Overdue credit card loans rising fast in South Korea SEOUL, October 20 (AJP) - South Koreans are falling behind on their credit card bills at a record pace, as higher interest rates and tighter bank lending drive more households to rely on card loans to make ends meet. According to data released by the office of Rep. Kang Min-kook of the main opposition People Power Party, citing the Financial Supervisory Service, credit card debt overdue for more than a month reached nearly 1.5 trillion won ($1.1 billion) as of the end of August — the highest level since records began. The total amount of overdue card loans — including cash advances and card-based personal loans — has more than doubled over the past four years. At the end of 2021, outstanding overdue card loans stood at 718 billion won. That figure rose to 860 billion won in 2022, 983 billion won in 2023, and 1.1 trillion won last year. By August this year, the total had surged to 1.5 trillion won. The delinquency rate — the share of overdue debt compared with total card loans — has climbed even more steeply. It rose from 1.9 percent at the end of 2021 to 2.2 percent in 2022, 2.4 percent in 2023 and 2024, and 3.3 percent as of this August, according to the data. Analysts say the trend reflects growing pressure on low- and middle-income borrowers, who have struggled with rising living costs and a cooling job market. Many have turned to card-based borrowing as commercial banks tighten access to traditional loans amid concerns about household debt levels. “With bank loans becoming harder to access, vulnerable borrowers are turning to card loans for funding,” Rep. Kang said in a press release. “This could pose a risk to the financial soundness of card companies, and financial authorities should provide guidance to manage bad debts and sales.” South Korea’s household debt, among the highest in the world relative to GDP, has long been viewed as a vulnerability for Asia’s fourth-largest economy. Economists warn that the recent surge in credit card delinquencies could signal rising financial distress among consumers — and add pressure on regulators. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-20 09:54:57

'Progress' made in tariff Talks with US, deal expected before APEC summit SEOUL, October 20 (AJP) - Expectations are growing for a possible breakthrough in tariff negotiations with the U.S. as "significant progress" appears to be made. Presidential policy chief Kim Yong-beom, who returned from Washington, D.C., on Sunday, said, "Significant progress was made in negotiations with the U.S., as most issues have been settled." Though some areas still require adjustments, he expressed optimism about reaching a deal to finalize trade talks before the upcoming Asia-Pacific Economic Cooperation (APEC) summit, which is scheduled to be held in the historic city of Gyeongju from Oct. 31 to Nov. 1. When asked how Seoul would fulfill its pledge to invest US$350 billion in the U.S., agreed in late July to lower reciprocal tariffs from 25 percent to 15 percent, Kim declined to comment on specific details. But he explained that the U.S. recognized the difficulties of making the investment in full and "upfront," as claimed by U.S. President Donald Trump, with both sides working to come up with mutually beneficial arrangements. Regarding currency swap deals as part of protective measures should a lump-sum cash payment be made, he said the U.S. fully understands the potential impact on the foreign exchange market. Finance Minister Koo Yun-cheol, who met with U.S. Treasury Secretary Scott Besant on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting in the U.S., also returned the same day but declined to comment on the ongoing tariff negotiations. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-20 09:40:48

