South Korea's external debt rises to $738 billion, but stability indicators improve SEOUL, November 19 (AJP) - South Korea’s external debt climbed to more than $738 billion in the third quarter, though government officials said the country’s overall financial position strengthened as short-term liabilities declined and long-term debt expanded. The Ministry of Economy and Finance said Wednesday that external debt reached $738.1 billion at the end of the July–September period, an increase of $2.5 billion from the previous quarter. The rise was largely driven by net purchases of Korean bonds by foreign investors, who injected 3.2 trillion won into listed bonds during the quarter, including 3 trillion won in July alone. Short-term debt — often viewed as more vulnerable to market volatility — fell by $5.4 billion to $161.6 billion. Long-term debt rose by $7.9 billion to $576.5 billion, offsetting the decline and contributing to the overall uptick. Borrowing by non-bank entities, including public institutions and private companies, increased by $9 billion, while the government, central bank and commercial banks reduced their external liabilities by $3.2 billion, $1.2 billion and $2.1 billion, respectively. South Korea’s external assets also expanded, rising by $27.1 billion to $1.1199 trillion on the back of strong overseas bond investments and higher foreign currency deposits. As a result, net external assets — the difference between what the country owns abroad and what it owes — increased to $381.8 billion. Key indicators of financial stability improved as well. The share of short-term debt in total external debt declined to 21.9 percent, below the three-year average of 23.8 percent. The ratio of short-term debt to foreign reserves fell to 38.3 percent from 40.7 percent, suggesting greater resilience against potential foreign exchange shocks. Meanwhile, the foreign currency liquidity coverage ratio of domestic banks stood at 160.4 percent at the end of the quarter, far exceeding the regulatory minimum of 80 percent. “Despite uncertainties in global trade and shifts in monetary policy, we will continue to safeguard the stability of our economy,” an official at the Ministry of Economy and Finance said. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-19 14:13:45

"Materialist"-style exclusive matchmaking flourishes among Gangnam's upper class SEOUL, November 19 (AJP) - In the American film "Materialist", New York–based matchmaker Lucy (Dakota Johnson) explains the formula behind a “quality” match that leads to a stable marriage: “similar upbringings, similar levels of education, similar family structures, similar incomes.” That bourgeois logic is now driving a quiet boom in exclusive matchmaking services in Seoul’s wealthiest districts, particularly in Gangnam, where housing prices rank among the world’s highest and social circles grow increasingly stratified. Inside Helio City, a massive complex of 35-story towers in Garak-dong, Songpa District, a two-person matchmaking outfit is suddenly drawing attention. The average three-bedroom apartment here sells for around $2 million. Opened in June, the small business — Helio Marriage Information — has attracted more than 200 members from the seven-year-old residential community of roughly 9,500 households. “Everyone here has good jobs,” said the agency’s CEO. “Most are in their 30s and 40s — doctors, lawyers, many professors. These are people with high standards who don’t want to meet just anyone, which is why they come to us.” The agency remains relatively low-profile, but parents with marriage-age children are already expressing strong interest. “I have a daughter,” said a resident in her 50s. “It’s comforting to meet someone from the same community. This is a well-off area. People have similar backgrounds. There aren’t many introduction services like this.” A woman in her 60s added, “What I like is the sense of trust. As a parent, it’s hard to really know who your child might marry.” Still, not everyone is pleased. “Not everyone here is rich,” said a man in his 50s. “Many live on jeonse or in rental units. Big differences in background can cause friction. I worry it will create invisible rankings within the same complex.” The model of tightly curated matchmaking began earlier at One Bailey, one of Seoul’s most expensive apartment complexes overlooking the Han River in Banpo-dong, Seocho District. As soon as residents began moving in during late 2023, a new platform called One Bailey Nobility appeared. The response was “explosive.” With average units priced around $4 million, many households had marriage-eligible adult children, and demand for highly vetted introductions surged. Now formalized as One Bailey Marriage Club, the organization is recruiting its sixth cohort, with membership ranging from ages 14 to 89 — underscoring how deeply family background, lineage, and long-term vetting matter within wealthy circles. “Exclusivity is guaranteed,” said a 28-year-old member who requested anonymity. “You don’t join just by owning a home here. You need parental approval and must attend meetings with a guardian. It’s strict, but that’s what makes it trustworthy.” She said enthusiasm grew after the club celebrated its 11th engaged couple — both doctors. Membership reportedly costs 200,000 won ($136) to join and 300,000 won ($204) annually. Building on its success, the initiative has expanded to nearby luxury complexes including Raemian Prestige and Acro. What is unfolding in Gangnam echoes the ethos of "Materialist" — a desire to match not just individuals, but entire family profiles. For some, it offers reassurance and cultural compatibility. For others, it signals a sharpening of class boundaries inside Seoul’s most coveted neighborhoods. 2025-11-19 14:05:40

