Woori Card launches QR-based payment service in Indonesia SEOUL, October 31 (AJP) - Woori Card has become the first South Korean credit card company to introduce a QR-based payment and cash withdrawal service in Indonesia. The company unveiled the service on Friday at the 2025 Indonesia Digital Finance Festival in Jakarta, in partnership with the Korea Financial Telecommunications & Clearings Institute. The system allows users to make payments and withdraw cash using a single QR code generated through Woori Card’s mobile app. As part of the launch, Woori Card also signed a multilateral memorandum of understanding to develop a “cardless ATM” service that enables withdrawals via QR code. The new service is awaiting approval from Indonesia’s central bank and is expected to go live by the end of the year, with plans to expand later to other Asian markets, including Vietnam, the company said. “By entering the overseas QR payment market, we aim to build a convenient and secure payment ecosystem across Asia,” said Jin Seong-won, Woori Card’s chief executive. In Southeast Asia, digital payment adoption has accelerated rapidly amid a surge in smartphone usage and government-backed initiatives, according to Woori Card. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-31 14:01:02

Japan's Nikkei tops 52,000 for first time as Asian markets trade mixed SEOUL, October 31 (AJP) - Asian stock markets were mixed on Friday, with Japan’s Nikkei 225 surging past the 52,000 mark for the first time in its 75-year history, while Chinese and Hong Kong shares slipped and South Korea’s benchmark index traded little changed. As of late morning, Japan’s Nikkei 225 was up 1.5 percent at 52,089.30, building on a week of record-breaking gains. The index crossed 50,000 on Monday and 51,000 on Wednesday before reaching another milestone Friday. The rally has been supported by a weaker yen, steady policy from the Bank of Japan and upbeat earnings from major U.S. technology firms such as Apple. In Seoul, the Kospi edged up 0.2 percent to 4,096.66 as of 10:17 a.m., holding near flat as foreign investors continued to sell local equities, limiting further gains. Foreigners sold a net 122 billion won ($87 million) worth of Korean shares, reflecting lingering caution in the market. Analysts said several factors were weighing on sentiment. Although Seoul and Washington reached a tariff agreement at the Asia-Pacific Economic Cooperation summit in Gyeongju, Thursday, unresolved details have kept trade-related risks in play. Profit-taking has also emerged after recent sharp gains, while Federal Reserve Chair Jerome Powell’s unexpectedly hawkish remarks on rate cuts have tempered expectations for additional monetary easing this year. Powell told reporters Thursday that a December rate cut was “not a foregone conclusion,” surprising investors who had priced in further accommodation. A weaker close on Wall Street overnight — with the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all ending lower — has added to the cautious mood across Asia. Still, optimism around artificial intelligence provided some support for Korean technology shares. Market sentiment brightened after Nvidia Chief Executive Jensen Huang met informally over “chimaek” — Korean fried chicken and beer — with Samsung Electronics Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Eui-sun. Media reports said Nvidia may soon announce major AI chip supply deals with leading Korean firms, potentially deepening partnerships in the global tech race. In China, the Shanghai Composite Index slipped 0.5 percent to 3,969.13, while Hong Kong’s Hang Seng Index fell 0.4 percent to 26,186.24. The South China Morning Post reported that investors remained cautious following the Xi-Trump meeting at APEC, noting that markets had already priced in expectations of a limited trade thaw. Persistent skepticism over the durability of any trade relief continued to weigh on sentiment. 2025-10-31 11:35:12

South Korea to complete military satellite network with final launch on Sunday SEOUL, October 31 (AJP) - South Korea is set to complete its first military reconnaissance satellite network this weekend with the launch of a rocket carrying its fifth and final satellite under its “425 Project." The Ministry of National Defense said Friday that the rocket will lift off from Cape Canaveral Space Force Station in Florida at 2 p.m. (KST) on Nov. 2. Once operational, the five-satellite constellation will allow South Korea to monitor North Korean military movements with far greater speed and precision, enhancing the country’s “kill chain” — a preemptive strike capability that forms a core pillar of its defense system. The 425 Project is named for the Korean pronunciations of one electro-optical, infrared satellite