South Korea's Lotte Chemical sells Pakistani unit in streamlining push SEOUL, November 13 (AJP) - South Korea's Lotte Chemical said on Thursday that it had completed the sale of its controlling stake in its Pakistani subsidiary, Lotte Chemical Pakistan Limited. Lotte’s withdrawal from Pakistan underscores a broader trend among South Korean chemical companies seeking to pare back exposure in emerging markets with volatile currencies, while investing more heavily in specialty and sustainable chemical products that promise higher margins. Lotte Chemical sold its 75.01 percent stake in the subsidiary to PTA Global Holding Ltd, a joint entity formed by AsiaPak Investments Limited of Pakistan and the UAE-based Montage Commodities FZCO. The transaction, valued at 98 billion won, or about $72 million, closed on Nov. 12 following a public tender offer in September. Including 29.6 billion won in dividends received earlier this year, Lotte said it had secured a total of 127.6 billion won from the sale. Lotte Chemical Pakistan operates a plant that produces 500,000 tons of purified terephthalic acid (PTA) annually, a key raw material used in polyester fibers, industrial yarns, and PET bottles. The divestment marks another step in Lotte Chemical’s ongoing restructuring, as the company moves to concentrate on higher-value businesses. Since 2023, the Pakistani subsidiary had been classified as a non-core asset, with the company citing management risks linked to financial support and currency volatility in the local market. “We will continue our business restructuring to strengthen core competitiveness and expand our specialty portfolio, particularly in high-performance engineering plastics and advanced materials,” Lotte Chemical said in a press release. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-13 09:49:02

Another body recovered at Ulsan power plant with one worker still missing SEOUL, November 13 (AJP) - Another body was recovered early Thursday morning from the rubble of a thermal power plant in the southeastern city of Ulsan. According to rescue workers, a man in his 30s was retrieved from the debris at the state-run utility Korea East-West Power at around 1:18 a.m. This brings the death toll to six, with one person still missing. The incident occurred when a 60-meter boiler tower suddenly fell during demolition work last Thursday, trapping seven of the nine workers at the site. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-13 09:41:24

K-pop sensation NewJeans signal full-group comeback by returning to ADOR under HYBE SEOUL, November 13 (AJP) - NewJeans, the breakout K-pop act that shot to global fame upon debut in 2022 but became embroiled in a bitter dispute with its agency last year, is poised for a full-group comeback after members began signaling their return to ADOR, a move that lifts a major litigation burden for the parent manager HYBE ahead of the long-anticipated comeback of K-pop superstar BTS. On Wednesday, members Haerin and Hyein announced that they would return to ADOR, saying they had decided to respect the recent court ruling and rejoin the agency after “thoughtful consideration with their families and discussions with ADOR,” according to a statement posted on X. The remaining members — Minji, Hanni, and Danielle — told a local media outlet that they also intended to return. “One member is currently in Antarctica, which delayed communication, and we have not yet received a response from ADOR, so we are announcing this separately. We look forward to continuing to perform with sincerity,” they said. ADOR responded that it was “verifying the intentions of Minji, Hanni, and Danielle regarding their return.” If all five members rejoin, it would mark 348 days since the group abruptly cut ties with ADOR by unilaterally terminating their contracts on Nov. 29 last year, following a highly publicized fallout involving former ADOR chief and group mentor Min Hee-jin. Last month, the Seoul Central District Court ruled in favor of ADOR, saying the exclusive contracts signed in 2022 remain valid, effectively barring the members from pursuing independent activities or signing with other labels. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-13 07:42:24

