Surge in Cambodian remittances via NH NongHyup Bank spurs crime concerns SEOUL, October 24 (AJP) - Remittances to Cambodia through South Korea’s NH NongHyup Bank have soared in recent years, prompting concerns among lawmakers and regulators about potential links to voice phishing and organized crime. According to data released by Rep. Eo Gi-gu of the Democratic Party, the amount sent to Cambodia has nearly tripled since 2021. Annual remittances rose from 36.8 billion won ($25.7 million) in 2021 to 45.9 billion won in 2022, 94.2 billion won in 2023, and 103.8 billion won this year. As of September, total transfers over the period had reached 360.5 billion won ($251.7 million), with roughly 88 percent originating from South Korean senders. “With the rise of kidnapping and extortion-related voice phishing centered in Cambodia, NH NongHyup Bank’s anti-fraud system remains inadequate,” Rep. Eo said. “The risk of remittances being misused for criminal purposes is significant, and the bank must strengthen its overseas account verification, transaction monitoring, and transparency in local operations and donations.” Authorities have frozen 31 accounts since last year, citing possible involvement in voice phishing operations connected to kidnapping and extortion schemes. Despite investing about 5.4 billion won in anti-fraud systems since 2020, NH NongHyup Bank has struggled to curb such crimes. Between 2020 and August 2025, the bank recorded 8,807 voice phishing cases with total losses of 136.6 billion won, recovering only about 21.7 billion won. The bank has also come under scrutiny for its charitable activities in Cambodia. From 2022 to this year, NH NongHyup donated $37,000 to AFESIP, a Cambodian women’s support group founded by Somaly Mam, whose credibility was discredited after reports of fabricated testimonies led to the loss of her organization’s nonprofit status in the United States. The U.S. Embassy in Cambodia has also raised concerns about AFESIP’s financial management. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-24 14:02:35

South Korea's LS Buildwin wins high-voltage power project in Singapore SEOUL, October 24 (AJP) - South Korea's LS Marine Solutions said on Friday that its subsidiary, LS Buildwin, has been awarded a contract worth about $60 million to build a high-voltage underground power network in Singapore. The project, undertaken in partnership with LS Cable, will involve the construction of a 230-kilovolt underground power network designed to strengthen Singapore’s national grid amid surging electricity demand from artificial intelligence and data centers. LS Buildwin will handle the cable installation, while LS Cable will supply the cables. Under the arrangement, LS Marine Solutions will oversee the submarine cable work, creating what the company described as an integrated “manufacturing-to-construction” value chain that enhances its global competitiveness. The new contract adds to a growing order book for LS Marine Solutions, which now totals about $525 million — roughly five times its revenue from a year earlier — as the company wins major power infrastructure projects across Asia, including in Singapore and Taiwan. “As the only domestic specialist in both submarine and underground cable installation, LS Marine Solutions is reinforcing its construction capabilities through collaboration with LS Cable,” a company spokesperson said. “We aim to drive technology-based growth in the global market.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-24 13:52:33

Seoul confirms summits with Trump and Xi, Japan's under discussion SEOUL, October 24 (AJP) - South Korean President Lee Jae-myung, host of this year’s Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, will hold bilateral talks with U.S. President Donald Trump on Oct. 29 and Chinese President Xi Jinping on Nov. 1, both attending as state guests, the presidential office confirmed Friday. National Security Adviser Wi Sung-lac said a separate meeting with Japan’s new Prime Minister Sanae Takaichi is being discussed. “President Trump will participate in various state guest activities following the summit, and the meeting with President Xi will take place on the final day of APEC, Nov. 1, after President Lee chairs the second session and transfers the chairmanship to President Xi,” Wi told reporters. Venues for the bilateral meetings are still under review. Running from Oct. 29 to Nov. 1 under the theme “Creating a Sustainable Tomorrow: Connectivity, Innovation, Prosperity,” this year’s APEC forum will address trade, artificial intelligence, and demographic challenges. President Lee will open the APEC CEO Summit on the morning of Oct. 29 as a special speaker before meeting with President Trump. He is also scheduled to meet Canadian Prime Minister Justin Trudeau on Oct. 30 to discuss bilateral cooperation, Wi said. The main APEC session will begin on Oct. 31 under the sub-theme “Towards a More Connected and Resilient World,” focusing on trade and investment. Attendees will include UAE Crown Prince Khalid and IMF Managing Director Kristalina Georgieva. The second session on Nov. 1 will center on “Asia-Pacific Vision for Future Changes,” covering AI and demographic shifts. “As the host nation, President Lee aims to restore APEC’s cooperative momentum and lead future-oriented discussions on artificial intelligence and aging populations,” Wi said. “He seeks meaningful outcomes that reinforce South Korea’s role as a hub for regional cooperation.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-24 13:27:54

