Asian markets recover early Thursday from AI rout SEOUL, November 06 (AJP) - Asian stocks rebounded Thursday as investors shrugged off a brief scare over stretched valuations in the AI boom. Seoul’s KOSPI gained 1.3 percent to 4,054.56 after a near 3-percent plunge the previous day, while the KOSDAQ edged up 0.25 percent to stay above 900. Retail investors led the recovery, while foreign and domestic institutions continued to take profits after weeks of heavy buying. Hyosung Heavy Industries rose 4.1 percent to 2.3 million won ($1,591). The stock has surged 462.6 percent year-to-date through Tuesday, far outpacing the KOSPI’s 71.8 percent rise over the same period. Analysts downplayed the fears of an AI bubble. "KOSPI has sufficient grounds to attract global investors over the long term," said Kim Dong-won, head of research at KB Securities. "We see the current rally as the beginning of the third bullish era in five decades of the Korean stock market," he added, reaffirming the brokerage's target of 5,000 points in 2026. In Tokyo, the Nikkei 225 rose 1.3 percent to 50,850.12, rebounding from Wednesday’s 2.5 percent drop driven by U.S. tech volatility and concerns about an extended federal government shutdown. Japanese and Korean shares have been sensitive to sentiment around artificial intelligence, semiconductors, and power infrastructure, sectors that form the backbone of regional supply chains. SoftBank Group, involved in the U.S. AI infrastructure project “Stargate” with OpenAI, inched up 0.2 percent to 216.4 yen ($1.4), recovering from a double-digit decline the day before. China also posted modest gains. The Shanghai Composite added 0.3 percent to 3,982.56, and Hong Kong’s Hang Seng Index rose 0.7 percent to 26,109.72. Newly listed autonomous-vehicle stocks underperformed in Hong Kong. WeRide dropped more than 12 percent and Pony.ai fell nearly 8 percent in their trading debut. Pony.ai, which is also listed in the United States, raised HK$6.7 billion ($862 million) through its IPO, according to regulatory filings. 2025-11-06 13:24:16

Former North Korean figurehead laid to rest in state funeral SEOUL, November 6 (AJP) - A state funeral for North Korea's former nominal head of state Kim Yong-nam was held in Pyongyang on Wednesday with its leader Kim Jong-un in attendance, according to state media. The official Korean Central News Agency (KCNA) reported Thursday that the funeral service began with a eulogy by premier Pak Tae-song, praising the late senior official's "lifelong dedication" to the reclusive country. Mourners observed a moment of silence, followed by a gun salute. The perennial titular head, who had served under the hereditary dynasty from founder Kim Il-sung through his son Kim Jong-il to his grandson and current leader, died at the age of 96 earlier this week from multiple organ failure caused by complications related to cancer. Despite having no relation to the ruling Kim family, the nonagenarian held the ponderous title of "president of the presidium of the Supreme People's Assembly" from 1998, maintaining his position as the titular head through leadership changes without facing demotion or political purges while playing a key role in foreign affairs until his retirement in 2019. A handful of South Korean officials who had interacted with him in the past expressed their condolences and sought to pay their respects but were unable to do so, as North Korea did not respond. 2025-11-06 11:11:08

Samsung Heavy expands into US shipbuilding market with new partnership SEOUL, November 06 (AJP) - Samsung Heavy Industries said on Thursday that it had signed a strategic partnership agreement with DSEC, a ship design and procurement company, in a move to expand into the U.S. shipbuilding market. DSEC, which works closely with American shipyards in areas such as vessel design, equipment supply, maintenance and technical consulting, is expected to provide a key bridge for Samsung’s entry into the U.S. market. The company’s expertise in U.S. regulatory standards and shipyard operations is seen as a competitive advantage for the partnership. Under the agreement, the two companies will collaborate on a range of projects, including medium-sized commercial vessel construction, shipyard modernization, ship retrofitting, liquefied natural gas (LNG) cargo tank repairs, and the development of green and digital solutions. The partnership will also extend to joint research and development facilities in South Korea and abroad. Samsung Heavy Industries said it plans to integrate its shipbuilding and offshore engineering technologies with DSEC’s U.S.-based design and procurement capabilities to enhance efficiency in its global supply chain, particularly for the company’s MASGA project — a strategic initiative to strengthen its global shipbuilding network. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 10:49:14

