding 300 billion won last year — a stark reversal for an industry once seen as a bellwether of the country's tourism boom. 2025-12-16 17:05:53

South Korea leads Asian market losses ahead of BOJ, ECB meetings SEOUL, December 16 (AJP) - Asian stock markets closed lower on Tuesday as skepticism over artificial intelligence valuations spread from Wall Street and investors braced for key interest rate decisions from the Bank of Japan (BOJ) and the European Central Bank (ECB). South Korean equities posted the steepest losses in the region. The benchmark KOSPI index tumbled 2.24 percent to 3,999.13, while the tech-heavy KOSDAQ fell 2.42 percent to 916.11. Foreign investors were net sellers of 1.4 trillion won ($95 million) across the two markets. The Korean won strengthened for a second session, ending at 1,475.4 per dollar, up 4.6 won from the previous close. Government bond yields edged lower, with the three-year yield down 0.1 basis point to 2.999 percent and the 10-year yield falling 1.2 basis points to 3.313 percent. Losses were broad-based across large-cap stocks. Samsung Electronics, which had recently drawn buying interest ahead of its year-end dividend, fell 1.91 percent to 102,800 won. Chipmaker SK hynix dropped 4.33 percent to 530,000 won, marking one of its worst weekly performances this year. Shares in Hyundai Motor Group companies also declined. Hyundai Engineering & Construction slid 4.92 percent to 69,500 won following negative news related to business partners. Hyundai Motor fell 2.56 percent to 286,000 won, weighed down by concerns over its autonomous driving competitiveness and the fallout from its affiliate. Secondary battery-related stocks led the selloff after reports that SK On and Ford plan to dissolve their joint venture, BlueOval SK, amid a slowdown in electric vehicle demand. LG Energy Solution plunged 5.54 percent to 418,000 won, while Samsung SDI lost 3.14 percent to 293,500 won. Cathode material maker Posco Future M tumbled 7.49 percent to 210,000 won, and SK Innovation fell 2.75 percent to 109,800 won. Biotechnology stocks provided rare pockets of strength on expectations that earnings may exceed forecasts. Samsung Biologics rose 1.02 percent to 1,790,000 won, while Samsung Episholding added 0.42 percent to 712,000 won. In the KOSDAQ market, battery-related names were again among the biggest laggards, with EcoPro sliding 8.08 percent to 101,300 won. Robot-related stocks also weakened, as Rainbow Robotics fell 3.87 percent to 460,000 won. Biotech firm Aimed Bio gained 2.7 percent to 72,400 won. Elsewhere in Asia, Japan’s Nikkei 225 fell 1.56 percent to 49,383.29. Battery and robotics stocks underperformed, with Panasonic Holdings down 4.67 percent to 2,054 yen ($13.26) and Fanuc sliding 6.04 percent to 5,708 yen. Taiwan’s TAIEX dropped 1.19 percent to 27,536.66. Chip heavyweight TSMC declined 1.03 percent to 1,435 Taiwan dollars ($45.59), while Hon Hai Precision Industry (Foxconn) fell 1.58 percent to 218 Taiwan dollars. MediaTek closed flat, helping limit broader losses. Mainland Chinese shares also ended lower. The Shanghai Composite Index fell 1.11 percent to 3,824.81, with investors wary of a potential unwind in yen carry trades ahead of the BOJ’s policy announcement later this month. The Shenzhen Component dropped 1.51 percent to 12,914.67, while Hong Kong’s Hang Seng Index was down 1.7 percent at 25,195 as of late afternoon. 2025-12-16 17:02:39

First verdict in impeached ex-president's martial law case set for next month SEOUL, December 16 (AJP) - Disgraced former President Yoon Suk-yeol, who faces several charges related to his botched martial law debacle, will receive his first verdict next month. The Seoul Central District Court said on Tuesday it intends to deliver its ruling on January 16 on whether Yoon obstructed the law enforcement by blocking investigators and other officials who attempted to detain him in relation to the debacle. The court cited a law requiring the first ruling to be made within six months of an indictment by independent prosecutors investigating the case. In response to the court's decision, prosecutors who filed the charge against Yoon in mid-July said they would complete their final arguments for the case by next week or by the end of the month at the latest. Yoon's legal representatives immediately raised objections, arguing that the ruling should be postponed until the main trial on charges of insurrection and abuse of power concludes. But the court rejected their request, saying that the decision on the charge could be made independently, regardless of the main trial's verdict. Meanwhile, the insurrection trial is expected to conclude in January, with a verdict likely in February. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-16 16:38:59

