Asian market rebounds on Nvidia halo, Kospi recovers 4,000-mark led by chips SEOUL, November 20 (AJP) - Asian markets rebounded Thursday after Nvidia delivered another set of stunning earnings, muting much of the overheated AI chatter and giving regional stocks their first solid lift this week. In Seoul, the benchmark Kospi advanced 1.9 percent to close at 4,004.85, reclaiming the psychologically important 4,000 mark for the first time in three sessions. The tech-heavy Kosdaq added 2.4 percent, finishing at 891.94. Foreign investors bought a net 560.7 billion won ($381 million) worth of shares, while institutions purchased 967.7 billion won. Retail investors, however, turned heavy sellers, offloading 1.51 trillion won. Analysts said renewed foreign buying — centered on semiconductor names — was the main catalyst behind the rebound. The surge followed Nvidia Corp.’s record-breaking quarterly earnings, which helped dispel concerns of an overheating AI-driven rally. The U.S. chipmaker posted third-quarter revenue of $57 billion and earnings per share of $1.30, beating market estimates of $54.9 billion and $1.25, respectively. Revenue jumped 62 percent from a year earlier. During the earnings call, CEO Jensen Huang underscored rising demand for memory and AI infrastructure, saying the company is preparing “a big year ahead” with memory partners — remarks that further fueled optimism for Korean chipmakers. Shares of Samsung Electronics rose 4.3 percent to 100,600 won ($68.5), while SK hynix gained 1.6 percent to 571,000 won. Most large-cap stocks advanced: LG Energy Solution up 0.8 percent to 441,000 won; HD Hyundai Heavy Industries up 1.6 percent to 583,000 won; and Doosan Enerbility up 4.4 percent to 77,700 won. Automakers lagged the broader rally, with Hyundai Motor slipping 0.8 percent to 262,000 won and Kia retreating 1 percent to 113,400 won. AI infrastructure-related stocks surged across the board. Daewon Cable soared 18 percent to 3,940 won; LS ELECTRIC climbed 6.5 percent to 506,000 won; Gaon Cable rose 6 percent to 70,600 won; Taihan Electric Wire gained 4.8 percent to 24,100 won; and HD Hyundai Electric added 4.1 percent to 815,000 won. Tourism and cosmetics shares also rallied amid growing expectations of a rebound in Chinese visitors, as travel tensions between China and Japan prompt widespread cancellations of trips to Japan and shift demand toward South Korea. Able C&C jumped 16.6 percent to 10,810 won; Lotte Tour Development rose 15 percent to 22,350 won; and resort operator Paradise gained 13.7 percent to 18,400 won. CJ surged 8.3 percent, TonyMoly climbed 7.2 percent, Jin Air rose 6.2 percent, and GKL added 5.9 percent. Entertainment stocks joined the upswing. HYBE rose 3 percent to 296,000 won; JYP Entertainment added 1.8 percent to 67,800 won; SM Entertainment advanced 4.3 percent to 105,700 won; and YG Entertainment climbed 2.3 percent to 62,500 won. Samsung Biologics remains temporarily suspended from trading through Nov. 21 due to its pending corporate split. Elsewhere in Asia, Japan’s Nikkei 225 jumped 2.6 percent to 49,794.33, lifted by the Nvidia halo. SoftBank rose 1.9 percent to 19,180 yen ($122); Toyota edged up 0.2 percent to 3,044 yen; and Sony gained 3 percent to 4,461 yen. In China, the Shanghai Composite Index slipped 0.4 percent to 3,931.05. 2025-11-20 17:29:11

