No-fly zone around Cheong Wa Dae to expand as Lee prepares to move in SEOUL, November 27 (AJP) - A no-fly zone around the former presidential office of Cheong Wa Dae in central Seoul is expected to be expanded, once President Lee Jae Myung returns to the palatial compound by the end of this year. Lee, who took office in early June following the impeachment of former President Yoon Suk Yeol over his botched Dec. 3 declaration of martial law, was unable to immediately use the compound due to the need to enhance security and overhaul facilities, and has been temporarily working at his predecessor's office in Yongsan. The current no-fly zone, which covers roughly a 3.7-kilometer radius around both the presidential office in Yongsan and a nearby residence in Hannam-dong, is likely to be expanded to 6.5 kilometers, nearly double the range. The expansion appears to be intended to counter intrusions and any potential attacks amid the growing threat posed by drones and unmanned vehicles. Meanwhile, with several months of extensive construction and renovation work nearly complete, Lee is expected to move in soon. 2025-11-27 15:44:09

Naver plays down Nasdaq talk as it moves to absorb crypto exchange Dunamu SEOUL, November 27 (AJP) - Naver has pushed back on speculation that its fintech arm could seek a Nasdaq listing after absorbing Dunamu, operator of South Korea's largest cryptocurrency exchange Upbit, as it must address regulatory hurdles before taking the big step. "We have no confirmed plans to pursue a Nasdaq listing for Naver Financial at this time," CEO Choi Soo-yeon said Thursday at a press briefing at Naver's headquarters in Seongnam. "Even if we consider going public in the future, we will prioritize enhancing shareholder value and contributing to the development of capital markets." Her remarks came a day after the board approved a stock-swap deal giving Naver Financial full ownership of Dunamu. Under the terms, each Dunamu share will be exchanged for 2.54 shares of Naver Financial, valuing Dunamu at roughly 15 trillion won and Naver Financial at about 5 trillion won. The transaction—about $14 billion in implied value—faces extensive regulatory scrutiny. The Financial Supervisory Service will review whether the merger could infringe shareholder rights or create financial-stability risks by combining mobile payments with cryptocurrency services. The Fair Trade Commission is expected to assess whether integrating Naver's vast user-data network with Dunamu's crypto-trading data could create undue market power. Meanwhile, South Korea's digital-asset rulebook remains unsettled. A bill governing stablecoin issuance and the broader Digital Asset Basic Act has been held up amid disagreements between the Bank of Korea and ruling-party lawmakers, injecting further uncertainty into the approval process. Regulators may take a year or longer to complete their review. If the merger is cleared and the combined unit seeks an IPO, listing venue will be a pivotal decision. A Nasdaq debut is considered plausible: Naver already trades on the KOSPI, and leaving Dunamu shareholders with non-voting, unlisted shares would likely trigger opposition. Naver also has recent U.S. market experience through last year's listing of Webtoon Entertainment. "A Nasdaq listing would significantly boost Naver Financial's credibility and open doors to global institutional investors," said Hwang Suk-jin, professor at Dongguk University's Graduate School of International Affairs and Information Security. "The timing may not be now, but the opportunity remains open." Mirae Asset Securities, previously the second-largest shareholder of Naver Financial with a 30 percent stake, declined to comment on potential IPO plans but welcomed the merger decision. Dunamu said it had no information to share regarding listing intentions. Upon closing, Dunamu Chairman Song Chi-hyung is expected to become the largest shareholder of the combined entity with about 19.5 percent. Naver's stake in Naver Financial would fall from 69 percent to roughly 17 percent. Shareholders vote May 22, with the deal slated to close by June 30 if approved. The merger news was tempered Thursday when Dunamu disclosed that about 54 billion won in Solana-based assets had been transferred to an undesignated wallet early that morning, prompting Upbit to suspend all crypto deposits and withdrawals. The company said it would cover any losses with its own assets and stressed that customer funds would not be affected. 2025-11-27 15:41:44

PHOTOS: Farewell to actor Lee Soon-jae SEOUL, November 27 (AJP) - The funeral for beloved South Korean actor Lee Soon-jae was held Thursday morning at the Asan Medical Center in Seoul. Younger colleagues shed tears as they bade a final farewell to Lee, a veteran who maintained an undying passion for acting throughout a lifetime spanning theater, television, and film. In her eulogy, actress Ha Ji-won paid tribute to his legacy. "He was not only an iconic actor representing Korea, but a true artist who never lost his humility before his craft and never ceased to question himself," she said. 2025-11-27 15:13:27

