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

TRAVEL: Tracing Korea's ancient roots in Boeun BOEUN, November 20 (AJP) - While relatively small, the county of Boeun in North Chungcheong Province has long served as a critical transport hub, imbuing it with significant strategic and cultural importance since ancient times. This rich past is preserved in a remarkable concentration of historic cultural assets, including the revered Beopjusa Temple on Songnisan Mountain, the formidable Sannyeonsanseong Fortress, and the grand Udang traditional house. Beopjusa Temple, a serene site founded in 553, stands as a profound testament to Korean Buddhism, boasting a history spanning 15 centuries. Once a sprawling complex with over 60 halls, the temple is historically significant as a crucible of the Maitreya (Future Buddha) belief. This utopian Buddhist philosophy holds that in times of global crisis, the Maitreya Buddha will emerge to guide humanity, offering a potent message of hope and refuge to the suffering. The temple is instantly recognized by its towering 25-meter-high Maitreya Buddha statue, which holds the distinction of being the world's largest single bronze Buddha statue, constructed using a staggering 116 tons of bronze. Another architectural marvel is Palsangjeon, the sole surviving five-story wooden pagoda in South Korea. Although the current structure was rebuilt after the Japanese invasions of Korea in 1592 and underwent major repairs in 1968, its significance is undiminished. Its name is derived from the Palsangdo — eight mural paintings depicting the life of the Buddha — adorning its interior walls. Beopjusa is also home to three National Treasures: the Palsangjeon itself; the magnificent Ssangssaja Seokdeung (twin lion stone lantern) from the ancient Silla Kingdom, celebrated for its artistic excellence; and the ingeniously designed Seokyeonji (stone lotus pond) pagoda. A visit offers a tangible connection to the sweep of Korean history and culture. Reflecting its immense value, Beopjusa was inscribed as a UNESCO World Cultural Heritage site in 2018. Tracing the ridge of Ojeongsan Mountain, 325 meters above sea level, is the imposing Sannyeonsanseong Fortress. This stone-piled citadel was constructed in 470. Its name, which translates to "3-year mountain fortress," is attributed to the fact that its construction took exactly three years, as recorded in the Samguk Sagi (History of the Three Kingdoms). The fortress walls extend for 1,640 meters, reaching heights of 12 to 20 meters and widths of 8 to 10 meters. The scale of the undertaking is staggering; estimates suggest over 10 million stones were used, leading to the local legend that the stones of Boeun were exhausted during its construction. A rewarding hike along the walls from the main gate typically takes about an hour and a half. Completing the historical tour is the Udang Gotaek, a monumental hanok (traditional Korean house) belonging to the Seon family, built between 1919 and 1921. Comprising 134 rooms, it is recognized as the largest private residence in South Korea built in the traditional style. The house is situated amidst a tranquil pine forest on a wide delta where streams converge, creating an idyllic setting where the grand architecture harmonizes perfectly with the natural landscape. 2025-11-20 14:18:49

Asian shares rise as Nvidia's blowout earnings lift sentiment SEOUL, November 20 (AJP) - Asian markets rebounded in early Thursday trading as another round of blockbuster Nvidia earnings effectively silenced the “AI bubble” narrative. South Korea’s benchmark KOSPI climbed 2.6 percent to 4,030 as of 10:30 a.m., reclaiming the 4,000 mark for the first time in three days. Foreign investors turned net buyers at 267 billion won ($182 million), while institutions purchased 299 billion won. Retail investors, however, sold 577.5 billion won, locking in profits after recent volatility. The Korean won nonetheless weakened further, trading at 1,467.5 won per dollar, down 2 won from the previous session, amid suspected smoothing intervention as the pair approached 1,470. Just before markets opened, Nvidia announced at 7 a.m. KST that it had posted record third-quarter revenue of $57 billion and operating profit of $37.7 billion, the strongest in its history for the period. The news triggered an immediate reaction in semiconductor-heavy Asian markets, particularly Seoul. South Korean chipmakers rallied sharply. SK hynix rose 4.5 percent to 587,000 won, while Samsung Electronics gained 4.4 percent to 101,000 won, pushing the stock back above the psychologically important 100,000-won threshold. AI-related stocks also surged. Naver jumped 3.6 percent to 257,500 won, and Hyundai AutoEver added 2.8 percent to 191,500 won, supported by expectations that major Korean conglomerates will continue heavy investment in AI and software-defined vehicle technologies. Nuclear and power-equipment names advanced on expectations of rising electricity demand and optimism surrounding energy cooperation. Hyundai Engineering & Construction rose 3.1 percent to 62,500 won, while Doosan Enerbility gained 5.3 percent to 78,500 won, boosted by Wednesday’s announcement of a Korea–UAE memorandum of understanding on nuclear technology cooperation. Transformer manufacturers also rallied. HD Hyundai Electric increased 4.5 percent to 818,000 won, and Hyosung Heavy Industries climbed 3 percent to 2,080,000 won. Samsung Electro-Mechanics, a key supplier of circuit boards for AI data centers and automotive electronics, extended its momentum for a second day, rising 4.9 percent to 225,500 won. Japan’s Nikkei 225 posted the strongest gains in the region, soaring as much as 3.7 percent to 50,336. Semiconductor suppliers surged across the board, with Advantest up 10.7 percent to 21,200 yen ($135), Tokyo Electron up 6.4 percent, and Ibiden jumping 11.7 percent to 13,000 yen on strong sentiment tied to Nvidia’s results. Taiwan’s TAIEX opened 3 percent higher at 27,377.04, led by chipmakers. TSMC advanced 4.3 percent to 1,455 Taiwan dollars ($46.6), MediaTek added 1 percent, and Hon Hai Precision Industry (Foxconn) climbed 3.3 percent. Mainland Chinese markets opened firmer as well. The Shanghai Composite Index rose 0.33 percent to 3,960, while the Shenzhen Composite gained 0.76 percent to 13,178. Hong Kong’s Hang Seng Index added 0.6 percent to 25,980 in early trading. 2025-11-20 11:13:07

