Korean Air chief donates 100 million won to athletes ahead of Winter Olympics SEOUL, December 15 (AJP) - Hanjin Group chairman and Korean Air president Cho Won-tae on Monday donated 100 Korean million (about US$70,000) to support athletes preparing for the upcoming Winter Olympics in northern Italy in February next year. Cho, who currently serves as Vice President of the Korean Sport & Olympic Committee, toured key facilities at a national team training center in Jincheon, North Chungcheong Province, encouraging athletes including short-track speed skaters and coaches. Cho has also led the Korea Volleyball Federation since 2017, with the country's flagship carrier actively supporting sports through its men's professional volleyball team and women's table tennis team. Meanwhile, the quadrennial sporting event on snow and ice will kick off its month-long run in Cortina d'Ampezzo and Milan on Feb. 6. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-15 15:32:00

GM Korea dismisses exit speculation, pledges $300 million investment for 2026 SEOUL, December 15 (AJP) - General Motors (GM) Korea on Monday moved to quell persistent speculation about a market withdrawal, unveiling a sweeping 2026 business strategy that underscores its commitment to both exports and domestic sales. GM Korea held its "GM Korea 2026 Business Strategy Conference" at the Cheongna Proving Ground in Incheon, where executives highlighted the country's pivotal role in the Detroit automaker's global supply chain. The company said it would invest about $300 million next year and launch at least four new models. The announcement comes as GM Korea navigates the fallout from U.S. President Donald Trump's tariff policies, which currently impose a 15 percent levy on vehicles imported from South Korea. The company shipped about 84 percent of its production to the United States last year, making it heavily exposed to trade friction between Washington and Seoul. Executives sought to emphasize the strategic value of Korean operations. Sport utility vehicles manufactured in South Korea captured 36.7 percent of the U.S. small SUV market in October and accounted for 11.8 percent of GM's total American sales, the company said. Half of U.S. buyers who purchased the Chevrolet Trax Crossover were new GM customers, pointing to the brand's ability to attract fresh clientele. "Over the past two decades, GM has produced 13.3 million vehicles in Korea and sold 2.5 million in the domestic market, establishing GM Korea as a key part of the nation’s automotive industry," Hector Villarreal, CEO of GM Korea, said at the conference. "Moving forward, we will strengthen our full-cycle capabilities in Korea from vehicle design and engineering to manufacturing and sales, while expanding our product portfolio of next-generation ICE vehicles and EVs, introducing advanced driving technologies for Korean customers, and growing together with the Korean market." The automaker also signaled renewed focus on the domestic market, where sales have cratered. GM Korea sold 13,952 vehicles in the country between January and November, a 39.4 percent plunge from a year earlier. Monthly sales dipped below 1,000 units in November. To revive its fortunes, the company plans to roll out three GMC models and one Buick vehicle next year, making South Korea the first market outside North America to carry all four GM brands. Still, experts remain cautious. Sustained U.S. tariffs and tepid domestic demand could reignite exit speculation if conditions fail to improve. GM Korea said in May it would sell nine company-owned service centers nationwide and some facilities at its Bupyeong plant in Incheon, shifting to a partner-operated service network from next year. 2025-12-15 15:09:37

South Korea, US conduct joint anti-terror drill in Seoul SEOUL, December 15 (AJP) - A joint drill between South Korea and the U.S. is underway in Seoul, the Ministry of Foreign Affairs said on Monday. The two-day drill, dubbed "Winter Tiger," which runs Tuesday, is aimed at responding to nuclear and radiological terrorism, involving about 120 officials from both countries. Participants are simulating a radiological terror attack to evaluate emergency response capabilities and cooperation strategies between the two countries. The annual drill, co-hosted with the U.S. Departments of War and Energy, has been held since 2017. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-15 15:03:16

