Korea's LGES lands $1.4 bn EV battery deal with Mercedes-Benz SEOUL, December 08 (AJP) - South Korea's top battery maker LG Energy Solution (LGES) has signed a 2.06 trillion won ($1.4 billion) electric-vehicle battery supply contract with Mercedes-Benz AG, extending the company’s streak of securing multi-billion-dollar global deals this year as automakers race to lock in long-term cell capacity. According to LGES’ regulatory filing on Monday, the contract covers battery supply to Mercedes-Benz from March 2028 through June 2035, spanning both Europe and North America, the two fastest-growing EV markets. The deal amounts to roughly 8 percent of LGES’ latest annual revenue of 25.62 trillion won, based on its 2024 consolidated financial statements. At 10:10 a.m. shares of LGES jumped 4.5 percent to 445,000 won($303), far outperforming KOSPI gain of 0.2 percent. LGES said the contract value, translated at the exchange rate of 1,471.5 won per dollar on Dec. 5, may be adjusted as details, including total volume and duration, remain subject to further negotiation with the German automaker. The agreement contains no upfront deposits or advance payments, the filing added. The Mercedes-Benz deal adds to a series of multibillion-dollar contracts LG Energy Solution has secured in 2025, underscoring its strengthened global positioning as the EV market bifurcates between premium automakers and cost-driven Chinese competitors. LGED maintains third rank in global EV battery market, following Chinese behemoths CATL and BYD. Its share however dropped to 9.3 percent as of October this year from 11.1 percent in the same period a year ago, according to Korean market research firm SNE Research. Major LGES contracts announced so far this year include $4.3 billion battery supply deal with an undisclosed party in the United States in July, presumed to be Tesla, aside from exclusive U.S supply contracts with Hyundai Motor Group, Honda Motor, and General Motors. 2025-12-08 10:23:41

Korean fried-chicken chain BBQ establishes European headquarters in Spain SEOUL, December 08 (AJP) - Genesis BBQ Group said Monday it has established a European headquarters in Spain. The South Korean fried-chicken chain said it formed a partnership with BLT F&B Group, a Spain-based operator with businesses in finance and foodservice across Spanish-speaking markets. BLT manages major restaurant brands including Domino’s Pizza and Applebee’s in the Americas, giving BBQ access to existing operational and supply chain networks. The announcement was made at a launch event held at BBQ’s headquarters in Seoul. The new European base is designed to function as a production and logistics hub, supporting supply chain coordination, faster market entry and product localization. BBQ said the structure will accelerate the rollout of master franchise agreements, flagship stores and localized menu development tailored to national consumer preferences. The company plans to open flagship stores in Spain, the United Kingdom, France, Poland and the Netherlands, with additional expansion targeted at neighboring European markets. Chairman Yoon Hong-geun said Europe represents a “strategic gateway” for the globalization of Korean food and a central pillar of the group’s international ambitions. “We aim to spread the premium value of Korean-style fried chicken across Europe through customized local menus and an advanced logistics network,” Yoon said. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-12-08 10:17:25

OPINION: What South Korea can learn from UK housing policy SEOUL, December 8 (AJP) - Following his victory in the 2024 general election, U.K. Prime Minister Keir Starmer unveiled an ambitious housing policy aimed at tackling what he described as a "national crisis." The plan included supplying 370,000 homes annually, totaling 1.5 million over five years, with a focus on expanding public sector involvement, developing new towns, and making use of green belt areas. His housing policy focused on two main priorities: restructuring public sector roles to take the lead in housing supply and building a diverse mix of homes in both urban and suburban areas. He aimed to transform the public sector from a primarily regulatory role into an active participant in housing supply. By acquiring land and developing plans, the public sector provided the framework for private sector involvement, with the goal of accelerating both the speed and scale of housing delivery. Despite the U.K.'s longstanding reputation for high housing prices, public sector participation in housing supply had historically been limited. He sought to transform the public sector from a passive regulator into an active supplier. By acquiring land and designing development frameworks, the public sector enabled large-scale private construction, accelerating both the speed and scale of housing supply. Despite Britain's notoriously high housing costs, public sector involvement in supply remained minimal. Despite incentives for