NH NongHyup Bank Launches AI Service to Automatically Request Loan Rate Cuts NH NongHyup Bank said it has launched and is operating an artificial intelligence-based service that automatically applies for loan rate reductions on behalf of customers, allowing financial consumers to exercise their right to request a lower rate without a separate application process. The bank said its "AI Loan Rate Care" service uses AI to submit requests to cut interest rates for customers who hold loans. The right to request a rate cut allows borrowers to ask for a lower loan rate when their credit conditions improve, such as through higher income or better creditworthiness. The system has been criticized for low usage because many consumers are unaware of it and the application process can be cumbersome. In December last year, the Financial Services Commission designated a MyData-based proxy service for rate-cut requests as an "innovative financial service" as part of efforts to expand inclusive finance. MyData is a system that lets individuals transmit their personal data to a destination of their choice and manage and use it based on their own decisions. NongHyup Bank said the core of its service is that AI analyzes customers' asset and debt information using MyData and, when conditions for a rate cut are met, exercises the right on the customer's behalf. NH MyData users can access the service after giving one-time consent for proxy applications through NH All One Bank or NH Smart Banking. After that, if the AI determines there is a possibility of a rate cut, it automatically submits rate-cut requests for loan accounts at each financial institution without any additional application, the bank said. * This article has been translated by AI. 2026-03-18 18:03:47

Hyundai Motor Group Chairman Chung Euisun’s 2025 Pay Totaled 17.46 Billion Won, Up 51.6% Hyundai Motor Group Chairman Chung Euisun received total compensation of 17.461 billion won last year, the company disclosed.  According to Hyundai Motor’s annual business report filed on Tuesday, Chung received 9.001 billion won from Hyundai Motor, including 4.5 billion won in salary and 4.501 billion won in bonuses and other income. That was up 1.914 billion won, or 27.0%, from 7.087 billion won a year earlier. Chung also received 5.4 billion won from affiliate Kia and 3.06 billion won from Hyundai Mobis. It was the first time he received compensation from Kia, the filing said. With Kia’s pay included, Chung’s total rose 5.943 billion won, or 51.6%, from 11.518 billion won the previous year. Hyundai Motor said the compensation reflected its executive pay table and factors including duties and rank, tenure, leadership, expertise and contribution to the company. Hyundai Motor Vice Chairman Jang Jaehoon received 5.416 billion won in total compensation last year, up 59.3% from the year before. Jose Munoz, who has served as Hyundai Motor’s first foreign CEO since last year, received 9.729 billion won, up 242.7% from 2.839 billion won in 2024. Based on Hyundai Motor compensation alone, Munoz received more than Chung.  2026-03-18 17:57:30

Korea Zinc Expands Ultra-Pure Sulfuric Acid Output for Semiconductors, Eyes U.S. Hub Korea Zinc said March 18 it is producing ultra-high-purity, semiconductor-grade sulfuric acid by refining sulfur dioxide (SO₂) generated in its zinc and lead smelting process, and plans to expand annual capacity to 320,000 tons starting in the second half of this year. The company also said it will build a production line in the United States. After Chairman Choi Yun-beom took office, the company has pursued efficiency improvements and investment to expand production lines. It now operates 19 lines at its Onsan smelter with annual sulfuric acid capacity of 280,000 tons. Korea Zinc said it has been expanding since late 2024 and plans further additions to raise annual capacity to 500,000 tons. “As the largest supplier of semiconductor sulfuric acid in Korea, we are supporting the semiconductor industry,” the company said. It added that after building an integrated smelter in the United States in 2029, it plans to help stabilize supplies for Korean chipmakers operating there and strengthen its role as a global supply hub. Korea Zinc also pointed to growing concerns about sulfuric acid supply amid the impact of the U.S.-Iran war. It said its semiconductor-grade sulfuric acid is produced through an integrated smelting process rather than oil refining, allowing it to supply the product more steadily outside the effects of the war and potential disruptions such as a closure of the Strait of Hormuz. Semiconductor-grade sulfuric acid is a key material used in wafer cleaning to remove impurities. The company said this step accounts for one-third of the overall cleaning process. As circuits become more miniaturized, it said, impurity tolerances have tightened and the need for stable purity and quality has increased because wafer contamination directly affects yield and reliability. Korea Zinc said it covers more than about 60% of domestic demand for semiconductor-grade sulfuric acid and supplies about 95% of its output to major chipmakers in South Korea. It also supplies global semiconductor manufacturers in Japan and Singapore. The company said it plans to build a semiconductor-grade sulfuric acid production line at its U.S. integrated smelter, reviewing annual capacity of about 100,000 tons. It plans to start production with the smelter’s trial operation in 2029, aiming to supply production bases of global semiconductor companies in the United States. A Korea Zinc official said demand is expected to keep rising as competition in AI intensifies and fabs expand globally. The official said the company will use its accumulated ultra-high-purity sulfuric acid technology to support supply-chain stability while expanding those capabilities into global markets and strengthening its position in semiconductor materials supply chains.* This article has been translated by AI. 2026-03-18 17:56:09