Two more dead, bringing death toll to four in truck crash in Bucheon SEOUL, November 19 (AJP) - Two more people have died from a deadly crash at an open-air market in Bucheon, Gyeonggi Province last week, bringing the death toll to four. According to police on Wednesday, a man in his 20s and a woman in her 80s, who were seriously injured last Thursday when a pickup truck plowed through the market, died earlier this week. Two women in their 60s and 70s died at the scene, and a number of injured people have since been receiving treatment. The driver, a fish vendor in his 60s at the market, allegedly confused the accelerator with the brake, causing the truck to crash into stalls and shoppers. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-19 14:02:06

Global defense officials attend KOTRA forum to explore Korean weapon systems SEOUL, November 19 (AJP) - The Korea Trade-Investment Promotion Agency (KOTRA) on Wednesday hosted a defense export networking event with the Seoul Association of Military Attachés (SAMA), bringing together foreign defense officials and South Korean defense companies in an effort to expand global partnerships. The gathering drew 110 participants, including 35 military attachés from 30 countries — including Chile, India, Poland and Canada — as well as representatives from 44 South Korean defense firms. Organizers said the event was designed to deepen understanding of emerging Korean defense technologies and explore opportunities for cooperation. South Korean companies presented a range of advanced systems, including unmanned ground and aerial vehicles, next-generation low-earth-orbit satellite technologies, avionics, drone and counter-drone platforms, and multifunctional surveillance equipment. For small and medium-sized firms, the event offered a rare chance to directly engage with foreign attachés and pitch their technologies to potential buyers. Jang Seong-gil, head of KOTRA’s Defense Trade Support Center, said he hoped South Korea’s defense capabilities would contribute to global security efforts. “We aim to position Korea as a trusted partner for peace and prosperity,” he said. India’s defense attaché and SAMA chairman, Ashish Gerola, said South Korean weapons systems were increasingly recognized for their quality. He expressed confidence that the networking event would lead to deeper defense cooperation. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-19 14:01:11

South Korea's Innospace to develop space data center with UAE firm SEOUL, November 19 (AJP) - South Korea’s Innospace, a private rocket developer, is deepening its ties with the Middle East as it seeks new footholds in the global space economy. The company said Wednesday that it had signed a memorandum of understanding with Madari Space, a United Arab Emirates start-up, to jointly develop and commercialize a space-based data center. The agreement was announced during the Dubai Airshow. Under the partnership, the two companies will explore the creation of an orbital data center, expand launch and satellite operations services, and pursue additional commercial opportunities in both South Korea and the UAE. Madari Space, based in Abu Dhabi’s Masdar City, is working to develop data infrastructure in low-earth orbit that combines large-scale storage with satellite-enabled high-performance computing. The effort is supported by the Mohammed Bin Rashid Innovation Fund, a government-backed financing program. A pilot mission is planned for 2026 in cooperation with the Mohammed Bin Rashid Space Centre and the United Nations Office for Outer Space Affairs. “Our partnership with Innospace reflects a shared commitment to opening new horizons in protecting and managing critical national data,” Sharif Al Romaithi, Madari’s chief executive, said in a press release. “We look forward to active collaboration with South Korea in related business fields.” Kim Soo-jong, Innospace’s chief executive, called the agreement a strategic step toward creating new technologies and business models. “Our partnership will lay a crucial foundation for global leadership in the emerging space data center sector,” he said. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-19 13:45:47