Sejong University MBA program targets finance professionals with no-code AI curriculum SEOUL, December 16 (AJP) - Sejong University's Graduate School of Business is recruiting students for its AI Finance MBA program starting in spring 2026, offering a curriculum designed for working professionals to analyze financial big data without coding skills. The program uses prompt engineering and no-code data analysis tools to make financial data accessible to non-specialists, according to Lee Soo-joon, a professor leading the AI Finance MBA track at Sejong University's College of Business. "Sejong University's AI Finance MBA is opening a new path for non-majors to handle financial big data without coding, using prompt engineering and no-code data analysis tools," Lee said. "We provide content optimized for the rapidly changing financial market, from financial investment practices to art-tech and fintech, operating a curriculum differentiated from other universities." The institution's business school ranks fifth in South Korea and between 151st and 175th globally in business and economics, according to Times Higher Education's 2025 world university rankings. Sejong received AACSB accreditation in 2007, becoming the fourth university in South Korea to earn the international business school certification. The program requires attendance twice weekly—weekday evenings and full Saturdays—with classes held five minutes' walk from Seoul Children’s Grand Park station on Seoul Metro Line 7. More than 90 percent of students receive scholarships covering 30 to 50 percent of tuition, with special funding available for financial industry workers. Applicants must hold a bachelor's degree or higher. Applications for the third round of spring 2026 admissions open December 22 and close December 29, with results announced January 19, 2026. Further details are available at https://mba.sejong.ac.kr/mba/index.do 2025-12-16 16:27:05

South Korea eyes independent Mars landing by 2045 SEOUL, December 16 (AJP) - South Korea’s space agency said on Tuesday it plans to pursue a dual-track strategy to achieve a Mars landing by 2045, combining international cooperation in the near term with the long-term goal of deploying a lander developed entirely with domestic technology. Unveiling its Mars exploration roadmap at a press conference in Seoul, the Korea AeroSpace Administration said it would initially collaborate with SpaceX by using the U.S. company’s Starship launch system to test key Mars exploration technologies, while continuing to develop its own launch vehicles for an independent mission in the future. “Mars exploration is progressing rapidly, with private companies playing a leading role,” Kang Kyung-in, head of the agency’s space science exploration division, said. “To land on Mars with our own technology by 2045, we must first verify our capabilities, even if that means using someone else’s car.” Under the short-term plan, South Korea would send payloads aboard Starship to the Martian surface, enabling domestic researchers and companies to test equipment and technologies. Kang noted that favorable launch windows for Mars missions occur roughly every 26 months, leaving only about five opportunities by 2035. Using Starship would provide a cost-effective way to land an exploration module weighing about 500 kilograms on Mars, he said. Over the longer term, the agency aims to conduct Mars exploration solely with South Korean technology, centered on an enhanced version of its next-generation launch vehicle now under development. Kang cautioned, however, that reaching and operating in Mars orbit requires more than launch capability alone. “Deep-space missions demand engines capable of long-duration acceleration with minimal fuel consumption,” he said, outlining plans to develop what he described as a “space delivery truck” that could transport equipment and cargo from Earth orbit to Mars orbit. Another major challenge is mastering entry, descent and landing (EDL) technology. Mars’ thin atmosphere limits the effectiveness of parachutes, requiring complex landing systems that rely on retro rockets and advanced heat-resistant materials, similar to techniques used in lunar landings. “International cooperation can accelerate Mars exploration, but our 2045 strategy is based on our own technology,” he said. “Successfully landing on Mars with domestic capabilities will secure our competitiveness and leadership in the global space industry.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-16 16:21:37