and four synthetic aperture radar (SAR) satellites. The first satellite was launched in December 2023 and became operational the following August. Subsequent SAR satellites were launched in April and December 2024 and in April 2025, with three of them now fully operational. The project is part of South Korea’s broader effort to reduce reliance on U.S. intelligence assets and to build independent reconnaissance capacity. Unlike optical sensors, SAR technology can capture high-resolution images regardless of weather or lighting conditions, enabling round-the-clock surveillance. Once the network is complete, the system will be capable of revisiting specific sites in North Korea every two hours, according to the ministry. Jeong Kyu-heon, who heads the Defense Acquisition Program Administration’s Future Power Project Division, said the launch represents a turning point in South Korea’s space defense capabilities. “After securing the military reconnaissance satellite system, we will continue advancing micro-satellite development and establishing the infrastructure needed for space operations, including launch facilities and technology,” he said. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-31 11:06:35

Samsung SDI works with BMW, Solid Power of US to develop next-generation EV batteries SEOUL, October 31 (AJP) - Samsung SDI said Friday it has entered a three-way partnership with BMW and U.S.-based Solid Power to develop and test solid-state batteries for electric vehicles, deepening a long-running collaboration with the German automaker as the global race to commercialize next-generation batteries intensifies. Under the agreement, the three companies will work together to improve the energy density and safety of solid-state batteries using Solid Power’s proprietary solid electrolytes. BMW will design and assemble battery modules and packs for installation in its next generation of electric vehicles. Unlike conventional lithium-ion batteries, which use liquid electrolytes, solid-state batteries rely on solid materials to conduct ions. The technology promises greater safety and higher energy density, which could allow electric vehicles to travel farther on a single charge while reducing overall battery weight. The collaboration combines Samsung SDI’s manufacturing expertise, BMW’s engineering capabilities, and Solid Power’s materials technology, with the shared goal of accelerating the commercialization of solid-state batteries and building a global supply chain. Samsung SDI and BMW have maintained a close partnership since 2009, with Samsung serving as a key supplier of battery cells for BMW’s electric and plug-in hybrid models. “Battery technology drives electric vehicle innovation,” said Ko Ju-young, vice president of Samsung SDI’s battery business team. “We will continue to lead in solid-state battery commercialization with partners like BMW and Solid Power.” Samsung SDI has been steadily expanding its solid-state battery development efforts. The company established a pilot production line at its Suwon R&D center in March 2023 and began producing sample cells later that year. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-31 09:59:43

OPINION: Why K-food must become trusted global brand SEOUL, October 31 (AJP) - Korean food has become a fixture on dining tables around the world. In New York, restaurants serve gochujang-marinated steak. In Paris, supermarkets feature kimchi sections. Across Southeast Asia, spicy instant noodles have achieved near–pop culture status. Even in the United States, retailers like Costco and Walmart now boast bustling K-food aisles. What began as a culinary curiosity has evolved into a living cultural experience — one that connects people to the broader phenomenon of the Korean Wave. Yet the success of K-food remains fragile. For now, its global rise leans heavily on the momentum of K-pop, K-drama, and other cultural exports. Without strategic policy support and a cohesive national brand, its growth could prove short-lived. To endure, K-food must move beyond being a popular export and become a symbol of national philosophy and trust. So far, the government has concentrated on expanding exports, from smart farming initiatives to the promotion of traditional liquors. But the focus has largely remained on boosting sales volume. True competitiveness, however, begins not with quantity but with credibility. Korea should export not only its products, but also the values and identity they represent. The most successful global industries do precisely that. K-beauty markets a philosophy of natural, sustainable self-care. K-content — from film to television — conveys Korean emotion and creativity. Likewise, K-food must sell trust: the assurance that what comes from Korea is not only