Teaching remains top career choice among schoolchildren SEOUL, November 27 (AJP) - Becoming an athlete was the most frequently cited future dream among elementary school students when asked what they want to be, while middle and high school students most often said they want to become teachers, a survey released on Thursday reveals. The annual survey of about 12,000 students conducted in May and June by the Ministry of Education by the Ministry of Education and the Korea Research Institute for Vocational Education and Training, showed similar results to the previous year, as many schoolchildren dreamed of securing stable jobs like teaching. Among elementary students, becoming an athlete topped the list at 14.1 percent, maintaining its lead for eight consecutive years since 2018. It was followed by doctor (6.6 percent), YouTuber (4.8 percent), teacher (4.5 percent), and chef (3.9 percent), with rankings unchanged from last year. But the most sought-after job among middle school students was teacher at 7.5 percent, followed by athlete (5.4 percent), doctor (3.6 percent), police officer (3.2 percent), and nurse (2.9 percent). Teaching was also the most favored career among high school students at 7.6 percent. Becoming a teacher has been the top choice for middle and high school students since 2015. Some 64.9 percent of high schoolers want to attend college, slightly down from 66.5 percent last year, while those seeking employment rose 2.3 percentage points to 15.6 percent. About 11.2 percent remain undecided. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 15:05:10

Funeral held for South Korean volunteer killed in Ukraine SEOUL, November 27 (AJP) - A funeral was held in Kyiv earlier this week for a South Korean man who died fighting in Russia's war in Ukraine, the Ministry of Foreign Affairs here said on Thursday. Ukrainian authorities informed the South Korean government of his death, and his funeral service was held last Tuesday, with South Korean consular officials in attendance. Identified by his last name Kim, the man in his 50s is believed to have been killed earlier this year during combat in Donetsk in southeastern Ukraine. The ministry has been providing consular assistance to Kim's family. Further details about his identity have not been disclosed, but AFP released images showing Ukrainian soldiers honoring him beside a coffin draped with the South Korean flag. Reports of South Koreans volunteering to fight in Ukraine have surfaced previously, but the actual number of people who went there remains unknown. Among them was Rhee Keun, a famous YouTuber and former special warfare officer in the South Korean Navy. In March 2022, he flew to Ukraine to help fight against the Russian invasion but returned home just two months later due to injuries and shared some of his battlefield experiences from the front lines. It is illegal for a South Korean national to take part in a war in another country without government authorization, and offenders face at least one year behind bars. Rhee said at the time, "I could not sit idly by without using my military tactics and expertise to help Ukraine just because I was afraid of punishment. If I return alive, I will take responsibility for my actions." He was handed down a suspended prison sentence for illegally entering Ukraine to fight as a volunteer soldier, along with multiple other charges. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-27 14:25:30

South Korean food firms tap K-beauty boom for new growth SEOUL, November 27 (AJP) - South Korean food companies are accelerating their push into cosmetics and “inner beauty” products as slowing consumption and rising costs squeeze margins in their core businesses. The globally recognized K-beauty sector — supported by steady global demand and a strong manufacturing base — is emerging as an attractive diversification route. Industry sources say hy has expanded its probiotics research into skincare, developing products that use its HY7714 skin probiotic strain. Since debuting its first ampoule in 2023, the company has rolled out sunscreen and modeling packs, reinforcing a brand strategy that links nutritional supplements with topical skincare. Other firms are securing manufacturing capabilities directly. HiteJinro Group, best known for its alcoholic beverages, acquired cosmetics ODM producer B&B Korea — maker of brands such as d’Alba and Medicube — through its subsidiary Seoyoung E&T. The move enables the group to extend its portfolio into broader lifestyle businesses. Shinsegae Food has opted for an investment-led approach, committing 50 billion won to C&C International, a color cosmetics ODM company. Through participation in the “Beauty Synergy 2025 Private Equity Fund” established by Ascent Equity Partners, the company secured a 36.9 percent stake. The investment is aimed at establishing a stable revenue source without taking on direct manufacturing or sales operations. Companies are drawn to the beauty sector’s different profit structure. Food production is vulnerable to swings in global grain prices and logistics costs, while cosmetics typically face lower cost volatility. Premium and high-functionality products also tend to deliver higher gross margins, with branding and channel strategy playing an outsized role. Food companies, analysts say, can leverage strengths in raw-material development, quality control and marketing as they expand into beauty. K-beauty’s global growth is another factor. South Korean cosmetics exports reached a record $5.5 billion in the first half of the year, up 14.8 percent from a year earlier, according to customs data. Markets are diversifying beyond China and the United States, with exports to South America climbing from $15.3 million in 2020 to $70.2 million last year, driven by rising demand in Brazil, Chile and other emerging markets. “With domestic food consumption stagnating, there’s mounting urgency around finding new growth drivers,” an industry official said. “K-beauty, with its expanding global footprint, is increasingly seen as a promising option.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 14:23:38