Swiss banking delegation visits Toss Bank to explore digital banking in South Korea SEOUL, November 06 (AJP) - A group of senior Swiss banking executives visited Toss Bank’s headquarters in Seoul on Wednesday to study South Korea’s rapidly evolving digital finance ecosystem, the company said Thursday. The 18-member delegation, organized by the Swiss Embassy in Seoul and telecommunications company Swisscom, was welcomed by Toss Bank’s chief executive, Lee Eun-mi, and other senior executives. During the meeting, Toss Bank shared its experience in digital innovation and financial inclusion since its founding in 2021. Executives highlighted the company’s customer-first approach, technology-driven risk management, and efforts to expand access to financial services for underserved communities — factors that have fueled the online bank’s rapid growth and early profitability. The Swiss representatives, including executives from several cantonal banks — regional institutions that form a cornerstone of Switzerland’s financial system — sought insights into South Korea’s competitive banking landscape, the rise of fintech, and the country’s digital payment infrastructure. They also discussed the challenges of balancing regulatory oversight with financial innovation, according to Toss Bank. “Toss Bank’s achievement of breaking even in just 21 months is impressive, driven by its deeply embedded agile culture,” said Christian Dicke, a corporate representative at Swisscom. Lee said the visit reflected growing global interest in South Korea’s digital finance model. “Toss Bank’s continuous innovation and expanded customer access are not just declarations but evidenced by real changes in the Korean financial market,” she said. “We aim to share our digital finance experience with the Swiss financial sector and contribute to a sustainable global financial ecosystem.” Founded as one of South Korea’s first internet-only banks, Toss Bank has quickly emerged as a major player in the country’s fintech landscape, challenging traditional lenders with its focus on user experience and inclusive banking. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-06 10:28:23

North Korea denounces US sanctions, but remains cautious SEOUL, November 6 (AJP) - North Korea strongly denounced the latest sanctions imposed by the U.S., vowing to take responsive measures "with patience," state media reported on Thursday. "The Korean Central News Agency (KCNA) reported, quoting Kim Un-chol, the isolate country's vice-minister for U.S. Affairs of the Foreign Ministry, as saying. Washington again revealed its "wicked nature to be hostile toward the ," KCNA added, lamenting that it still clings to the "obsolete scenario of the failed past." The denouncement came after the U.S. Department of the Treasury earlier this week sanctioned eight North Korean individuals and two entities allegedly involved in cyber fraud and other illicit money-laundering schemes. The U.S. Department of State also said it will seek UN sanctions in the coming days on seven North Korean vessels suspected of illegally exporting coal and iron ore to China. But the North's relatively toned-down condemnation appears to reflect a cautious approach, as those sanctions came despite President Donald Trump's repeated overtures to meet with North Korean leader Kim Jong-un. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 10:20:49

Samsung Electronics acquires German heating, air conditioning firm SEOUL, November 06 (AJP) - Samsung Electronics said on Thursday that it had completed its acquisition of FlaktGroup, a German heating, ventilation and air conditioning (HVAC) company, in a move to strengthen its presence in industrial solutions. FlaktGroup, founded more than a century ago, is one of Europe’s largest HVAC companies, supplying central air-conditioning and precision cooling systems for data centers, hospitals and large commercial buildings across more than 65 countries. The company operates over 10 manufacturing sites and manages subsidiaries such as Woods, SEMCO and SE-Elektronic, which specialize in ventilation, air-conditioning and building control technologies. Samsung did not disclose the financial terms of the deal but said it plans to keep the Flakt brand intact, allowing the German company’s management and workforce to continue operating independently. The acquisition signals Samsung’s intent to make HVAC systems a key driver of growth in its business-to-business portfolio. By integrating Flakt’s engineering expertise and global network with Samsung’s AI-powered SmartThings Pro building management platform, the company said it aims to offer more energy-efficient and intelligent solutions for industrial and commercial clients. “The acquisition of Flakt is a strategic decision for Samsung to lead the global HVAC market and provide innovative solutions to customers,” said Noh Tae-moon, acting head of Samsung’s DX division, in a statement. “By combining Flakt’s technology with Samsung’s AI platform, we aim to become an industry leader in the global HVAC market.” The move also positions Samsung to tap into the surging demand for precision cooling systems in hyperscale data centers — a sector growing rapidly as advances in artificial intelligence, cloud computing and telecommunications drive the need for more energy-efficient thermal management. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-06 10:13:11