delicious but also safe, healthy, and authentic. In today’s markets, stories matter as much as products. To many abroad, kimchi is more than fermented cabbage — it is a symbol of well-being and national pride. To make that story compelling, scientific evidence must back it up. If research can prove the nutritional and probiotic benefits of Korean foods, then the narrative of “kimchi = health = K-food” will carry genuine power. Trust in K-food should rest on two pillars: health and safety. Rigorous scientific data can affirm its health benefits, while internationally recognized certification systems can guarantee its quality and safety. When these two forms of trust converge, K-food will evolve from a culinary trend into a lasting global brand. Thailand offers a valuable precedent. Its “Global Thai” campaign, launched in 2002, unified cuisine, culture, and tourism under the slogan “Thailand: Kitchen of the World.” In doing so, it positioned Thai food as not only flavorful but also reliable — and transformed Thailand into a trusted culinary nation. South Korea stands at a similar crossroads. Its cultural exports — from pop culture to cuisine and traditional liquor — are shifting from the idea of “seeing Korea” to “tasting Korea.” The government is now strengthening brand strategies that connect food exports, cultural industries, and public diplomacy. K-food globalization is no longer just an industrial project; it has become a central pillar of national identity. What South Korea truly needs to export, then, is not just food, but philosophy — the integrity and dignity embodied in the name “Korea.” The success of K-food will depend on whether the country can embed that philosophy into a brand the world can trust. It is time for South Korea to move from being a nation that sells to a nation that is remembered — from a “K-food selling nation” to a “K-food trusted nation.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-31 09:33:53

South Korea's factory output slips in September, but investment surge signals upbeat outlook SEOUL, October 31 (AJP) - South Korea’s industrial production dipped in September as auto exports faltered under the weight of higher U.S. tariffs, but a sharp rebound in capital investment suggested that the manufacturing sector may be regaining its footing amid a global semiconductor boom and signs of easing trade frictions. According to data released Friday by the Ministry of Data and Statistics, manufacturing output fell 1.2 percent from the previous month — the first decline since May. The drop was driven largely by an 18.3 percent plunge in automobile shipments, which more than offset a nearly 20 percent surge in semiconductor production. Manufacturing inventories rose 2.2 percent on month, while the average factory operating rate slipped 1.2 percent, leading to a modest decline in the inventory circulation index. The weakness in manufacturing contrasted with strength elsewhere in the economy. Service-sector output rose 1.8 percent from August, buoyed by a new round of government stimulus vouchers that spurred consumer spending. Overall industrial activity increased 1 percent on the month. Output grew across most categories, led by a 5.8 percent increase in wholesale and retail trade, boosted by strong demand for machinery and household goods. The financial and insurance segment expanded 2.3 percent, supported by higher margin lending tied to active stock trading. By contrast, arts, sports and leisure services fell 8.4 percent, reflecting weaker consumer sentiment as households and firms shifted toward defensive, investment-oriented spending. Retail sales slipped 0.1 percent from the previous month in September, marking the second consecutive decline. Although the pace of contraction slowed from August’s 2.5 percent drop, the figures still pointed to weakening consumer demand. By category, sales of durable goods — including smartphones, computers, and home appliances — rose 3.9 percent, though a decline in automobile sales offset the gains. Meanwhile, semi-durable goods such as clothing, shoes, and bags fell 5.7 percent. Nondurable goods, including gasoline and diesel, edged down 0.1 percent, extending the overall downward trend in consumption. The outlook, however, appears more upbeat. Capital investment jumped 12.7 percent in September, reversing a 1.3 percent decline in August, as companies ramped up spending on shipbuilding and semiconductor fabrication facilities. Machinery investment climbed 9.9 percent, while transport-equipment investment jumped 19.5 percent. A more optimistic market outlook across the manufacturing sector stimulated by a series of strong earnings reports by major South Korean companies - including Samsung Electronics and SK hynix - encouraged companies to