Investigation underway after Eastar Jet's passenger flight lands with cargo door open SEOUL, November 26 (AJP) - An Eastar Jet passenger plane landed at Jeju International Airport with its cargo door partially open earlier this week, the budget carrier revealed on Wednesday, days after the incident. The incident occurred last Monday when a flight carrying 177 passengers from Gimpo touched down with the door ajar, prompting an investigation by the Ministry of Land, Infrastructure and Transport. With no injuries reported, the aircraft's pressurization system reportedly operated normally, but the incident caused significant delays for subsequent flights. "The ministry suspects that the cargo door lock may have been damaged during landing, causing it to open. "If the door had opened mid-flight, it could have caused decompression, requiring passengers to use oxygen masks," a ministry official explained, adding that a door warning light had activated shortly after takeoff. But further investigation will determine whether pilots and crews followed proper procedures to ensure passengers' safety. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-26 17:19:29

Koreans donated gold during IMF crisis — but their love for "foreign" won't rescue the won this time SEOUL, November 26 (AJP) - Korean authorities are pleading for all-around help — from the "big-brother" National Pension Service (NPS) to brokerages and exporters — to mobilize every possible tool to defend the Korean won drifting toward the untouched 1,500-won ($1.02) watershed. But they cannot expect sympathy, much less sacrifice, from ordinary Koreans, whose enduring appetite for overseas spending — on goods, travel, and securities — remains undeterred even as the won weakens beyond levels seen during the 1998 IMF bailout. The weakness in the currency has done little to quell Korea's love for the foreign. According to Bank of Korea data released Tuesday, overseas credit-card spending by Korean residents reached a record $5.93 billion in the third quarter, up 3.9 percent from last year's previous high of $5.71 billion and 7.3 percent above the second quarter's $5.52 billion. Foreign visitors, by contrast, spent just $3.76 billion on cards in Korea — barely half the amount spent by Koreans abroad and unchanged from the previous quarter, despite a record surge in inbound arrivals. On a per-card basis, Koreans spent an average of $314 abroad in the third quarter, roughly 56 percent more than the $201 spent by foreigners inside Korea. Outbound travelers totaled 7.09 million, up 4.8 percent from the previous quarter, according to the Korea Culture and Tourism Institute. The travel balance remains deep in deficit. Korea spent $2.5158 billion abroad versus $1.8344 billion earned from inbound tourism, generating a $681.4 million shortfall — another sign that Koreans spend far more abroad than foreign travelers spend at home. "Prices in Korea are relatively high. While the official inflation rate hovers around 2 percent, the real figure exceeds 4 percent when housing costs are factored in," said Kim Sang-bong, economics professor at Hansung University. "For many Koreans, it's cheaper to travel overseas. A domestic trip costs 200,000 to 300,000 won per person, whereas around 2.3 million won can cover a five-day trip to Vietnam or Japan." The pattern echoes last year's travel boom to Japan, fueled by the yen's plunge into the 800-won range. Korea's Shopping Festa — the country's biggest shopping extravaganza and local alternative to Black Friday — has also struggled to gain traction amid high exchange rates. With the won nearing 1,500 per dollar, U.S. product prices are rising in real time, prompting a shift toward Chinese and Japanese retailers. Platforms such as 11st and Coupang still rolled out major cross-border deals, but industry officials say the dependence on North American brands that once powered sales is no longer sustainable. Even the strong dollar has not tempered Koreans' passion for U.S. stocks. Net overseas securities investment reached $99.8 billion between January and September, more than triple the $29.6 billion net inflow of foreign investment into Korean securities over the same period. Korea's net external financial assets — the value of foreign assets held by Koreans minus liabilities — surged from $12.7 billion in 2014 to $1.03 trillion in the second quarter, underscoring the nation's structural preference for dollar-based safe assets. The NPS alone now holds 580 trillion won in overseas assets. Retail "Seohak ant" day traders — Koreans investing in U.S. and global stocks — have increased eightfold in just four years. Corporate direct overseas investment, too, hit a record $81.7 billion. Experts warn that even though Korea's foreign-currency liquidity is solid in the short term, structural imbalances in dollar supply and demand continue to drive pressure on the won–dollar exchange rate. "The real challenge is that there is no clear solution to the structural imbalance," said Wi Jae-hyun, analyst at NH Futures Research Center. "Excessive concentration of overseas investment in equities and slow repatriation of export proceeds, especially after large-scale U.S. investment commitments, are amplifying upward pressure on the exchange rate. But exchange rates driven by supply-demand dynamics behave like a rubber band — the higher they go, the more forcefully they can snap back." In 1998, Koreans lined up to donate gold to rescue the nation. In 2025, their wallets are overseas — and no amount of nostalgia will change that. 2025-11-26 17:19:07

