IBK opens Silicon Valley center to support Korean startups SEOUL, November 18 (AJP) - The Industrial Bank of Korea (IBK) said Tuesday it has opened a center in Palo Alto, Calif., to help South Korean startups establish a foothold overseas. The IBK Silicon Valley Center replaces a smaller office the bank launched in 2023 and marks its first full-scale overseas startup hub. The new facility includes space for investor presentations, meetings with local partners and networking events aimed at early-stage companies. IBK has operated a network of startup support centers in South Korea and overseas since 2017, backing more than 200 startups annually through financing, mentoring and global expansion programs. “Launching our first center in Silicon Valley, the hub of the startup ecosystem, will help South Korean startups reach international markets,” Kim Sung-tae, the bank’s president, said in a statement. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-18 16:14:02

Team Korea lands in UAE to widen defense, energy, high-tech foray SEOUL, November 18 (AJP) - Team Korea — led by South Korean President Lee Jae Myung and a delegation of top corporate chiefs — arrived Wednesday in the United Arab Emirates to pursue business opportunities in a Middle East rapidly pivoting toward digitalization, high-tech manufacturing, militarization and decarbonization powered by its oil wealth. The two-day UAE visit includes leaders from Korea's industrial backbone: Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Eui-sun, and Hanwha Group Vice Chairman Kim Dong-kwan, who are bringing with them Korea's strengths in semiconductors, mobility and defense. The broader Middle East has emerged as a fast-expanding frontier for Korean exporters. While it ranked eighth among Korea's nine major export destinations in the first half of 2025, its growth rate was the third-fastest, rising 14.8 percent year-on-year. Total annual exports to the region climbed from 14.6 billion won in 2020 to 19.6 billion won in 2024, recording a compound annual growth rate of 6.05 percent, according to the Ministry of Trade, Industry and Energy. Defense is set to be one of the most significant agenda items, with President Lee and executives from Hanwha and Hyundai Motor Group promoting Korean weapons systems at the Dubai Airshow, the Middle East's largest aviation and defense exhibition. The region – a persistent flashpoint for conflict - has shown rising interest in modernized Korean defense systems. The UAE became the first foreign nation to acquire South Korea's Cheongung-II surface-to-air missile system in 2022 through a $3.5 billion deal, followed by Saudi Arabia and Iraq with separate contracts worth $3.2 billion and $2.8 billion. Korean companies have intensified their outreach as regional conflicts show no signs of easing. Hanwha Aerospace opened a Middle East–North Africa regional headquarters in Riyadh on Sept. 3 and is reviewing a joint venture with Saudi Arabia's Ministry of National Defense. Vice Chairman Kim Dong-kwan met Saudi Defense Minister Prince Abdullah bin Bandar bin Abdulaziz on Sept. 21 to present key weapons including the K9 self-propelled howitzer and Redback infantry fighting vehicle, while discussing localization strategies. Hyundai Rotem is competing with a desert-adapted K2 main battle tank designed for extreme heat, equipped with desert camouflage and an active protection system to counter anti-tank missiles in local environments. LIG Nex1, already established in the region through the Cheongung program, signed a 1.477 trillion won contract on Oct. 27 to supply core components for Iraq's Cheongung-II project, alongside Hanwha Systems and Hanwha Aerospace. Experts say the region's combination of unstable security conditions, high defense spending relative to GDP, and disrupted global supply chains is driving new opportunities. Jang Nam-hyun, analyst at Korea Investment & Securities, said at a defense seminar on Oct. 27 that opportunities are opening as traditional exporters — the United States, France and Germany — have shifted focus to Europe since the Russia-Ukraine war, while many Middle Eastern militaries face replacement demand for aging tanks and armored vehicles. Beyond defense, the UAE remains Korea's closest economic partner in the Middle East and the only country in the region with which Seoul maintains a special strategic partnership. The UAE was the first to import South Korea's nuclear reactor technology through the Barakah project, and is now looking to expand cooperation into hydrogen, leveraging abundant natural gas and renewable energy assets, Undersecretary for Energy and Petroleum Affairs Sharif Al Olama said in an interview with AJP. President Lee described the UAE as a vital platform for Korea's broader regional ambitions. "The UAE can serve as a base camp for Korea as we expand into Africa, Europe and the Middle East," he said Monday. "The two countries should evolve from brotherly nations into an economic community." Lee also called for expanded joint research, co-production and third-country energy projects between Seoul and Abu Dhabi. After the UAE, President Lee will travel to Egypt before heading to South Africa for the Group of 20 summit, state visiting Turkiye (Turkey) for his final destination. 2025-11-18 15:51:50

