China Duty-Free Group emerges as key contender in Incheon airport duty-free bid SEOUL, December 12 (AJP) - China Duty-Free Group (CDFG), the world’s largest duty-free operator, is emerging as a major contender in the re-bidding of duty-free concessions at Incheon International Airport, setting the stage for heightened competition with South Korean rivals Lotte, Hyundai, Shilla and Shinsegae. A Dec. 18 bidder briefing is expected to confirm participation. Incheon Airport Corporation on Thursday reopened the tender for operators of the DF1 zone — covering perfume and cosmetics — and the DF2 zone, which includes liquor, tobacco, perfume and cosmetics. The licenses were returned by Shilla Duty Free and Shinsegae Duty Free, which won them in 2023 but later withdrew after incurring heavy losses. Their request for a 40 percent rent reduction was rejected by the airport, leaving each with penalties of around 190 billion won. Shilla will continue operations until March 16 and Shinsegae until April 27, after which new operators will take over. Contracts will run through June 30, 2033, with an option for up to 10 years of renewal. Lotte Duty Free and Hyundai Department Store have formed internal task forces to prepare bids, while Shilla and Shinsegae are cautiously reviewing the commercial terms before deciding whether to re-enter the competition. But industry attention is increasingly fixed on CDFG, whose participation in the previous tender round pushed bid prices sharply higher. The Chinese state-owned operator posted a net profit of 3 billion yuan (about 622 billion won) in the first three quarters of this year, reinforcing expectations it could submit an aggressive offer. Despite rising inbound travel, duty-free operators are navigating shifts in consumer behavior as foreign tourists increasingly shop at domestic retail chains such as Olive Young and Daiso. Analyst Yoo Jung-hyun noted that “shopping preferences are moving away from airport duty-free stores toward local specialty retailers.” Bids are due on Jan. 20, with clarity on the final field expected at the Dec. 18 briefing. An industry insider warned that overly aggressive bids could trigger a “winner’s curse,” urging companies to calculate break-even points carefully before committing. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 15:36:31

Over 100 South Koreans brought home from Cambodia over online scams SEOUL, December 12 (AJP) - The government has brought back some 107 South Korean suspects allegedly involved in online scam crimes in Cambodia, the presidential office said on Friday. During a press briefing, presidential spokesperson Kang Yu-jung said a sweeping crackdown has been conducted in cooperation with the Southeast Asian country since October, making it possible to bring them back. The efforts were made following revelations of a series of kidnappings, detentions and brutal tortures involving South Koreans, including the case of a college student who traveled there after being lured by an online employment scam in August and was later found to have been tortured to death. According to Kang, the cumulative number of suspects arrested in Cambodia along with those soon to be deported to here stood at 154 as of the end of November. Cases of South Korean nationals being detained or reported missing in Cambodia also dropped significantly, from 93 in October to 17 in November. In late October, shortly after the student's death was revealed, a special task force consisting of multiple government agencies including the Ministry of Foreign Affairs, the Ministry of Justice, and the National Intelligence Service was formed, leading to joint measures with the Cambodian government. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 15:32:20