BTS Live D-3: Stage is shaping up fast SEOUL, March 18 (AJP) - The mega stage for BTS comeback show at Gwanghwamun Square is quickly taking shape, even under rain on Wednesday. Roads around Gwanghwamun will be closed on the day of the performance, and access to nearby subway stations will also be limited. Boarding and alighting will be suspended at City Hall Station on Lines 1 and 2, Gyeongbokgung Station on Line 3, and Gwanghwamun Station on Line 5. Major cultural facilities near Gwanghwamun, including Gyeongbokgung Palace and the National Palace Museum of Korea, will be temporarily closed. Meanwhile, about 20 major landmarks across Seoul are set to be illuminated in purple to mark the performance. 2026-03-18 17:55:21

CDMO Market Heats Up as Drugmakers Compete on Development Know-How, Not Just Capacity Contract development and manufacturing organizations, or CDMOs, are expanding rapidly beyond contract manufacturing into research and development, but industry officials say adding facilities alone is unlikely to secure an edge. They note that competition for orders is shifting from simple production pricing to development capabilities, and that as the market grows, specialization is increasingly determining winners and losers. Industry officials said March 18 that CDMOs provide a high-barrier service model, handling biopharmaceutical R&D, clinical production and commercial manufacturing for clients that lack sufficient production capacity. The business requires advanced process technology, skilled workers and the ability to meet strict regulatory requirements. Lee Seung-gyu, vice chairman of the Korea Bio Association, said companies must realistically assess whether they can endure the early years after building a CDMO plant. “After building a CDMO factory, you have to keep it going for three to five years,” Lee said. “CMO is about manufacturing capability, but CDMO also requires development capability. You need a clear strategy on what area to focus on.” The sector also tends to generate follow-on deals once a relationship is established, prompting analysis that CDMOs must move beyond simple outsourced production and become strategic partners across the full drug development process to survive. Jeong Yun-taek, head of the Korea Pharmaceutical Industry Strategy Institute, urged companies to strengthen expertise in specific high value-added technologies rather than broad, general-purpose offerings. He said the ability to provide end-to-end services — from process development and analytical method development to clinical and commercial production — will be a key differentiator. Traditional drugmakers are also entering CDMO businesses by leaning on their strengths. Boryung, citing production and quality capabilities built in oncology drugs, signed a CDMO contract last year with Zuellig Pharma tied to supplying the cytotoxic anticancer drug Alimta (pemetrexed) to seven Southeast Asian countries. The company plans to begin supplying the product to seven countries, including the Philippines, Thailand and Malaysia, starting in 2027. ST Pharm, an affiliate of the Dong-A Socio Group, is focusing on an oligonucleotide CDMO business, a key raw material for ribonucleic acid, or RNA, medicines. It completed construction of a “second oligo building” at its Banwol campus in Ansan, Gyeonggi Province, as it seeks to expand global orders. Kyongbo Pharmaceutical, a subsidiary of Chong Kun Dang, is building an antibody-drug conjugate, or ADC, plant in Asan, South Chungcheong Province.* This article has been translated by AI. 2026-03-18 17:54:53