expand capital spending. Momentum indicators also hinted at a potential turning point. The cyclical coincident index, which measures current economic conditions, rose 0.2 points, while the leading index — a gauge of future trends — added 0.1 point, supported by firmer export and import prices and a buoyant stock market. Experts say the combination of robust investment and resilient service activity could cushion the economy from near-term trade headwinds, particularly if semiconductor demand continues to strengthen through year’s end. “Despite weaker investment sentiment stemming from growing domestic and global policy uncertainty, demand for high value-added memory semiconductors is expected to remain solid, supporting continued strength in the semiconductor industry through the latter half of the year," the Korea Institute for Industrial Economics and Trade noted in a report. 2025-10-31 09:24:37

OPINION: China's rare earth leverage tests America — and its allies SEOUL, October 31 (AJP) - At the APEC summit in Gyeongju, the summit between the leaders of the United States and China drew intense global scrutiny. After months of escalating trade friction, the world watched as Washington and Beijing sought a breakthrough. No major trade deal emerged. Still, the two sides agreed to a temporary pause in their hostilities: China postponed its planned export restrictions on rare earth elements, announced on Oct. 9, while the United States suspended its retaliatory 100 percent tariff on Chinese goods. These concessions, however, did little to mask the deep divide between the two powers. Since trade talks began in April, the United States has levied a 145 percent tariff on Chinese imports, and Beijing has responded with its own rare earth export controls and a 125 percent tariff on American products. A brief truce reached in June unraveled by September, giving way to a new cycle of sanctions and countermeasures. At its core, this standoff is not about tariffs or trade deficits — it is about power. The United States is determined to preserve its global leadership, while China, under Xi Jinping, seeks to demonstrate the superiority of its state-led model. Xi’s “China Dream” and “Made in China 2025” initiatives are not mere slogans; they represent Beijing’s ambition to dominate 80 percent of the world’s manufacturing sectors within the next decade. Washington, meanwhile, has revived its own industrial agenda. Under both Trump’s “reshoring” push and former President Biden’s “friend-shoring” approach, the U.S. has sought to rebuild its manufacturing base and secure its supply chains. The White House claims to have attracted $8.9 trillion in investment commitments, not including $350 billion pledged by South Korea. Beijing’s latest weapon in this economic contest — restrictions on rare earth exports — has sent tremors through U.S. industry. The new rules, due to take effect in November and December, target not only the export of raw materials but also foreign firms that use Chinese rare earths in dual-use technologies, such as defense components. South Korea, which depends entirely on imported rare earths, finds itself in a precarious position. Last year, Beijing warned Korean firms against exporting products containing Chinese rare earths to U.S. military contractors. More recently, China sanctioned five subsidiaries of Hanwha Ocean, signaling its readiness to pressure American allies. Yet Seoul missed an opportunity at the APEC summit to address these mounting economic risks. Rather than leveraging the gathering to strengthen its trade resilience or mediate between Washington and Beijing, the South Korean government focused its diplomatic bandwidth on potential talks between North Korea and the United States. South Korea’s vulnerability underscores an urgent need to diversify its rare earth supply. But doing so will not be easy. Most producers are aligned with China or located in the Global South — regions where Seoul’s diplomatic reach remains limited. The upcoming G20 summit in South Africa could offer a second chance. By forging partnerships with emerging producers in Africa, Latin America, and Southeast Asia, South Korea can begin to build a more secure and independent supply chain — and avoid being caught in the middle of another great-power struggle. About the author Joo Jae-woo is a professor at Kyung Hee University and has served as a visiting scholar at the Brookings Institution and at the Georgia Institute of Technology’s Sam Nunn School of International Affairs. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-31 08:35:48

