Poland becomes strategic base for Korean companies, banks SEOUL, November 20 (AJP) - Poland is emerging as a pivotal European base for South Korean manufacturers — and a fast-growing market for Korean financial institutions eager to support that investment. As companies pour capital into sectors such as batteries and defense, banks are moving quickly to meet rising demand for local financing. In a milestone for the industry, a Polish national has been appointed to lead a South Korean bank’s overseas branch for the first time. IBK Bank has received approval from Poland’s Financial Supervision Authority to operate a local branch, becoming the only South Korean bank granted full branch status in the country, financial industry sources said. The approval comes two and a half years after the bank opened its Wroclaw office in May 2023. The branch is preparing for launch, and its appointment of a local financial expert as branch manager marks a departure from long-standing practice: until now, every overseas branch of a South Korean bank has been headed by a Korean national. “We have been preparing to support local businesses financially and are setting up systems to meet diverse customer needs,” an IBK official said, adding that most local staff have already been hired. Other banks are also accelerating their expansion. Woori Bank opened a Warsaw branch in March, followed by Hana Bank’s branch in Wroclaw in September. The Export-Import Bank of Korea established a Warsaw office in June, while KB Kookmin and Shinhan Bank currently operate Korea Desks and representative offices. Industry officials say these institutions may also move to establish full-fledged branches. The momentum reflects Poland’s growing appeal as a financial market compared with Korea’s saturated banking environment. As of late 2023, 370 South Korean companies were operating in Poland, with cumulative investment totaling $6 billion since the two countries established diplomatic relations in 1989. Yet only a handful of Korean financial institutions have entered the market, leaving room for significant growth. Demand for corporate financing is set to rise as South Korean firms deepen their footprint. LG Energy Solution is expanding its Wroclaw battery plant, while defense manufacturers are positioning for large-scale export deals under Poland’s sweeping military modernization program. “Setting up and operating overseas branches takes time to generate returns,” a financial industry insider said. “The biggest challenge is navigating complex regulatory frameworks, which requires strong support from our financial authorities.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-20 15:18:15

Samsung Heavy lands $1.32 billion order for 7 container ships SEOUL, November 20 (AJP) - Samsung Heavy Industries announced on Thursday that it has secured a 1.92 trillion won (approximately $1.32 billion) order from an Asian shipowner to build seven container ships, scheduled for delivery by November 2029. Amid growing demand for greener vessels — especially LNG dual-fuel ships — this contract brings Samsung Heavy’s total orders this year to $6.9 billion. The order book includes seven LNG carriers, nine shuttle tankers, nine container ships, two ethane carriers, 11 crude oil carriers, and one offshore production facility. Samsung Heavy now boasts a robust backlog of 132 vessels valued at $28.2 billion, ensuring a stable pipeline of work. A company spokesperson said: “We are securing high-quality, stable work in the merchant ship sector, focusing on profitability. Completing the planned FLNG project contract this year will help us achieve our order target.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-20 15:08:43

PHOTOS: Seoul's Namdaemun Market bustles with early holiday shoppers SEOUL, November 20 (AJP) - As the year's most festive season approaches, Namdaemun Market in central Seoul is bustling with steady streams of visitors and shoppers eager to snap up Christmas decorations and other pre-holiday items. The thrill of the year-end is already sweeping through the streets and shops, with Christmas decorations and their glowing lights illuminating every narrow alley of the market. Christmas carols and cheerful melodies are also filling the air, welcoming customers in a holly, jolly festive spirit. The careful and busy hands of merchants arranging ornaments seem to reflect their quiet solemnity as they prepare for the year's end. With giant Christmas trees and New Year's cards filling stores and stalls, every corner of the market is getting ready to turn into a winter wonderland, brimming with the warmth and joy of the season. 2025-11-20 14:47:13

South Korean banks post record earnings on FX gains SEOUL, November 20 (AJP) - South Korea’s banking sector logged record profits in the first nine months of the year, buoyed by a sharp rise in non-interest income as a weakening dollar lifted foreign-exchange and derivatives gains, according to preliminary figures released Thursday by the Financial Supervisory Service (FSS). Banks reported a combined net profit of 21.1 trillion won, up 12 percent — or 2.3 trillion won — from a year earlier. The FSS warned that a portion of this year’s gains was temporary, citing volatility in exchange rates and the removal of last year’s exceptional costs. The regulator urged banks to bolster their buffers as global economic risks, including uncertainty surrounding U.S. tariff policy, continue to cloud the outlook. “There is a possibility of a significant increase in loan-loss provisions due to domestic and international uncertainties,” an FSS spokesperson said. “We will encourage banks to enhance their risk management.” * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-20 14:41:34