OPINION: China's rise squeezing Korea's industrial heartlands Park Won-jae SEOUL, October 20 (AJP) - Yeosu, once the beating heart of South Korea’s petrochemical industry, is now a city under strain. The port, long fueled by the hum of factories and refineries, has fallen quiet as China’s self-sufficiency in ethylene production upends the regional industrial order. Roughly three years ago, Beijing achieved full domestic production of ethylene, the cornerstone of plastics and other chemical materials. The effects on Yeosu were swift and severe. Major producers such as LG Chem and Lotte Chemical have idled parts of their facilities. In August, Yeochun NCC — a joint venture between these giants — faced liquidity problems, a troubling sign for an industry that once symbolized Korea’s manufacturing prowess. The fallout has rippled across the city. The Yeosu Industrial Complex employs about 42 percent of the local workforce, but its slowdown has left small businesses gasping for air. Restaurant closures have now outpaced those seen during the pandemic. Storefront vacancies in downtown Yeosu have soared from 12 percent to 35 percent in just one year. A recent report by Boston Consulting Group even recommended closing two or three of the city’s seven ethylene plants — a prospect that has left local entrepreneurs and workers bracing for deeper economic pain. Yeosu’s struggle is emblematic of a larger story: China’s industrial ascent is reshaping Asia’s economic hierarchy. Across industries — steel, displays, shipbuilding, automotive parts — South Korea’s once-secure dominance is eroding. Even in high-tech sectors where Seoul has prided itself on innovation, such as semiconductors and smartphones, China’s rapid advances are unsettling. Fueled by the state-led Made in China 2025 initiative, Beijing’s ambitions have translated into dominance across key emerging technologies. Chinese electric vehicle maker BYD sold more than twice as many cars as Tesla last year, capturing nearly 60 percent of the global EV market. In solar panels, industrial robots, and drones, China holds commanding positions. DJI alone produces 94 percent of the world’s drones. Despite American sanctions, Huawei has secured nearly 10,000 5G patents — more than Qualcomm. South Korea, meanwhile, finds itself squeezed. Its export-dependent economy remains deeply tied to China, even as Chinese competitors eat away at its market share. BOE, a Chinese display manufacturer, now leads a sector once considered a Korean stronghold. In batteries, China’s CATL has surged ahead of South Korea’s top three producers, undermining one of Seoul’s most promising growth engines. The challenge extends to heavy industry. China now produces more than 55 percent of the world’s steel — and increasingly, with technology that rivals or exceeds South Korea’s. This has eroded profits at companies like POSCO and Hyundai Steel. In semiconductors and shipbuilding, too, China’s aggressive expansion is narrowing Korea’s once-comfortable lead. The traditional trade order in East Asia — in which South Korea and Japan exported high-end components for China to assemble and re-export — is rapidly fading. As China’s technological capacity surpasses its neighbors’, Seoul and Tokyo are exploring new avenues of cooperation to adapt to a transformed industrial landscape. China’s experience offers both a warning and a lesson. The Made in China 2025 strategy demonstrates how sustained, state-driven industrial policy can elevate an economy to global leadership. But for South Korea, simply emulating Beijing’s model is not the answer. Korea’s strengths lie in its dynamic private sector, global openness, and capacity for innovation — qualities that thrive best under government policies that foster competition, not control. To stay competitive, Seoul must rethink its economic strategy. The government should focus on building a more resilient industrial ecosystem — investing in infrastructure, digital transformation, and the ease of doing business. Companies, for their part, must leverage autonomy and creativity to innovate beyond the state’s blueprint. As U.S.-China trade tensions continue to reshape global supply chains, South Korea faces a pivotal moment. Its path forward depends not on shielding itself from China’s rise, but on rediscovering what has long been its greatest strength: the ability of its companies to adapt, reinvent, and compete on the global stage. About the author -Professor at Kyungsung University -Master's in Business Administration from Aalto University, Finland -Former Tokyo Correspondent, Editorial Writer, and Economics Editor at Dong-A Ilbo -Former CEO of Dong-A.com -Former President of the Korea Online Newspaper Association * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-20 09:11:18

South Korean business chiefs hold unprecedented golf summit with Trump SEOUL, October 19 (AJP) - South Korea's top business leaders held an unprecedented seven-hour meeting with U.S. President Donald Trump at his Florida golf club on Saturday, local time, as Seoul scrambles to address mounting concerns over tariffs and trade ahead of a crucial summit. Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Eui-sun, LG Group Chairman Koo Kwang-mo, and Hanwha Group Vice Chairman Kim Dong-kwan attended the gathering at Trump International Golf Club West Palm Beach, according to the White House and industry sources. The meeting marked the first time South Korean chaebol chiefs have collectively engaged with a U.S. president in such an informal setting, underscoring the urgency Seoul places on securing favorable trade terms. Trump's limousine entered the golf course at 9:15 a.m. local time and left at about 4:50 p.m., spending about seven and a half hours at the venue before returning to his Mar-a-Lago estate, the White House said. The Korean executives traveled together by airport shuttle bus, people familiar with the matter said. While it remained unclear whether Trump played rounds with the Korean leaders, the extended duration suggested ample opportunity for discussions over lunch or between games. Industry watchers said the talks likely centered on South Korean investment commitments in the United States and concerns over potential tariffs affecting semiconductors, automobiles, batteries and shipbuilding. The golf summit comes as Seoul's economic and trade officials have mobilized in the U.S. for intensive negotiations ahead of the Asia-Pacific Economic Cooperation summit in South Korea later this month, where a bilateral agreement could be finalized. 2025-10-19 16:58:28

