Hanwha completes acquisition of Indonesia's Ciptadana Asset Management SEOUL, December 16 (AJP) - Hanwha Investment & Securities said on Tuesday it has completed the acquisition of Ciptadana Asset Management in Indonesia, strengthening its foothold in Southeast Asia’s fast-growing capital markets. Ciptadana Asset Management is part of Indonesia’s sixth-largest conglomerate, Lippo Group, and has more than 30 years of experience in the country’s financial sector. Hanwha agreed in 2023 to acquire an 80 percent stake in both Ciptadana Securities and Ciptadana Asset Management. After completing the takeover of Ciptadana Securities in October last year, the South Korean firm received final approval from Indonesia’s Financial Services Authority for the asset management acquisition. The transaction was finalized recently, giving Hanwha a dual-track presence in Indonesia across securities brokerage and asset management, Hanwha said. Hanwha plans to deepen its strategic partnership with Lippo Group and introduce digital asset management solutions tailored to local market conditions and customer needs. “Ciptadana Securities and Ciptadana Asset Management will play a key role in developing Indonesia’s digital financial ecosystem,” Jang Byung-ho, chief executive officer of Hanwha Investment & Securities, said in a press release. “We will continue to support their growth with the aim of becoming a leader in the ASEAN financial market.” * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-12-16 11:11:38

PHOTOS:$1 burger, Korea University honors priceless legacy SEOUL, December 16 (AJP) - Korea University students still stop by their favorite burger shop — even though its friendly owner is no longer there. Instead of ordering food, they leave flowers and handwritten thank-you notes, mourning Lee Young-chul (1968~2025), the beloved owner of Young Chul Burger, who passed away last week at the age of 57. For more than two decades, Lee sold 1,000-won burgers to hungry students near the university’s Anam campus. To many, he was not just a shopkeeper but an uncle-like mentor who quietly fed generations through hard times. Online condolence boards filled quickly, with more than 1,300 messages posted. Alumni — including graduates from the classes of 2005 and 2009 — returned to leave tributes. Around 40 mourners sent funeral wreaths, a rare sight for a small neighborhood eatery. Born in 1968 in Haenam, South Jeolla Province, Lee lost his father in elementary school and moved to Seoul to survive on odd jobs — from working at Chinese restaurants to day labor. Crushed by debt, he began selling burgers from a handcart in front of Korea University in 2000. His signature “street burger” — made with a hot-dog bun, grilled meat, cabbage and sauce — quickly gained a reputation for its taste and generosity. Even when ingredient prices rose and profits disappeared, Lee refused to raise the price. Beginning in 2004, he donated 20 million won annually to Korea University for scholarships, contributing more than 100 million won in total. When financial difficulties forced him to close the shop in 2015, students raised 68 million won to help him reopen. Lee died on December 13 after battling lung cancer. “Lee showed great kindness and love to Korea University students for decades,” said Kim Dong-one, president of Korea University, during a visit to the funeral parlor. “He fed students during difficult times with his 1,000-won burgers and gave back through scholarships year after year.” To honor his legacy, Korea University will establish a scholarship in his name and cover his funeral expenses. At the storefront where students once lined up for a warm, affordable meal, silence has replaced the sizzle — but gratitude remains, handwritten and laid gently at the door. 2025-12-16 11:09:47