Signing of tariff deal with US delayed amid lingering issues SEOUL, November 5 (AJP) - Doubts are deepening as South Korea and the U.S. are still fine-tuning a memorandum of understanding (MOU) for their recent tariff-related deal, which was finalized on the sidelines of last week's Asia-Pacific Economic Cooperation (APEC) summit in the southeastern city of Gyeongju. Shortly after President Lee Jae Myung's summit with his U.S. counterpart Donald Trump, the two leaders said they had resolved the remaining contentious issues, after the two sides initially agreed last July to reduce reciprocal tariffs from 25 percent to 15 percent in return for massive investment in the U.S. Presidential spokesperson Kang Hoon-sik said earlier this week that the two sides were expected to soon sign an official document for the newly agreed deal and release a joint fact sheet detailing Seoul's pledge to invest $350 billion in the U.S. as part of a broader deal. But it has been delayed again and again. According to multiple government sources, disagreements appear to remain over the deal’s specific terms and timelines in addition to further market openings for agricultural products and semiconductor-related tariffs. Deputy Prime Minister and Finance Minister Koo Yun-cheol said in a TV program on Wednesday, "Once security-related matters in the deal are finalized, we will be able to sign." His comments suggest that Trump's proposal to build nuclear-powered submarines at a shipyard in Philadelphia is also creating another delay, as the facility lacks relevant infrastructure and capabilities, making it unfeasible in the near future. 2025-11-05 17:36:47

Korean court voids 'Hyundai' trademark held by Puerto Rico-based company SEOUL, November 05 (AJP) - South Korea’s Patent Court has invalidated the “Hyundai” trademark owned by Puerto Rico-based Hyundai Technology, ending a yearslong legal dispute over one of Korea’s most recognizable corporate names. The ruling, handed down in May, resolved a conflict that began in 2020 when Hyundai Technology filed suit over the use of the “Hyundai Connect” trademark. The case drew attention in South Korea’s business community for pitting two of the country’s leading industrial groups — Hyundai Motor Group and HD Hyundai Group — against a little-known overseas company using their shared legacy name. According to legal and industry sources, the two Hyundai groups began jointly pursuing legal action in 2023 to reclaim the disputed mark. The Patent Court ultimately sided with them, nullifying Hyundai Technology’s registration and ordering the company to pay legal costs. The “Hyundai” mark was originally filed by Hyundai Electronics in 1990 but changed hands several times before being acquired by Hyundai Technology in 2019. Hyundai Motor and HD Hyundai filed for invalidation later, arguing that the name had long served as a source identifier for the Hyundai corporate family and that its use by an unrelated foreign entity risked misleading consumers. The ruling also closes a chapter of lingering confusion that began after the breakup of the original Hyundai Group in the early 2000s. At the time, incomplete trademark divisions led to disputes over intellectual property rights, some of which ended up in the hands of companies overseas. In its decision, the court noted that “Hyundai” remains widely recognized worldwide as representing the South Korean conglomerate and its affiliates, emphasizing that unauthorized use could “cause confusion among consumers.” * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-05 17:15:27

POST-APEC: K-pop stars as vital economic and diplomatic leverage SEOUL, November 05 (AJP) - "Oh my gat, the real one has arrived," K-pop star G-Dragon wrote on social media, sporting a black fedora draped with a pearl chain resembling a traditional Korean "gat" headpiece he wore while performing his latest hit "Power" at the APEC Leaders' Meeting gala in Gyeongju last Friday. The pun paired his fashion humor with a nod to the gat reimagined by the "Saja Boys" in Netflix's hit anime "KPop Demon Hunters" while reflecting his excitement about performing before an audience of global leaders. His performance of "Drama" using a microphone wrapped in the Korean and APEC flags further accentuated K-pop's persuasive power to captivate no-nonsense global leaders, including Chinese President Xi Jinping and Canadian Prime Minister Mark Carney. For some leaders, it was the most memorable moment of their visit. Malaysian Prime Minister Anwar Ibrahim later posted a clip of the performance with the hashtag #KpopForever, calling it a highlight of the summit. Celebrity-level political figures — U.S. President Donald Trump, China's Xi, and Nvidia CEO Jensen Huang — captured most headlines during the weeklong summit in historic Gyeongju. But it was Korean culture, especially K-pop, that shared the global spotlight. The rare APEC consensus, named the Gyeongju Declaration, for the first time elevated culture and creative industries as a formal regional growth engine in a leaders' summit document — placing it on par with trade, investment, and digital cooperation. K-pop's ascent as an economic asset was reinforced again at the APEC CEO Summit, where BTS leader RM delivered a keynote speech on Korea's soft power. "K-pop is like bibimbap," RM said. "You don't turn away elements of Western music — hip-hop, R&B, EDM. Like bibimbap, each part keeps its identity but mixes to create something new, fresh, and delightful." This inclusive originality RM highlighted is the essence of K-pop's universal appeal — and a form of soft power capable of moving even the world's toughest minds. President Lee Jae Myung brought JYP Entertainment founder and producer Park Jin-young — newly tapped as co-chair of a presidential committee on pop culture — to an informal meeting with Xi. During the meeting, Xi was said to have spontaneously floated the idea of hosting a large-scale K-pop event in Beijing, instructing Foreign Minister Wang Yi on the spot to explore the idea. The leak immediately stirred expectations of China easing its years-long unofficial ban on Korean entertainment in fear of "corrupting" young Chinese people. The scale of the industry is now too large for governments at home and abroad to overlook. According to the Ministry of Culture, Sports and Tourism, Korea's music exports reached $1.2 billion in 2023, up from $277 million in 2013 — a 4.4-fold jump. At the current pace, exports are expected to exceed 2 trillion won ($1.4 billion) this year. The K-pop events market — concerts, fan meets, festivals — is also set for explosive expansion. Allied Market Research projects the global sector, valued at $8.1 billion in 2021, will grow at an annual average of 7.3 percent, reaching $20 billion by 2031. 2025-11-05 17:10:11