Korean marriage cases spike in Sept in upside for birth growth streak SEOUL, November 26 (AJP) - The number of marriages in Korea reached the largest tally in a decade in September. The sharp rise in marriages — widely considered a leading indicator of births — has raised expectations that the recent rebound in childbirth numbers could continue in the coming months. According to Statistics Korea's population trends for September released on Wednesday, 18,462 couples married last month, an increase of 3,005 cases from a year earlier. Marriage numbers have now grown for 18 consecutive months, reaching the highest level for September since 2015. For the first three quarters of the year, cumulative marriages totaled 58,305, which represents an increase of 6,600 cases, or 12.8 percent, compared with the same period last year. Marriage counts rose across all regions, supported by a combination of factors, including an increase in the population at the typical marriage age, generally those in their 30s, and shifting social perceptions toward marriage. The rebound in marriages, combined with ongoing growth in births since late last year, suggests that the annual number of newborns in 2025 could surpass last year's total of 238,317. Korea recorded 22,369 births in September, which is 1,780 more births, or an 8.6 percent increase, compared with a year earlier, marking the highest September figure since 2020. Cumulative births for the year reached 191,040, reflecting a 7 percent increase year-on-year. The total fertility rate — the expected number of children a woman will have over her lifetime — rose to 0.85 in September, an increase of 0.06 from a year earlier. The rate for the third quarter stood at 0.81, up 0.04. The rise in births was driven largely by women in their 30s. Birth rates among mothers aged 30 to 34 increased by 2.4 percent, and those 35 to 39 increased by 5.3 percent, while births among women aged 25 to 29 declined slightly by 0.1 percent. Meanwhile, 28,101 deaths were recorded in September, a 3.9 percent decrease compared with the same month last year. With deaths outnumbering births, the country's population still saw a natural decline of 5,732 people for the month. 2025-11-26 17:18:49

Online sexual violence on the rise among teenagers, report finds SEOUL, November 26 (AJP) - Nearly 30 percent of teenagers have experienced sexual violence over the past three years, according to a report released by the Korea Sexual Violence Relief Center (KSVRC) on Wednesday. Based on an analysis of reported cases from 2022 to 2024, the report found that there were 14,146 cases in 2022, 15,542 in 2023, and 14,874 in 2024. Among them, cases involving those under 19 increased from 27.6 percent in 2022 to 28.6 percent in 2024. The report also revealed a concerning rise in the number of offenders under 19. Juvenile offenders increased from 1,962 in 2022 to 2,042 in 2023 and 2,069 in 2024, accounting for approximately 13 percent of all offenders last year. "Online spaces have become an integral part of many children's lives these days, leading to a rise in digital sexual violence," the center said. "Cases of online grooming, where perpetrators demand photos or videos and then use them for threats or illegal distribution, are on the rise. Many victims remain unaware of their exposure for extended periods," it added. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-26 16:57:11

South Korean shipowners warn against foreign sale of Hyundai LNG Shipping SEOUL, November 26 (AJP) - South Korea’s shipping industry has raised alarms over the potential sale of Hyundai LNG Shipping, the country’s largest liquefied gas carrier operator, to a foreign buyer, warning the deal could undermine national energy security. The Korea Shipowners’ Association said Wednesday that IMM Private Equity and IMM Investment are in talks to sell the company to Indonesia’s Sinar Mas Group. Hyundai LNG Shipping operates 12 liquefied natural gas (LNG) carriers and six liquefied petroleum gas (LPG) carriers. Calling the prospective transaction a “national loss,” the association said the transfer of major energy-transport assets abroad could expose sensitive information, including LNG transport know-how and vessel-operation data. Such leakage, it warned, may affect Korea Gas Corporation’s long-term shipping contracts. A reduced domestic share of LNG transport could also weaken the country’s energy supply chain, the group added. The association said the planned sale runs counter to government policy aimed at securing a 70 percent utilization rate of domestic vessels for strategic energy shipments and discouraging the sale of related assets overseas. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-26 16:48:57