Nvidia's Jensen Huang steals the show in Seoul, outshining Trump and Xi SEOUL, October 31 (AJP) -Presidents Donald Trump and Xi Jinping may have dominated global headlines during the Asia-Pacific Economic Cooperation events in South Korea, but the figure who truly captivated the Korean public was the chief executive of the world’s most valuable company. Nvidia CEO Jensen Huang drew hundreds of reporters the moment he landed in Seoul on Thursday. By evening, the southern Gangnam district had nearly ground to a halt as crowds swarmed in hopes of catching a glimpse of the leather-jacket-clad tech star sharing fried chicken with the chiefs of Korea’s two most valuable companies — Samsung Electronics Chairman Lee Jae-yong and Hyundai Motor Group Chairman Chung Eui-sun. The unlikely sight of the three titans squeezed into a “Kkangbu Chicken” restaurant drew stunned diners and waves of onlookers seeking autographs, eventually forcing police to erect safety lines and control foot traffic around the busy streets leading to COEX. The trio later headed to the GeForce Gamer Festival, where Nvidia celebrated its 25th year in the Korean market. “Kkangbu” — a Korean word for a close friend popularized globally by the Netflix hit Squid Game — took on new meaning as Huang presented his Korean kkangbu with Nvidia DGX systems, the company’s signature AI supercomputing hardware, hinting at “great news” he plans to unveil during his visit. Nvidia is widely expected to announce new partnerships with Samsung and Hyundai before his departure. At the GeForce event, Huang invited the two tycoons onstage to roaring cheers, underscoring the deepening ties between Nvidia and Korea’s industrial giants. The visit came just as Nvidia became the world’s first $5 trillion company, after its stock rose 3 percent to close at a $5.03 trillion valuation on Wednesday. “Nvidia has been in South Korea for a very long time, with the GeForce in every PC bang,” Huang said, using the Korean term for internet cafés, expressing his gratitude to local gamers and consumers. Lee recalled that Samsung memory was first used in Nvidia graphics cards 25 years ago — the spark of his long-running friendship with Huang. Chung highlighted future cooperation, saying Nvidia chips will be core to autonomous cars and robots, and that Hyundai aims to explore connections between gaming and AI technologies. The festival also spotlighted collaborations with Korea’s game studios. NCSOFT unveiled trailers for “Aion 2” and “Sinder City,” the latter set in a post-apocalyptic Seoul. Both titles rely on advanced graphics enabled by Nvidia technology, said Baek Seung-wook, the company’s chief business officer. Krafton introduced an AI-powered in-game character, “PUBG Ally,” built with Nvidia’s ACE technology. Far from the political buzz in Gyeongju, Seoul offered a different stage: a fusion of Korean food, global tech hardware, and game-industry soft power, all wrapped in an unabashed display of local enthusiasm for the man many here see as the face of the AI era. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-31 07:34:13

Seoul nears nuke submarine ambition upon Trump blessing SEOUL, October 30 (AJP) - Whether by catering to personal ego or through a calculated diplomatic playbook, Seoul secured what had long seemed unattainable: U.S. backing for a nuclear-powered submarine, delivered during U.S. President Donald Trump's brief visit ahead of the Asia-Pacific Economic Cooperation (APEC) summit. Before departing Korea, Trump posted Thursday that Seoul would build its "Nuclear Powered Submarine in the Philadelphia Shipyards," signaling his approval of South Korea joining the exclusive club of nations operating nuclear-propelled submarines. During their summit prior to the announcement, President Lee Jae Myung formally requested U.S. support for securing nuclear fuel for submarine propulsion — the first time a South Korean leader has raised the matter directly with a U.S. president. Lee argued that diesel-electric submarines lack the underwater endurance needed to track North Korean and Chinese submarines, while nuclear propulsion would enhance regional surveillance and reduce the burden on U.S. naval assets. "Nuclear-powered submarines offer far greater endurance, speed and survivability, giving South Korea meaningful deterrent capability," said Shin Seung-ki, research fellow at the Korea Institute for Defense Analyses (KIDA). "For Seoul and Washington, the interests converge — South Korea deters the North, and the U.S. balances China." Nuclear-powered submarines rely on compact reactors rather than diesel engines, enabling months-long underwater operation and a larger weapons payload. Such vessels fall into two broad categories: SSBNs, capable of carrying nuclear weapons, and SSNs, which are conventionally armed. Seoul’s goal is an SSN, requiring nuclear fuel solely for propulsion. But the project touches one of the most sensitive elements of the alliance: whether nuclear fuel supplied to South Korea can be used for military purposes. Under the U.S.