Seoul tweaks rules on artisanal spirits but disappoints brewers hoping to ride the K-wave SEOUL, November 19 (AJP) - South Korea is home to the world's best-selling liquor — soju, a clear distilled spirit often dubbed Korean vodka — and the globally rediscovered rice wine, makgeolli. Authorities have finally moved to loosen regulations on traditional liquor tastings and wholesale licensing, but artisanal brewers find them fall short of their expectations on addressing the deeper structural barriers that prevent them from riding the rising K-food wave. The National Tax Service (NTS), which oversees liquor policy, announced Tuesday that the annual tasting-sample quota for traditional liquor will increase to 11,000 liters from the current 9,000 liters starting January. Limits for makgeolli and fruit wines will also rise to 10,000 liters. Under Korea's liquor tax law, "traditional liquor" refers to artisanal drinks made by designated holders of national intangible heritage or by using agricultural products sourced from local or adjacent regions. Korea's liquor categories broadly include makgeolli, rice wine, refined rice wine (cheongju), and soju. The NTS will also allow retail sellers to offer tastings at government-sponsored festivals and events, expanding beyond the current restriction that confines tastings to state-run promotional centers. Officials say the revised wholesale-license rules better reflect the consumption patterns of tourism-heavy regions, where demand for alcohol far exceeds population-based quotas. Under the old standards, popular tourist destinations struggled to secure new licenses despite thriving markets. "The National Tax Service will continue listening to industry voices and boldly improve regulations that do not match reality, becoming a strong supporter of revitalizing the domestic and international liquor industry," the agency said in a statement. Demand for tasting-sample approvals has surged — 5,190 cases in 2024, up from 1,018 in 2021 — prompting the quota increase. Product variety has also expanded nearly sixfold during the same period to 10,463 types of liquor in 2024. Other changes include doubling tax-label exemption thresholds to 1,000 kiloliters for fermented liquors and 500 kiloliters for distilled spirits. Small-scale brewers can also skip the requirement until the quarter following their initial licensing date. Policymakers say the easing mirrors earlier deregulation that fueled the craft-beer boom. The government approvals in 2014 for small breweries to sell at external venues and in 2017 to supply convenience stores were widely credited for igniting rapid market growth. But artisanal brewers argue the small tweaks in tasting quotas do little to strengthen their presence at promotional events. "At exhibition halls and trade shows, people mostly taste and rarely make offline purchases," said Lee Ye-ryeong, CEO of Joeunsoul Brewery, whose Cheonbihyang Yakju refined rice wine won this year's presidential award. "For small breweries like ours, providing tasting samples alone incurs significant cost. Sometimes we use more bottles for tastings than we sell on-site." What would help instead is to "limit the number of tasting glasses included with admission tickets, or allow separate fees for premium tastings," she said noting international wine companies often charge tasting fees, and customers who pay are more likely to make actual purchases. Brewers call for broader tax reform. Makgeolli is taxed at 44,400 won per kiloliter, while cheongju and soju are taxed ad valorem at 30 percent and 72 percent respectively — rates that weigh heavily on small distilleries. Confusion also persists over ambiguous classification rules. Some celebrity-backed distilled spirits qualify as "traditional liquor" simply by meeting regional-ingredient requirements, while many popular makgeolli brands fall outside the legal definition altogether. What are needed are practical steps, not gestures, said one brewer. 2025-11-19 13:45:11

Tax delinquents named and shamed online SEOUL, November 19 (AJP) - The identities and personal details of some 1,577 individuals and companies caught dodging taxes have been posted online, the Seoul Metropolitan Government said on Wednesday. The list includes those with outstanding taxes of over 10 million Korean won (about US$6,800) as of January this year and other perpetual delinquents who have failed to pay for more than a year. They are 1,078 individuals with a combined 73.6 billion won in unpaid taxes and 499 companies with 49.6 billion won in outstanding liabilities. Most delinquents have outstanding taxes between 10 million and 30 million won, while 201 failed to pay over 100 million won. The decision to disclose the list, which contains personal details such as names, ages, and addresses, came after a panel of city officials reviewed some 1,823 cases last April. The delinquents were given about six months to explain themselves and were encouraged to pay their taxes. During that period, about 39 billion won in overdue taxes were collected. The city government is also taking measures such as travel bans and asset seizures to enforce payment. "The disclosure of the list is intended to raise awareness among tax delinquents who failed to fulfill their obligations," said Lee Sang-hoon, a city official. "We are committed to collecting all outstanding taxes to ensure fairness for diligent taxpayers." 2025-11-19 11:09:57