Netmarble reports data breach after hack on PC gaming site SEOUL, November 26 (AJP) - Netmarble announced on Wednesday that its PC gaming website was hacked last week, potentially exposing personal information belonging to customers and employees. The company said it detected the intrusion on Nov. 22 and “immediately took response measures,” including blocking unauthorized access and notifying authorities. An internal investigation is under way to determine the scale of the breach. According to Netmarble, the compromised data may include customer names, birthdates and encrypted passwords, along with information related to current and former employees such as names and company email addresses. Data from PC cafe operators collected before 2015 may also have been affected. Netmarble emphasized that no resident registration numbers or other highly sensitive personal data were leaked, and that encrypted passwords are unlikely to be exploited. Still, the company urged users of its 18 PC titles to change their passwords as a precaution. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-26 16:25:42

Prosecutors seek 15-year sentence for former PM in martial law case SEOUL, November 26 (AJP) - Independent prosecutors on Wednesday sought a 15-year prison sentence for former Prime Minister Han Duck-soo over his involvement in disgraced former President Yoon Suk Yeol's martial law debacle late last year. During the final hearing of Han's trial at the Seoul Central District Court in southern Seoul, the request was made, making him the first among dozens of defendants facing charges related to Yoon's Dec. 3 declaration of martial law. "As the second-highest official in the government, was the only person who could have prevented the debacle, yet he abandoned his constitutional duty to serve the country and was instead involved through his actions before and after martial law was declared," one prosecutor said. "By imposing strict punishment, we must ensure that this dark chapter in our history never happens again," he added. Prosecutors accused Han of not only attending a Cabinet meeting with several key officials just before Yoon declared martial law, but also of attempting to cover up some illegal measures by fabricating relevant documents. They also criticized Han's refusal to cooperate with investigators, citing his perjury, which they said harmed South Korea's democracy. With the court scheduled to deliver its verdict on either Jan. 21 or 28 next year, Han is likely to become the first among those involved in the case to be sentenced. 2025-11-26 16:20:55

KT signs MOU with DigitalBridge to tap rising demand for AI infrastructure SEOUL, November 26 (AJP) - KT said on Wednesday it has signed a memorandum of understanding with DigitalBridge, a U.S.-based digital infrastructure investment firm, to collaborate on the development and operation of AI data centers in South Korea. The agreement was signed on Nov. 25 at KT’s headquarters in Seoul. DigitalBridge, which manages about $108 billion in assets, specializes in data centers, fiber networks and cloud infrastructure. KT said the partnership aims to address rapidly growing demand for AI computing capacity across the Asia-Pacific region. The two companies will work together on designing and operating AI-focused data centers and will also explore sustainable operating models, sharing technologies to mitigate the high energy consumption associated with AI workloads. “As AI use expands, securing stable infrastructure is essential,” said Jung Woo-jin, head of KT’s Strategy and Business Consulting Division. “We will actively pursue market opportunities with our global partner to deliver optimal services.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-26 16:13:00