Samsung Electronics steps up B2B push with HVAC, displays, AI solutions SEOUL, December 16 (AJP) - Samsung Electronics is ramping up its push into the business-to-business market, expanding its air conditioning portfolio into industrial applications and broadening its presence in corporate displays and connected building solutions for enterprise clients. According to industry sources, Samsung has reinforced its Air Solution team within the Digital Appliances division as it shifts focus from consumer-oriented air conditioners to industrial, infrastructure and large-scale commercial systems. The move comes as demand for heating, ventilation and air conditioning (HVAC) systems is expected to surge with the expansion of artificial intelligence data centers, which require advanced cooling technologies. Global Market Insights forecasts the global HVAC market will grow from $31.06 billion in 2024 to $54.54 billion by 2034. Last month, Samsung acquired FlaktGroup, Germany’s largest HVAC specialist, for 1.5 billion euros ($2.4 billion), securing advanced industrial cooling expertise. FlaktGroup supplies HVAC systems to data centres, hospitals and large commercial facilities across Europe and other regions. Samsung aims to use FlaktGroup’s technologies alongside its own AI-based building control platform to strengthen its offering of customized cooling solutions for data centers and other corporate clients, industry officials said. The company is also reviewing plans to integrate FlaktGroup’s technologies into its domestic manufacturing operations, potentially at its Gwangju plant, a major hub for Samsung’s home appliance production. Beyond HVAC, Samsung is expanding its footprint in the corporate display market, where it has gained traction in specialized segments requiring ultra-high-definition and large-format LED displays. Last month, Samsung supplied around 6,000 televisions and smart signage units to Royal Caribbean Cruises’ Star of the Seas, billed as the world’s largest cruise ship. In 2023, the company installed hotel televisions and its micro LED display product, The Wall, at the Hilton Waikiki in Hawaii, and delivered commercial displays to major hotels including Kempinski in Bali and Marina Bay Sands in Singapore. Industry analysts note that corporate displays typically command higher margins than consumer products, as they rely on advanced technologies and customised installations, helping offset the slowing growth of the mature consumer electronics market. Samsung’s broader B2B expansion is expected to accelerate as consumer demand stagnates and enterprises increasingly seek integrated solutions combining AI and internet-of-things technologies. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-16 10:34:12

Celltrion launches Eylea biosimilar in Europe, secures UK healthcare tenders SEOUL, December 16 (AJP) - South Korean biopharmaceutical company Celltrion said it launched Eydenzelt, its biosimilar version of blockbuster eye disease treatment Eylea, in major European markets including Germany and Britain earlier this month as it seeks to expand its foothold in the lucrative ophthalmology sector. The company's UK subsidiary secured National Health Service tenders in three administrative regions immediately upon launch, including northern England, the country's largest procurement zone, where Eydenzelt became the only officially listed biosimilar, Celltrion said Tuesday. Celltrion has also rolled out Eydenzelt in Portugal, where it plans to target government tenders that account for about 60 percent of the national market. The company aims to progressively expand its European sales footprint through next year to accelerate prescriptions. "Celltrion, recognized as a biosimilar powerhouse across Europe, plans to leverage its marketing prowess and brand credibility built through years of direct sales to ensure the successful market entry of Eydenzelt," a company official said. The company intends to tap into existing networks of healthcare professionals established through its portfolio of autoimmune and oncology biosimilars, expecting brand loyalty to carry over to the new ophthalmic product. Eydenzelt targets the same conditions as Eylea, a treatment for wet age-related macular degeneration and diabetic eye diseases that generated about $9.5 billion in global sales last year. Celltrion obtained European Commission approval for both vial and pre-filled syringe formulations of the biosimilar in February. The launch is expected to ease healthcare spending burdens across European nations while broadening treatment options for patients suffering from retinal disorders. 2025-12-16 10:01:08

Hyundai Motor extends World Archery sponsorship through 2028 SEOUL, December 16 (AJP) - Hyundai Motor said on Tuesday it will extend its partnership with World Archery until 2028, maintaining its title sponsorship of the World Archery Championships and the Archery World Cup. The South Korean automaker first partnered with World Archery in 2016. Under the renewed agreement, Hyundai will also sponsor the Para Archery World Series and the Indoor Archery World Series. The Para Archery World Series, a development-focused program for athletes with disabilities, is set to launch in 2026 and will be held in six countries, including Thailand, Chile and the United States. The Indoor Archery World Series, which is open to participants of all levels, will run annually from October to March in seven countries, including France and the United States. Hyundai said it plans to further enhance its global brand positioning by incorporating robotics sponsorship into major archery events, integrating its technology and brand messaging on an international stage. “The partnership with Hyundai has been a driving force for the growth of archery worldwide since 2016,” Greg Easton, the newly appointed president of World Archery, said in a statement. He added that expanded support for para archery and public participation programs from 2026 would strengthen both inclusivity and elite competition. Hyundai Motor Chief Executive Jose Munoz said archery reflects the values of precision, focus and excellence that underpin the company’s brand. “This renewal, guided by the vision of Chairman Chung Eui-sun, will help enhance inclusivity and accessibility in sport through our support for para and indoor archery,” he said. Hyundai’s involvement in the sport dates back to 1985, when honorary chairman Chung Mong-koo led the Korea Archery Association. Since 2005, Chairman Chung Eui-sun has continued to support the development of Korean archery, with an emphasis on scientific training systems and athlete development — efforts widely credited with helping South Korea achieve sustained success on the global stage. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-16 09:48:28