–ROK Atomic Energy Agreement, Seoul must obtain Washington's explicit consent to receive nuclear fuel or related reactor technology. Any amendment would require congressional review and lengthy negotiations — hurdles Trump's approval alone cannot erase. South Korea already operates advanced submarine platforms and is developing small modular reactor (SMR) technology that could eventually support naval propulsion. Still, experts emphasize that integrating such systems into an operational SSN requires time, funding and strict safeguards. "Given Korea's shipbuilding strength and reactor expertise, the project is technically feasible within seven to nine years," Shin said. "Once the National Assembly approves funding, forming the project team, designing, building and testing the vessel would follow that timeline." For Trump, the announcement dovetails with his push to revive U.S. shipbuilding and reinforce industrial partnerships that generate American jobs. For Seoul, it opens a rare diplomatic window to advance an agenda long stalled by proliferation concerns. The move also aligns with Trump's tariff strategy. Seoul's $350 billion investment package — including $200 billion in cash and $150 billion in shipbuilding cooperation under the MASGA (Make American Shipbuilding Great Again) initiative — directly involves the U.S. industry that will now host South Korea’s first nuclear-powered submarine program. The political calculus proved mutually beneficial: Lee projected decisive national-security leadership, while Trump showcased a strategic and industrial win rooted in allied cooperation. 2025-10-30 17:35:08

Court rules NewJeans must remain under ADOR, rejects bid for independence SEOUL, October 30 (AJP) - The future of K-pop girl group NewJeans — who shot to global stardom upon their 2022 debut — has been thrown into uncertainty after a Seoul court ruled in favor of their agency HYBE on Thursday. The court determined that all five members remain exclusively bound to ADOR, a HYBE sublabel, until 2029, regardless of their claims of contract breaches and unfair treatment. The decision extinguishes hopes for an early stage comeback for NewJeans, who severed ties with ADOR after the ouster of founder and former ADOR CEO Min Hee-jin last year over her alleged attempt to seize control of the label from HYBE. Min and NewJeans have since been engaged in separate legal battles against ADOR. The conflict spiraled into an ugly public feud beginning in April 2024, when Min accused HYBE and its chairman Bang Si-hyuk of copying NewJeans' concept for the debut of another girl group. HYBE and Bang are global names associated with BTS. Shares of HYBE jumped 5 percent to close at 324,500 won upon the removal of legal uncertainty. Following Min's resignation in August 2024, the NewJeans members notified ADOR of their unilateral termination of the contract. None of the teenage members attended the ruling on Thursday. In its decision, the court stated that ADOR's dismissal of Min "cannot be seen as a violation of the contract," adding that her media campaign "was not aimed at protecting NewJeans but at removing the group from ADOR." After mediation efforts collapsed, NewJeans resumed brief activities under the name NJZ, but their comeback was halted after a concert in Hong Kong in March when ADOR filed an injunction blocking the group from engaging in commercial promotions. NewJeans submitted multiple objections and appeals, all of which were dismissed — effectively preventing the members from performing or promoting without ADOR's approval since March. "The dismissal of former CEO Min Hee-jin alone does not prove ADOR lacked the capability or plans to manage NewJeans," the court said. "The contract does not stipulate that Min must personally oversee the group, and although she could have remained as an outside director or producer, she voluntarily resigned." HYBE has maintained that NewJeans can continue activities under ADOR without Min's involvement, claiming it has preparations in place for a full-length album comeback. Following the ruling, NewJeans' legal representative, Shin & Kim, said the team would immediately appeal. "We respect the court's decision," the firm said, "but the trust between NewJeans and ADOR has already been irreparably damaged. Under the current circumstances, it would be difficult for the members to return to ADOR and resume normal activities." The verdict is also a setback for Min, who recently established her new agency, OOAK (One of A Kind). NewJeans became an instant phenomenon upon their debut for reshaping K-pop's sound and visual identity and earned the label of “the idol for idols.” 2025-10-30 17:20:14