Asian markets hold breath ahead of Nvidia earnings release for cue on AI-bubble theory SEOUL, November 19 (AJP) - Asian shares were mixed on Wednesday morning as investors across the region braced for Nvidia’s earnings release — a crucial test for the burgeoning “AI bubble” narrative — while Korean markets continued to reel from heavy foreign profit-taking and a weakening won. South Korea’s KOSPI slipped 0.3 percent to 3,942.1 as of 11 a.m., with investors sidelining ahead of Nvidia’s results due at 6 a.m. Thursday Korea time. Foreign investors sold 530 billion won ($361 million) worth of shares, extending their recent offloading streak. Institutions bought 304.3 billion won, while retail investors picked up 237.1 billion won, maintaining dip-buying patterns. The won weakened further, with the dollar rising to 1,464.8 won as of 10 a.m. Analysts attribute the currency’s undervaluation to Korea’s expansionary fiscal stance and the Bank of Korea’s limited room for rate hikes amid high household debt — a combination seen pressuring equities and prompting foreign outflows. Market heavyweights Samsung Electronics and SK hynix extended declines. SK hynix — a key supplier to Nvidia — fell 2.11 percent to 558,000 won, hovering near the psychologically important 550,000-won line. Samsung Electronics slid 1.75 percent to 96,000 won. In contrast, Hyundai Motor–related stocks rose after Hyundai Motor Group announced 125 trillion won in five-year investments for AI and software-defined vehicles (SDVs). Software arm Hyundai Autoever jumped 3.5 percent to 188,000 won. Japan’s Nikkei 225 recovered from early losses to gain 0.6 percent to 49,000. Semiconductor suppliers with Nvidia exposure extended their slide for a second day: Advantest fell 2.05 percent to 18,865 yen ($121.35), while Ibiden edged down 0.66 percent to 12,040 yen. SoftBank — which fully exited its Nvidia holdings — climbed 2.8 percent to 19,355 yen. Taiwan’s TAIEX gained 0.32 percent to 26,841, with chip sentiment notably more resilient than in Korea or Japan. TSMC rose 0.36 percent to 1,410 Taiwan dollars ($45.2), while MediaTek added 1.28 percent to 1,185 Taiwan dollars. China’s Shanghai Composite opened 0.2 percent higher at 3,948, while the Shenzhen Composite gained 0.4 percent to 13,140. Hong Kong’s Hang Seng Index also opened firmer, rising 0.2 percent to 25,980. 2025-11-19 11:05:04

South Korea's HMM to create joint venture with UAE firm to re-enter LNG market SEOUL, November 19 (AJP) - South Korea’s largest container carrier, HMM, is reentering the liquefied petroleum gas market after nearly a decade. The company said Friday it has partnered with B International Shipping & Logistics, a subsidiary of the United Arab Emirates–based BGN Group, to create a Singapore-based venture called HMMB INT Shipping Pte. Ltd. Each partner will hold a 50 percent stake. The new company plans to operate two very large gas carriers, each capable of transporting 88,000 cubic meters of LPG. The ships have already secured a 15-year transport contract with BGN’s trading arm, BGN INT DMCC — a deal that HMM described as providing a reliable commercial footing for its return to the sector. The vessels are being built by HD Hyundai Heavy Industries and are expected to be delivered in the first half of 2027. BGN Group, which handles roughly 14 million tons of LPG each year, operates a fleet of more than 40 LPG carriers. HMM once operated five such ships but exited the business in 2016 as part of a broader restructuring. The joint venture is a pillar of HMM’s broader efforts to expand its bulk shipping business and strengthen its foothold in low-carbon energy transport, including LPG and ammonia, under its 2030 mid- to long-term strategy. Earlier this year, the company acquired three medium-size LPG carriers in a bid to rebuild its gas portfolio. “This joint venture marks a strategic partnership with BGN Group to meet growing gas transport demand and expand cooperation in low-carbon, eco-friendly energy transport,” Jung Joon, head of HMM’s bulk division, said in a statement. BGN’s chief executive, Ozan Turgut, said the collaboration would enable both companies to pursue “a shared vision for decarbonizing the shipping industry,” adding that the new vessels would support the sustainable growth of BGN’s LPG operations. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-19 10:52:03

South Korea's Hanjin expands support for US veterans SEOUL, November 19 (AJP) - South Korea's Hanjin Group marked Veterans Day this year by reaffirming its support for Semper Fi & America’s Fund, a nonprofit that assists wounded and ill service members and their families. The company said Wednesday it hosted a ceremony on Nov. 12 to pledge continued backing for the organization. The event drew Hanjin President Cho Hyun-min, Chief Executive Noh Sam-seok, senior leaders from the fund and a group of Vietnam War veterans. The company said the gathering is an effort to honor its decades-long connection with the U.S. military, dating to the 1960s when Hanjin’s predecessor handled logistics operations for American forces during the Vietnam War. This year’s donation will go toward foldable electric tricycles intended to improve mobility for elderly veterans. Hanjin and the fund plan to work together to identify recipients for future aid programs. This follows a similar outreach effort in September, when Hanjin donated computers, books and scholarships to a school in Quy Nhon, Vietnam, to support students from low-income families. “As we celebrate our 80th anniversary, we are reflecting on our origins and trying to build bridges between the past, present and future,” the company said in a press release. “As a global logistics provider, we remain committed to supporting communities and advancing human welfare wherever we operate.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-19 10:18:20