Hanwha Aerospace wins $480 million contract for missile interceptors from DAPA SEOUL, November 28 (AJP) - South Korea's Hanwha Aerospace said Friday it has signed a 705.4 billion won ($480 million) contract with the Defense Acquisition Program Administration (DAPA) to mass-produce long-range surface-to-air missiles (L-SAM) by 2030. The agreement covers the supply of anti-ballistic missiles (ABM) and launchers for the country’s upper-tier missile defense network. The L-SAM system is designed to intercept ballistic missiles at altitudes above 40 kilometers and will operate alongside South Korea’s existing Cheongung II and Patriot batteries. The ABM interceptor is equipped with a domestically developed dual-pulse propulsion motor and a divert attitude control system (DACS), technologies possessed by only a handful of countries. In November, Hanwha Systems won a separate 357.3 billion won contract from DAPA to produce the L-SAM multifunction radar (MFR), which detects and tracks incoming ballistic missiles and aircraft. The radar is capable of identifying multiple targets simultaneously. Following the completion of the initial L-SAM development program last year, the Agency for Defense Development is working with Hanwha Aerospace and Hanwha Systems on L-SAM II, a next-generation system expected to expand air defense coverage. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-28 15:27:48

K-pop quintet donate 200 million won to aid victims of Hong Kong's deadliest fire SEOUL, November 28 (AJP) - K-pop group (G)I-DLE donated money to support victims of Hong Kong's deadliest fire earlier this week. The multinational quintet with Chinese member Yuqi donated 200 million won (approximately US$136,000) to support emergency relief efforts for those affected by the fire, the Shanghai-based nonprofit Fosun Foundation said on Friday. The donation comes a few days after Yuqi posted a message on social media expressing her hope for everyone's safety. As of early Friday morning, 94 people were dead, 76 injured, and many others still missing after a fire broke out at a large housing complex in Tai Po, northern Hong Kong on Wednesday. Seven of the complex's eight buildings were affected, with flames spreading to adjacent blocks. About 900 residents have been evacuated to temporary shelters at nearby schools, and more than 1,250 firefighters have been mobilized to extinguish the blaze and carry out search and rescue operations. Donations continue to pour in to help victims, with other K-pop groups such as aespa and RIIZE also joining in. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-28 15:26:48

Samsung scion's naval commissioning reunites Lee family, including ex-wife SEOUL, November 28 (AJP) - Naval Academy commissioning ceremony for 24-year-old Lee Ji-ho, son of Samsung Electronics Chairman Lee Jae-yong, brought together members of the Samsung family — including the chairman’s former wife Im Se-ryung — in a rare public appearance since their 2009 divorce. Lee Ji-ho, commissioned as part of the 139th class of naval officers, was joined by his grandmother Hong Ra-hee, widow of the late Samsung Chairman Lee Kun-hee, and his aunt Lee Seo-hyun, head of the Samsung Welfare Foundation. The event marked one of the few occasions in which Lee and Im were seen together in public in more than a decade. Lee and Im, heiress to the Daesang Group, share two children — daughter Ji-soo and son Ji-ho. Im is currently in a public relationship with actor Lee Jung-jae. The junior Lee enlisted in September as an officer candidate and completed 11 weeks of basic training before receiving his commission. After a four-day leave, he will report to the Naval Education and Training Command in Changwon on Dec. 2 for three weeks of initial officer training, after which he is expected to serve as an interpreter officer at the Naval Operations Command in Busan. The commissioning comes five years after Chairman Lee pledged, at the height of legal proceedings related to his father’s succession, that he would not pass corporate management to his children — declaring an end to Samsung’s third-generation leadership tradition. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-28 15:23:13

South Korea to delay tax audits for foreign firms increasing investment SEOUL, November 28 (AJP) - South Korea’s National Tax Service (NTS) will postpone regular tax audits for up to two years for foreign companies that substantially increase their investments in the country. NTS Commissioner Lim Gwang-hyun announced the measure on Friday during a meeting hosted by the American Chamber of Commerce in Korea (AmCham) in Seoul. Companies that raise their domestic investment by a defined percentage compared with the previous year will be eligible to apply for the audit deferment. Under the revised criteria, small foreign businesses that increase investment by at least 10 percent and medium-sized firms that boost investment by 20 percent will qualify for the program. Previously, the audit delay was available only to small enterprises. The tax authority also said it plans to ease the burden of double taxation on foreign firms by accelerating the Advance Pricing Agreement process, which provides tax certainty for companies engaged in cross-border transactions. To improve accessibility for international taxpayers, the agency is expanding its AI-based foreign language consultation services launched in September. James Kim, chairman of AmCham Korea, welcomed the steps and stressed that fair and predictable treatment of foreign companies is essential for South Korea to compete with regional investment hubs such as Singapore and Hong Kong. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-28 15:14:41