Ferry runs aground after navigator distracted by phone, initial investigation suggests SEOUL, November 20 (AJP) - The navigator of a passenger ferry carrying 246 passengers and 21 crew members was distracted by his phone, causing the vessel to run aground on an uninhabited islet off the southwestern coast overnight coastguards said Thursday. Initial investigations revealed that he failed to switch from autopilot to manual control while passing through a narrow passage, leading to the accident. The 26,000-ton ferry Queen Zenobia II 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. Preliminary findings indicate that the navigator's negligence caused the ferry to miss a critical turn, leading to its collision with the islet. Vessels usually do not rely on autopilot in the area, as it requires extra caution. Authorities plan to pursue criminal charges against those responsible for the accident. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-20 10:49:55

Naver-Dunamu merger heads to board vote, poised to form fintech powerhouse SEOUL, November 20 (AJP) - Naver’s planned merger with Dunamu, the operator of cryptocurrency exchange Upbit, is gaining traction amid a shifting regulatory climate — potentially clearing the way for one of the most significant tie-ups in Korea’s fintech history. According to industry officials, Naver Financial and Dunamu will convene board meetings on Nov. 26 to approve a proposed stock swap that would effectively combine the two companies under a single corporate structure. Once the boards sign off, the merger will be finalized at an upcoming shareholders’ meeting. Under the proposed terms, one Dunamu share would be exchanged for three Naver Financial shares, making Dunamu a wholly owned subsidiary of Naver Financial. Naver would serve as the new parent company. Dunamu Chairman Song Chi-hyung is expected to emerge as the largest shareholder of the combined entity, with Naver becoming the second-largest. The merger is designed to leverage Naver’s vast platform ecosystem and Song’s leadership in digital finance to drive global fintech expansion, signaling Dunamu’s growing weight in Naver’s long-term financial strategy. The deal initially raised questions over whether it would violate Korea’s “separation of finance and cryptocurrency” principle. However, regulators are reportedly inclined to view Naver Financial as a big-tech fintech operator rather than a conventional financial institution, a distinction that could allow the merger to proceed. The government’s broader shift toward easing cryptocurrency regulations to strengthen global fintech competitiveness is also seen as supporting the transaction. If completed, the merger could produce one of South Korea’s most comprehensive digital finance platforms by integrating Naver Pay’s large-scale payment network with Upbit’s cryptocurrency trading services and blockchain capabilities. The combined entity would span payments, investments, digital asset management, and crypto custody services. Naver’s ambitions in stablecoin issuance and unlisted stock trading — recently signaled through regulatory filings — could also accelerate through Dunamu’s blockchain expertise and Naver’s global footprint, including platforms such as Line. Significant hurdles remain. The merger must secure approval from two-thirds of shareholders and pass scrutiny from the Fair Trade Commission, which is expected to examine potential market dominance issues. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-20 10:30:16