OPINION: Thailand and Korea: A legacy of friendship and sacrifice SEOUL, December 12 (AJP) - It is encouraging to see Korea and Thailand gaining renewed momentum in their economic partnership, as demonstrated at the recent Ignite Thailand–Korea Business Forum in Bangkok. More than 500 participants, including senior officials from both nations, explored cooperation in smart agriculture, advanced manufacturing, digital infrastructure, and creative industries. Thailand also presented investment incentives in key sectors such as electric vehicles, semiconductors, and digital technology. The networking activities involving more than 200 companies further emphasized the expanding opportunities for collaboration. These contemporary partnerships build upon a long history of diplomatic and cultural exchanges between Korea and Thailand, dating back to the Goryeo period. According to the Goryeo-sa, the official chronicle of the Goryeo Dynasty, Siam—modern-day Thailand—dispatched an envoy named Nai Gong to Korea in 1391, bringing native products and a letter for King Gongyang (r. 1389–1392). This marked the first recorded official contact between the two kingdoms. The Goryeo court warmly welcomed the delegation, introducing them to Korean culture and customs. Yet the following year witnessed the fall of Goryeo and the rise of the Joseon Dynasty (1392–1910), resulting in a long pause in diplomatic exchanges. After this centuries-long hiatus, Thailand reemerged as a substantive partner during the Korean War (1950–1953), sending 11,786 troops and providing crucial rice aid. Their courage and skill—at the cost of 134 fallen soldiers—earned them the nickname ‘Little Tigers’ from U.S. General James Van Fleet. Their Buddhist-inspired loyalty and camaraderie forged deep bonds with South Korean troops. The war also gave rise to enduring cultural connections, including the Korean folk song Arirang, remembered in Thailand through a love story between a Thai soldier and a Korean woman—symbolizing friendships that transcended the battlefield. Thailand’s support continued well beyond the war. Thai troops were among the last foreign forces to serve under the U.N Command, and cooperation persists today through military exchanges and shared training. Their valor is commemorated across Korea, from a pavilion in Pocheon (1974) to memorials at former battle sites. These tributes honor their courage and preserve the legacy of Thai–Korean friendship for future generations. My memories of Thailand’s generosity resurfaced vividly when I attended the National Day reception on December 3, 2025, at the invitation of H.E. Tanee Sangrat, the Thai Ambassador to Korea. The event commemorated Thailand’s National Day and the birthday anniversary of His Majesty the late King Bhumibol Adulyadej the Great, while also paying tribute to the recent passing of Her Majesty Queen Sirikit, the Queen Mother. That evening also brought to mind Major General Chote Klongvicha, former Thai Ambassador to Korea and later to Sweden, and Colonel Akaphol Somloop, former Thai Defense Attaché, who was later promoted to four-star general and appointed Chief of Staff of the Royal Thai Armed Forces. Both were family friends who served in Korea in the late 1960s and early 1970s. As a freshman in Seoul in 1971, I first encountered Thai culture and hospitality at the Thai Armed Forces Day reception—an indelible memory that resurfaced decades later, including when General Chote graciously hosted my father in Stockholm. This year, Thailand’s warmth and culture were on full display at the Sawasdee Seoul Thai Festival 2025, celebrating its 10th anniversary under the theme “Discover Thailand.” The festival opened on September 1 with a reception at the Thai Ambassador’s Residence and continued on September 6–7 at Cheonggye Plaza and Gwangtonggyo Bridge, Seoul. Visitors enjoyed Thailand’s traditions and creativity through a Muay Thai demonstration by Buakaw, Thai cooking showcases, a participatory song contest, and a hands-on Nuad Thai massage zone—offering a vivid glimpse into everyday Thai life. My longstanding ties with Thailand also led me to pay my respects at the Thai Embassy in Seoul on November 8, following the passing of Her Majesty Queen Sirikit, The Queen Mother. Her gracious legacy and lifelong devotion to the Thai people will be remembered with deep reverence. The Queen Mother lived a long and remarkable life, defined by her profound love for Thailand’s people, culture, and natural environment. Through her visionary leadership and the SUPPORT Foundation, she advanced rural development, water resource management, women’s empowerment, and the preservation of traditional Thai fabrics and silk. She also extended humanitarian assistance to refugees in the 1970s. Her contributions, which strengthened communities across the Kingdom and protected Thailand’s rich biodiversity, have earned recognition both at home and abroad. As these developments show, the Thai community in Korea continues to enrich our society and deepen mutual understanding. Cultural exchanges such as Sawasdee Seoul not only highlight Thailand’s heritage but also serve as vital platforms for people-to-people diplomacy. They reaffirm the longstanding friendship between our two nations and remind us that mutual respect, shared values, and sustained cultural interaction form the foundation of enduring bilateral relations. ----------------------- --About the author-- The author, Choe Chong-dae, is a columnist and senior member of the Royal Asiatic Society Korea. He is also an international cultural and historical affairs enthusiast. He has contributed regular opinion columns to The Korea Times for over four decades. He is an editorial board member of the Newsletter of the Korea-America Association and the founding director of the Korean-Swedish Association. In 2010, he was awarded Sweden's Royal Order of the Polar Star, one of the country's most prestigious honours. 2025-12-12 15:09:41

Newlyweds fall below 1 million for second straight year SEOUL, December 12 (AJP) - The number of newlyweds has remained below one million for the second year in a row, the Ministry of Data and Statistics said on Friday. About 952,000 couples married last year, down 2.3 from a year earlier. First-time newlyweds with children accounted for 51.2 percent, down 1.3 percentage points from the previous year, with an average of 0.61 children per couple. Only 49.1 percent of dual-income couples had children, compared with 55.2 percent of single-income couples. About 48.3 percent of couples with employed wives had children, compared with 56.7 percent of couples with non-working wives. Homeownership was also related to childbirth, with 56.6 percent of homeowners having children. For non-homeowners, the figure was 47.2 percent. The proportion of dual-income households among first-time newlyweds rose to 59.7 percent, with their average annual income at 76.29 million won (about US$52,000), up 5 percent from the previous year. Their average income stood at 93.88 million won, much higher than the 55.26 million won for single-income couples. About a quarter of them or 23.8 percent earned between 70 million and 100 million won Homeowners earned 84.01 million won on average, well above the 70.52 million won earned by non-homeowners. The proportion of newlyweds with loans slightly declined to 86.9 percent, with a median loan balance of 179 million won, as many borrowed to afford apartments to start their married life. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 14:44:15