Ex-police chief tapped as envoy to Cambodia to combat crimes against South Koreans SEOUL, November 28 (AJP) - A former police chief has been named ambassador to Cambodia to address the rising crimes against South Koreans there, the Ministry of Foreign Affairs said on Friday. A graduate of the Korean National Police University, Kim Chang-ryong has held key positions at the Seoul Metropolitan Police Agency and has also served as a consul in São Paulo, Brazil, and in Washington, D.C., U.S. The appointment appears to be aimed at further bolstering cooperation between the law enforcement agencies of both countries, following the establishment of a joint investigative team in Phnom Penh to combat rising online scams, phishing schemes and other crimes targeting South Koreans. The ministry also tapped Jung Yeon-du, former ambassador to Turkey, as vice minister responsible for nuclear negotiations with North Korea, while filling several other key positions including a new spokesperson and senior diplomatic officials. 2025-11-28 14:50:30

PHOTOS: Salvation Army starts year-end charity campaign SEOUL, November 28 (AJP) - The iconic sound of charity bells has returned to the streets of South Korea, but this year, the tradition comes with a modern upgrade. The Salvation Army Korea signaled the start of its fundraising season on Nov. 28 at Gwanghwamun Square. The launch event featured a ceremonial bell-ringing attended by Seoul Mayor Oh Se-hoon and Salvation Army Commander Kim Byung-yoon. Now in its 97th year, the year-end Red Kettle campaign will operate at approximately 300 locations across the country. Adapting to a cashless society, the organization has introduced an NFC-based "One-Tag Smart Donation" system this year, allowing passersby to make donations instantly via smartphone. 2025-11-28 14:29:11

Korean lawmakers advance bill to close loopholes on synthetic nicotine SEOUL, November 28 (AJP) - South Korea is moving closer to regulating synthetic nicotine as tobacco after a key parliamentary committee approved an amendment to the related act, paving the way for a full legislative vote on Dec. 12. The amendment would broaden the legal definition of tobacco to include products containing nicotine derived from non-tobacco sources. Synthetic nicotine e-cigarettes are currently treated as industrial products, allowing them to bypass tobacco-related regulations such as online sales bans and restrictions on vending machine distribution. Health officials and lawmakers have warned that the loophole has contributed to rising youth smoking rates. To curb stockpiling ahead of the new rules, the bill shortens the implementation period from six months to four and mandates clearer labeling of manufacturing and import dates. Authorities also plan to inspect existing inventories for harmful substances before they can be sold, while coordinating with local governments to prevent excessive pre-enactment buying. The amendment grants a two-year grace period for e-cigarette retailers to comply with regulations governing tobacco outlets. Online sales of synthetic nicotine products would end four months after the law takes effect. South Korea began discussing synthetic nicotine regulation in 2016, but progress stalled amid industry pushback. The latest proposal, initially delayed for further review, passed the legislative committee on Nov. 26. The e-cigarette industry cautiously welcomed the development. Kim Do-hwan, vice president of the Korea Electronic Cigarette Association, said: “Though delayed, we welcome the decision. However, the two-year grace period for vending machine sales is disappointing.” Still, some industry voices argue that taxing synthetic nicotine at the same rate as traditional tobacco is excessive. Natural nicotine e-liquids are currently taxed at 1,799 won per milliliter; applying the same rate to synthetic nicotine would add roughly 54,000 won in taxes to a 30-milliliter bottle. “The cost and production structure of synthetic nicotine differ from traditional tobacco, so applying the same tax rate burdens small businesses,” an industry source said. “Reasonable adjustments in the detailed regulations are necessary.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-28 14:13:00

Lee offers condolences to victims of Hong Kong's deadliest fire SEOUL, November 28 (AJP) - President Lee Jae Myung on Friday expressed his condolences to the victims of a fire at a high-rise apartment complex in Hong Kong and wished the injured a swift recovery. In a message posted on Facebook, Lee said, "I extend my deepest condolences and sympathy to those affected by the tragic incident involving our neighbors." The fire "resulted in numerous casualties, leaving South Korea and the world in deep sorrow," he added, offering sincere condolences to the families of the victims and expressing hope for a quick recovery and restoration efforts. Lee's condolences came days after nearly 100 people were killed in a fire at a large housing complex in Tai Po, northern Hong Kong earlier in the week. Seven of the complex's eight buildings were affected, with flames still spreading to adjacent blocks. About 900 residents have been evacuated to temporary shelters at nearby schools, and more than 1,250 firefighters have been mobilized to extinguish the deadly blaze and carry out search and rescue operations. As of early Friday morning, 94 people were dead, 76 injured, and many others still missing. Firefighters continue to rescue survivors and recover bodies. Authorities suspect that flammable materials used during major renovations of the decades-old complex, which began a year ago, caused the fire's rapid spread. 2025-11-28 14:11:10