Why Korea's MZs are drifting away from iPhone SEOUL, December 16 (AJP) - The conventional wisdom that iPhone users rarely switch ecosystems is beginning to fray in South Korea, where a small but notable share of Millennials and Gen Z (MZ) consumers are migrating to Samsung’s Galaxy lineup, driven less by price than by everyday usability. Net switching among users in their 20s has reached 11.3 percentage points in favor of Galaxy, according to Counterpoint Research, challenging Apple’s long-held grip on young Korean consumers. Analysts say the shift reflects practical considerations—from mobile payments and call recording to foldable form factors—that Apple has been slow to deliver in a market known for tech-savvy users. While iPhones still dominate among Koreans in their 20s, holding a 63 percent share compared with 35 percent for Galaxy, brand loyalty appears to be weakening. Only 52 percent of young iPhone users plan to stick with Apple for their next device, according to a survey of 3,045 respondents conducted by recruitment platform Catch. Another 40 percent said they intend to switch to Galaxy, a shift that could upend the balance if intentions translate into purchases. “I used to think iPhones made people look more artistic and stylish,” said Kim Arin, a Seoul-based professional in her 30s who recently switched to Galaxy. “But at some point, practicality started to matter more.” The transition becomes more pronounced as users enter the workforce. iPhone penetration among those aged 20–24 stood at 74 percent in mid-2023, compared with 55 percent among those aged 25–29, according to Gallup Korea. Galaxy’s share climbed to 44 percent in the older cohort, suggesting that daily usability increasingly outweighs brand identity once professional routines set in. Among iPhone users considering a switch, the most frequently cited reason was the convenience of Samsung Pay and its deep integration with Korea’s domestic payment infrastructure. Other factors included missing features such as call recording, flexible file transfers, and foldable displays, while price ranked lower. Emotional appeal placed near the bottom. “In South Korea, Apple Pay’s real-world acceptance remains limited compared with Samsung Pay,” said Lee Soo-joon, a professor at Sejong University’s College of Business. “Domestic issuer support initially centered on Hyundai Card, and the broader rollout is still incomplete.” The divide extends beyond payments. Lee noted that Samsung offers AI-powered photo editing and other advanced features without requiring paid subscriptions, while Apple continues to gate many functions behind additional fees. “In terms of AI, Apple is clearly behind,” Lee said. “If Apple wants to narrow this gap, strengthening AI capabilities is no longer optional—it’s essential.” Samsung’s foldable lineup is also reshaping competition at the premium end of the market. Industry data show that nearly half of Galaxy users in their 20s now opt for the Z series, led by the Z Flip, indicating that switching is occurring within high-end devices rather than toward budget models. “With foldable and tri-fold designs, Samsung is expanding screen real estate into territory that overlaps with tablets,” Lee said. “Apple’s new models lack that kind of scalability.” Offline retail trends reinforce the shift. An employee at a Casetify store in Seoul said demand for Galaxy foldable cases surged following the launch of the Flip 7 and Fold 7. “When those models came out, cases sold out for a while,” the employee said. “We didn’t see that with earlier versions, but now more customers in their 20s and 30s are clearly moving from iPhones to Galaxy.” Broader usage data underscore the tilt toward utility-driven choices. About 70 percent of Koreans aged 20–29 use Samsung Pay, the highest rate among all age groups, according to Gallup. Bank of Korea data show that more than 80 percent of early-career workers rely primarily on mobile payments, leaving little tolerance for ecosystems that still depend on physical cards. Apple retains a numerical lead among young users, and the shift does not signal an abrupt collapse. But the convergence of net-switching data, purchase intentions and premium-device adoption suggests that loyalty among Korean younger consumers is becoming conditional. Lee framed the trend as part of a broader reassessment of Apple’s post–Steve Jobs trajectory. “In Korea, there’s a growing perception that Apple has become more design-focused than function-driven,” he said. “iPhones still excel at design and security, but in a market where practical infrastructure matters, that’s no longer enough.” For now, the message from young Korean consumers is clear: smartphone choices are increasingly decided by daily usability, not brand mythology—and the balance is shifting. 2025-12-16 16:17:09

Incheon airport chief pushes back on president's call for cash-smuggling probe SEOUL, December 16 (AJP) - The head of South Korea’s Incheon International Airport Corporation said on Tuesday that a full investigation into allegations of cash smuggling using books would be virtually impossible, pushing back against an order issued by President Lee Jae Myung. Lee Hak-jae, chief executive of the airport operator, told a press conference in Incheon that searching for $100 bills concealed inside books would be unworkable in practice. “Conducting a full search for banknotes hidden in books is not feasible,” said Lee, a former three-term lawmaker of the opposition People Power Party. “It would disrupt airport operations and cause significant inconvenience to passengers.” President Lee had earlier raised concerns during a briefing by the Ministry of Land, Infrastructure and Transport about the possibility of smuggling large sums of money by hiding $100 bills in books. After Lee Hak-jae failed to give clear answers, the president publicly criticized him and instructed authorities to conduct a comprehensive investigation. Asked about alternative measures, Lee said the airport would strengthen existing security checks in response to public concern. “We will enhance current screening procedures in light of the president’s remarks and public interest,” he said, adding that the airport was open to proposals from customs authorities to improve detection methods. Lee also rejected calls for him to step down, saying his position was protected by a fixed term. “I have not considered resigning,” he said, adding that he had not received any direct communication from the presidential office regarding his status. Separately, Incheon International Airport outlined plans to ease congestion through airline relocations and expanded terminal operations. Low-cost carriers Air Busan and Air Seoul began operating from Terminal 2 in the third quarter, while Asiana Airlines is scheduled to move there on Jan. 14. The shift is expected to reduce congestion at Terminal 1, which currently handles about 66 percent of passengers, lowering the share to around 49 percent. Terminal 2 will see expanded capacity, including the addition of 119 security staff, an increase in parking spaces from 19,553 to 25,540, and an expansion of boarding gates from 47 to 63. The airport forecasts 73.52 million international passengers this year, with total passenger traffic reaching 74.04 million. Passenger numbers are projected to rise 2.1 percent next year to 75.07 million. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-16 15:51:24