Passenger ferry pulled off after running aground SEOUL, November 20 (AJP) - A passenger ferry that ran aground on an uninhabited islet off the southwestern coast overnight was brought to a nearby port early Thursday morning, about nine hours after the accident. According to coastguards, the 26,000-ton ferry Queen Zenobia II, was pulled off by four tugboats at around 5:40 a.m. in Mokpo, South Jeolla Province, after all 246 passengers and 21 crew members on board were safely rescued. The vessel departed from the southern resort island of Jeju at 4:45 p.m. the previous day and ran aground near Sinan in the province at around 8:17 p.m., becoming stranded but sustaining no hull damage. All passengers were safely rescued, though some complained minor injuries or stress and were taken to hospitals. No serious injuries were reported. Coastguards suspect negligence by the captain or crew may have caused the accident and plan to investigate using CCTV footage and voyage data recorders. Ferry operator Seaworld said it has suspended all services until the investigation and safety inspections are completed. 2025-11-20 10:11:08

Samsung narrowly steals back No. 1 DRAM rank from SK hynix Q3- CFM SEOUL, November 20 (AJP) - South Korea's Samsung Electronics has narrowly reclaimed its No. 1 rank in global DRAM sales in the third quarter after yielding the position to its home rival SK hynix in the first half for the first time amid the surge in high-bandwidth memory (HBM) demand. The shift underscores rapidly strengthening DRAM prices due to frantic stockpiling of memory chips that power servers and a wide range of electronic devices, driven by fears of supply shortages as manufacturers prioritize output for AI servers, a latest market study showed. According to China Flash Market (CFM) data posted earlier this week, Samsung Electronics accounted for 34.8 percent of global DRAM sales in the third quarter, up 29.6 percent on quarter and edging SK hynix at 34.4 percent, whose quarterly gain slowed to 12.4 percent. Micron also logged a big of 27.1 percent, closely trailing in third place with a 22.4 percent share. The latest DRAM data mirrors a cut-throat market without the clear, decisive winner seen in past cycles, as AI reshapes the DRAM segment amid structural output shortages from hyperscale servers to laptops, intensified by growing demand for high-performance chips and sanctions on Chinese producers of legacy memory. The global DRAM market expanded 24.7 percent on quarter and 54 percent on year to $40.037 billion in the third quarter, while the NAND Flash market grew 16.8 percent to $18.422 billion. Combined, the semiconductor memory market reached a record $58.459 billion and is expected to continue its record-setting streak in the fourth quarter, the Chinese market watcher said. Both DRAM average selling prices and bit shipments increased in the past quarter, lifting quarterly revenues for all suppliers. Samsung returned to the No. 1 position, driven by an 85 percent quarter-on-quarter surge in HBM bit shipments and strong pricing in conventional DRAM, pushing its total DRAM revenue to a historic high. Chinese memory suppliers also accelerated capacity to offset the supply gap left by some competitors exiting older product lines, expanding their market presence amid rising prices. Samsung Electronics, which also produces smartphones, comfortably retained the top spot in the sales of NAND Flash powering mobile devices with a 29.1 percent share, followed by SK hynix at 19.2 percent and Japan’s Kioxia at 16.5 percent. Global NAND Flash revenue reached $18.422 billion in the third quarter, rising 16.8 percent on quarter but declining 3.1 percent on year. Although bit shipments continued to increase, rapid inventory reductions and migration to more advanced nodes have constrained output for some suppliers heading into the final quarter, the report said. 2025-11-20 10:07:19