UPDATE: Korea's factory output and investment slump Oct on stalled chip activity SEOUL, November 28 (AJP) - South Korea’s factory output in October shrank at the steepest rate in five years, while facility investment tumbled by double digits — all tied to stalled chip activity — further underscoring the country’s heavy reliance on the semiconductor sector for economic performance, data showed Friday. According to the Ministry of Data and Statistics, mining and manufacturing output fell 4 percent on month, the steepest drop since the 7.5 percent decline in May 2020. Output was also down 8.1 percent on year, the sharpest contraction since April 2023, when global supply disruptions hampered production lines. The slump was led overwhelmingly by semiconductors. Chip output plunged 26.5 percent on year, marking the biggest contraction in 43 years amid tightening in supply of legacy chips as Korean foundries redirect capacity toward long-term AI and data-center clients and shift resources to higher-performance lines. Excluding semiconductors, overall manufacturing output would have risen 1.1 percent. The dismal figures reverberated through financial markets. As of 1:30 p.m., the KOSPI had retreated 1.5 percent, while the Korean won weakened 2.8 won against the U.S. dollar. The yield on three-year government bonds jumped 6.7 basis points to end the morning trade at 3.08 percent. The downturn extended beyond manufacturing. Service-sector output slipped 0.6 percent on month, contributing to a 2.5-percent industry-wide decline, the steepest since February 2020 at the onset of the pandemic. Facility investment posted an even sharper drop. Investment fell 14.7 percent on month, the largest decline in four years since the 16.7-percent plunge in October 2020. Spending on machinery — including semiconductor equipment — decreased 12.2 percent, while investment in transportation equipment such as automobiles and ships fell 18.4 percent. The ministry cited a high base effect and suspended capital expenditure amid delays in tariff negotiations between Seoul and Washington. Construction investment was also weak, tumbling 20.9 percent, the largest contraction on record. Signaling a protracted slowdown, industrial orders dropped 41.6 percent on year. The ministry attributed the fall to sharply higher procurement costs from the weakened currency and subdued housing demand following tighter real estate regulations. Retail sales offered the sole bright spot, rising 3.5 percent on month partly driven by the second round of government stimulus vouchers. Cyclical indicators pointed to continued weakness. The coincident index fell 0.4 percent, indicating an ongoing slowdown, while the leading index remained flat, suggesting that the economic outlook ahead remains uncertain. 2025-11-28 14:07:47

PHOTOS: History in miniature SEOUL, November 28 (AJP) - At the entrance, a large Lego poster reading “Daehan Independence Manse” comes into view. Next to it sits a tiny corner shop marked “Jeongdong Stationery,” its shelves packed with marble games, ice cream buckets, paper cards, and cotton candy. The miniature space feels like a small time capsule, carrying the warmth of the years it represents. Inside the special exhibition hall, visitors walk through a large Lego Independence Gate and enter another world. Marking the 79th anniversary of liberation, the hall brings together Lego-made scenes of historic moments and the figures who shaped them. Scenes such as Yun Bong-gil’s Hongkou bombing, the March 1 Independence Movement with Yu Gwan-sun, group photos of returning Provisional Government officials, Ahn Jung-geun’s shooting of Ito Hirobumi, and Admiral Yi Sun-sin during the Imjin War are recreated in colorful Lego blocks. Tiny figures gather in front of the Lego Independence Gate waving “manse,” and the white hanbok worn by Yu Gwan-sun is instantly recognizable even in miniature. Children stand in front of the Lego displays with bright eyes, listening to stories of history. Meeting independence activists through Lego instead of textbooks makes the figures feel far more familiar. One child lingers at the Ahn Jung-geun exhibit, pointing at the bricks one by one and asking questions. Rows of 1960s and 1970s school uniforms, textbooks, backpacks, and lunchboxes fill the permanent exhibition. The recreated classroom scene is especially striking — the anti-fire and anti-communism posters on the back wall, metal lunchboxes warming on a central stove, the national flag and class mottos, and a timetable posted next to a map of Korea. The details make the space feel like a doorway into another decade. A diorama of a school sports day fills one section — obstacle races, horseback fights, relays. The tiny figures look almost alive. Under a tree, a family shares lunch with kimbap and soda. Though only a few centimeters tall, the little scene carries the energy and joy of a whole era. A permanent exhibition tracing Korea’s education history from the Three Kingdoms period to today shows how learning has shaped national identity — from Goguryeo’s Taehak and Goryeo’s Gukjagam to Joseon’s Sungkyunkwan, through the colonial era and into the modern day. The visit lasts little more than an hour, but the impression lingers — a stationery shop, a schoolyard festival, scenes of independence carved from Lego, and a classroom restored with care. Together they turn the past into something close enough to touch. 2025-11-28 14:00:01