private developers, housing supply remained insufficient to meet demand. The new government viewed redefining the public sector’s role as essential to tackling chronic housing shortages. Starmer's cabinet pursued a multifaceted approach to housing supply including densifying urban areas, developing new suburban towns, redeveloping brownfield sites, utilizing green belt land, and constructing social housing. This strategy shows that no single method alone can address the country's housing problem. The U.K.'s strategy demonstrates that effective housing policy requires the right combination of approaches, not a binary choice between urban or suburban development. This lesson is particularly relevant for South Korea, where diverse housing needs demand multiple supply strategies rather than dependence on any single method. By Jeon Seong-je at Korea Research Institute for Human Settlements. * This article, published by Aju Business Daily, was translated by AI. 2025-12-08 09:53:50

South Korea's HD Hyundai to build shipyard in India's Tamil Nadu SEOUL, December 08 (AJP) - HD Hyundai said Monday it plans to build a new shipyard in India’s southern state of Tamil Nadu, strengthening its presence in one of the world’s fastest-growing maritime markets as New Delhi seeks to become a major global shipbuilding power. The South Korean shipbuilder said it signed an exclusive memorandum of understanding with the Tamil Nadu state government in Madurai. India is promoting the “Maritime Amrit Kaal Vision 2047” strategy, aiming to rank among the world’s top five shipbuilding nations. The federal government is reviewing plans for new shipyards across five coastal states, including Tamil Nadu, which has selected HD Hyundai as its partner for the project. Thoothukudi, a major port area in southern Tamil Nadu, is under review as a potential site. The region has a climate similar to Ulsan, South Korea, and is seeing increased port and industrial investment. Global manufacturers including Hyundai Motor and Samsung Electronics already operate in the area. HD Hyundai is also expanding cooperation with India’s state-owned industries. The company recently signed an agreement with BEML, a state-owned heavy equipment maker headquartered in Bengaluru, to jointly expand its crane business. Under the deal, the two sides will cooperate on crane design, manufacturing and quality control to strengthen India’s domestic production of port and shipbuilding equipment. HD Hyundai plans to supply large Goliath and jib cranes to Indian shipyards. The company has already begun supplying large-scale equipment. In February, HD Hyundai Samho delivered a 600-ton crane to Cochin Shipyard. In August, HD Korea Shipbuilding & Offshore Engineering acquired HD Hyundai Ecobina from Doosan Enerbility, expanding its crane portfolio. “India’s strong commitment to developing its shipbuilding sector presents significant growth opportunities,” HD Hyundai said in a press release. “We aim to deepen cooperation in the maritime sector as a new growth driver.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-08 09:47:11

OPINION: Political paralysis exposes need for structural reform SEOUL, December 8 (AJP) - The National Assembly has become a battleground of extreme confrontation rather than a forum for meaningful discussion. Deep political polarization, where each party sees itself as righteous and the other as fundamentally wrong, has eroded any space for compromise or dialogue. The concentration of power by a dominant party has encouraged authoritarian tendencies and shifted politics toward identity-based conflict rather than practical problem-solving. This dynamic is further reinforced by the presidential system, where each change in administration brings a near-total reset of national policies every five years, undermining continuity and long-term stability. Several reforms could help address these challenges including revising the electoral system to strengthen proportional representation and encourage coalition-based governance, democratizing party nomination processes, and exploring a semi-presidential or parliamentary system to reduce the excessive concentration of power in the presidency. Stronger ethical standards for politicians are also essential including strict penalties for unethical conduct, and the media must shift its focus from sensationalism to substantive policy issues. Citizens, in turn, should engage critically and judge politicians based on their responsibility and performance rather than partisan loyalty. Finally, there is an urgent need to resolve the ongoing trials related to disgraced former President Yoon Suk Yeol's botched Dec. 3 declaration of martial law, which have stoked social tensions and eroded public trust in the legal system. Prolonged proceedings risk undermining faith in democratic institutions and diverting attention from pressing economic and social challenges. Transparent judicial processes are essential to restore confidence in the rule of law. By Kim Young-yoon, president of the Korea Logistics Forum * This article, published by Aju Business Daily, was translated by AI. 2025-12-08 09:08:56