SK On expands at home with big bet on LFP amid uncertainty in global battery market SEOUL, December 15 (AJP) - SK On is building a 3-gigawatt-hour lithium iron phosphate (LFP) facility at its Seosan complex in what would become the largest pure-play energy storage system (ESS) production site in Korea, a bold scale-up aimed at catching up with larger domestic rivals seeking to capitalize on power demand driven by AI investment. The facility, designed to roll out ESS capacity sufficient to power 40 to 50 large-scale data centers annually, will mark SK On's first domestic LFP production base, following what industry sources described as a decisive loss to Samsung SDI in the first round of government ESS tenders. In ESS tenders across five provinces awarded by the Ministry of Climate, Energy and Environment in July, Samsung SDI captured nearly 80 percent of total volume, largely due to its existing domestic infrastructure. SK On plans to convert battery production lines originally designated for electric vehicle nickel-cobalt-manganese (NCM) cells at the Seosan plant into ESS-dedicated LFP facilities. "We plan to go after the government's second ESS tender, a 3.3 GWh procurement round scheduled for 2027 delivery," an SK On spokesperson said. The ministry aims to install 138 GWh of ESS capacity nationwide by 2038 to support the expansion of solar and wind power generation, representing a cumulative project pipeline valued at 20 trillion to 30 trillion won ($13.5 billion to $20.3 billion). The capital expenditure around Seosan, however, extends beyond domestic tenders. SK On plans to use the site as a "mother factory" — a research and development hub where new ESS products and manufacturing processes are refined before being replicated at overseas plants. The tightly integrated local battery supply chain, in which cell makers and component suppliers operate in close proximity, is seen as a competitive advantage for this strategy. SK On's aggressive LFP push is unlikely to immediately alter the plans of larger local rivals, which have already crowded into the ESS segment as the electric vehicle market stagnates. LG Energy Solution last month said it would establish a 1 GWh ESS production line at its Ochang plant, previously the largest ESS project of its kind in Korea before SK On's announcement. Samsung SDI, meanwhile, faces a strategic dilemma. Its NCM batteries carry higher production costs than LFP cells, which are about 30 percent cheaper and better suited to the temperature extremes and long charge-discharge cycles typical of grid-scale storage. As rivals expand domestic LFP capacity, Samsung's early advantage — rooted in local manufacturing scale — could erode unless it pivots. The domestic competition is unfolding against a backdrop of intensifying global pressure. Chinese manufacturers CATL, Hithium and EVE Energy dominate the global ESS market, leveraging low-cost LFP production at scale. Korean battery makers account for roughly 24 percent of the global EV battery market, but less than 10 percent of the ESS segment as of mid-2025. Still, the structural outlook favors grid storage. Battery Council International projects the global ESS market will expand nearly sixfold, from 200 GWh in 2025 to 1,200 GWh by 2030, noting that a single large data center can require as much as 1 gigawatt of power to operate. Compared with the stagnant EV market — highlighted by SK On's split with Ford after sluggish EV sales weighed on their joint venture — demand driven by AI data centers and renewable energy infrastructure is emerging as a more durable growth engine. Samsung SDI and LG Energy Solution are not expected to significantly ramp up domestic LFP capacity to match the latecomer. "Samsung and LG are far more experienced ESS suppliers than SK On, leaving SK relatively dwarfed in domestic competition, as seen in the last government bidding," said Chang Jung-hoon, a senior analyst at Samsung Securities, speaking to AJP. "SK On's investment should be viewed from a different angle — as a cost-effective approach to securing a foothold in the domestic market." Chang added that Samsung won most of its recent contracts using NCM batteries rather than LFP cells. "It was the broader battery ecosystem that secured contracts for Samsung and LG. They have far less incentive to expand LFP production in Korea," he said. While challenges abroad persist, particularly in the United States, industry observers expect domestic rivalry to intensify. All three Korean battery makers increasingly view ESS as a critical earnings pillar as the global EV market remains mired in uncertainty. 2025-12-15 14:51:54