SM's TVXQ and RIIZE honored with top govt awards for global K-pop impact SEOUL, October 24 (AJP) - SM Entertainment’s veteran duo TVXQ and rising boy group RIIZE have been recognized by the South Korean government for their contributions to the global expansion of K-pop. At the 16th Korean Popular Culture and Arts Awards held Thursday, TVXQ — also known as Tohoshinki in Japan — received the Presidential Commendation, the nation’s highest honor in the cultural field. The six-member RIIZE earned the Minister of Culture, Sports and Tourism Award for its role in amplifying the Korean Wave, or Hallyu, across younger audiences. This year marks TVXQ’s 20th anniversary since debuting in Japan, a milestone underscored by their record-breaking performances at the Tokyo Dome and other major venues. In their acceptance speech, the duo expressed gratitude to fans and vowed not to become “complacent,” pledging to continue contributing to Korean culture as they enter their 22nd year on stage. RIIZE, often described as SM’s new-generation powerhouse since 2023 debut, has gained international attention with its distinctive “emotional pop” sound. The group’s debut album recorded three consecutive million-seller milestones, and it is currently embarking on its first world tour. The recognition of both TVXQ, K-pop’s trailblazers, and RIIZE, its new torchbearers, highlights the enduring and evolving influence of Korean pop music across generations. TVXQ will hold a fan event in Japan in November, while RIIZE is set to release a new single on Nov. 24, continuing their busy global schedules. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-24 12:57:14

TRAVEL: Discover beauty of Mt. Hallasan and hidden gems on volcanic island of Jeju JEJU, October 24 (AJP) - The beauty of South Korea's southern resort island of Jeju owes much to volcanic activity. The area, now the largest island on the Korean Peninsula, was originally a shallow sea. From deep beneath the earth, molten magma surged upward and collided with seawater in explosive volcanic eruptions, eventually forming land that rose above the sea. As volcanic activity continued, magma kept erupting, forming volcanic formations called "oreum" along with countless lava caves and plains. Massive volcanic eruptions tens of thousands of years ago, concentrated in one spot, gave birth to Mt. Hallasan, which stands at 1,947 meters today. Around 25,000 years ago, another eruption formed Baengnokdam, the crater lake at its summit. For many locals, there is a deeply-rooted belief that Mt. Hallasan is Jeju and vice versa, because the mountain has sustained generations of families who built their lives and livelihoods along its slopes and hills. There are several routes that lead all the way up Mt. Hallasan: Seongpanak, Gwaneumsa, Yeongsil, Donnaeko, and Eorimok, with the latter three offering views of the mountain's crater wall without requiring a climb to the peak. The Seongpanak and Gwaneumsa routes, which require hikers to book in advance, stretch 9.6 kilometers and 8.7 kilometers, respectively, and take about five hours to reach the top. A round-trip hike on these routes takes roughly 10 hours, so hikers should allow sufficient time. In particular, during the winter season when the sun sets early, it is best to begin climbing before 8 a.m. The trails are strewn with rugged basalt rocks, making them uneven and bumpy, so sturdy boots are essential for hikers. Visitors including foreigners are often seen struggling due to insufficient preparation. Around 1,500 meters up, the trails open to a field known for azaleas in full bloom during the spring season, where shrubs and small trees offer a breathtaking panoramic view of the ocean below. Jeju also has a slew of unique forests called "gotjawal," a name coined from the words for "forest" and "thicket." These dense and crooked areas, where wild trees and plants are tangled atop hardened lava rocks, are scattered across the island, covering about 6.1 percent of its land. The one in Gyorae in the eastern part of the island is situated at the highest point, with walking paths spanning 230 hectares that allow visitors to observe the forest's natural formations up close. The moment visitors step into the forest, they are instantly greeted by a rush of fresh air and a landscape of nothing but lush green. The rocky ground is carpeted with moss and ferns, while trees have forced their roots through cracks in the rocks, growing twisted and gnarled as they stretch their branches toward the sky. Vines from some trees have entwined themselves around moss-covered trunks, their long tendrils dangling, while others grow atop rocky mounds with roots exposed above the soil. These exposed roots, called "pankun," grow upward because the hard lava rocks prevent them from penetrating the earth below. The unique terrain of these forests, formed from viscous lava that slowly solidified, has created dips and hollows that collect water, nourishing ferns and naturally filtering through layers of rock to become clean mineral water. Tunnel-shaped small holes, called "sumgol," help maintain the forest's humidity and temperature. They release cool air in summer and warm air in winter. Visitors will also see countless stones on Jeju. In fact, stones are everywhere, as the island is traditionally said to have three things in abundance - stones, wind, and women - represented by the island's famous female divers who search the sea for shellfish and other marine life. They can learn how stones have shaped the lives of locals and explore the island's volcanic origins, with its curious rock formations and caves, through artifacts, statues, folklore, and other exhibitions at Dolhareubang, a stone-themed outdoor museum and ecological park. 2025-10-24 11:15:31