S.Korean industry minister vows support for firms after U.S. detention incident SEOUL, October 19 (AJP) - South Korea's industry minister pledged to protect the country's overseas investment interests and ensure citizen safety following a detention incident at an LG Energy Solution battery plant construction site in the United States. Kim Jung-kwan, Minister of Trade, Industry and Energy, visited LG Energy Solution's battery factory site in Georgia and Hyundai Motor Group's Metaplant America to assess construction progress and address industry concerns after workers were detained at the LG site last month. "The government takes the recent U.S. detention incident and investment project delays very seriously," Kim said during the site visits on Saturday, local time. "We will make every effort to ensure the safety of our citizens and protect the rights of companies' overseas investments." Despite the setback, Kim stressed that batteries remain a key area of advanced supply chain cooperation between Seoul and Washington, urging that bilateral economic security ties must remain robust. He said the government would pursue institutional improvements to prevent infringement on legitimate rights of Korean citizens and companies. Seoul and Washington are currently operating a working group on commercial visits and visas to address related issues, with discussions ongoing based on corporate feedback, the ministry said. The government also plans to help minimize uncertainties over importing materials and equipment to local factories, ease compliance burdens with environmental regulations, and boost electric vehicle demand amid sluggish market conditions. Kim encouraged construction workers striving to normalize operations at the LG site and urged companies to pay close attention to on-site safety management. At the Hyundai plant, he pledged continued government support for manufacturing innovation using artificial intelligence and robotics. 2025-10-19 13:57:48

TRAVEL: Malaysian chef serves heritage on a platter, from breadfruit fritters to deep-fried cow lungs SEOUL, October 19 (AJP) - Standing as one of Malaysia's most celebrated chefs, Dato' Ismail Ahmad showed guests how Malay breakfast is served and what rich culinary heritage the country boasts. Inside Restoran Rebung Chef Ismail, a Malaysian heritage cuisine restaurant in Kuala Lumpur owned by the chef himself, visitors were greeted with aisles of full Malaysian breakfasts, ready to be scooped up and eaten by the platter. From cekodok sukun, a Malaysian snack made from mashed and fried breadfruit fritters, to paru goreng, a Malaysian specialty of deep-fried cow lungs, chef Ismail gestured for guests to see what Malay people usually eat for breakfast. With more than thirty years of culinary expertise, chef Ismail's comedic yet warm attitude serves as one of the nation's trademark cooking personalities. Now serving both as a 'Dato,' a Malay equivalent of the honorary title of 'Sir' from Britain, and as Tourism Malaysia's Culinary Ambassador, chef Ismail gave a culinary tour to visitors. Moving on to the dining hall of his restaurant, chef Ismail ushered visitors to see his take on roti jala, a net-like crepe of Malaysian heritage served best with curries. When asked how he started cooking, chef Ismail began frowning, as if to retrace his adolescent days. "At six years old? In my village, it's all illegal. I lived with my grandmother, but she always warned me not to enter her kitchen, but I always went in when she was not around," he said. "I started frying eggs, my eyes were busy cooking and recording it to my brain. Nobody asked me why I wanted to be a chef. The worst fear in my life is when I wake up and there is no food. It's okay with no clothes, no problem, no money, still no problem, but I must have food. Then after that I will find money," Ismail said with a smile. Patting his round belly, chef Ismail shared his thoughts about good eating. "Some people, they want to be beautiful, they don't eat because they want to go on a diet. Then they go out finding men, but the men are all chubby." Making jokes about his flimsy spatula provided at the demonstration, chef Ismail finished with a hearty invitation. "There is breakfast ready, so enjoy. Bon appétit!" 2025-10-19 11:11:47

PHOTOS: A full-on field day under clear Autumn skies SEOUL, October 17 (AJP) - "Sweeping victory, Blue Team! Cheer on, White Team!" On a clear, blue Autumn Friday, children's laughter filled an elementary school playground in Jungnang District Seoul. In Korea, schools traditionally hold a field day once a year, usually in spring or autumn. The event features a variety of games and, at times, class performances. Families join in the festivities, making it one of the biggest events of the school year — an experience familiar to nearly every Korean elementary student. Yet in recent years, fewer children have had the chance to experience it. Once considered a major community celebration, field days have gradually faded as the nation’s falling birth rate sharply reduced student numbers. Some schools, especially in rural areas facing population decline, have even stopped holding the event altogether. The field day with full-on participation from lower grade students in the morning and higher grade students in the afternoon bustled with anticipation with parents joining in. Around 300 students played games in the first half, and the same number in the second. Participants gave it their best, with determined attitudes. Even outside of matches they cheered on the contestants, cheering nearly as competitively as the contestants themselves. Roaring victory howls and deep sighs were heard as each game concluded, yet all gave hearty congratulations and encouragement to both sides afterwards. A relay race celebrated the grand finale of the morning half of the field day, lower grade students returning to classes with bright grins under warm Fall sunshine. May the children keep their joyful smile and cherish their moments for long. Students cheer on contestants at a field day held at an elementary school in Jungnang District Seoul, Oct. 17, 2025. AJP Yoo Na-hyun 2025-10-19 09:46:20