An Se-young named world's top badminton player for third straight year SEOUL, December 16 (AJP) - Badminton player An Se-young has been named this year's top player by the Badminton World Federation (BWF). The world No. 1 in women's singles received the award at the BWF's annual gala dinner in Hangzhou, China on Monday, beating competitors such as Wang Zhiyi and Chen Yufei of China, and Japan's Akane Yamaguchi. With the award, An became the first female player to win it three years in a row, having first received the honor in 2023 following her triumph at the 2022 Asian Games in Hangzhou. An was also voted the best player by her fellow players for the second consecutive year, a recognition that was first created last year. She expressed her thanks, saying, "Receiving these awards is both an honor and an encouragement to work harder. Winning proves my efforts, but being recognized by fellow players makes it even more special." An competed in 14 international tournaments this year and secured 10 victories, breaking her own record of nine wins set in 2023. While in the Chinese city, An is set to play in the BWF World Tour Finals later this week. A victory would tie her with former Japanese player Kento Momota's 2019 record of 11 wins in a single season. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-16 09:31:05

Seoul and London upgrade FTA, lower tariff for Korean cars and consumer goods SEOUL, December 16 (AJP) -South Korea and the United Kingdom have finalized an upgraded free trade agreement that locks in permanent tariff-free access across 98 percent of South Korean tariff lines, marking one of the most comprehensive post-Brexit trade resets between the two countries. The revised agreement, signed in London on Monday by South Korean Trade Minister Yeo Han-koo and UK Trade Minister Chris Bryant, concludes two years of negotiations aimed at modernizing the bilateral pact originally rolled over from the Korea-EU FTA after Brexit. With the temporary UK-Korea trade arrangement set to expire in January 2026, the new deal removes lingering uncertainty for exporters on both sides. According to the U.K. Department of Business Trade, Korea is the UK's 25th largest trading partner, accounting for 0.8 percent of the UK total trade in the 12 months to the end of June this year. At its core, the updated FTA significantly loosens rules of origin, most notably for automobiles, by lowering the domestic value-added threshold for tariff-free treatment from 55 percent to 25 percent. The change is expected to benefit Korean automakers and consumer-goods exporters while aligning UK practice more closely with EU standards. Car exports accounted for 36 percent of Korea's total exports to UK last year. The agreement also expands tariff exemptions to K-beauty and processed food products, allowing preferential access even when key ingredients are sourced from third countries, provided substantial processing takes place in Korea. For British exporters, the deal safeguards an estimated £2 billion worth of exports that would otherwise have faced higher duties once the temporary regime expired. The two governments will also streamline visa system under the upgraded FTA to facilitate the entry of Korean engineers and special workforces responsible for building manufacturing plants in Britain. Beyond goods trade, the revised FTA opens new ground in government procurement and services. The UK agreed to open its high-speed rail market — correcting what Seoul has long described as an imbalance — while expanding access for Korean firms in online gaming, advertising, translation and emerging technologies such as artificial intelligence. Visa procedures were also streamlined to reduce risks for engineers and skilled workers dispatched for large-scale industrial projects. A major pillar of the deal is the introduction of comprehensive digital trade norms, including freer cross-border data transfers, consumer protection standards and legal certainty for digital and audiovisual services — areas largely absent from earlier-generation FTAs. The agreement also establishes a supply-chain cooperation chapter covering joint research and development, material shortages and international standard-setting. “This agreement will help reinforce the free-market order at a time of growing protectionism and deepen economic cooperation with the UK, our key European partner,” Yeo said, adding that Seoul would move swiftly to complete legal reviews, impact assessments and parliamentary approval. Bryant said the deal provides “cast-iron protections” for British industries and supports growth in services, manufacturing and advanced technologies. British business groups welcomed the pact. Rain Newton-Smith, CEO of the Confederation of British Industry, said the agreement would “power growth through collaboration in advanced manufacturing, digital, services, clean energy and creative industries,” adding that it turns ambition into “long-term, sustainable growth” for both economies. The pharmaceutical sector also highlighted gains, with the Association of the British Pharmaceutical Industry noting expanded regulatory cooperation and new opportunities in South Korea’s fast-growing life-sciences market. 2025-12-16 09:24:31