South Korea's NPS wins tax exemption in Sweden, recovers $8.6 million in dividend taxes SEOUL, November 20 (AJP) - South Korea’s National Pension Service (NPS) is set to recover roughly $8.6 million in dividend taxes from Sweden after Swedish authorities formally acknowledged the fund’s tax-exempt status for investments in listed stocks. The decision, announced Thursday, covers taxes paid between 2016 and 2020 and is expected to save the NPS an additional $6.4 million annually going forward. The pension fund is also seeking refunds for about $8.8 million in taxes paid from 2021 through 2024. Although Sweden’s Social Insurance Fund is exempt from such taxes, the NPS was initially denied the same treatment as a foreign institution. The Korean fund applied for exemption in 2021 under the European Union’s non-discrimination rules, but its request remained unresolved for nearly five years due to ambiguous regulations. Momentum shifted earlier this year when Finland’s public pension fund won a similar case, prompting the NPS to push Swedish authorities for action in May. The NPS ultimately secured its exemption and refund without resorting to litigation, becoming only the second foreign pension fund — after Finland’s — to receive recognition of tax-exempt status in Sweden. The latest win follows similar successes in Europe. The NPS previously reclaimed $5.9 million in taxes from Finland under the EU’s non-discrimination clause and is now pursuing comparable refunds in Germany, Italy, Austria and Poland. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-20 16:42:33

First mate, helmsman held over ferry accident SEOUL, November 20 (AJP) - The first mate and helmsman of a passenger ferry that ran aground on an uninhabited islet off the southwestern coast overnight were arrested on Thursday over their alleged negligence, according to police. Police detained the first mate in his 40s, and the helmsman, an Indonesian also in his 40s, after both were found to have neglected their duties, causing the 26,000-ton ferry Queen Zenobia II to run aground. Initial investigations revealed that the first mate missed a crucial moment to change the ship's course because he was distracted by his cellphone. The vessel was supposed to alter its direction, but he failed to do so, leading to the accident. The area is known for its narrow and dangerous passages, requiring manual navigation instead of autopilot. However, he allegedly did not switch to manual mode while being distracted. Initially, he claimed a malfunction in the steering gear but later admitted he missed the turn while searching for news on his phone. Police seized their phones to investigate their activities at the time of the accident. The vessel's captain is also under investigation, though he has not been detained. He was not in the steering room at the time, as he was off duty. The vessel carrying 46 passengers and 21 crew members departed from the southern resort island of Jeju at 4:45 p.m. the previous day and ran aground near Sinan in South Jeolla Province at around 8:17 p.m., becoming stranded. All passengers were safely rescued several hours later, although some reported minor injuries or stress and were taken to hospitals. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-20 16:34:22

Another star couple set to wed next month SEOUL, November 20 (AJP) - Acting couple Shin Min-a and Kim Woo-bin will tie the knot next month. Shin and Kim recently decided to marry after building deep trust over years of their relationship," their management agency said in a press release. Their private wedding will be held in Seoul on Dec. 20 with only family and close friends in attendance. Shin and Kim have been a public item since 2015 when they admitted their relationship. The agency asked for "warm support" for the couple's new chapter in life, as they continue to pursue their acting careers. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-20 15:51:52