Korean Biopharma CDMOs Race to Expand Capacity to Lock In Long-Term Clients The contract development and manufacturing organization (CDMO) market is heating up again as biopharma companies move to expand production capacity to secure long-term clients. Because biologic drug development takes years and customers typically commit volumes for extended periods once a partner is chosen, capacity has become a key battleground. According to the Korea Health Industry Development Institute, the global pharmaceutical CDMO market is projected to grow 9.7% annually, to $310.5 billion (465.4395 trillion won) in 2029 from $195.9 billion (293.65 trillion won) in 2024. The institute cited rising R&D costs and increasing complexity in new-drug development, which are pushing drugmakers to outsource more work. CDMO projects are widely seen as long-cycle businesses, often spanning about a decade from early research and development to commercialization. Many programs stay with the same partner from candidate discovery through nonclinical and clinical stages and into commercial production, making it possible to win long-term, repeat business once a contract is secured. Industry expectations are also being shaped by a reshuffling of global biopharmaceutical supply chains. With the U.S. Biosecure Act aimed at curbing reliance on Chinese CDMOs and global drugmakers expanding outsourcing, demand is increasingly turning to Korean companies. The industry says supply-chain diversification by U.S. and European big pharma is structurally expanding order opportunities for Korean CDMOs. Longer-term growth drivers remain clear. The Korea Bio Association estimates that about $400 billion (592 trillion won) worth of drug patents will expire over the next decade. With biologic patent expirations expected to accelerate around 2030, the industry expects continued moves to secure manufacturing facilities and partners in advance. Korean CDMOs are already accelerating expansion. Samsung Biologics is pushing ahead with plans to build a sixth plant at its second Bio Campus in Songdo, Incheon, pending final board approval. After completing its fifth plant, the company secured 785,000 liters of capacity; with the sixth plant, total capacity is projected to reach about 965,000 liters by 2027. The company is also expected to pursue global orders through its Rockville, Maryland, plant with 60,000 liters of capacity. Celltrion has moved aggressively to expand global capacity after acquiring a manufacturing facility in Branchburg, New Jersey, last year. It plans to raise that site’s capacity to 132,000 liters through phased expansion, with the industry expecting synergies with its existing biosimilar lineup. Celltrion also has 250,000 liters of capacity across its Songdo plants 1, 2 and 3, and its cumulative CMO order backlog for the first quarter has already topped 1 trillion won. Lotte Biologics is also speeding construction of the first plant at its Songdo Bio Campus. The facility, designed to produce antibody drugs, is targeted for completion within the year, with commercial production slated to begin in the first half of next year. Once operations ramp up, the company says total capacity, including its Syracuse, New York, plant, is expected to reach about 160,000 liters. A company official said the CDMO business is structured so that once a customer is secured, orders tend to continue over the long term. The current expansion race, the official said, is a “race against time” to lock in growth for the next decade, adding that the key test for Korean CDMOs will be whether they can draw momentum from the U.S. Biosecure Act and the broader supply-chain realignment.* This article has been translated by AI. 2026-03-18 17:54:00

NK launches development plan to turn Pyongyang into a "world-class" city SEOUL, March 18 (AJP) - North Korea has launched a new phase of its ambitious housing construction and urban redevelopment plan to transform its capital of Pyongyang into a “world-class city,” state media reported. Top officials, including the newly-appointed ruling Workers' Party of Korea construction chief Kim Jong-gwan, held a launch ceremony and exhibition of equipment Tuesday to mark the start of the fifth phase of the Hwasong district development in the capital. The event showcased machinery, repair tools, and spare parts prepared by construction units, the state-run Korean Central News Agency reported. The Hwasong district has been a centerpiece of the state’s housing drive. From 2022 to 2025, some 40,000 new housing units were reportedly built in four development phases. Supreme Leader Kim Jong-un last month attended a groundbreaking ceremony for the fifth phase, signaling a shift in focus from meeting basic housing demand to reshaping the capital’s overall urban landscape. At the 9th party congress in February, Kim called for sustained efforts to transform Pyongyang into a city with the “dignity and character of a world-class metropolis.” Hwasong should become a model administrative district with fully integrated political, economic, and cultural functions over the next two years, he said. Residents have begun moving into 10,000 newly completed apartments, according to state media. The party told the congress it aims to build “hundreds of thousands” of housing units over the next five years, a substantial increase from the 50,000-unit target announced at the previous congress in 2021. That earlier goal was allegedly surpassed, with state media reporting that about 60,000 homes were completed in Pyongyang. The latest plans also include rural construction, with the party saying more than 110,000 farm households have already been provided with new housing. The emphasis on construction has also been reflected in personnel changes. Kim Jong-gwan, a former vice premier responsible for construction, was elevated to his current post as the top party construction official during the congress. In addition, a new sector-specific consultation body for construction was established. 2026-03-18 17:51:18