Won–dollar exchange rate SEOUL, December 16 (AJP) - A screen at Yonhap Infomax in Jongno District, Seoul, displays peak won–dollar exchange rates from 1997 to 2025 on December 16. The monthly average exchange rate this month has exceeded 1,470 won per dollar, marking the highest level on a monthly basis since the Asian financial crisis. The won opened at 1,476.0 per dollar on December 15, up 2.3 won from the previous session. As upward pressure on the currency continues, Deputy Prime Minister and Finance Minister Koo Yun-cheol convened an emergency meeting of economic ministers on December 14 to review domestic and global financial and foreign exchange market conditions and discuss response measures. 2025-12-16 09:18:18

Samsung's Lee Jae-yong holds AI chip talks with Tesla, AMD in US SEOUL, December 16 (AJP) - Samsung Electronics Chairman Lee Jae-yong met Tesla Chief Executive Elon Musk and Advanced Micro Devices Chief Executive Lisa Su during a visit to the United States, as the company moves to strengthen partnerships in next-generation artificial intelligence semiconductors. Lee returned to South Korea on Sunday after the trip, which focused on expanding Samsung’s foundry and memory businesses with leading global technology firms. “I worked hard,” Lee told reporters upon his arrival in Seoul. According to industry sources, discussions with Musk covered cooperation on AI chip development, U.S.-based production infrastructure and long-term supply stability. Samsung and Tesla in July signed a 23 billion dollar foundry supply contract — the largest in Samsung’s history — under which Samsung will manufacture Tesla’s AI6 chips at its Texas plant. Samsung is already producing Tesla’s AI4 chips and has secured part of the production for AI5 chips, which had initially been expected to be awarded to Taiwan Semiconductor Manufacturing Company. Musk recently said on social media that Samsung had agreed to help improve Tesla’s manufacturing efficiency, highlighting the deepening relationship between the two companies. Lee also met AMD Chief Executive Lisa Su to discuss expanding cooperation in advanced chips. Samsung currently supplies high-bandwidth memory HBM3E to AMD and is in talks to manufacture AMD’s next-generation central processing units using Samsung’s 2-nanometer process, industry officials said. Such cooperation would help Samsung diversify its foundry business beyond memory chips and strengthen its position in the market for high-performance system semiconductors. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-12-16 09:00:11

15-hour raid on Unification Church ends without finding key evidence SEOUL, December 16 (AJP) - Police on Tuesday failed to find key evidence after a 15-hour raid on about a dozen locations linked to the powerful Unification Church, also known as the Moonies, over allegations of bribery involving political figures. During the raid, which began at 9 a.m. the previous day and wrapped up after midnight, police searched about 10 locations including the sprawling residence of the church's leader Han Hak-ja in Gapyeong, Gyeonggi Province as well as other sites and the offices of those linked to the allegations including former Minister of Oceans and Fisheries Chun Jae-soo. Chun is under investigation for allegedly receiving 20 million Korean won (about US $14,000) in cash and a luxury watch worth 10 million won in 2018. Police will analyze seized records, phones, and computers, with further questioning of those involved expected based on the findings. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-16 08:53:28