Why Korea should benchmark Japan in tweaking retirement age and managing super-aged society SEOUL, November 12 (AJP) - Korea, under strong pressure from labor unions, is moving to extend the statutory retirement age to 65 as it enters a super-aged demographic structure, but the shift could strain public finances and the national pension system if it fails to draw voluntary participation from the private sector, responsible for most hiring. Korea's two largest umbrella unions are urging the progressive government and ruling party to mandate a "blanket, unconditional extension to 65 without wage cuts" within the year. The ruling Democratic Party has proposed raising the statutory retirement age gradually to 65 by 2033, in line with the scheduled rise in the national pension eligibility age. Korea joined the ranks of "super-aged" societies last year, with people aged 65 and older accounting for more than 20 percent of the population. Although the legal retirement age is 60, the national pension does not begin paying benefits until age 63 — a threshold that will rise to 65 by 2033. The gap has left many seniors with insufficient income and pushed labor force participation among those 65 and older to 37.3 percent in 2023, the highest in the OECD. Korea also records the OECD's highest senior poverty and suicide rates. Japan, which encountered rapid aging decades earlier, offers lessons on how to manage the transition. Tokyo began addressing the issue 25 years ago and provided companies with autonomy and time to adjust. The Japanese government implemented a 12-year grace period, first introducing retirement-age guidelines in 1986 as a "non-binding obligation" before making them legally enforceable in 1998. The same gradual approach applied to raising the effective retirement age to 65: in 2000, Japan revised the Act on Stabilization of Employment of Elderly Persons, requiring companies to "make efforts" to ensure employment until age 65. If Korea implements its proposed legislation this year without similar staging, the Korea Enterprises Federation (KEF) warns that the benefits will accrue mainly to full-time workers at large firms and public institutions with strong unions. The business lobby estimates the additional annual employment cost at roughly 30 trillion won ($20.6 billion) — equivalent to hiring around 900,000 workers aged 25 to 29. Moreover, only 21.8 percent of Korean workplaces currently operate under a mandatory retirement system, meaning gains would disproportionately flow to workers in big corporations and the public sector. This helps explain mounting opposition from younger job seekers. Experience from the 2016 introduction of the current 60-year retirement age also suggests unintended consequences. According to the Bank of Korea, the policy increased employment among workers aged 55 to 59 by about 80,000 by 2024, but reduced employment among those aged 23 to 27 by 110,000. For every additional older worker retained, employment for young workers fell by 0.4 to 1.5. Japan's approach since 2006 gives companies three options: extend the retirement age, abolish retirement limits altogether, or provide continued employment for older workers under new contracts. As of April this year, companies must offer continued employment to anyone wishing to work until 65. Under this system, employees formally retire at the designated age but are rehired with adjusted pay and conditions, allowing firms to retain experienced workers while managing labor costs. Watami Co., which operates restaurant chains such as Subway and TGI Fridays in Japan, recently raised its retirement age to 65 and introduced a program enabling employees to work until 75. The move addresses both labor shortages and the desire of older workers to remain active. As of June 2022, 99.9 percent of Japanese companies with 21 or more employees had adopted one of the three systems, effectively lifting the retirement age to 65 in practice, according to the Ministry of Health, Labour and Welfare. More than 65 percent of companies have either formally extended the retirement age or abolished it altogether. 2025-11-12 17:22:56

Survey shows Deepfake crimes seen as growing threat to young people in South Korea SEOUL, November 12 (AJP) - Nine out of ten South Koreans believe deepfake crimes pose a serious threat to society, a recent survey showed, underscoring escalated alarm over the abuse of artificial intelligence to generate sexually explicit or manipulated content. Deepfake refers to synthetic media generated using artificial intelligence to alter or replace a person's likeness in photos or videos. The technology is increasingly being abused to produce non-consensual sexual material, often targeting women and public figures by inserting their faces into pornographic videos or images shared online. A nationwide survey of 1,007 adults conducted by pollster Realmeter on November 4 and 5 found that 90.2 percent of respondents consider deepfake crimes to have a serious impact on society. Among them, 65.2 percent said the threat was "very serious," while 25.0 percent described it as "somewhat serious." Concern was high across all age groups, reaching 95.3 percent among those in their 50s. The poll results coincide with data from the Ministry of Education showing that deepfake exploitation is spreading rapidly in schools. Between January and October 27 last year, 799 students and 31 teachers were identified as victims of deepfake-related crimes. Reports were more frequent at higher grade levels, but even elementary schools recorded 16 cases. Of 504 cases reported to the ministry, 417 were referred to police for investigation, while 218 videos were deleted with government assistance. The ministry said it has established a task force to monitor such cases and work closely with investigators. Deepfake abuse first drew national attention last year, when 45 related school violence cases were reported in Seoul—double the number from the previous year. Since then, incidents have continued to rise as artificial intelligence tools become easier to access and misuse. The Korea Communications Standards Commission held talks with Telegram in September 2024, one of the platforms frequently used to share manipulated content. Telegram agreed to comply immediately with deletion requests from South Korean authorities. 2025-11-12 17:18:01