Samsung Heavy secures $244 million deal for three oil tankers SEOUL, October 24 (AJP) - Samsung Heavy Industries said on Friday that it has secured an order worth 341.1 billion won, or about $244 million, to build three oil tankers for a Liberian shipowner. The order brings Samsung Heavy’s total contracts this year to $5.2 billion, about 78 percent of its $5.8 billion goal for the merchant ship sector. The company also aims to reach $4 billion in offshore projects, including work on the Coral and Delfin floating liquefied natural gas (FLNG) facilities. So far this year, the shipbuilder has won contracts for 30 vessels: seven LNG carriers, nine shuttle tankers, two container ships, two ethane carriers, and nine oil tankers, in addition to a preliminary deal for an offshore production platform. The latest oil tankers will be built in Vietnam — part of Samsung’s broader effort to diversify its global production base beyond South Korea and China. At home, the company is focusing its Geoje shipyard on high-value and eco-friendly vessels, such as LNG carriers and low-emission container ships. While the design and procurement for tankers remain under Samsung’s supervision, construction has been spread across yards in China, Southeast Asia, and South Korea to enhance cost efficiency and flexibility. Last year, Samsung built eight oil tankers for Greece’s Centrofin and Dynacom Tankers at the PaxOcean Zhoushan shipyard in China. Two more, ordered by Greece’s New Shipping in September, are being built in South Korea. “We are expanding our global network by partnering with India’s Swan Shipyard and the U.S.-based Vigor Marine Group on strategic projects such as maintenance and repair,” a Samsung Heavy spokesman said. “Our goal is to create a sustainable and competitive production system that can adapt to the rapidly changing market environment.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-24 11:06:16

Anthropic of Claude AI chatbot to open office in Seoul next year SEOUL, October 24 (AJP) - Anthropic, the U.S. artificial intelligence company behind the Claude chatbot, said it will open a Seoul office early next year. “South Korea is a leader in AI innovation in Asia, and Claude is already widely used here,” Anthropic’s chief executive, Dario Amodei, said in a statement. “We look forward to collaborating with partners in South Korea’s world-class tech ecosystem to realize AI’s potential.” Senior executives from Anthropic are expected to visit Seoul next week to meet with local clients and partners, the company said. According to Anthropic’s internal data, South Korea ranks among the top five countries globally in both total and per capita use of Claude. More than a quarter of all users of Claude Code, the company’s AI coding assistant, are based in the Asia-Pacific region. In South Korea, monthly active users have grown sixfold over the past four months, with South Korean software engineers now accounting for the largest share of Claude Code users worldwide. Anthropic has already established collaborations with major South Korean venture capital firms and startups through its “Claude for Startups” initiative, which provides access to technical resources. Local companies have begun integrating Claude into their workflows — Law & Company, a legal tech startup, reported a 70 percent increase in lawyer efficiency after adopting the tool, while SK Telecom is partnering with Anthropic to develop new AI service models. “South Korean companies already demonstrate world-class capabilities in complex coding and enterprise applications,” said Paul Smith, Anthropic’s chief operating officer. “Our Seoul office will allow us to work more closely with them and offer tailored support for their specialized needs.” * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-24 10:52:49