TRAVEL: Tracing Korea's ancient roots in Boeun BOEUN, November 20 (AJP) - While relatively small, the county of Boeun in North Chungcheong Province has long served as a critical transport hub, imbuing it with significant strategic and cultural importance since ancient times. This rich past is preserved in a remarkable concentration of historic cultural assets, including the revered Beopjusa Temple on Songnisan Mountain, the formidable Sannyeonsanseong Fortress, and the grand Udang traditional house. Beopjusa Temple, a serene site founded in 553, stands as a profound testament to Korean Buddhism, boasting a history spanning 15 centuries. Once a sprawling complex with over 60 halls, the temple is historically significant as a crucible of the Maitreya (Future Buddha) belief. This utopian Buddhist philosophy holds that in times of global crisis, the Maitreya Buddha will emerge to guide humanity, offering a potent message of hope and refuge to the suffering. The temple is instantly recognized by its towering 25-meter-high Maitreya Buddha statue, which holds the distinction of being the world's largest single bronze Buddha statue, constructed using a staggering 116 tons of bronze. Another architectural marvel is Palsangjeon, the sole surviving five-story wooden pagoda in South Korea. Although the current structure was rebuilt after the Japanese invasions of Korea in 1592 and underwent major repairs in 1968, its significance is undiminished. Its name is derived from the Palsangdo — eight mural paintings depicting the life of the Buddha — adorning its interior walls. Beopjusa is also home to three National Treasures: the Palsangjeon itself; the magnificent Ssangssaja Seokdeung (twin lion stone lantern) from the ancient Silla Kingdom, celebrated for its artistic excellence; and the ingeniously designed Seokyeonji (stone lotus pond) pagoda. A visit offers a tangible connection to the sweep of Korean history and culture. Reflecting its immense value, Beopjusa was inscribed as a UNESCO World Cultural Heritage site in 2018. Tracing the ridge of Ojeongsan Mountain, 325 meters above sea level, is the imposing Sannyeonsanseong Fortress. This stone-piled citadel was constructed in 470. Its name, which translates to "3-year mountain fortress," is attributed to the fact that its construction took exactly three years, as recorded in the Samguk Sagi (History of the Three Kingdoms). The fortress walls extend for 1,640 meters, reaching heights of 12 to 20 meters and widths of 8 to 10 meters. The scale of the undertaking is staggering; estimates suggest over 10 million stones were used, leading to the local legend that the stones of Boeun were exhausted during its construction. A rewarding hike along the walls from the main gate typically takes about an hour and a half. Completing the historical tour is the Udang Gotaek, a monumental hanok (traditional Korean house) belonging to the Seon family, built between 1919 and 1921. Comprising 134 rooms, it is recognized as the largest private residence in South Korea built in the traditional style. The house is situated amidst a tranquil pine forest on a wide delta where streams converge, creating an idyllic setting where the grand architecture harmonizes perfectly with the natural landscape. 2025-11-20 14:18:49