Australia allows Hanwha to increase stake in strategic shipbuilding firm SEOUL, December 12 (AJP) - Hanwha Group has secured approval from the Australian government to increase its stake in Austal, a global shipbuilding and defense contractor, to 19.9 percent, the company said Friday. Austal, which operates major shipyards in the United States, builds vessels for the U.S. Navy and is considered a strategic defense asset by the Australian government. Hanwha sees the stake expansion as a step toward strengthening its shipbuilding capabilities and deepening its presence in the U.S. defense market. Australian Treasurer Jim Chalmers said the Foreign Investment Review Board had recommended “no objection” to Hanwha lifting its shareholding from 9.9 percent to 19.9 percent under strict conditions designed to protect national security. He emphasized that Hanwha will not be allowed to exceed the 19.9 percent threshold. Hanwha described the investment as a strategic move to expand collaboration with Austal. The South Korean conglomerate began pursuing the shipbuilder last year but faced an initial rejection in April 2024. It later acquired a 9.9 percent stake through off-market purchases by Hanwha Systems and Hanwha Aerospace in March. Hanwha subsequently sought approval from both Australian and U.S. authorities to further raise its stake. In June, the U.S. Committee on Foreign Investment cleared the company to increase its holding up to 100 percent. As Austal is a designated strategic shipbuilder, any foreign ownership changes require authorization from both governments. Hanwha said it plans to use the approval to integrate Hanwha Ocean’s shipbuilding capabilities with Austal’s global operations, aiming to generate broader synergies across its defense and marine businesses. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 14:38:46

Samsung Tri-Fold sells out in Korea despite hefty price SEOUL, December 12 (AJP) - The priciest handset-to-date Galaxy Z Tri-Fold landed across South Korea on Friday with much fanfare, selling out on the day one as consumers lined up to try the new concept phone whose dual display wings unfold into a 10-inch tablet-like screen. The device debuted through Samsung.com and 20 stores nationwide, including Samsung Gangnam, where initial online inventory sold out almost immediately, leaving only restock notifications available. The Galaxy Z Tri-Fold adopts an “in-folding” structure that allows both sides of the screen to fold inward, converting between a compact 6.5-inch bar-type display and a 10-inch tablet-like screen. When fully opened, the device measures just 3.9 millimeters thick — the slimmest profile in the Galaxy Z lineup — and houses a 5,600mAh battery distributed across three cells to balance weight and maintain durability. It supports up to 45W fast charging. Samsung equipped the device with Qualcomm’s Snapdragon 8 Elite processor, the same chipset used in the Galaxy Z Fold7, along with a 200-megapixel wide-angle camera to enhance shooting, editing, and multitasking performance. The model comes with 16GB of memory and 512GB of storage in a single “Crafted Black” configuration. Priced at 3.59 million won ($2,500), the Tri-Fold is Samsung’s most expensive foldable to date — even higher than Apple’s iPhone 17 Pro Max 2TB, which sells for 3.19 million won. Samsung executives argue the new device reflects a leap in foldable engineering since the company introduced its first model in 2019. After its domestic rollout, the Tri-Fold will expand to China, Taiwan, Singapore, the UAE, and the United States as Samsung seeks to widen its global footprint in an increasingly competitive category. Samsung foldable fleet led by Galaxy Z7 series has made remarkable strides this year, expanding the market share to 64 percent. 2025-12-12 14:32:08

Hyundai Motor's Ioniq 9 outperforms BMW iX, Volvo EX90 in German magazine's SUV review SEOUL, December 12 (AJP) - Hyundai Motor’s flagship electric SUV, the Ioniq 9, has taken the top spot in a major German comparison of electric SUVs, outperforming competing models from BMW, Volvo and Polestar, the company said Friday. German automotive magazine Auto Zeitung evaluated the Ioniq 9 against the BMW iX, Volvo EX90 and Polestar 3, reviewing categories including body design, driving convenience, powertrain and dynamic performance. The publication highlighted the vehicle’s spacious interior, made possible by Hyundai’s dedicated E-GMP electric platform. The second row includes power-adjustable leg rests, while the electronically folding third row offers greater cargo flexibility than its rivals. The magazine also cited the SUV’s additional features — such as a UV-C sterilization compartment, a Bose audio system with active road-noise control, and improved connectivity functions including charging-station navigation — as competitive strengths. “We are pleased that the Ioniq 9 has been recognized for its advanced technology and market appeal,” the company said in a press release. “We will continue striving to deliver top-tier electrification experiences to customers worldwide.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-12 13:57:25