Korea's Celltrion to field quadruple-action obesity drug for preclinical approval next year SEOUL, November 20 (AJP) - South Korean drugmaker Celltrion is seeking a COVID antibody–style blowout as it takes a crack at the ever-ballooning anti-obesity market with a quadruple-action oral treatment it aims to ready for preclinical approval next year. The pharma plans to invest about 5.4 trillion won ($3.67 billion) in production facilities across South Korea and the United States to ramp up biosimilar manufacturing capacity and strengthen its novel drug pipeline. Part of the funding will be channeled into the development of "a quadruple-action obesity drug that is one step more advanced than existing GLP-1 and dual- and triple-agonists," said Celltrion Chairman Seo Jung-jin, referring to blockbuster therapies such as Novo Nordisk's Ozempic and Wegovy. "I don't believe the Wegovy era will last forever," Seo said during an online briefing Wednesday. Seo said the company expects to complete derivation of three candidate compounds by year-end. The experimental drug, designated CT-G32, is designed to address limitations of earlier treatments, including variations in individual response and muscle-loss side effects. Obesity treatments have surged in demand after public figures — including Tesla's Elon Musk — publicly highlighted their effectiveness. The drugs have also shown utility in managing coronary heart disease, hypertension and kidney disease, far beyond their original purpose as diabetes medications. According to Morgan Stanley, the global obesity-drug market generated about $15 billion in sales in 2024 and could reach $150 billion by 2035, representing a nearly tenfold expansion. "We believe we are now at an inflection point for the broadening of obesity-drug use, which will extend beyond the U.S. to larger numbers of patients globally," said Morgan Stanley equity analyst Terence Flynn. To challenge front-runners Novo Nordisk and U.S.-based Eli Lilly, Celltrion is developing a quadruple-action mechanism it says can achieve about 25 percent weight reduction — higher than Ozempic's 5 to 15 percent and Eli Lilly's Mounjaro at 15 to 22.5 percent. It expects the drug to reduce non-response rates to below 5 percent. The treatment's oral formulation is expected to offer a convenient alternative for patients reluctant to self-inject or seeking a simpler regimen to maintain weight loss. Celltrion expects to complete animal testing by year-end and begin preclinical regulatory studies next year. Beyond obesity treatments, the company plans to spend up to 700 billion won expanding its U.S. manufacturing base as it navigates uncertainties over potential biosimilar tariffs and doubles down on American production capabilities. Celltrion is acquiring a 66,000-liter biopharmaceutical production facility owned by Eli Lilly in Branchburg, New Jersey. Including acquisition costs, about 1.4 trillion won will go toward securing U.S. manufacturing capacity. The company plans a phased five-year expansion, adding six 11,000-liter bioreactors to increase capacity by another 66,000 liters. "Considering upcoming new products and contract manufacturing volumes for Lilly, we determined rapid expansion was essential," Seo said. Domestically, Celltrion will invest about 4 trillion won in new facilities, including drug-substance plants in Songdo, a drug-product facility in Yesan in South Chungcheong Province, and a pre-filled syringe plant in Ochang, North Chungcheong Province. "As the new drug pipeline expands, R&D spending will reach about 800 billion won next year and 1 trillion won by 2027, but we can secure sufficient cash flow through sales expansion," Seo said. Analysts expect the company's fourth-quarter performance to maintain momentum. "New products including Stoboclo and Osenvelt for osteoporosis are expanding sales, while Omlyclo for urticaria and Avtozma for autoimmune conditions are launching with initial shipment volumes — which will drive sales growth in the new-product segment," said Lee Dal-mi, an analyst at Sangsangin Securities. Shares of Celltrion finished Thursday 0.9 percent higher at 186,800 won. 2025-11-20 15:51:45

UN committee adopts resolution on North Korea's human rights abuses SEOUL, November 20 (AJP) - A resolution condemning North Korea's human rights violations was adopted by a UN committee, the Ministry of Foreign Affairs here said on Thursday. Quelling speculation that Seoul might withdraw under President Lee Jae Myung's rapprochement with Pyongyang, the resolution, co-sponsored by South Korea and 60 other countries, was passed at the UN General Assembly in New York the previous day for the 21st consecutive year and will be presented to the plenary session next month. After co-sponsoring the resolution from 2008 to 2018, South Korea withdrew under the Moon Jae-in administration due to concerns about inter-Korean relations, but rejoined in 2023 under the Yoon Suk Yeol administration's tougher stance toward the North. The resolution strongly condemns ongoing severe human rights abuses in North Korea and also addresses the renegade country's worsening humanitarian conditions. The ministry said, "We will continue to cooperate with the international community to improve the human rights of North Korean people." * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-20 15:28:09