Korea's household wealth skewed to property, undermining capital markets: report SEOUL, December 08 (AJP) - South Korean household wealth remains heavily concentrated in real estate, leaving the country structurally behind major advanced economies in financial investment and capital-market participation, according to a report released Monday by the Korea Economic Research Institute (KERI). The study, authored by Professor Song Heon-jae of the University of Seoul, found that non-financial assets — largely residential and commercial property — accounted for 64.5 percent of household wealth in 2024. By comparison, real assets represented 32 percent of household wealth in the United States, 36.4 percent in Japan and 51.6 percent in the United Kingdom. Financial assets made up just 35.5 percent of Korean household wealth, the lowest among the countries surveyed. The report also highlighted Korea’s conservative asset allocation within its financial portfolio. Cash and deposits rose to 46.3 percent of financial assets in 2024 from 43.4 percent in 2020, while holdings of securities and derivatives edged down from 25.1 percent to 24.0 percent, underscoring a household preference for savings over market-based investment. In contrast, US households have steadily shifted toward capital markets, with financial assets accounting for 68 percent of total household wealth. The share of investment products climbed from 51.4 percent in 2020 to 56.1 percent in 2024, supported by strong equity and asset-price performance. Japan maintained a high cash and deposit ratio of 50.9 percent, but expanded its allocation to financial investments from 15.2 percent to 20.9 percent, aided by a weaker yen and government-backed initiatives to deepen retail participation in capital markets. “The excessive concentration of household wealth in real estate constrains the efficient flow of capital into productive sectors such as corporate investment,” said Lee Sang-ho, head of KERI’s Economic and Industrial Policy Bureau. “Building a culture of long-term financial investment is essential to creating a virtuous cycle between corporate growth and household wealth.” The report called for structural tax reforms to rebalance Korean household portfolios, including simplifying dividend and capital gains taxation and introducing a unified tax rate for financial income. It also recommended reviving tax-deductible long-term investment funds and allowing tax relief on losses from long-term financial products, mirroring practices in the United States. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-08 09:05:35

SingCham Korea hosts year-end celebration marking 50 years of Singapore–South Korea ties SEOUL, December 07 (AJP) - SingCham Korea brought together about 150 guests on December 5 for its year-end celebration, "The Golden Ticket," held at Floating Island's Vista Hall in Seoul. The event gathered members of the Singaporean community, South Korean partners, business leaders, and diplomats to mark the close of the year and the 50th anniversary of diplomatic relations between Singapore and South Korea. The evening opened with welcome remarks from SingCham Korea CEO Justin Yong, who highlighted the presence of Singapore's Ambassador to South Korea, Wong Kaijun. "We are deeply honored to have His Excellency Ambassador Wong Kaijun," Yong said, noting the ambassador's role since arriving earlier in the year. He announced that Wong had accepted SingCham's invitation to continue serving as its honorary patron. "We look forward to working closely with you and the embassy," he said. Yong reflected on the significance of 2025, describing it as "fifty great and golden years of friendship and collaboration" between the two countries. He pointed to last month's meeting between Singapore Prime Minister Lawrence Wong and South Korean President Lee Jae-myung at the APEC Summit, where both sides elevated bilateral ties to a strategic partnership built on five pillars. "This new chapter is going to open exciting opportunities for innovation, trade, talent exchange and deeper business ties," Yong said. He also described SingCham Korea's growth over recent years. "We did not start with big numbers, we didn't start with big resources," he said. "But we shared the same spirit that has shaped the Singapore–Korea partnership — the spirit to connect, to build and to grow." Yong thanked SingCham's board members, volunteers, and sponsors for supporting the organization's activities. Singapore's Ambassador Wong Kai Jiun followed with remarks linking the event's theme to the idea of opportunity. "When I think of a 'golden ticket,' I recall a book that I used to read as a child," he said, referring to "Charlie and the Chocolate Factory." He noted that the story's theme of opportunity and adventure paralleled the business community's experiences in