Chip rally drives KOSPI higher as Samsung, SK hynix top 40% of market cap SEOUL, March 18 (AJP) - South Korean stocks roared higher on Wednesday, powered by chip heavyweights, as easing oil prices and renewed momentum in AI-linked semiconductors lifted investor sentiment. The benchmark KOSPI jumped 5.04 percent to close at 5,925.03, reclaiming the 5,900 level after opening at 5,767.10 and extending gains throughout the session. A buy-side sidecar was triggered in afternoon trading as futures rose more than 5 percent, underscoring the strength of the rally. Foreign and institutional investors led the advance, purchasing a combined 3.9 trillion won ($2.9 billion) worth of shares. Foreigners bought 880 billion won, while institutions added 3.1 trillion won. Retail investors, by contrast, were net sellers of 3.87 trillion won. The divergence in flows pointed to a clear rotation into large-cap, AI-linked semiconductor stocks, with institutional and foreign capital moving aggressively into index heavyweights while retail investors took profits. Technology shares led gains, supported by both near-term and structural drivers. Samsung Electronics rose 7.5 percent to 208,500 won, while SK hynix surged 8.9 percent to 1,056,000 won. Optimism around Micron Technology’s upcoming earnings boosted sentiment across memory stocks, while continued momentum from Nvidia’s AI ecosystem reinforced demand for next-generation high-bandwidth memory (HBM). Improved shareholder return expectations also lent support, with Samsung signaling stronger competitiveness and a commitment to enhancing shareholder value at its recent annual general meeting. The rally pushed the combined market capitalization of Samsung Electronics and SK hynix to 1,986 trillion won ($1.4 trillion), accounting for 40.6 percent of the KOSPI — the first time their combined weight has exceeded the 40 percent threshold. Samsung alone made up roughly a quarter of the market, with SK hynix contributing about 15 percent, highlighting the concentration of gains in semiconductor heavyweights. Autos and industrials also advanced, with Hyundai Motor rising 4.4 percent to 545,000 won and Kia gaining 4.7 percent to 175,100 won, suggesting a modest broadening of the rally beyond chips. The tech-heavy KOSDAQ rose 2.4 percent to 1,164.4. Foreign investors bought 491.7 billion won, while institutions and retail investors sold 27.5 billion won and 392.7 billion won, respectively. Still, the contrasting flows underscored that buying interest remained concentrated in large-cap names rather than spreading evenly across smaller growth stocks. Elsewhere in Asia, Japan’s Nikkei 225 climbed 2.9 percent, Hong Kong’s Hang Seng rose 0.5 percent and China’s Shanghai Composite gained 0.3 percent. Oil prices eased, with Brent crude falling 1.5 percent to $101.85 per barrel and West Texas Intermediate declining 2.9 percent to $93.45. In currency trading, the Korean won hovered around 1,488 per dollar ahead of the Federal Reserve’s policy decision. 2026-03-18 17:49:53

Hyundai Motor Boosts R&D to 5.5 Trillion Won Despite Headwinds, Stays Focused on Future Tech Hyundai Motor Co. increased research and development spending last year despite external uncertainty, including U.S. tariff measures, as it sought to secure future competitiveness. The company is expected to continue investing this year in key technologies such as electrification and software-defined vehicles, or SDVs, to strengthen its response to global markets. According to its annual business report filed March 18 with South Korea’s Financial Supervisory Service, Hyundai spent 5.5354 trillion won on R&D last year, accounting for 3.0% of revenue. The spending came even as uncertainty weighed on the industry, including an electric-vehicle demand slowdown and higher U.S. export tariffs. Hyundai’s R&D outlays have risen for several years. The total increased by nearly 1 trillion won from the previous year’s 4.5894 trillion won, and the share of revenue rose 0.4 percentage points to 3.0% from 2.6%. Hyundai reported weaker results last year. Operating profit fell 19.5% from a year earlier to 11.4679 trillion won. Still, the company said expanded local production and adjustments to sales strategy helped it rank second in annual operating profit in the global auto market, surpassing Germany’s Volkswagen Group for the first time. To reduce cost burdens such as tariffs, Hyundai raised utilization at overseas plants, aiming to boost price competitiveness by producing more locally rather than exporting from South Korea. By region, plant utilization was highest in South Korea at 102.1% and lowest in Vietnam at 37.6%. Other figures were Brazil 102.0%, the United States 65.3% to 100.6%, Turkey 98.5%, India 94.2%, the Czech Republic 83.7% and Indonesia 47.3%. South Korea remained Hyundai’s largest production base, with 1.808 million vehicles produced last year. It was followed by India with 820,000, the United States with 460,000, the Czech Republic with 330,000, Brazil with 210,000, Turkey with 200,000, Indonesia with 150,000 and Vietnam with 113,000. Despite the localization strategy, vehicle prices edged up, influenced by higher parts costs. The average overseas selling price for passenger cars last year was 75.91 million won, up 6.91 million won from 69.00 million won a year earlier. In South Korea, the average was 56.17 million won, up 2.20 million won from 53.97 million won. Average selling prices for recreational vehicles were 80.44 million won overseas and 55.81 million won in South Korea. Overseas RV prices rose 16.57 million won from a year earlier, while domestic RV prices increased by about 2.38 million won. Separately, Hyundai Motor Group Executive Chair Euisun Chung received a record-high annual pay package last year. His total compensation from three group companies — Hyundai Motor, Kia and Hyundai Mobis — totaled 17.461 billion won. His annual compensation from the three companies was 5.98 billion won in 2020, 8.776 billion won in 2021, 10.626 billion won in 2022, 12.201 billion won in 2023 and 11.518 billion won in 2024. * This article has been translated by AI. 2026-03-18 17:48:45