Poland becomes strategic base for Korean companies, banks SEOUL, November 20 (AJP) - Poland is emerging as a pivotal European base for South Korean manufacturers — and a fast-growing market for Korean financial institutions eager to support that investment. As companies pour capital into sectors such as batteries and defense, banks are moving quickly to meet rising demand for local financing. In a milestone for the industry, a Polish national has been appointed to lead a South Korean bank’s overseas branch for the first time. IBK Bank has received approval from Poland’s Financial Supervision Authority to operate a local branch, becoming the only South Korean bank granted full branch status in the country, financial industry sources said. The approval comes two and a half years after the bank opened its Wroclaw office in May 2023. The branch is preparing for launch, and its appointment of a local financial expert as branch manager marks a departure from long-standing practice: until now, every overseas branch of a South Korean bank has been headed by a Korean national. “We have been preparing to support local businesses financially and are setting up systems to meet diverse customer needs,” an IBK official said, adding that most local staff have already been hired. Other banks are also accelerating their expansion. Woori Bank opened a Warsaw branch in March, followed by Hana Bank’s branch in Wroclaw in September. The Export-Import Bank of Korea established a Warsaw office in June, while KB Kookmin and Shinhan Bank currently operate Korea Desks and representative offices. Industry officials say these institutions may also move to establish full-fledged branches. The momentum reflects Poland’s growing appeal as a financial market compared with Korea’s saturated banking environment. As of late 2023, 370 South Korean companies were operating in Poland, with cumulative investment totaling $6 billion since the two countries established diplomatic relations in 1989. Yet only a handful of Korean financial institutions have entered the market, leaving room for significant growth. Demand for corporate financing is set to rise as South Korean firms deepen their footprint. LG Energy Solution is expanding its Wroclaw battery plant, while defense manufacturers are positioning for large-scale export deals under Poland’s sweeping military modernization program. “Setting up and operating overseas branches takes time to generate returns,” a financial industry insider said. “The biggest challenge is navigating complex regulatory frameworks, which requires strong support from our financial authorities.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-20 15:18:15

Samsung Heavy lands $1.32 billion order for 7 container ships SEOUL, November 20 (AJP) - Samsung Heavy Industries announced on Thursday that it has secured a 1.92 trillion won (approximately $1.32 billion) order from an Asian shipowner to build seven container ships, scheduled for delivery by November 2029. Amid growing demand for greener vessels — especially LNG dual-fuel ships — this contract brings Samsung Heavy’s total orders this year to $6.9 billion. The order book includes seven LNG carriers, nine shuttle tankers, nine container ships, two ethane carriers, 11 crude oil carriers, and one offshore production facility. Samsung Heavy now boasts a robust backlog of 132 vessels valued at $28.2 billion, ensuring a stable pipeline of work. A company spokesperson said: “We are securing high-quality, stable work in the merchant ship sector, focusing on profitability. Completing the planned FLNG project contract this year will help us achieve our order target.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-20 15:08:43

PHOTOS: Seoul's Namdaemun Market bustles with early holiday shoppers SEOUL, November 20 (AJP) - As the year's most festive season approaches, Namdaemun Market in central Seoul is bustling with steady streams of visitors and shoppers eager to snap up Christmas decorations and other pre-holiday items. The thrill of the year-end is already sweeping through the streets and shops, with Christmas decorations and their glowing lights illuminating every narrow alley of the market. Christmas carols and cheerful melodies are also filling the air, welcoming customers in a holly, jolly festive spirit. The careful and busy hands of merchants arranging ornaments seem to reflect their quiet solemnity as they prepare for the year's end. With giant Christmas trees and New Year's cards filling stores and stalls, every corner of the market is getting ready to turn into a winter wonderland, brimming with the warmth and joy of the season. 2025-11-20 14:47:13

South Korean banks post record earnings on FX gains SEOUL, November 20 (AJP) - South Korea’s banking sector logged record profits in the first nine months of the year, buoyed by a sharp rise in non-interest income as a weakening dollar lifted foreign-exchange and derivatives gains, according to preliminary figures released Thursday by the Financial Supervisory Service (FSS). Banks reported a combined net profit of 21.1 trillion won, up 12 percent — or 2.3 trillion won — from a year earlier. The FSS warned that a portion of this year’s gains was temporary, citing volatility in exchange rates and the removal of last year’s exceptional costs. The regulator urged banks to bolster their buffers as global economic risks, including uncertainty surrounding U.S. tariff policy, continue to cloud the outlook. “There is a possibility of a significant increase in loan-loss provisions due to domestic and international uncertainties,” an FSS spokesperson said. “We will encourage banks to enhance their risk management.” * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-20 14:41:34