South Korea's Upbit reports $31 million crypto theft SEOUL, November 27 (AJP) - Upbit, South Korea’s largest cryptocurrency exchange, said Thursday that digital assets worth about $31 million were stolen in an early-morning security breach, marking the platform’s most serious incident since its major hack six years ago. Operator Dunamu said the breach was detected around 4:40 a.m., when assets on the Solana network were transferred to an unauthorized wallet. The stolen holdings include Solana (SOL) and 23 other tokens such as DoubleZero (2Z), Access Protocol (ACS), Bonk (BONK) and Doodles (DOOD). “Upon detecting the anomaly, we immediately halted all Solana-related transactions and initiated a comprehensive security review,” Dunamu said in a statement. “The loss has been fully covered by Upbit’s own assets.” The company added that remaining assets had been moved to offline cold wallets to prevent further unauthorized transfers and that it is preparing to cooperate with law enforcement. The incident is the first major theft involving Upbit since November 2019, when 342,000 Ethereum — then valued at roughly $500 million — were moved from the exchange’s hot wallet to an external address. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 14:11:41

South Korea unveils new guidelines to boost foreign investor entry into stock market SEOUL, November 27 (AJP) - South Korea’s Financial Services Commission (FSC) on Thursday unveiled new guidelines for foreign omnibus accounts, aiming to streamline market access for overseas investors and attract additional capital inflows. Omnibus accounts allow foreign institutions to trade and settle Korean equities without opening individual accounts for each client — a structure similar to how South Korean investors trade U.S. stocks. The country’s first such account was launched in August, eight years after the system was first introduced. The updated guidelines provide detailed procedures for account opening, allocation of shareholder rights, and mandatory reporting. They also establish internal control standards designed to prevent market abuse and money laundering by foreign financial investment firms. The FSC said the guidelines will be translated into English and distributed to market participants. A corresponding revision to financial investment business regulations — removing restrictions on which entities can open omnibus accounts — is expected to be completed in December. The regulatory overhaul will enable small and mid-sized foreign securities firms and asset managers, previously excluded unless granted special exemptions, to access the system. “We expect this to improve foreign investors’ access to the domestic stock market and stimulate capital market activity by attracting new investment funds,” the FSC said in a press release. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-27 14:04:10

BOK holds base rate at 2.50%, bond yields jump as markets price in end of easing SEOUL, November 27 (AJP) - The Bank of Korea kept the base rate unchanged at 2.50 percent at its final monetary policy meeting of 2025 on Thursday and signaled that the latest easing cycle may be nearing an end as a persistently weak won fans inflation while simultaneously eroding household purchasing power. Governor Rhee Chang-yong said the decision was “almost unanimous,” with five of the six board members voting for a freeze due to heightened foreign-exchange volatility and unresolved uncertainty in the housing market. One member sought a cut to shore up the fragile economy. Three members also argued the central bank should preserve room for another reduction in three months, depending on how risks evolve. Bond prices fell on the perceived hawkish tilt. The three-year government bond yield rose 5.3 basis points to 2.948 percent, while the five-year gained 4.8 basis points to 3.132 percent. (Bond yields move inverse to prices.) The won strengthened 5.6 won to 1,464.9 per dollar following repeated verbal interventions. The KOSPI slipped back below 4,000 after a brief rebound. Rhee declined to confirm market speculation that the BOK’s easing cycle — which began in October 2024 after rates peaked at 3.50 percent — was effectively over as the market noted the tweaks in the BOK statement after the rate meeting – the replacement of the phrase “easing stance” with the softer “possibility of easing.” “How this is interpreted is up to individuals,” Rhee said. “It is difficult to predict what lies ahead when both upward and downward pressures exist.” The BOK made mild revisions to its growth forecast: raising this year’s projection to 1.0 percent from 0.9 percent and next year’s to 1.8 percent from 1.6 percent. Growth in 2027 is expected to edge slightly above the potential rate of 1.8 percent, at 1.9 percent. Rhee warned of a buildup in inflationary pressure next year due to the weak currency and firmer global oil prices. The won is projected to average above 1,400 per dollar this year — a level unseen even during the Asian Financial Crisis or the Global Financial Crisis. To stabilize the currency, fiscal and monetary authorities have formed an emergency council with the National Pension Service, Korea’s largest holder of dollar-denominated assets, hoping to better manage supply-demand dynamics in the FX market. Rhee called the won’s weakness extraordinary, attributing it to a deep structural tilt toward overseas investments rather than crisis-level stress. He pointed to the stability of Korea’s external borrowing conditions: the five-year credit default swap premium stood at 24 basis points in October, down from 31 in May. “We could send a positive signal to the foreign-exchange and real economy if we halt the easing cycle,” he said, though he emphasized that both monetary and fiscal policy options are limited because the imbalance is structural rather than cyclical. “That the won remains weak despite the narrowing Korea-U.S. rate gap suggests the core issue lies in the imbalance between domestic and overseas investment flows,” he added. Rhee rejected claims that the NPS is being pressured to defend the currency, arguing that an excessively weak won already erodes returns from the fund’s overseas portfolio — ultimately undermining retirement assets. 2025-11-27 13:56:22