Korea. "Tonight, I believe that SingCham Korea is also celebrating something similar — the opportunities that have brought all of you together." The ambassador underscored the deepening ties between Singapore and South Korea. "It has been fifty great and golden years of friendship and collaboration," he said. He noted that the Singapore–Korea Free Trade Agreement, South Korea's first FTA with an Asian country, laid the foundation for today's economic cooperation. "In the last five years Singapore's investments in the ROK have doubled, while the ROK's investments in Singapore have grown by 70 percent," he said. The ambassador also emphasized the importance of people-to-people exchanges. "These exchanges lay a very firm foundation for all the different areas of cooperation," he said, adding that SingCham Korea "serves as a bridge between businesses in Korea and Singapore, fostering partnerships, opening doors and creating new possibilities." Guests from Singapore, South Korea and other countries joined the celebration, which featured performances, networking sessions and a program recognizing the contributions of the chamber's volunteers and partners. As the evening concluded, the ambassador encouraged attendees to carry the night's theme into the coming year. "Let us hold on to the story of the golden ticket," he said. "May we see the opportunities before us, enjoy the adventures together, and see our dreams come true." 2025-12-07 23:03:41

Experts point to trust and perception as key hurdles in South Korea–China relations SEOUL, December 07 (AJP) - A media forum held in Seoul on December 5 brought together senior officials, diplomats, and scholars to assess the direction of South Korea–China relations following the recent summit between the two leaders. Participants broadly agreed that the biggest bottlenecks in bilateral ties are declining trust and widening perception gaps, compounded by intensifying U.S.–China competition. The event, titled "Future Outlook of Bilateral Relations and the Role of the Media after the South Korea–China Summit," was co-hosted by Aju Daily and the Embassy of the People's Republic of China at China Construction Bank's Seoul headquarters. Aju Daily President Yang Kyu-hyun, National Assembly Deputy Speaker Lee Hak-young of the Democratic Party, Representative Kim Geon of the People Power Party, Deputy Minister for Public Diplomacy Jeong Ui-hye of South Korea's Ministry of Foreign Affairs, and Chinese Ambassador to South Korea Dai Bing were among those in attendance, along with figures from business and academia. Shin Bong-seop, former Consul General in Shenyang and now a professor at Kwangwoon University, opened the first session with an analysis of how South Korea's foreign policy structure is shifting under prolonged U.S.–China strategic rivalry. He argued that the long-used formula of "security with the United States and the economy with China" has heightened structural risks, adding that security, technology, and supply-chain issues need to be managed separately. He suggested restructuring cooperation with China around so-called "blue-zone" areas such as climate, public health, food security, and small- and medium-sized enterprises, where political risk remains relatively low. Meng Guoxin, Seoul bureau chief for People's Daily, delivered the second presentation. He noted the significance of the summit, the first state visit and first in-person meeting between the leaders in five years, calling South Korea and China "partners that cannot be separated." He said the summit laid out four key directions for future ties: stronger strategic communication, economic cooperation in emerging industries, broader cultural and youth exchanges, and deeper coordination in international forums. Meng added that despite the high level of interdependence in the economic and industrial supply chain, anti-China sentiment and online misinformation in South Korea are real obstacles to stability, underscoring the media's responsibility to provide fact-based reporting. During the first session's panel discussion, Kwangwoon University Professor Kim Hee-gyo and Yonsei University Graduate School of International Studies visiting professor Hwang Jae-joon, who also serves as a policy adviser to the Democratic Research Institute, described the bilateral structure as a mix of security competition, economic dependence, technological rivalry, and volatile public opinion. They stressed the need to manage domestic sentiment alongside strategic realism in foreign policy. The second session examined the role of the media and opportunities for media-sector cooperation. Lee Seok-woo, international affairs editor at Financial News, said the South Korea–China summit centered on practical, people-focused cooperation in areas such as financial-crime prevention, currency-swap discussions, follow-up negotiations to the bilateral free-trade agreement, and expanded person-to-person exchanges. He also noted that structural limitations remain