Asian shares rebound, lifted by optimism over Trump's APEC tour SEOUL, October 24 (AJP) - Asian stocks rebounded Friday, buoyed by news that U.S. President Donald Trump will embark on his first Asia tour of his second term next week — a trip that includes back-to-back summit meetings with leaders of South Korea, Japan, and China during APEC week. Markets welcomed expectations that the visit could bring progress on pending trade and investment issues across the region. The benchmark KOSPI rose about 1.5 percent, reclaiming the 3,900-point threshold, as institutional investors bought a net 130 billion won ($90 million) worth of shares, joined by foreign investors with about 50 billion won in net purchases. Retail investors sold around 180 billion won to take profits. SK hynix jumped as much as 4.5 percent to 499,500 won, touching an intraday high of 504,000 won, while Samsung Electronics added 1.4 percent to 97,800 won on reports that it secured orders to produce Tesla’s next-generation AI5 chipsets. Battery-related shares rallied alongside Tesla’s overnight gains. LG Energy Solution advanced 3.7 percent to 465,000 won, while materials makers outperformed. ISU Chemical surged more than 25 percent past 12,000 won amid strong interest in its battery-material unit ISU Specialty Chemical, and POSCO Future M climbed 9.5 percent to about 223,000 won. Refinery shares were also among the session’s best performers on expectations of improved margins. SK Innovation soared nearly 8 percent to 134,500 won, and S-Oil rose 4 percent to 76,000 won, tracking a more than 5 percent overnight jump in global oil prices. The rally came after Washington imposed fresh sanctions on Russia’s top refiners, Rosneft and Lukoil, sending both WTI and Brent crude sharply higher. Japan’s Nikkei 225 climbed 1.3 percent to 49,260, following regional strength and gains in U.S. tech and energy shares. Daikin Industries, a leading chemical and air-conditioning manufacturer, rose 2.5 percent to 18,480 yen ($121.1), one of the day’s top advancers. Taiwan’s TAIEX market was closed for a substitute public holiday marking the nation’s National Day. 2025-10-24 10:47:41

TRAVEL: Seoul's literary escape SEOUL, October 23 (AJP) - On a crisp autumn day, the city air scrubbed clean by recent rain, I embarked on a literary journey high above the Korean capital. The destination: Inwangsan Mountain, a granite peak that has long served as both a defensive wall and a muse to artists. From its summit, the sprawling metropolis of Seoul was laid bare, a tapestry of modern ambition woven against an ancient landscape. Inwangsan has deep roots in Seoul's history, a vital section of the Hanyangdoseong, the city wall that has encircled the capital for centuries. Its picturesque slopes were famously captured in Gyeomjae Jeong Seon's 18th-century masterpiece, Inwangjesaekdo (Clearing after Rain on Mt. Inwang). Today, nestled among the trails are places like literary libraries and renovated outposts, spaces where history and narrative converge. The climb began near the bustling neighborhood of Seochon, following a roughly one-hour ascent from the tranquil Suseong-dong Valley in Jongno-gu. At the peak, against a backdrop of piercing blue sky, the entire panorama of Seoul unfolded. The view, stretching over the dense thicket of buildings, across the Han River, and culminating at Gwanaksan Mountain on the horizon, was breathtaking — a moment of serene detachment from the city's ceaseless rhythm below. A few days after reaching the summit, I returned to explore the literary sites along the mountain's periphery. The journey began at the Cheongun Literary Library, a quiet sanctuary reached by bus from the Gyeongbokgung Palace area. It is Jongno-gu's first public hanok library, a striking blend of tradition and modernity with its single-story wooden hanok structure above a Western-style basement. Inside, the open hanok doors framed the surrounding natural landscape like a masterful painting. Below, the basement shelves were lined with books, and citizens found quiet repose, some reading, others stepping out into the bamboo-filled inner courtyard. The pilgrimage continued to the nearby Yun Dong-ju Literary Museum, a tribute to one of Korea's most beloved poets. A figure of resistance during the Japanese colonial era, Yun Dong-ju is revered for his blend of resolute spirit and tender lyricism. The museum itself is a fascinating architectural conversion: a former water pressure station and water tanks repurposed to house exhibits detailing his life and work. From the traditional setting of the hanok library to this industrial-to-artistic metamorphosis, the journey vividly illustrated the evolving narrative of Korean literature. After the museum, a short climb led to the Poet's Hill, a spot the poet himself frequented. Here stands a stele inscribed with his representative work, "Seosi" (Prologue), offering a commanding view of the city — a view that must have both inspired and challenged the young poet. Further along the trail lies a library cafe. This cafe is a product of adaptive reuse, a former police sentry post transformed after the mountain’s full public opening in 2018. Easily accessible, it has become a popular gathering spot, with patrons drinking tea and enjoying the stunning, unobstructed cityscape. A mere 10-minute ascent from the bookstore revealed the Inwangsan Forest Shelter, another tranquil space born from the preservation of a former military outpost. Here, amidst the quiet sounds of wind, rustling leaves, and bird calls, citizens sat in the wooden structure, engaged in reading or quiet contemplation. The atmosphere, steeped in silence and surrounded by books, offered a palpable sense of peace. The Poet's Hill/ AJP Yoo Na-hyun In a hyper-modern society defined by speed, there is a clear yearning for moments of repose — a rise in what might be called "text hip" culture. While major public initiatives like the city's outdoor library event will conclude as the weather cools, the literary trail of Inwangsan offers a more intimate, year-round alternative. This pilgrimage along the mountain's culturally and historically rich perimeter provides a timeless view of Seoul, showcasing the capital’s ability to nurture quiet introspection within its dynamic core. It is a potent reminder that, even in a city of concrete and glass, the natural landscape and the human story remain intertwined. 2025-10-24 10:37:43