OPINION: New Uzbekistan and the Search for Global Social Justice SEOUL, November 26 (AJP) - The Second World Summit for Social Development, held in Doha from November 4 to 6, brought the international community back to a question that has shaped global cooperation for thirty years: how to ensure that every person can live with dignity, opportunity, and security. The world has entered a period of intense economic, demographic, technological, and environmental transition. Rising hunger, widening inequality, climate instability, and declining social trust have reshaped the development landscape. The Doha summit sought to renew global momentum around one of the core promises of the United Nations, leaving no one behind. For Uzbekistan, which has carried out wide-ranging social and economic reforms in recent years, the summit was an important moment to present its experience and share new ideas for cooperation. President Shavkat Mirziyoyev used the platform to outline several proposals aimed at strengthening social justice and deepening collective action on sustainable development. The ideas he introduced reflect the philosophy of what Tashkent calls the "New Uzbekistan," a society centered on human dignity and committed to reform, inclusion, and openness. A world that cannot afford complacency The global context in which the Doha summit took place demands attention. Although progress has been made since the first Social Development Summit in Copenhagen in 1995, the world remains far from achieving its own ambitions. Poverty has been reduced by half since the mid-1990s, and life expectancy has increased significantly, yet the pace of improvement has slowed. According to United Nations data, more than 800 million people still live in extreme poverty and over 40 percent of the global population has no access to social protection. Hunger is rising in many regions, driven not by a shortage of food across the world but by conflict, economic shocks, and policy failures. Climate change continues to intensify droughts, floods, and food insecurity, placing the greatest strain on the poorest communities. At the same time, rapid technological change is creating new inequalities. Digital platforms offer access to information and opportunity, but they also accelerate polarization, disinformation, and disruption in labor markets. Millions of workers face uncertainty as automation and artificial intelligence alter traditional industries. These trends reinforce a clear reality: economic growth on its own is no longer enough to reduce structural inequality. This is the backdrop against which the Doha Political Declaration was adopted. The declaration reaffirms that social development must be at the center of global stability and peace, and calls for expanded social protection, stronger education systems, fair working conditions, and urgent climate action. It also stresses the need to reform the global financial architecture so that developing countries burdened by debt can secure the resources necessary for poverty reduction and sustainable development. Uzbekistan's reform agenda at the center President Mirziyoyev's participation in Doha highlighted how Uzbekistan has sought to respond to many of the same pressures affecting countries worldwide. Over the past eight years, the country has launched one of the most comprehensive reform programs in its recent history, aiming to modernize public institutions, liberalize the economy, expand opportunities for citizens, and raise living standards. Poverty reduction has been a major priority. In 2017, Uzbekistan introduced targeted social registers to identify vulnerable families and ensure the delivery of assistance. These registers, known as the "Iron Register," the "Women's Register," the "Youth Register," and the "Mercy Register," have become essential tools for directing support to those most in need. As a result, guaranteed assistance now reaches more than 2.3 million low-income families, elderly individuals, and persons with disabilities, four times more than eight years ago. The poverty rate, once near 35 percent, has fallen to 6.6 percent. Human capital has been another major focus. Preschool enrollment has risen from 27 percent to 78 percent, allowing more women to pursue education and employment. Over the past five years, more than 800,000 citizens have completed professional training and secured higher-income jobs. Uzbekistan has updated its labor code, adopted new employment and trade union laws, and amended its Constitution to enshrine the principle of the country as a social state. Migration, which is a reality for millions of Uzbek citizens who seek work abroad, has also become a key area of reform. A unified system now provides language and skills training before departure, legal and material support for citizens overseas, and reintegration programs for returning workers. The goal is to ensure that migration becomes a safe and empowering choice, not a source of exploitation. Environmental policy, especially regarding the Aral Sea region, has taken on global significance. The drying of the Aral Sea has long been recognized as one of the world's worst ecological disasters. Uzbekistan has responded by planting more than 2 million hectares of salt-tolerant vegetation on the exposed seabed, with plans to cover up to 80 percent of the area by 2030. Working with regional and international partners, the country is improving water management, expanding climate-resilient agriculture, and promoting renewable energy. These reforms form the domestic foundation for the proposals President Mirziyoyev presented in Doha. Five proposals for shared prosperity Uzbekistan's initiatives at the summit were framed around the idea that global stability depends on global social justice, and that developing countries must play a central role in advancing that agenda. The President introduced five proposals. The first was the establishment of a Global Fund for Social Justice. With over one billion people still living in poverty and developing countries requiring an estimated $4 trillion to meet the Sustainable Development Goals, there is an urgent need for a financial mechanism that improves access to development resources. Uzbekistan proposed hosting a high-level conference in Khiva in 2026 to explore how such a fund could operate, bringing together governments, international financial institutions, and donor organizations. The second proposal focused on employment and decent work. With the global unemployment rate at around 5 percent and technology reshaping labor markets, the President called for a Global Initiative on Social Responsibility and Decent Work. He pointed to Uzbekistan's own experience, noting that the country has attracted nearly $130 billion in investment over the past eight years, doubled the size of its economy, and created millions of jobs. The third initiative emphasized education. Uzbekistan, now a member of the Global Alliance Against Hunger and Poverty, proposed hosting a summit under the Alliance with education as the main theme. Illiteracy, the President noted, costs the global economy an estimated $1.4 trillion each year. Strengthening vocational education is especially important for preparing young people for the green and digital economy. The fourth proposal addressed international migration. With more than 300 million people working abroad worldwide, the President called for an International Forum on the Social and Legal Protection of Migrants and their Families, along with a Global Program on migrant rights. Uzbekistan's own reforms in this field were presented as a potential model for other developing countries. The fifth initiative focused on the Aral Sea region, which has been designated by the UN as a Zone of Environmental Innovation and Technology. Uzbekistan urged deeper cooperation to develop a socio-economic model for regions that face severe climate stress. Toward a renewed global consensus The Doha summit made clear that achieving social justice in an era of global turbulence requires more than restating existing commitments. It demands new partnerships, new financial tools, and renewed solidarity. Uzbekistan's proposals reflect the view that emerging economies not only face shared global challenges but also have practical ideas to contribute. In recent years, Uzbekistan has positioned itself as a more open and internationally engaged country, hosting global forums, aligning national strategies with the Sustainable Development Goals, and working closely with UN institutions. Its message in Doha, that development must be rooted in human dignity and collective responsibility, is consistent with that broader direction. As the world searches for a new consensus on development, Uzbekistan is seeking not only to transform itself but also to help shape the global conversation. The path to social justice, as articulated by its leadership, requires cooperation, inclusiveness, and investment in human potential. These principles remain as relevant today as they were in Copenhagen thirty years ago. 2025-11-26 16:09:57