in issues such as North Korea and China's restrictions on Korean cultural content. Lee warned that distorted information and hate-driven narratives circulating online continue to shape public attitudes in both countries, creating what he described as a long-term bottleneck in bilateral ties. Noh Seong-hae, Seoul bureau chief for China Media Group (CMG), outlined areas where South Korean and Chinese media could strengthen cooperation, including improving communication of national policies, easing misunderstandings, and expanding cultural and academic exchanges. He pointed to political sensitivities, rapidly shifting online sentiment, the spread of false information, and gaps in information access as major challenges. Noh proposed building a sustained cooperation platform grounded in trust and accuracy, suggesting joint reporting projects, co-produced programs, regular briefings, fact-checking partnerships, youth-reporter exchanges, and collaboration on video and AI-based content. He added that a phased roadmap — from expanding joint reporting to developing co-branded content — could help broaden cultural and economic engagement and improve public understanding in both countries. In the final discussion, former JTBC Beijing correspondent Park Sung-hoon, now with the investigative team at JoongAng Ilbo, and KBS producer Jeong Yong-jae drew on their reporting experience in China to highlight practical challenges in covering bilateral issues. Both noted that consistent reporting on youth exchanges and everyday cooperation can help improve public perceptions. Throughout the forum, speakers shared the view that South Korea–China relations now reflect overlapping dynamics: security tensions, economic interdependence, technological competition, and cooperation in daily life. Participants emphasized that for the positive momentum created by the recent summit to continue, sustained media-to-media engagement will be essential. 2025-12-07 22:52:25

Seoul presidential office moving back to Blue House by X-mas SEOUL, December 07 (AJP) - The presidential office in Seoul will return to the Blue House by Christmas while readying a stronger national data-protection measures and a renewed push for dialogue with North Korea as the Lee Jae Myung administration moves beyond the phase of "a stabilization of diplomacy, security and governance" in the first six months after a snap election and presidential impeachment. The move out from Yongsan premise will be "essentially finished around Christmas," said presidential chief of staff Kang Hoon-sik in a press briefing on Sunday, looking back the first six months under Lee presidency. The return to the presidency’s “rightful home” will become a symbolic reset for the administration as it enters its second phase, he said. The government will reinforce its data-security framework before year-end following the massive personal-information leak at Coupang, building on what officials described as an “initial comprehensive response” already in place. National Security Adviser Wi Sung-lac used the six-month briefing to emphasize that while inter-Korean relations have seen little movement, the administration has rebuilt the diplomatic environment needed to attempt genuine engagement next year. He rejected speculation that Seoul might adjust its joint military drills with the United States as a goodwill gesture toward Pyongyang, saying the idea is “not under direct consideration” and stressing that exercises remain a function of “evolving security circumstances.” ' Pyongyang has not responded to Seoul’s recent offer of military talks to clarify parts of the Military Demarcation Line and prevent accidental clashes, but President Lee has reiterated that dialogue remains open and necessary. Wi said the administration had worked “without pause” to normalize foreign and security policy that he argued had deteriorated in previous years. He pointed to the stabilization of the Korea-U.S. alliance, “unexpectedly forward-looking” progress with Japan, and the shift of Korea-China ties from their “worst point” toward a recovery track as groundwork for a relaunch of inter-Korean diplomacy. He added that the presidential office plans to execute a “Korean Peninsula Peace Coexistence Process” beginning next year, now that broader regional alignments have been reset. The administration also outlined follow-up steps to last month’s security and tariff negotiations with Washington, including task forces on enriched uranium consultations, nuclear-powered submarine cooperation, and expanded defense-budget coordination. Working-level talks will begin this month, with tangible results expected in the first half of next year. Wi said these efforts reflect Seoul’s intention “to assert a more proactive defense posture” while reaffirming U.S. security guarantees and moving toward the eventual restoration of wartime operational control. On the economic front, Kang and Policy Chief Kim Yong-beom highlighted the successful conclusion of