Korean calorie-support product tops Japan's beauty platform for 24 weeks SEOUL, November 18 (AJP) - South Korean food supplement company Foodology said Tuesday that its “Cutting Jelly” product has claimed the No. 1 spot in the “Calorie Support Supplement” category on @cosme, Japan’s largest beauty and personal care platform, for 24 consecutive weeks. @cosme, which draws roughly 20 million monthly visitors, updates its rankings based on user reviews and recommendations. Its reputation-based ratings system is widely regarded as one of the most trusted gauges of consumer sentiment in Japan’s beauty market. From March 1 to Aug. 31, Cutting Jelly outperformed well-known Japanese wellness products, including Fancl’s Calorie Limit and Orbis’s Petit Shake. The sustained lead underscores Foodology’s rising presence in Japan, supported by consistently high user scores, the company said. The company’s broader “Colleology” line — which includes Cutting Jelly — has also maintained strong rankings on the platform. The range is marketed for helping regulate post-meal blood sugar levels and supporting digestion, and is known for its tangy pomegranate flavor. Cutting Jelly, sold in portable stick packs, has been particularly popular, topping Rakuten’s jelly category in early April. “With Cutting Jelly leading the way, the Colleology line continues to perform strongly in Japan,” a Foodology spokesperson said. “We aim to solidify our position as a leading K-beauty brand in Japan and expand our global footprint.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-18 15:42:32

No hostile intention toward North Korea, South Korea says SEOUL, November 18 (AJP) - South Korea has "no hostile or confrontational intent toward North Korea," the presidential office said on Tuesday, suggesting that it will continue to pursue rapprochement with the North. "We have no hostile or confrontational intent toward the North," said spokesperson Kang Yu-jung. She added, "We will continue working to ease inter-Korean tensions and restore trust between the two Koreas." The remarks came just hours after North Korea harshly denounced a joint fact sheet detailing trade and security agreements between Seoul and Washington, which was released last week after the two countries finalized a tariff-related deal during U.S. President Donald Trump's visit here late last month. Kang stressed that South Korea's security cooperation with the U.S. is aimed at strengthening peace and security on the Korean Peninsula while protecting national interests. Earlier in the day, the state-run Korean Central News Agency criticized the fact sheet, claiming that it reveals a "confrontational stance" and vowing to take countermeasures. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-18 15:35:46

NCSoft to roll out new role-playing game 'Aion 2' in Korea, Taiwan, Nov. 19 SEOUL, November 18 (AJP) - South Korea's leading game company NCSoft said Tuesday it will launch Aion 2, its new flagship multiplayer online role-playing game, in South Korea and Taiwan at midnight on Nov. 19, positioning the title as a major addition to its 2024–25 pipeline. Players can pre-install the game through NCSoft’s cross-platform service, Purple, ahead of the release. Aion 2 follows the company’s long-running PC franchise Aion, which built a strong global fan base with its fantasy setting and aerial combat system. The sequel seeks to expand the original universe, retaining its core features — a rivalry between two factions and eight combat classes — while updating the overall design for modern platforms. Built on Unreal Engine 5, the game offers enhanced graphics and supports exploration across land, air and underwater environments. It also introduces action-focused combat, a broader range of hunting and adventure content and more detailed character customization, reflecting NCSoft’s efforts to sharpen its competitiveness in the global MMORPG market. “Aion 2 embodies the ideal world envisioned by the original, where players can walk, fly and swim endlessly,” said Baek Seung-wook, the game’s executive producer. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-18 14:48:40