Korean battery makers seat ESS at the forefront of AI-age global drive SEOUL, November 05 (AJP) - South Korean battery manufacturers are pressing ahead with aggressive global expansion and investment plans despite multiple headwinds - overcapacity worries, rising trade barriers, stalled growth in electric vehicles and China's overwhelming dominance - as they bet on rechargeable batteries becoming the dominant clean-energy infrastructure of the AI age. Top three battery makers are doubling their U.S. production capacity to 600 gigawatt-hours (GWh) annually by end-2026 from about 300 GWh now, even as U.S. EV sales stagnate. Sales reached roughly 607,000 units in the first half of this year, up just 1.5 percent from 597,500 a year earlier, according to Cox Automotive, and the elimination of the $7,500 federal EV tax credit in September is expected to weaken demand further. The financial impact has already begun to show. LG Energy Solution posted third-quarter revenue of 5.7 trillion won ($3.93 billion) with operating profit of 601.3 billion won. Samsung SDI reported revenue of 3.05 trillion won but swung to an operating loss of 591.3 billion won. SK On logged revenue of 1.81 trillion won with an operating loss of 124.8 billion won. Amid the slowdown in EV demand, Korean battery makers are rapidly shifting focus to energy storage systems (ESS), which store electricity generated from solar and wind farms for release during peak demand. The pivot comes as AI data centers require unprecedented and highly stable power loads. According to SNE Research, the global ESS market is projected to expand sixfold from 185 GWh in 2023 to 1,232 GWh by 2035, with the U.S. market also expected to grow sharply as electricity demand surges. China dominates ESS as well, but narrowing access to Chinese batteries under the Trump administration's trade barriers could open opportunities for Korean firms. "The decoupling of the U.S. from China is expected to accelerate in areas with high Chinese dependency such as ESS batteries and graphite, which will serve as an opportunity for Korean battery companies," said Lee Jin-myung, an analyst at Shinhan Securities. LG Energy Solution has already begun converting EV battery lines to ESS production. The company started mass production at its Holland, Michigan plant in June after retooling the facility. The plant now has 16 GWh of capacity, which LG Energy aims to expand to 30 GWh by end-2025. "It could grow beyond 30 GWh," said Kim Dong-myung, president of LG Energy Solution, at an industry event on Oct. 30. The company is reviewing additional conversions. On Monday, LG Energy and Stellantis said their joint venture in Canada will convert some of its nickel manganese cobalt (NCM) battery lines to cheaper lithium iron phosphate (LFP) production for ESS. Samsung SDI has secured substantial ESS orders as well. The company plans to convert its Stellantis joint venture in the United States to ESS production with a target of 30 GWh annual capacity by end-2025. Samsung SDI will also supply Tesla with more than 3 trillion won worth of ESS batteries over three years, delivering about 10 GWh annually starting this year, according to industry sources on Nov. 3. SK On is joining the bandwagon. The company won a 1 GWh ESS supply contract in the United States in September and will convert part of its standalone Georgia plant to meet the order, with additional U.S. lines possibly repurposed depending on demand. Industry experts say Korean firms are preparing for strategies that go beyond ESS, as Chinese batteries remain difficult to beat on price and performance. "With the introduction of cell-to-pack technology, cheap LFP batteries have proven quite competitive against NCM batteries for lower-priced EV models like Tesla's Model 3 or Model Y," said Kim Ki-jae, professor of battery science and engineering at Sungkyunkwan University. He added that Korean manufacturers are working to improve nickel-based batteries to match their cheaper counterparts, with companies such as EcoPro continuing to focus on high-nickel cathodes. "Korean firms could also focus on developing batteries for urban air mobility and robotics. They could really capture significant portions of market share," said Kim. 2025-11-05 16:58:27