AI becomes centerpiece of South Korea's military strategy SEOUL, November 20 (AJP) - South Korea’s defense industry is increasingly positioning itself at the forefront of the global arms race, leaning heavily on artificial intelligence to offset shrinking troop numbers and to adapt to fast-changing warfare technologies. The shift has drawn in some of the country’s most powerful semiconductor companies, deepening ties between its tech and defense sectors. Industry officials say the military has begun widening its defense strategy by accelerating the adoption of advanced AI, with unmanned aerial vehicles accounting for nearly a third of all AI-related applications. Defense contractors are moving aggressively into next-generation unmanned combat systems. Those ambitions were on full display at the Seoul International Aerospace and Defense Exhibition, known as ADEX 2025, where companies unveiled a slate of AI-driven systems. Kim Min-seok, vice president of the Korea Aerospace Industries Association, said the event marked a turning point, positioning South Korean AI technology as “a new trend in global defense.” Korea Aerospace Industries introduced its multipurpose unmanned aerial platform, known as the AAP, in its first public appearance. The aircraft demonstrated autonomous flight powered by “K-AILOT,” an AI pilot system that the company plans to integrate into major platforms, including the KF-21 fighter jet. KAI expects to conduct flight demonstrations with the AAP next year. The project is supported by Samsung Electronics, which is working on AI and radio-frequency semiconductors to advance so-called “K-on-device” AI chips. On the ground, militarized robotics are moving closer to operational use. LIG Nex1, which acquired the U.S.-based Ghost Robotics in 2023, has expanded into robotic “military dogs.” Hyundai Rotem, another major industrial player, delivered a quadruped robot to the Army last year and introduced the “Black Veil,” a hydrogen fuel cell-powered unmanned vehicle, at the exhibition. Hyundai Wia, meanwhile, showcased an AI-enabled remote weapons system designed to improve the efficiency of tactical vehicles. Hyundai Motor Group is also broadening its ambitions, aiming to assemble a defense portfolio that spans land, air and space. During the APEC summit in Gyeongju, the conglomerate secured 50,000 Nvidia GPUs to bolster its AI capabilities— resources that officials say could accelerate unmanned systems development across its defense subsidiaries. Hanwha Systems is working to strengthen synthetic aperture radar technology and is developing mobile ground-station shelters that can improve command resilience in the event of an attack. South Korean defense officials say these advances reflect a broader shift in military planning. Park Heung-soon, head of infrastructure operations at the Defense Computing Information Agency, warned that the future battlefield will be shaped by pandemics, geopolitical competition and rapid technological change. AI, he said, will play an essential role across software, data, drones and robotics. The global market appears to be moving in the same direction. According to Global Growth Insights, the military AI sector is projected to grow from $8.2 billion last year to more than $23 billion by 2034 — an annual increase of roughly 11 percent. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-20 09:37:17

Putin's obsession with empire must end History occasionally presents moments when the world can see, with exceptional clarity, who is pushing it toward chaos and who is pulling it back from the brink. Today, that contrast is unmistakable. Donald Trump—despite the controversies surrounding him, despite the anger his tariff wars still provoke—has stunned the world by helping open a path toward a calmer Middle East. His aggressive pressure on Iran’s proxies and his unflinching stance against Hamas have done what years of diplomatic half-steps could not: they have exposed the militants’ brutality, disrupted their networks, and given the region its first glimmer of quiet in years. Even his willingness to explore mediation in the Ukraine war shows a recognition that global leadership demands engagement, not retreat. And while Trump is—undeniably—one of the most polarizing figures in the West, he has demonstrated something rare in the current geopolitical landscape: the capacity to force adversaries to recalculate. He has shown that unpredictability, when paired with resolve, can sometimes create openings where conventional diplomacy repeatedly failed. But there is one man who refuses to recalculate anything: Vladimir Putin. Putin’s war in Ukraine is not strategy. It is obsession. A futile, backward-looking attempt to resurrect the ghost of a Soviet empire that even Russians no longer genuinely desire. He has chained his nation to a fantasy—one built on stolen territories, silenced dissent, and the cynical rewriting of history. While Trump attempts to pull volatile regions toward negotiation, Putin drags Europe toward a darker era. While much of the world searches for a formula for peace, Putin clings to a delusion of conquest. His ambitions are not merely outdated; they are reckless, corrosive, and utterly detached from the needs of the Russian people. Under his rule, Russia has become a nation in decline - isolated by sanctions, drained by demographic collapse, censored into intellectual stagnation, dependent on China in ways unthinkable twenty years ago. Empires die slowly. But fantasies of empire die violently. The tragedy is that Russia could have chosen a different path. This is the country of Tolstoy and Tchaikovsky, of groundbreaking physicists, of pioneers who sent humanity into space. A nation this gifted does not need to steal land to prove its worth. It needs leadership that believes in its future instead of worshipping its past. Putin has become the single greatest obstacle to that future. The world has seen the contrast: Trump, whatever his faults, has shown a willingness to push adversaries toward de-escalation. Putin has shown a willingness to sacrifice the lives of Ukrainians and Russians alike merely to satisfy his personal mythmaking. This is a moment of stark choice for Moscow. Russia can continue down Putin’s path—a path of isolation, militarism, and irreversible decline. Or it can step back from the abyss and reclaim its place as a constructive global power. The Middle East’s fragile opening proves that even the most entrenched conflicts can shift when leaders decide that peace is a strength, not a concession. Putin still has a narrow window to choose peace. But every day he refuses, Russia’s future grows smaller. And history’s judgment grows harsher. The author is the chairman of Asia-Pacific Economic and Culture Association. 2025-11-20 09:29:11