TRAVEL: A walk over royal revenge — The dark secret of Seoul's Cheonggyecheon SEOUL, November 27 (AJP) - Strolling along the Cheonggyecheon Stream in downtown Seoul, it is easy to be lulled by the gentle flow of water and the hum of the city fading into the background. Once buried beneath suffocating asphalt and elevated highways, this eco-friendly waterway was miraculously restored in the mid-2000s. Today, it serves as a serene urban sanctuary for office workers seeking a lunch-hour escape and tourists soaking in the city's vibe. But beneath the stream's largest stone bridge lies a story that is anything but peaceful. It is a tale of a dynasty’s bloody birth, a stepson’s cold-blooded grudge, and a literal pathway paved with revenge. To the casual observer, the Gwangtonggyo Bridge is simply a marvel of Joseon Dynasty engineering. Originally constructed in 1412 by King Taejong to tame the flood-prone waters, it was the widest bridge in the capital, spanning 15 meters. Yet, if you venture beneath the bridge and look closely at the stone embankments, you will find something unsettling: upside-down carvings of intricate floral designs and solemn guardian deities. These are not ordinary construction materials. They are tombstones. The story dates back to the founding of the Joseon Dynasty in the late 14th century. King Taejo, the dynastic founder, had a beloved second wife, Queen Sindeok. A fierce political operator, Sindeok managed to maneuver her own son into the position of Crown Prince, bypassing Taejo’s older, battle-hardened sons from his first marriage. The most ambitious of those sidelined sons was Yi Bang-won (who would later become King Taejong). Following Queen Sindeok’s death in 1396, a heartbroken King Taejo built a magnificent tomb for her within the city walls — on the site of the current British Embassy near Deoksugung Palace — so he could be near her spirit. However, peace did not last. Yi Bang-won launched a bloody coup, killing his half-brothers and seizing the throne. But taking the crown wasn't enough; he wanted to erase his stepmother’s legacy. Once King Taejo passed away, Taejong exacted his posthumous revenge. He stripped Queen Sindeok of her royal title and dug up her grave, exiling her remains to a remote site outside the city walls. In a final act of spite, Taejong took the heavy stone slabs and statues from her tomb — sacred objects meant to guard her soul — and dumped them into the Cheonggyecheon. He ordered them to be used as the foundation stones for Gwangtonggyo Bridge. His intent was clear and cruel: he wanted the citizens of Seoul to trample over his stepmother’s grave for eternity. History is often ironic. During the Joseon era, Gwangtonggyo became the center of a popular folk tradition. On the first full moon of the lunar year, citizens believed that crossing the bridge as many times as their age would ward off leg ailments and bad luck. For centuries, thousands of people flocked here to wish for health, unwittingly participating in a king’s centuries-old vendetta as they marched over the Queen’s desecrated tomb stones. When Cheonggyecheon was restored in 2005, the bridge was reconstructed, and the stones were revealed to the public once more. Today, visitors can walk under the Gwangtonggyo and touch the cold, granite history. You can clearly spot the Sinjangseok (guardian stones) and the Geumgangjeo (a Buddhist symbol of indestructible truth) carved into the blocks. Some are inverted, others broken — silent witnesses to a family feud that shaped a nation. Above the bridge, the city of Seoul rushes forward into the future. But below, in the cool shadows of the Cheonggyecheon, the stones of Gwangtonggyo remain, reminding us that even in the most serene landscapes, history is often waiting to be discovered — and stepped upon. 2025-11-27 13:45:30