South Korea's SeAH secures long-term aluminum supply deal with Boeing SEOUL, December 15 (AJP) - SeAH Aerospace & Defense Materials, a unit of SeAH Besteel Holdings, said on Monday it has signed a long-term supply agreement with Boeing to provide high-strength aluminum alloy materials for commercial aircraft. Under the deal, SeAH Aerospace will begin supplying aluminum alloys used in aircraft fuselages and wings to the world’s largest aircraft manufacturer from 2026, the company said. Financial terms were not disclosed. The agreement follows a direct contract signed with Boeing last year, under which SeAH Aerospace demonstrated its quality competitiveness and ability to deliver consistently to the aerospace industry’s stringent standards. High-strength aluminum alloys used in aircraft structural components require strict process control and quality stability across the entire production chain, from raw material intake and extrusion to heat treatment, machining and inspection. SeAH Aerospace said its global-standard quality management system and material traceability capabilities met Boeing’s rigorous certification requirements. The long-term contract also secures initial production volumes for a new 2,300-ton aluminum plant currently under construction in Changnyeong County, which is scheduled to begin full-scale operations in 2027. The facility is expected to support stable operations and improve cost competitiveness. SeAH continues to expand its high value-added materials portfolio focused on the aerospace and defense sectors. The company already supplies materials to major global aircraft manufacturers, including Airbus Defense and Space, China’s COMAC, Brazil’s Embraer and Canada’s Bombardier. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-12-15 14:50:59

Vehicle-free weekends along Cheonggyecheon Stream to resume after six-month pause SEOUL, December 15 (AJP) - Vehicles will again be banned along the Cheonggyecheon Stream on weekends and public holidays starting on New Year's Day, the Seoul Metropolitan Government said on Monday. The traffic restriction, first implemented in 2005 to improve the walking environment and convenience for pedestrians, will resume after being suspended in July for about six months due to local merchants' complaints about reduced sales. A roughly 450-meter stretch will be closed to vehicles from 2 p.m. Saturday to 10 p.m. Sunday, and from 10 a.m. to 10 p.m. on public holidays. However, it remains uncertain whether the measure will be kept in place over the long term, as the city government will conduct further analysis after gathering expert opinions as well as feedback from citizens. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-15 14:27:52

South Korea's Samsung C&T teams up with Polish firm on small modular reactors SEOUL, December 15 (AJP) - Samsung C&T’s construction division said on Monday it has signed a partnership agreement with Poland’s Synthos Green Energy to jointly develop small modular reactor (SMR) projects in central and eastern Europe. The agreement provides for cooperation on SMR development in Europe, including feasibility studies, site selection and environmental impact assessments, starting with projects in Poland. The signing ceremony was attended by Michał Sołowow, president of Synthos Green Energy, and Oh Se-chul, chief executive of Samsung C&T’s construction division. Synthos Green Energy plans to deploy GE Hitachi’s BWRX-300 technology, with a goal of building up to 24 SMRs by the early 2030s and expanding deployment across central and eastern Europe. Under the partnership, Samsung C&T will leverage its global nuclear construction experience to support the Polish SMR program, while exploring opportunities to extend the collaboration to other European markets. The BWRX-300 is a 300-megawatt small modular reactor design that is currently under construction in Ontario, Canada, and has been selected by Sweden’s utility Vattenfall for the Ringhals nuclear power project. “This collaboration with Synthos Green Energy marks a milestone in our entry into the Polish and broader European SMR markets,” Oh said in a statement. Rafał Kasprów, president of Synthos Green Energy, said the partnership would strengthen the competitiveness of Poland’s SMR initiative and contribute to providing sustainable energy solutions across Europe. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-12-15 14:13:22

Fire at Paju elementary school leaves three injured, hundreds evacuated SEOUL, December 15 (AJP) - A fire broke out at an elementary school in Paju, Gyeonggi Province on Monday. According to fire authorities, the blaze started around noon in the school's second-floor science lab. Firefighters were immediately dispatched to the scene to extinguish the blaze, but three staff members inhaled smoke, with two being transported to the hospital. A total of 307 students and staff were evacuated. Authorities are investigating the exact cause of the fire. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-15 13:56:59