Another turbulent year looms for Korea's petrochemical industry in 2026 Editor's Note: AJP is running a series on the 2026 outlook for South Korea's key industries, based on forecasts compiled by the Korea Chamber of Commerce and Industry (KCCI). The first installment examines petrochemicals. SEOUL, December 16 (AJP) - South Korea's battered petrochemical industry, already deep into streamlining and restructuring, is bracing for another difficult year in 2026, with conditions expected to remain cloudy and rain-soaked, according to an industrial "weather forecast" released by the Korea Chamber of Commerce and Industry (KCCI). Exports are projected to fall a further 6.1 percent next year, following an estimated 11.2 percent drop in 2025, as global oversupply continues to weigh heavily on prices and margins. Domestic output is expected to edge up just 0.9 percent to 20.67 million tons, reflecting capacity rationalization after an estimated 3.7 percent contraction this year. The global glut shows little sign of easing. China's share of global ethylene capacity has surged from 21 percent in 2022 to an estimated 25.2 percent this year, while worldwide oversupply is projected to widen to 49 million tons in 2025, up from 44.9 million tons last year. Restructuring has been most acute at the Yeosu petrochemical complex in South Jeolla Province, which accounts for roughly half of South Korea's total petrochemical capacity and produces 6.41 million tons of ethylene annually. During a visit last month, Trade, Industry and Energy Minister Kim Jung-kwan warned that companies failing to meet a December deadline for output cuts would be excluded from government relief measures. Under a government-mediated "voluntary pact" reached in August, three major petrochemical hubs agreed to roll back naphtha cracking output by up to 25 percent of total capacity. At the Daesan complex in South Chungcheong Province, Lotte Chemical and HD Hyundai Chemical have already submitted plans to scale down their naphtha cracking centers, while Ulsan-based producers SK Geo Centric and Korea Petrochemical are exploring partnership options. Progress elsewhere has intensified pressure on Yeosu-based producers to follow suit. Yeocheon NCC, the country's third-largest ethylene producer, reached a breakthrough this month after its joint owners Hanwha Solutions and DL Chemical reportedly agreed to finalize feedstock supply contracts that had been stalled for nearly a year over pricing disputes. The agreement clears the way for Yeocheon NCC to permanently shut down its No. 3 plant, which has been idle since August, eliminating 470,000 tons of annual capacity. The two shareholders have also agreed to convert a combined 300 billion won ($220 million) in loans into equity. Tensions, however, remain unresolved. DL Chemical said Monday that it had proposed shutting down Yeocheon NCC's larger No. 1 plant, which has capacity of 900,000 tons, a move Hanwha Solutions said had not been agreed upon. Industry sources interpret the proposal as DL's attempt to minimize its losses, noting that Hanwha consumes roughly 1.4 million tons of ethylene annually—nearly twice DL's usage of 735,000 tons. DL Chemical argued in a statement that closing either the No. 1 or No. 2 plant was the only viable option to stem ongoing losses. China's relentless capacity expansion has continued to erode margins across the naphtha-based value chain. Ethylene prices have fallen to about $740 per ton this month, down 17 percent from the start of the year, while propylene prices have dropped 15 percent to around $880 per ton. Analysts expect the oversupply to persist at least through 2027. Domestic demand has offered little relief. Output of vehicles for the domestic market fell 2.7 percent in 2024 to 4.13 million units, while construction activity has contracted by double digits for most of 2025. Rising imports of plastic and textile products have further squeezed demand for locally produced petrochemicals. "Under a conservative scenario involving SK Geo Centric in Ulsan, Yeocheon NCC's No. 1 plant in Yeosu and Lotte Chemical in Daesan, the industry could shed around 2.7 million tons, or 21 percent of domestic capacity," said Jeon Yu-jin, an analyst at iM Securities. "A more aggressive scenario that includes LG Chem's No. 1 plant would push cuts to about 3.9 million tons, or 30 percent." In its report, KCCI urged the government to elevate eco-friendly petrochemical technologies from a "new growth engine" to a "national strategic technology," a move that would lift tax credits by more than 10 percentage points. The group said stronger incentives could accelerate the industry's shift toward bioplastics, chemical recycling and electric-heated naphtha cracking. "China's manufacturing competitiveness is rising by the day, putting every producer on edge," said Lee Jong-myung, head of KCCI's industrial innovation division. "Companies must continue experimenting aggressively, including with AI, while the government needs to deliver bold regulatory reforms and incentive frameworks to support the transition." 2025-12-16 15:46:16