Waseda University awards honorary doctorate to LS Chairman Koo Ja-yeol SEOUL, October 19 (AJP) - Waseda University conferred an honorary doctorate in law upon Koo Ja-yeol (Christopher Koo), chairman of LS Group's board of directors, at a ceremony attended by about 100 dignitaries from academia and business circles. The award ceremony took place at 4 p.m. on Saturday at the Aizu Museum on the university's campus, with Korea University President Kim Dong-won and Waseda University President Tanaka Aiji among the distinguished guests. Koo, who joined LG International Corp. (now LX International Corp.) in 1978, served as LG Group chairman for about nine years from 2013, transforming the conglomerate into a global enterprise with over 100 operations across 25 countries. During the early 1990s, he led LG International Corp.'s Japan regional headquarters, gaining firsthand experience in Korea-Japan economic cooperation. The veteran businessman has played a pivotal role in bilateral relations, serving on the Seoul-Tokyo Forum board during periods of diplomatic tensions and facilitating regional cooperation through business summits and economic conferences. "Chairman Koo established the Korea-Japan Special Exchange Committee after assuming the chairmanship of the Korea International Trade Association, playing a crucial role in restoring economic trust between the two nations through sustained dialogue with Japanese political and business leaders," Tanaka said during the ceremony. In his acceptance speech delivered in fluent Japanese, Koo said receiving the honorary doctorate was "a deeply meaningful event that symbolizes the trust and exchanges between the two universities," adding that he felt "a sense of responsibility as it embodies expectations to become an exemplary leader for both Korea and Japan." 2025-10-19 09:16:13

KOSPI survives broad Asian stock slide U.S. bank concerns SEOUL, October 17 (AJP) - Major Asian stock markets fell across the board Friday amid renewed jitters over the financial health of U.S. regional banks. Korean shares, however, defied the trend, extending their rally to fresh record highs. The benchmark KOSPI finished nearly flat but managed to notch a new closing high of 3,748.8, supported by strong gains in battery stocks after data showed global electric vehicle sales hit an all-time high in September. EcoPro soared 27.04 percent to 73,300 won ($51.38), while LG Energy Solution added 3.21 percent to close at 434,000 won. Defense stocks retreated as optimism grew over potential cease-fire talks in Ukraine. Hanwha Aerospace slid 2.56 percent to 912,000 won, and LIG Nex1 dropped 3.15 percent to 431,000 won. Elsewhere in Asia, sentiment soured following the negative U.S. news. Japan’s Nikkei 225 lost 1.44 percent to 47,582.15, and Taiwan’s TAIEX declined 1.25 percent to 27,302.37. On the mainland, China’s Shanghai Composite Index fell 1.95 percent to 3,839.76, pressured by simultaneous declines in CPI and PPI data as well as renewed anxiety over Washington’s threat of 100-percent tariffs. Hong Kong’s Hang Seng Index also tumbled about 2.7 percent, hovering near the 25,200 level. 2025-10-17 17:11:42

Seoul mulls expanding organ donor criteria amid dire shortage SEOUL, October 17 (AJP) - Korea is considering expanding its organ donor eligibility to include patients who experience cardiac arrest after withdrawing life-sustaining treatment, joining a small group of countries that permit organ donation beyond brain-dead cases. The move comes amid an acute shortage of transplantable organs, with patients waiting an average of four years for a transplant. Whether the policy change can meaningfully ease the growing backlog remains uncertain, given Korea’s traditionally conservative views on organ donation. The Ministry of Health and Welfare on Thursday unveiled its first Comprehensive Plan for Organ Donation and Transplantation (2026–2030), which includes allowing donations from patients who have given prior consent for both the discontinuation of life-sustaining treatment and organ donation. Under the proposal, organ donation would be permitted after cardiac death—once life-support systems are removed and death is confirmed. Similar frameworks have long been implemented in the United States, the United Kingdom, and Spain. “I’ve already registered as an organ donor,” said Kim Eun-jeong, a 58-year-old travel specialist who has signed documents for both treatment withdrawal and organ donation. “But I worry that if any of my family members object when the time comes, my wish may not be honored.” In Korea, even if a patient chooses to withdraw life-sustaining treatment, the process cannot proceed if any family member opposes it. The restriction often prevents individuals from making their own end-of-life choices, fueling debate over whether family consent should outweigh personal autonomy. The government aims to raise the national organ donation registration rate from 3.6 percent in 2023 to 6 percent by 2030, and increase the number of brain-dead donors per million people from 7.8 to 11 during the same period. Yet demand continues to outpace supply. The number of patients on transplant waiting lists has surged from 43,182 in 2020 to 54,789 in 2025, while the number of donors fell from 478 to 397. On average, candidates wait four years, and as long as seven years and nine months for kidney transplants. Roughly 8.5 people die each day while waiting for an organ. 2025-10-17 17:09:27