Homegrown space rocket set for first nighttime launch late this month SEOUL, November 12 (AJP) - South Korea's homegrown space rocket Nuri is scheduled for liftoff later this month. The Korea Aerospace Research Institute (KARI) said Wednesday that the rocket, dubbed KSLV‑II, will be launched at the Naro Space Center in Goheung, South Jeolla Province on Nov. 27 unless unexpected problems occur, in which case there will be further launch windows between Nov. 29 and Dec. 4. The liftoff has been tentatively set for between 12:54 a.m. and 1:14 a.m., with the exact time to be decided the previous day. KARI's head researcher Han Young-min admitted concerns about fatigue among the crew due to the early morning launch but expressed confidence in the mission's success, vowing to minimize any human error. The mission is to put a next-generation medium-sized satellite into orbit approximately 600 km above Earth's surface to observe the planet's magnetic field and auroras. Along with the main satellite, the launch vehicle will also carry 12 smaller satellites. The launch will be particularly notable as it marks the first civilian-led mission, with Hanwha Aerospace participating in the rocket's production and assembly, a key step toward fostering a private-sector space industry ecosystem. 2025-11-12 17:03:12

KOSPI extends gains for second day; tech stocks lag as SOX declines SEOUL, November 12 (AJP) - Asian shares turned higher on Wednesday, with South Korea’s benchmark index rising for a second consecutive session. Semiconductor stocks, however, underperformed after overnight losses in the Philadelphia Semiconductor Index (SOX) and the Nasdaq. The KOSPI gained 1.07 percent to close at 4,150.39. Institutional investors drove the advance, purchasing 912.1 billion won ($620 million), while retail investors and foreigners sold 446 billion won and 428 billion won, respectively, to take profits. The Korean won weakened further despite the market rebound, closing at 1,466 per dollar. Government bond yields inched lower but remained elevated, with the three-year note at 2.831 percent. Gains were capped by weakness in leading chipmakers. Samsung Electronics slipped 0.39 percent to 103,100 won, while SK hynix edged down 0.32 percent to 617,000 won. The selloff followed news that SoftBank Holdings liquidated its entire stake in Nvidia, sending the SOX sharply lower overnight. A broader tech slump on the Nasdaq added pressure to Seoul’s chip-heavy market. Power equipment stocks also retreated. Hyosung Heavy Industries fell 3.65 percent to 2,220,000 won, while HD Hyundai Electric dropped 1.4 percent to 848,000 won. Brokerage firms led the rally after strong third-quarter results. Samsung Securities reported a 24 percent on-year increase in operating profit to 401.8 billion won, driven by robust brokerage activity. Its shares jumped 9.17 percent to 83,300 won. Mirae Asset Securities gained 7 percent to 24,550 won, extending the sector’s momentum. Japan’s Nikkei 225 rose 0.49 percent to 51,090, supported by heavy trading in financial and investment stocks. SoftBank Group recorded turnover of 72 million shares, and Mitsubishi UFJ Financial Group saw 52 million shares traded. Mitsubishi UFJ climbed 3.38 percent to 2,400 yen ($15.53) on expectations that the Bank of Japan will refrain from cutting its benchmark rate, boosting profit prospects for lenders. China’s Shanghai Composite Index edged down 0.07 percent to 4,000.14 in subdued trade. Activity centered on rare earth and aluminum producers. Inner Mongolia Baotou Steel Union slipped 1.52 percent to 2.6 yuan ($0.37), while Aluminum Corp. of China surged 6.38 percent to 11.68 yuan on expectations that output limits will support prices. Taiwan’s TAIEX rose 0.58 percent to 27,947.09, and Hong Kong’s Hang Seng Index gained 0.8 percent to 26,921 as of 4:25 p.m. 2025-11-12 16:55:24

France and Korea to celebrate 140 years of ties with nationwide events SEOUL, November 12 (AJP) - A yearlong celebration marking the 140th anniversary of diplomatic relations between France and South Korea will take place across both countries in 2026. France and Korea have long maintained a comprehensive partnership, engaging closely in diplomacy, defense, economy, science, and technology. The upcoming anniversary will commemorate more than a century of partnership and friendship while showcasing a shared vision for the future. A wide range of commemorative events will be led by the French Embassy in Seoul in collaboration with about 100 French and Korean partner institutions. The programs, spanning politics, defense, trade, science and technology, culture, education, sports, and tourism, will reflect the full scope of bilateral cooperation throughout the year. Highlights include high-level visits, a strategic dialogue between foreign ministers, an official anniversary ceremony, and a memorial honoring French veterans of the Korean War. Events will take place nationwide, including in Seoul, Busan, Daegu, Gwangju, Suwon, Jeonju, and Bucheon, with more than 100 programs planned across 20 cities. In France, the Korean Embassy and the Korean Cultural Center in Paris will jointly organize exhibitions, concerts, and other events celebrating the anniversary. "The 140th anniversary will be a landmark occasion to further expand cooperation in every field — from economy and science to culture, education," said French Ambassador to Seoul Philippe Bertoux. "We are preparing nationwide events that will not only commemorate 140 years of friendship but also strengthen our ties for the future," Bertoux added. 2025-11-12 16:38:50