OPINION: China's rapid AI rise signals new phase in global race SEOUL, October 24 (AJP) - The race to dominate artificial intelligence is accelerating — and China is catching up fast. Once seen as lagging far behind Silicon Valley, China’s AI industry has surged forward, led by DeepSeek, a startup founded in 2023 that has quickly emerged as a formidable rival to OpenAI. Within two years, the company introduced its R1 model, which it claims outperforms OpenAI’s o1 system — and did so at a fraction of the cost, roughly $5.6 million compared with the American firm’s multimillion-dollar budgets. DeepSeek’s rapid ascent, showcased in January 2025 when it directly challenged OpenAI’s dominance, underscores Beijing’s growing technological prowess. China now ranks second only to the United States in AI capabilities, buoyed by innovation born of constraint. U.S. export controls on advanced AI semiconductors have hampered China’s access to high-end chips, but Chinese researchers have found workarounds. DeepSeek’s engineers, many of whom were trained entirely within China, have refined algorithms to compensate for hardware limitations — a testament to the country’s ability to stretch software performance to its limits. Domestic chipmakers like Huawei have also made strides, producing processors that perform at 70 to 80 percent of the level of Nvidia’s H100. By creatively linking multiple domestic chips in parallel, they have managed to maintain competitiveness despite U.S. sanctions. Beijing’s commitment to AI as a national priority has further accelerated progress. The government offers generous subsidies, tax breaks, and preferential treatment for domestic firms, part of a broader push to establish technological self-sufficiency. At the same time, China’s massive population — 1.4 billion people generating vast amounts of digital data — provides a unique advantage. Unlike Western countries with strict data privacy laws, China’s relatively permissive environment allows for large-scale data collection and analysis, fueling AI training at an unparalleled scale. Major technology companies such as Baidu, Alibaba, and Tencent, along with a swarm of smaller startups, are investing heavily in AI infrastructure. The country’s focus on STEM education has also created a deep pool of engineers and scientists, supplying the workforce needed to sustain its ambitions. Gross Data Production In the emerging AI-driven economy, some analysts argue that the real measure of power is no longer gross domestic product but “gross data production.” By that measure, China leads the world. The data generated by its vast consumer base and industrial systems has become an irreplaceable strategic asset — the raw material of the AI era. China’s “AI+ manufacturing” strategy aims to fuse artificial intelligence with factory automation to offset U.S. tariffs and reduce labor costs. So-called “dark factories” — fully automated, human-free production facilities — are already operating in some sectors. Xiaomi’s electric vehicle plant, which produces a car every 76 seconds, is often cited as a glimpse of that future. For South Korea, China’s rapid AI-driven manufacturing expansion poses a growing challenge. Korean industries, competing directly with Chinese manufacturers, must find ways to combine their own production data with advanced AI systems — including collaboration with U.S. partners — to stay competitive. The country holds a rare advantage in the global AI race: it produces both high-bandwidth memory (HBM) semiconductors and advanced GPUs, essential components for training large AI models. Analysts argue that Seoul should treat HBM as a strategic resource, using it to secure partnerships with global chipmakers such as Nvidia and strengthen its technological footing. As the AI power struggle deepens between Washington and Beijing, South Korea stands at a critical intersection. By leveraging its semiconductor strength and deep industrial base, it may yet turn the rivalry between the world’s two largest economies into an opportunity. About the author -Master’s Degree, Tsinghua University -Ph.D., Fudan University -Senior Researcher, Daewoo Economic Research Institute -Semiconductor and IT Analyst -Adjunct Professor, China Graduate School, Sungkyunkwan University -Director, China Economic and Financial Research Institute * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-10-24 08:24:08