Asian shares rise as Nvidia's blowout earnings lift sentiment SEOUL, November 20 (AJP) - Asian markets rebounded in early Thursday trading as another round of blockbuster Nvidia earnings effectively silenced the “AI bubble” narrative. South Korea’s benchmark KOSPI climbed 2.6 percent to 4,030 as of 10:30 a.m., reclaiming the 4,000 mark for the first time in three days. Foreign investors turned net buyers at 267 billion won ($182 million), while institutions purchased 299 billion won. Retail investors, however, sold 577.5 billion won, locking in profits after recent volatility. The Korean won nonetheless weakened further, trading at 1,467.5 won per dollar, down 2 won from the previous session, amid suspected smoothing intervention as the pair approached 1,470. Just before markets opened, Nvidia announced at 7 a.m. KST that it had posted record third-quarter revenue of $57 billion and operating profit of $37.7 billion, the strongest in its history for the period. The news triggered an immediate reaction in semiconductor-heavy Asian markets, particularly Seoul. South Korean chipmakers rallied sharply. SK hynix rose 4.5 percent to 587,000 won, while Samsung Electronics gained 4.4 percent to 101,000 won, pushing the stock back above the psychologically important 100,000-won threshold. AI-related stocks also surged. Naver jumped 3.6 percent to 257,500 won, and Hyundai AutoEver added 2.8 percent to 191,500 won, supported by expectations that major Korean conglomerates will continue heavy investment in AI and software-defined vehicle technologies. Nuclear and power-equipment names advanced on expectations of rising electricity demand and optimism surrounding energy cooperation. Hyundai Engineering & Construction rose 3.1 percent to 62,500 won, while Doosan Enerbility gained 5.3 percent to 78,500 won, boosted by Wednesday’s announcement of a Korea–UAE memorandum of understanding on nuclear technology cooperation. Transformer manufacturers also rallied. HD Hyundai Electric increased 4.5 percent to 818,000 won, and Hyosung Heavy Industries climbed 3 percent to 2,080,000 won. Samsung Electro-Mechanics, a key supplier of circuit boards for AI data centers and automotive electronics, extended its momentum for a second day, rising 4.9 percent to 225,500 won. Japan’s Nikkei 225 posted the strongest gains in the region, soaring as much as 3.7 percent to 50,336. Semiconductor suppliers surged across the board, with Advantest up 10.7 percent to 21,200 yen ($135), Tokyo Electron up 6.4 percent, and Ibiden jumping 11.7 percent to 13,000 yen on strong sentiment tied to Nvidia’s results. Taiwan’s TAIEX opened 3 percent higher at 27,377.04, led by chipmakers. TSMC advanced 4.3 percent to 1,455 Taiwan dollars ($46.6), MediaTek added 1 percent, and Hon Hai Precision Industry (Foxconn) climbed 3.3 percent. Mainland Chinese markets opened firmer as well. The Shanghai Composite Index rose 0.33 percent to 3,960, while the Shenzhen Composite gained 0.76 percent to 13,178. Hong Kong’s Hang Seng Index added 0.6 percent to 25,980 in early trading. 2025-11-20 11:13:07

Ferry runs aground after navigator distracted by phone, initial investigation suggests SEOUL, November 20 (AJP) - The navigator of a passenger ferry carrying 246 passengers and 21 crew members was distracted by his phone, causing the vessel to run aground on an uninhabited islet off the southwestern coast overnight coastguards said Thursday. Initial investigations revealed that he failed to switch from autopilot to manual control while passing through a narrow passage, leading to the accident. The 26,000-ton ferry Queen Zenobia II departed from the southern resort island of Jeju at 4:45 p.m. the previous day and ran aground near Sinan in South Jeolla Province at around 8:17 p.m., becoming stranded. Preliminary findings indicate that the navigator's negligence caused the ferry to miss a critical turn, leading to its collision with the islet. Vessels usually do not rely on autopilot in the area, as it requires extra caution. Authorities plan to pursue criminal charges against those responsible for the accident. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-20 10:49:55

Naver-Dunamu merger heads to board vote, poised to form fintech powerhouse SEOUL, November 20 (AJP) - Naver’s planned merger with Dunamu, the operator of cryptocurrency exchange Upbit, is gaining traction amid a shifting regulatory climate — potentially clearing the way for one of the most significant tie-ups in Korea’s fintech history. According to industry officials, Naver Financial and Dunamu will convene board meetings on Nov. 26 to approve a proposed stock swap that would effectively combine the two companies under a single corporate structure. Once the boards sign off, the merger will be finalized at an upcoming shareholders’ meeting. Under the proposed terms, one Dunamu share would be exchanged for three Naver Financial shares, making Dunamu a wholly owned subsidiary of Naver Financial. Naver would serve as the new parent company. Dunamu Chairman Song Chi-hyung is expected to emerge as the largest shareholder of the combined entity, with Naver becoming the second-largest. The merger is designed to leverage Naver’s vast platform ecosystem and Song’s leadership in digital finance to drive global fintech expansion, signaling Dunamu’s growing weight in Naver’s long-term financial strategy. The deal initially raised questions over whether it would violate Korea’s “separation of finance and cryptocurrency” principle. However, regulators are reportedly inclined to view Naver Financial as a big-tech fintech operator rather than a conventional financial institution, a distinction that could allow the merger to proceed. The government’s broader shift toward easing cryptocurrency regulations to strengthen global fintech competitiveness is also seen as supporting the transaction. If completed, the merger could produce one of South Korea’s most comprehensive digital finance platforms by integrating Naver Pay’s large-scale payment network with Upbit’s cryptocurrency trading services and blockchain capabilities. The combined entity would span payments, investments, digital asset management, and crypto custody services. Naver’s ambitions in stablecoin issuance and unlisted stock trading — recently signaled through regulatory filings — could also accelerate through Dunamu’s blockchain expertise and Naver’s global footprint, including platforms such as Line. Significant hurdles remain. The merger must secure approval from two-thirds of shareholders and pass scrutiny from the Fair Trade Commission, which is expected to examine potential market dominance issues. * This article, published by Economic Daily, was translated by AI and edited by AJP. 2025-11-20 10:30:16