Choo Shin-soo becomes first South Korean nominated for MLB Hall of Fame SEOUL, November 18 (AJP) - Slugger Choo Shin-soo has become the first South Korean baseball player nominated for the Major League Baseball (MLB)'s Hall of Fame. According to a list released by the Baseball Writers' Association of America (BBWAA) on Monday, Choo is among 27 candidates, 15 holdovers and 12 newcomers, being considered for induction in July next year. To be eligible, candidates must have played in MLB for at least 10 years and have been retired for more than five years. They also need to receive at least 75 percent of the vote from BBWAA members with over 10 years of experience. Voting runs through Dec. 31, with results to be announced on Jan. 20. Choo, who currently serves as an adviser for the Incheon-based SSG Landers after retiring at the end of last year, is the first South Korean and the fourth Asian player to be nominated for the honor. Pitchers Park Chan-ho, who spent 17 seasons in MLB, and Kim Byung-hyun, a two-time World Series winner, were never nominated despite their achievements. Making his MLB debut with the Seattle Mariners in 2005, he played 16 seasons, posting a .275 batting average with 1,671 hits, 218 homers, and 157 steals in 1,652 games. 2025-11-18 14:32:02

Korea's household debt hits new high but loan growth slows sharply in 3Q SEOUL, November 18 (AJP) - South Korea’s household debt climbed to a record level in the third quarter, though the pace of borrowing eased markedly as tighter regulations took hold, preliminary data from the Bank of Korea showed Tuesday. Household credit rose to 1,968.3 trillion won ($1.43 trillion) at the end of September, up 14.9 trillion won from the previous quarter. The increase was roughly half the 25.1 trillion won rise recorded in the second quarter, reflecting the impact of recent lending curbs. Household credit encompasses loans from banks and non-bank financial institutions as well as credit card spending. Despite repeated warnings of debt growth, overall household credit has now expanded for six consecutive quarters, driven largely by mortgage borrowing. Household loans excluding card spending increased 12 trillion won to 1,845 trillion won, with home loans accounting for almost the entire gain — up 11.6 trillion won. Other borrowing, including unsecured loans, inched up 300 billion won. Kim Min-soo, who heads the central bank’s financial statistics team, said June’s regulatory measures — designed to slow mortgage demand and cap unsecured borrowing at levels tied to borrowers’ annual income — helped temper overall credit growth. Meanwhile, credit card spending climbed by 3 trillion won, buoyed by a rebound in private consumption and increased holiday-season purchases. Kim noted that rising value-added tax payments also contributed to the higher card usage. The Bank of Korea expects mortgage loan growth to cool further in the fourth quarter as additional measures introduced in October take effect, including stricter limits on high-value loans and borrower leverage. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-18 14:16:47

Wemade to build global game item platform with Japanese AI firm SEOUL, November 18 (AJP) - South Korean game developer Wemade has signed an agreement with Japan’s Quantum Solutions to build a global platform for secure trades of in-game items, expanding its push into blockchain-based gaming infrastructure. The memorandum of understanding, announced Tuesday, brings together Wemade’s gaming portfolio and Quantum Solutions’ capabilities in AI infrastructure and blockchain security. Quantum Solutions has drawn investment from major global players, including Ark Invest, bolstering its credentials in digital asset management. Under the partnership, the companies plan to develop a global game item trading platform that will support titles such as Legend of YMIR, Night Crows and MIR4. All transactions will be logged on an Ethereum-based blockchain, a move the firms say will ensure transparency and prevent tampering. The two sides also intend to integrate AI tools that allow users to create new items within Wemade’s game worlds, with the assets usable during gameplay — expanding both customization and potential revenue streams. “We will continue to collaborate with various partners to broaden the blockchain gaming ecosystem and strengthen our technological competitiveness,” Wemade said in a press release. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-18 13:44:00