Asian stocks slide as AI bubble talk resurfaces SEOUL, December 15 (AJP) - Asian markets fell broadly on Monday following a retreat on Wall Street last Friday, as renewed concerns about an “AI bubble” weighed on sentiment after Broadcom shares tumbled 13 percent. South Korea’s benchmark KOSPI was down 1.5 percent at 4,104.44, while the tech-heavy KOSDAQ slipped 0.2 percent to 935.61 as of 10 a.m. Only seven of the 30 largest companies by market capitalization on the main board posted gains. Samsung Electronics fell 3.4 percent to 105,200 won ($71.2), and SK hynix slid 3.2 percent to 553,000 won. Hyundai Motor lost 1.8 percent to 296,000 won, while HD Hyundai Heavy Industries declined 3.1 percent to 555,000 won. Doosan Enerbility sank 3.4 percent to 77,000 won, Kia retreated 1.2 percent to 124,300 won, KB Financial slipped 0.8 percent to 125,100 won, and Hanwha Aerospace lost 3.8 percent to 925,000 won. Among gainers, LG Energy Solution edged up 0.2 percent to 446,500 won, while Samsung Biologics jumped 4.2 percent to 1,763,000 won. Korea Zinc, ranked 20th by market capitalization, was the biggest riser among the top 100 KOSPI stocks, surging 10.6 percent to 1,679,000 won. Local media attributed the rally to reports that the firm plans to build a 10 trillion-won ($6.77 billion) smelter in the United States, with more than 1 trillion won in combined investments from the U.S. government and private companies. Shares of the “Big Four” K-pop agencies all fell more than 1 percent. Hybe dropped 1.3 percent to 295,500 won, JYP Entertainment slid 1.3 percent to 67,300 won, SM Entertainment fell 2.1 percent to 101,600 won, and YG Entertainment declined 2.4 percent to 62,100 won. From Monday, the Korea Exchange (KRX) will temporarily lower its stock trading fees for two months, until Feb. 13 next year. The fee for limit orders will be set at 0.00134 percent and the fee for market orders at 0.00182 percent, representing a reduction of about 20 percent to 40 percent from current rates. The move is widely seen as an effort to align the KRX’s fee structure with that of Nextrade (NXT), which charges 0.00134 percent for limit orders and 0.00182 percent for market orders. Launched on March 4, Nextrade is South Korea’s first alternative trading system (ATS) and the only competitor to the Korea Exchange. Within three quarters of its launch, Nextrade posted its first cumulative operating profit. As of the end of October, its average daily trading volume over the previous six months reached 15.66 percent of the KRX’s average daily volume over the same period, surpassing the so-called “15 percent rule.” While the Korea Exchange can decide on short-term fee adjustments or exemptions of up to three months on its own, extending such measures beyond that period requires a review by the Financial Services Commission. In Japan, the Nikkei 225 fell 1.3 percent to 50,183.19. Toyota Motor rose 1.9 percent to 3,321 yen ($21.4), while Mitsubishi UFJ Financial Group gained 1.2 percent to 2,528.5 yen. SoftBank Group, the fourth-largest stock by market value, tumbled 7.2 percent to 16,600 yen. The Nikkei newspaper reported on Sunday that in the Kansai region, where economic ties with China are strong, bus tours and hotel reservations have been canceled in succession, hurting department store sales. It added that concerns are also spreading to the Tohoku and Hokkaido tourism sectors as the situation appears likely to drag on. The ongoing Japan-China spat has led to fewer Chinese tourists, though some analysts say the disruption could benefit Japan’s tourism industry in the long run. Teikoku Databank said the impact of travel advisories remains limited and could present an opportunity to tap alternative sources of demand. In China, the Shanghai Composite Index edged down 0.2 percent to 3,881.72, while Hong Kong’s Hang Seng Index fell 0.9 percent to 25,754.06. 2025-12-15 13:50:37

[[UPDATE]] Police Sweep Kakao building following bomb threat; No explosives found SEOUL, December 15 (AJP) - Authorities in South Korea on Monday conducted a large-scale search operation at tech giant Kakao's office building in Pangyo, south of Seoul, following a bomb threat report, but no explosive devices were discovered. Police said a joint team of approximately 70 officials — including police officers, firefighters, and military personnel — was deployed to the site, but no unusual or suspicious findings were reported during the operation. Access restrictions to the Kakao building were subsequently lifted, police said. Kakao said it alerted police early on Monday after the threat appeared on its customer service website. In response, the company instructed all employees at the Pangyo office to work remotely as a precaution. The facility houses Kakao’s headquarters staff as well as employees from key subsidiaries, including Kakao Pay and Kakao Healthcare. “After receiving a bomb threat through our customer service center, we prioritized employee safety and shifted all staff to remote work while taking necessary safety measures,” Kakao said in a statement. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-15 13:47:05