Passenger ferry pulled off after running aground SEOUL, November 20 (AJP) - A passenger ferry that ran aground on an uninhabited islet off the southwestern coast overnight was brought to a nearby port early Thursday morning, about nine hours after the accident. According to coastguards, the 26,000-ton ferry Queen Zenobia II, was pulled off by four tugboats at around 5:40 a.m. in Mokpo, South Jeolla Province, after all 246 passengers and 21 crew members on board were safely rescued. The vessel departed from the southern resort island of Jeju at 4:45 p.m. the previous day and ran aground near Sinan in the province at around 8:17 p.m., becoming stranded but sustaining no hull damage. All passengers were safely rescued, though some complained minor injuries or stress and were taken to hospitals. No serious injuries were reported. Coastguards suspect negligence by the captain or crew may have caused the accident and plan to investigate using CCTV footage and voyage data recorders. Ferry operator Seaworld said it has suspended all services until the investigation and safety inspections are completed. 2025-11-20 10:11:08

Samsung narrowly steals back No. 1 DRAM rank from SK hynix Q3- CFM SEOUL, November 20 (AJP) - South Korea's Samsung Electronics has narrowly reclaimed its No. 1 rank in global DRAM sales in the third quarter after yielding the position to its home rival SK hynix in the first half for the first time amid the surge in high-bandwidth memory (HBM) demand. The shift underscores rapidly strengthening DRAM prices due to frantic stockpiling of memory chips that power servers and a wide range of electronic devices, driven by fears of supply shortages as manufacturers prioritize output for AI servers, a latest market study showed. According to China Flash Market (CFM) data posted earlier this week, Samsung Electronics accounted for 34.8 percent of global DRAM sales in the third quarter, up 29.6 percent on quarter and edging SK hynix at 34.4 percent, whose quarterly gain slowed to 12.4 percent. Micron also logged a big of 27.1 percent, closely trailing in third place with a 22.4 percent share. The latest DRAM data mirrors a cut-throat market without the clear, decisive winner seen in past cycles, as AI reshapes the DRAM segment amid structural output shortages from hyperscale servers to laptops, intensified by growing demand for high-performance chips and sanctions on Chinese producers of legacy memory. The global DRAM market expanded 24.7 percent on quarter and 54 percent on year to $40.037 billion in the third quarter, while the NAND Flash market grew 16.8 percent to $18.422 billion. Combined, the semiconductor memory market reached a record $58.459 billion and is expected to continue its record-setting streak in the fourth quarter, the Chinese market watcher said. Both DRAM average selling prices and bit shipments increased in the past quarter, lifting quarterly revenues for all suppliers. Samsung returned to the No. 1 position, driven by an 85 percent quarter-on-quarter surge in HBM bit shipments and strong pricing in conventional DRAM, pushing its total DRAM revenue to a historic high. Chinese memory suppliers also accelerated capacity to offset the supply gap left by some competitors exiting older product lines, expanding their market presence amid rising prices. Samsung Electronics, which also produces smartphones, comfortably retained the top spot in the sales of NAND Flash powering mobile devices with a 29.1 percent share, followed by SK hynix at 19.2 percent and Japan’s Kioxia at 16.5 percent. Global NAND Flash revenue reached $18.422 billion in the third quarter, rising 16.8 percent on quarter but declining 3.1 percent on year. Although bit shipments continued to increase, rapid inventory reductions and migration to more advanced nodes have constrained output for some suppliers heading into the final quarter, the report said. 2025-11-20 10:07:19