S. Korea-Central Asia cultural heritage cooperation marked by Nowruz book presentation in Seoul SEOUL, March 18 (AJP) - Diplomatic representatives and cultural officials gathered Wednesday at the Korea Foundation Seminar Room to inaugurate the Nowruz Book. The ceremony celebrated the shared heritage of Eurasia and brought together the Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan embassies. The International Information and Networking Centre for Intangible Cultural Heritage in the Asia-Pacific Region and the Central Asia-Korea Cooperation Forum Secretariat supported the initiative. This effort aims to strengthen ties between South Korea and the five regional partners. This gathering serves as a critical precursor to the high-level South Korea-Central Asia Summit scheduled for September under the administration of Lee Jae Myung. Nowruz represents a millennia-old tradition of renewal and community observed throughout the Silk Road. The newly presented publication explores the meaning of the festival as a symbol of friendship and shared identity between the peninsula and Central Asia. International Information and Networking Centre for Intangible Cultural Heritage in the Asia-Pacific Region Strategic Development Office Director Kim Deok-soon noted that the holiday reflects a 6,000-year history of the "New Day" that transcends modern borders. The holiday remains a vital cultural bridge, particularly for diaspora communities residing throughout the region. Korea Heritage Service Vice Administrator Choi Bo-geun highlighted historical ties by referencing the Afrosiyab murals in Samarkand. He noted that the depiction of Goguryeo envoys in these ancient works provides definitive evidence of early civilizational dialogue. The vice administrator emphasized that these historic connections form the basis for modern diplomatic and cultural partnerships. The official characterized the research as a bridge between the ancient past and the upcoming strategic summit in September. This historical anchor supports current efforts to deepen regional collaboration across multiple sectors. Central Asia-Korea Cooperation Forum Secretariat Executive Director Rhee Jong Kook described the institution as a unique framework for regional engagement. He stated that "the Secretariat is the first of its kind established to foster multidimensional cooperation in six priority areas". The executive director explained that cultural initiatives like the Nowruz Book presentation provide the essential people-to-people foundation for diplomatic progress. Seoul will further this mission during the Central Asia Spring Festival at Seoul Plaza in May. Kazakhstan Ambassador Nurgali Arystanov linked the celebration to the "Just Kazakhstan" and "New Kazakhstan" initiatives. He noted that these reforms focus on political modernization and social justice, gaining overwhelming support in the recent March 15 constitutional referendum. The ambassador stated that "Celebrating Nowruz in Seoul is a testament to our blossoming partnership and shared vision for a prosperous Eurasia". He emphasized that cultural diplomacy remains a core pillar of the strategy employed by his nation. Kyrgyzstan Ambassador Aida Ismailova defined the event as a period of "resurgence" for nature and the birth of new life. Tajikistan Ambassador Kirom Salohiddin Amriddinzoda highlighted the humanitarian aspects of the tradition, including the custom of visiting orphans and the elderly. These remarks emphasized the alignment between regional values and the strategic partnership with Seoul. The ambassadors collectively positioned the publication as a spiritual bridge connecting the two regions. Turkmenistan Ambassador Begench Durdyyev framed the event within the "Year of Independent Permanently Neutral Turkmenistan" while noting the significance of Akhal-Teke horse culture. Uzbekistan Ambassador Alisher Abdusalomov quoted the thinker Alisher Navoi, stating, "The one who sows seeds opens the path to sustenance". The ambassador characterized the book as a significant milestone leading toward deeper regional integration ahead of the planned diplomatic engagements. Kim Deok-soon added that Central Asia and Eurasia account for more than 50 percent of all UNESCO joint intangible heritage inscriptions. The Nowruz Book will be distributed to academic and cultural institutions to facilitate further research into shared Eurasian history. 2026-03-18 17:41:52