Seoul shivers in season's first subzero temperatures SEOUL, November 18 (AJP) - Subzero temperatures swept across the country on Tuesday, with the mercury in Seoul dropping to -2 degree Celsius. According to the Korea Meteorological Administration, morning lows plummeted about five to ten degrees colder than the previous day as a cold air front descended from the north overnight. Most inland regions and eastern Gangwon areas were also gripped by subzero temperatures, with Goseong at -12.1 degrees, Yeoncheon at -8.2 degrees, and Paju at -8 degrees, while strong winds made it feel even colder. The cold snap, which came about 10 days after Ipdong, a day known as Ipdong or the beginning of winter in the lunar calendar, is expected to linger this week, with daytime highs remaining between 4 degrees and 11 degrees in most regions. The cold snap, which came about 10 days after Ipdong, a day known as the beginning of winter in the lunar calendar, is expected to linger this week, with daytime highs remaining between 4 degrees and 11 degrees nationwide. 2025-11-18 11:26:58

Asian shares slide as Nvidia-linked stocks tumble; Baby Shark creator's KOSDAQ debut modest SEOUL, November 18 (AJP) - Asian markets fell broadly on Tuesday morning, dragged down by sharp losses in Nvidia-linked stocks after renewed selling by major U.S. hedge funds, while the “Baby Shark” creator’s KOSDAQ debut drew less fanfare than expected. South Korea’s benchmark KOSPI dropped 1.55 percent to 4,025.95 as of 10:30 a.m., pressured by reports that Thiel Macro — the hedge fund founded by Palantir Technologies chairman Peter Thiel — had liquidated its entire Nvidia stake. Additional reports that several hedge funds were trimming exposure to the Magnificent 7 (M7) further weighed on sentiment. Foreign investors, who often adjust their positioning in Korean chipmakers based on Nvidia developments, sold 13 billion won ($8.9 million) worth of local shares. Institutions offloaded a larger 178 billion won, while retail investors stepped in to buy dips with net purchases of 167 billion won. Tech bellwethers Samsung Electronics and SK hynix both declined. Samsung eased 1 percent to 99,600 won, while SK hynix fell 4 percent to 582,000 won, marking the steepest drop among major constituents. In contrast, shipbuilding stocks continued to climb following last week’s bilateral tariff-negotiation factsheet that boosted expectations for expanded defense cooperation. HD Hyundai Heavy Industries, a key producer of military submarines, rose 3.3 percent to 625,000 won, while Hanwha Ocean added 1 percent to 132,300 won. The KOSDAQ fell 1.47 percent to 889.3. The Pinkfong Company — globally known for its viral hit “Baby Shark” — made its KOSDAQ debut, jumping 36.3 percent from its IPO price to 51,800 won even as most other mid- to large-cap names traded lower. Japan’s Nikkei 225 also slumped under heavy selling pressure, falling 2.1 percent to 49,279 as of 10:30 a.m. Nvidia-linked stocks led the declines in Tokyo as well: chip-testing equipment maker Advantest slid 2.3 percent to 19,540 yen ($125.9), while Tokyo Electron tumbled 4 percent to 31,960 yen. Chinese markets posted comparatively mild declines but remained weighed down by persistent concerns over economic stagnation. The Shanghai Composite Index opened 0.19 percent lower at 3,965, showing no post–Singles’ Day lift, while the Shenzhen Composite slipped 0.34 percent to 13,160. Taiwan’s TAIEX fell 0.88 percent to 27,206, and Hong Kong’s Hang Seng Index dropped 1.12 percent to 26,090. 2025-11-18 11:21:41