Shinsegae chairman flies to US to attend dinner hosted by VP Vance SEOUL, December 12 (AJP) - Shinsegae Group Chairman Chung Yong-jin departed for the United States on Friday to attend a Christmas dinner hosted by U.S. Vice President J.D. Vance at the vice president’s residence in Washington D.C. The event, scheduled for Friday evening, local time, is expected to draw prominent figures from U.S. political and business circles, as well as members of the Rockbridge Network, an American public policy and investment organization founded by Vance. Chung serves as head of the Rockbridge Network’s Asia division and sits on the board of Rockbridge Network Korea, launched in October to foster policy dialogue and economic cooperation between Korea and the United States. In a press release, Shinsegae Group said Chairman Chung “is actively leveraging his global connections to seek growth opportunities for the group and contribute to South Korea’s economic development.” * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-12-12 13:40:48

Seoul Metro Union No. 1 reaches agreement, strike averted SEOUL, December 12 (AJP) - Seoul Metro Union No. 1 and management of Seoul Transportation Corporation, which operates Seoul Subway Lines 1-8, reached a wage and collective bargaining agreement on Friday just before a general strike. This led to the cancellation of the union's planned general strike for that day. The Korea Railroad Corporation (KORAIL) also reached a settlement with the Korean Railway Workers' Union under the Korean Confederation of Trade Unions (KCTU), leading the railway union to suspend its strike. All subway lines are currently operating normally. 2025-12-12 13:19:17

KOSPI tops 4,150 as Dow hits record high SEOUL, December 12 (AJP) - Asian stocks in early Friday session tracked the mixed overnight performance in the United States, where the Dow Jones Industrial Average hit another record high even as the S&P 500 and Nasdaq slipped. South Korea’s benchmark KOSPI rose 1.1 percent to 4,154.47, while the KOSDAQ edged up 0.2 percent to 936.76 as of 9:49 a.m. Institutional investors led the market with 302 billion won ($205 million) in net purchases. Foreign investors sold 64.8 billion won, and retail investors offloaded 235.6 billion won. Most heavyweights advanced. Samsung Electronics gained 0.8 percent to 108,100 won, and SK hynix rose 2 percent to 576,000 won. Samsung Biologics added 1 percent, Hyundai Motor climbed 1.7 percent, and Kia gained 1.6 percent. Hanwha Aerospace jumped 4.8 percent to 947,000 won, while KB Financial Group rose 1 percent. LG Energy Solution slipped 0.9 percent to 442,000 won. One of the sharpest moves came from Samsung Fire & Marine Insurance, which plunged 22 percent to 491,500 won after surging 28 percent the previous day. Analysts attributed the volatility to short-term flows triggered by Samsung Group–linked ETFs increasing the insurer’s weighting during rebalancing. Entertainment stocks posted modest gains: HYBE rose 1.7 percent, JYP Entertainment 0.3 percent, SM Entertainment 0.1 percent, and YG Entertainment 0.5 percent. On the KOSDAQ, top-cap Alteogen fell 4.3 percent, while newly listed QuadMedicine surged 47 percent to 22,050 won, far above its IPO price of 15,000 won. Overnight in New York, the Dow Jones Industrial Average rallied 1.3 percent to a record 48,704.01. The S&P 500 inched up 0.2 percent, while the Nasdaq Composite fell 0.3 percent. Japan’s Nikkei 225 gained 0.7 percent to 50,500.23. All five of Japan’s top-cap stocks were higher: Toyota surged 3 percent, Mitsubishi UFJ rose 2 percent, Sony and SoftBank Group both added 0.9 percent, and Hitachi climbed 2.6 percent. Nintendo rose 2.4 percent and Honda advanced 1.2 percent. Expectations are strengthening for a Bank of Japan rate hike at its December 19 meeting. A Nikkei survey released Thursday showed all 29 economists polled anticipate a move to 0.75 percent, which would mark Japan’s first policy rate above 0.5 percent since 1995. In China, the Shanghai Composite slipped 0.5 percent, while Hong Kong’s Hang Seng Index rose 0.7 percent. Xinhua reported that the Central Economic Work Conference, chaired by President Xi Jinping earlier this week, called for more proactive fiscal policy, a moderately accommodative monetary stance, and a renewed emphasis on boosting domestic demand next year. The closed-door meeting sets China’s economic policy direction for the coming year. 2025-12-12 11:38:42