Korea's KakaoTalk admits to feed pratfall and will return to original format by December SEOUL, November 12 (AJP) - KakaoTalk, bowing to massive backlash and acknowledging the failure of its largest redesign to date, will restore its original interface by the end of the year after a clumsy attempt to introduce an Instagram-like picture feed to a platform used by virtually all South Koreans. A KakaoTalk spokesperson told AJP on Thursday that the company is "working to restore the original layout by year-end" in response to negative "user feedback," meaning the arbitrary photo feed will be removed from the main page and offered only as an optional feature. Asked why the feed had been placed on the main screen in the first place, the spokesperson said that "some users wanted an easier way to view friends' updates without tapping each profile," but conceded that "the redesign did not meet broader user expectations." At a company event in September 2025, Kakao announced plans to evolve into an AI-powered "super app," integrating multiple services into a single platform. On September 23, it rolled out a sweeping update that replaced the traditional "Friends" tab with a social media–style feed, automatically displaying friends' profile updates and status messages. The redesign, widely seen as an attempt to push KakaoTalk toward a social-media model, sparked widespread complaints from users who found the new format confusing, intrusive, and misaligned with how the app is used in everyday life — from business communication to money transfers. Unlike WhatsApp, LINE, or WeChat, which open directly to chat lists, KakaoTalk's feed-first interface broke from global norms and alienated long-time users. According to IGAWorks' Mobile Index, the app's average monthly usage time per user fell from 700.17 minutes in September to 677.85 minutes in October, a decline of about 22 minutes. The figure also marked a drop from the third-quarter average of 694.82 minutes. A separate online survey of 1,000 users aged 20 to 60 by the Korea Press Foundation's Media Research Center showed that 91 percent felt "uncomfortable being exposed to less-close acquaintances." Only about 20 percent found the new format convenient for checking updates or interacting through likes and comments, while nearly 80 percent said they wanted to return to the previous version. The company declined to specify the financial cost of the redesign and rollback, saying that "it is difficult to measure, as updates occur monthly and costs are mixed." The episode underscores how even dominant platforms can stumble when they misread consumer needs. 2025-11-12 16:18:20

Korean firms scale back UAM plans amid delays in commercialization SEOUL, November 12 (AJP) - Major South Korean companies are retreating from the once-hyped Urban Air Mobility, or UAM, market as delays in commercialization and regulatory hurdles cloud the industry’s near-term prospects. The technology, envisioned as a new mode of eco-friendly urban transport that could ease traffic congestion, has been touted globally as a growth industry worth more than $60 billion by 2035. But with commercialization timelines slipping and profitability still out of reach, Korean companies are beginning to reconsider their roles. South Korea’s Ministry of Land, Infrastructure and Transport had originally planned to commercialize its “K-UAM” program this year, but postponed the target to 2028 in August — a move that dampened momentum among corporate participants. Analysts say the long development horizon and uncertain returns have made it difficult for companies to justify continued investment. LG Uplus, the telecommunications affiliate of LG Group, recently dismantled its UAM division after initially joining a development consortium. SK Telecom also withdrew from the second phase of the K-UAM demonstration program last month, citing technological and regulatory challenges. The company, which began its UAM project in early 2021, told shareholders in March that it would take a cautious approach amid the changing market environment. Hanwha Group, one of the earliest Korean investors in UAM technology, is also scaling back. Its subsidiaries Hanwha Aerospace and Hanwha Systems halted funding for the U.S. eVTOL startup Overair in June and are reportedly moving to divest their shares, signaling a strategic retreat from direct aircraft development. Industry experts warn that these moves could slow South Korea’s broader ambitions to develop a domestic UAM ecosystem. “For such projects to succeed, comprehensive management strategies are needed, but the momentum has stalled,” said Kim Kwang-ok, a professor at Korea Aerospace University. “Profitability and revenue cannot be guaranteed, making the UAM market outlook cloudy.” * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-12 16:06:37