NPS can stall — but hardly a joker card in Korea's FX defense SEOUL, November 26 (AJP) - Hedging maneuvers and central bank lifelines — South Korea's National Pension Service has several cards it can play to help authorities fend off pressure on the Korean won, but any relief is likely to be temporary, as the fund's core mission is safeguarding old-age coffers, not defending the currency. The NPS has been asked to join fiscal and monetary authorities in a joint response council as the won drifts toward the once-unthinkable 1,500 threshold. The world's third-largest pension fund, managing 1,322 trillion won in assets as of August, has become a critical presence in the FX market not by policy choice but because of the sheer scale of its overseas holdings. Overseas equities alone amount to 486 trillion won — already exceeding its medium-term target — compared with 196 trillion won in domestic stocks. The fund has been especially aggressive in U.S. big tech. SEC filings show the NPS held $128.8 billion worth of U.S. equities through September, booking around 33.5 trillion won in paper gains this year. It owns about 0.2 percent of Nvidia and sizable stakes in Apple, Microsoft and Broadcom, positions that have delivered hefty returns and elevated the fund's global influence. But that global tilt is a double-edged sword. To sustain its offshore investments, the NPS buys an estimated $2 billion to $3 billion in the domestic market every month, making it one of Korea's largest structural buyers of dollars and a steady source of downward pressure on the won. The currency traded at 1,465.8 won per dollar on Wednesday afternoon — slightly firmer than the Nov. 21 peak of 1,475.2 won after strong verbal intervention — but still nearly 100 won weaker over four months despite a current account surplus nearing $83 billion through September. The won has approached levels previously seen only during extreme stress, including the 2009 global financial crisis and this April's political turbulence. Stock Market Dilemma for FX This year's roaring domestic stock rally adds to the FX pressure. Korean shares returned an average 36.4 percent in the first eight months of the year, far outpacing foreign equities at 8.6 percent and positioning the NPS to rebalance by locking in domestic gains and reallocating abroad. Pension funds sold roughly 800 billion won in local stocks from September to early November as the KOSPI hit a record 4,221.87. A three-percentage-point reduction in domestic equity allocation alone would require shifting about 48 trillion won — or $32.7 billion — reinforcing the fund's role as a structural dollar demander. In the near term, the NPS still has cards it can play. The simplest is adjusting the timing of its dollar purchases. While its long-term strategy requires continued expansion overseas, it faces no obligation on when it converts won into dollars. Delaying purchases by several weeks or accelerating the repatriation of overseas returns can temporarily ease FX pressure without altering its portfolio strategy. A second lever is recalibrating hedging ratios. Under internal rules, the fund can hedge up to 10 percent of its overseas assets when the won trades significantly above its long-term average — a mechanism known as strategic currency hedging. Analysts expect the fund to return to that stance as the 1,480-won level emerges as a short-term ceiling. When the NPS adopted this posture in January, the won strengthened by 20 to 30 won within days, easing into the mid-1,300s by May. The fund can also tighten cash-flow management, temporarily holding more contributions in won or delaying scheduled FX transactions. But the most powerful institutional lever remains the currency swap line with the Bank of Korea, which allows the NPS to borrow dollars directly from foreign reserves rather than sourcing them in the spot market. The ceiling stands at $65 billion, up from $50 billion, and could be expanded or extended. Borrowed dollars must eventually be repaid, but the mechanism smooths sudden spikes in demand and reduces market volatility. Analysts note that both the swap arrangement and strategic hedging have proven to be the most effective tools in past episodes. Still, the NPS cannot be treated as Korea's joker card. The fund's mandate is to maximize long-term returns for an aging society, not to steer currency markets. "The NPS is certainly a major player in the FX market, but it operates under fundamental principles," said Park Sang-hyun of iM Securities. "Mobilizing pension funds for currency defense at the expense of those principles is a different matter entirely." Reducing its overseas investment ratio, while technically possible, contradicts its core mandate and requires multiple layers of approval — making it infeasible as a short-term defense instrument. "For short-term exchange rate adjustments, currency hedging is realistically the optimal approach," Park added. 2025-11-26 16:02:42