the Korea-U.S. tariff negotiations as a signature achievement of the administration’s first half-year. Kim said public trust and “the competitiveness of Korean manufacturing” were the foundation of the breakthrough and signaled that Seoul will use the agreement to upgrade the alliance into a 21st-century technology-security-economic partnership. The presidential office said it evaluates its six-month performance under three themes: restoring the public’s everyday economic conditions, normalizing foreign and security policy, and governing with a citizen-first framework. As for the ruling party’s proposal to establish a special court division to handle insurrection-related cases, the presidential office said it would proceed only within “the narrowest constitutionally permissible boundaries.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-07 19:32:04

BTS's RM confesses thinking of disbanding group "thousands of times" SEOUL, December 07 (AJP) - BTS leader RM confessed he had repeatedly questioned whether the K-pop superstar group should disband or suspend its activities altogether, despite the seven members all having finished their military service by June this year, implying deep internal pressure and a series of undisclosed circumstances that prevented the group from returning sooner. During a Weverse live session on Saturday, RM directly addressed fans wondering about the group’s long silence. “Many people ask, ‘Why did you waste the second half of 2025?’ or ‘Why didn’t you do anything?’” he said. “I also wanted to pursue various activities after being discharged, but there were circumstances I can’t talk about. I don’t have the right to explain everything, so I can’t disclose it all.” Rapper Suga was the last of the bandmates to be released in June, following RM, V, Jimin, and Jung Kook earlier in the year and Jin, the eldest who was discharged in June 2024, and j-hope in October in the same year. BTS has not held a concert since October 2022, marking the longest hiatus of the group’s career. After concluding the “Permission to Dance” tour and releasing a series of solo projects, all seven members entered South Korea’s mandatory military service between late 2022 and 2024. Their enlistments halted group activities at a time when BTS was at the height of global influence, driving billions of dollars in cultural exports, tourism and global attention to South Korea. For years, BTS’s military service had been the subject of national debate over whether cultural contributions could warrant exemption. HYBE ultimately confirmed in October 2022 that the members would serve without exception. Their staggered schedules ensured a full-group comeback would not occur until all had been discharged in 2025. With all seven now having completed their service, fans widely expected a swift reactivation of BTS as a full group. RM, however, indicated the path has not been simple. “I couldn’t sleep. The pressure is huge.” RM described the emotional weight of preparing for a return on such a massive scale. “I want to perform right away, but preparing for it requires so much, and the personal pressure is huge,” he said. “Since last month, I haven’t even been able to sleep. I was thinking about whether I should get a prescription for sleeping pills." He apologized for the extended wait. “I’m truly sorry for making you wait so long. But we have our reasons, and we can’t come back easily until we can present something you’ll be satisfied with,” he said. “Considering the scale and all the circumstances involved, this may sound like an excuse, but I ask for your understanding. We will return. There may be times when it’s not exactly what you hoped for, but I will do my best.” RM confirmed that the group’s new album—planned for release next spring—is nearly complete, with the members practicing daily and filming content throughout December. “Our comeback is soon,” he said. “We will be practicing and filming this month.” The livestream took a more vulnerable turn when RM revealed he had repeatedly questioned the future of the group. “I’ve wondered thousands of times, ‘Would it be better for the team to disband or go on hiatus?’” he said. “But the reason we’re still together is because of the love between the members and the respect we have for our fans.” His remarks offered a rare glimpse into the strain of managing expectations of a global fanbase while navigating military obligations, creative direction and personal well-being. “I love you in my own way.” RM ended the livestream with a message to ARMY. “I love you all. I hope you really know that,” he said. “Even if that love doesn’t come back to me in the same way, I’ll keep loving you in my own way.” With the full group reunited and their comeback preparations underway, BTS’s return next spring is poised to be one of the most closely watched events in the global music industry—marking the end of a three-year military hiatus and the beginning of the group’s next chapter. 2025-12-07 16:56:31